Abstract
This paper describes the distribution of Woolf tokens and the allocation of the
proceeds from the sale of Woolf tokens. Some WOOLF is sold to the public, and some
WOOLF is allocated to projects that will help build Woolf University.
Woolf Development Ltd is selling tokens while building the first blockchain-powered
university with its own native token. By connecting the Woolf token to smart
contracts, we aim to reduce university bureaucracy, lower student fees, and ensure
better salaries for academics. We are building a decentralised, democratic platform
that will allow faculty members to vote on the allocation of certain key resources.
Please read the disclaimer and caution regarding forward-looking statements at the
end of this document. In the event of a discrepancy between the White Paper and this
Token Paper, the information contained in the White paper should be referenced
Compliance
All token purchasers will have to pass KYC and AML/CTF checks. Citizens of the
United States, the People’s Republic of China, North Korea, and the Islamic Republic of
Iran will not be allowed to participate in the public token sale.
Token Pricing
Pricing per token is in Euros. The price for one WOOLF in the ‘early contributor sale’ is
€0.62. The price for one WOOLF in the main token sale is €1.00.
The price of €0.62 for one WOOLF during the early contributor sale assumes (but does
not suggest or promise) a of market capitalisation from €31.6m, given the first year’s
estimated token supply – with 20% of the tokens sold and further emissions from the
Woolf Reserve and vested tokens.
The price of €1.00 during the main token sale assumes (but does not suggest or
promise) a of market capitalisation from €51m, given the first year’s estimated token
supply – with 20% of the tokens sold and further emissions from the Woolf Reserve
and vested tokens.
Official token pricing is in the sale documentation.
Tokens will be delivered after the end of the main token sale. Tokens allocated to the
Development team for their work, and to the university institutions, are subject to
vesting and become available over a period of four and in some cases more years.
Tokens allocated to the Woolf Reserve are locked and automatically released at
monthly rate below one tenth of one per cent. The Woolf Reserve’s default automatic
monthly emission is 0.035% and can be raised by Faculty Council vote up to a
maximum of 0.099% (as described in the white paper).
Allocation of WOOLF
Some tokens are sold, some tokens are allocated to development projects, with vesting
(this includes the development team and the institutions of the University), and half
the tokens are locked in the ‘Woolf Reserve’.
Up to 20% of the tokens, or 50m WOOLF, are available during the sale. Any unsold
tokens from the 50m will be locked in the Woolf Reserve. Thus tokens from the sale
will compose the majority of tokens in circulation in the first year. (See the Token
Circulation Forecast below.)
250m tokens
50% is locked in the Woolf Reserve and released at 0.035% in the monthly budget
18% is issued to Woolf Development for current and future employees (vested)
As of the date of publication of this white paper, WOOLF have no known potential
uses outside of the WOOLF platform ecosystem and are not permitted to be sold or
otherwise traded on third-party exchanges. This white paper does not constitute
advice nor a recommendation by Woolf Development Ltd, its officers, directors,
managers, employees, agents, advisors or consultants, or any other person to any
recipient of this document on the merits of the participation in the TGE Sale.
Participation in the TGE carries substantial risk and may involve special risks that
could lead to a loss of all or a substantial portion of such an investment. Do not
participate in the TGE unless you are prepared to lose the entire amount you allocated
to purchasing WOOLF. WOOLF should not be acquired for speculative or investment
purposes with the expectation of making a profit or immediate re-sale. No promises of
future performance or value are or will be made with respect to WOOLF, including no
promise of inherent value, no promise of continuing payments, and no guarantee that
WOOLF will hold any particular value. Unless prospective participants fully
understand and accept the nature of Woolf Development Ltd and the potential risks
inherent in WOOLF, they should not participate in the TGE. WOOLF are not being
structured or sold as securities. WOOLF are sold as a functional good and all proceeds
received by Woolf Development Ltd may be spent freely by Woolf Development Ltd,
absent any conditions set out in this white paper. This white paper is not a prospectus
or disclosure document and is not an offer to sell, nor the solicitation of any offer to
buy any investment or financial instrument in any jurisdiction and should not be
treated or relied upon as one. This white paper is for information only. Written
authorisation is required for distribution of any or all parts contained herein.
All information here that is forward looking is speculative in nature and may change in
response to numerous outside forces, including technological innovations, regulatory
factors, and/or currency fluctuations, including but not limited to the market value of
cryptocurrencies.
This white paper is for information purposes only and is subject to change. Woolf
Development Ltd cannot guarantee the accuracy of the statements made or
conclusions reached in this document. Woolf Development Ltd does not make and
expressly disclaims all representations and warranties (whether express or implied by
statute or otherwise) whatsoever, including but not limited to:
– that the contents of this document are accurate and free from any errors; and
– that such contents do not infringe any third party rights. Woolf Development Ltd
shall have no liability for damages of any kind arising out of the use, reference to or
reliance on the contents of this document, even if advised of the possibility of such
damages.
Please note that Woolf Development Ltd is in the process of undertaking a legal and
regulatory analysis of the functionality of its WOOLF. Following the conclusion of this
analysis, Woolf Development Ltd may decide to amend the intended functionality of
its WOOLF in order to ensure compliance with any legal or regulatory requirements to
which we are subject. In the event that Woolf Development Ltd decides to amend the
intended functionality of its WOOLF, Woolf Development Ltd will update the relevant
contents of this white paper and upload the latest version of this to its website.
In addition to statements relating to the matters set out here, this white paper
contains forward-looking statements related to Woolf Development Ltd’s proposed
operating model. The model speaks to its objectives only, and is not a forecast,
projection or prediction of future results of operations.
Woolf Development Ltd’s business is subject to various laws and regulations in the
countries where it operates or intends to operate. There is a risk that certain activities
of the Company may be deemed in violation of any such law or regulation. Penalties for
any such potential violation would be unknown. Additionally, changes in applicable
laws or regulations or evolving interpretations of existing law could, in certain
circumstances, result in increased compliance costs or capital expenditures, which
could affect Woolf Development Ltd’s profitability, or impede Woolf Development
Ltd’s ability to carry on the business model and the WOOLF model proposed in this
white paper.