{"id":"court_sdny_273_5","court":"SDNY","case_no":"23-cr-00118","doc_number":273,"sub_number":5,"doc_type":"EXHIBIT","filed_date":"2024-04-09","title":"EXHIBIT E Whitepaper","summary_zh":"证据附件（白皮书） —— 美国诉 Ho Wan Kwok 案 SDNY 1:23-cr-00118 ECF #273-5（2024年4月9日）。《喜马拉雅美元》项目白皮书（2021年4月版本），记述喜马拉雅交易所、喜马拉雅币(HCN)及喜马拉雅美元(HDO)稳定币的技术架构、交易平台功能、安全认证机制及风险因素披露。","summary_en":"Evidence Exhibit (Whitepaper) — United States v. Ho Wan Kwok, SDNY 1:23-cr-00118 ECF #273-5 (filed April 9, 2024). \"The Himalaya Dollar\" project whitepaper (April 2021) describing the Himalaya Exchange, Himalaya Coin (HCN), and Himalaya Dollar (HDO) stablecoin, including technical architecture, platform functionality, security mechanisms, and risk factor disclosures.","body_en":"# EXHIBIT E\n\nWhitepaper\n\n# Himalaya Dollar\n\nApril 2021 | Version 1.0\n\n## THE STABLE COIN OF THE HIMALAYA ECOSYSTEM.\n\n\n\n\n\n# The Himalaya Dollar.\n\n#### CONTENTS\n\n| CLAUSE | PAGE |\n|------------------------|------|\n| HE OFFERING | |\n| OUR TECHNOLOGY | |\n| THE HIMALAY A EXCHANGE | |\n| MPORTANT NOTICE | |\n| RISK FACTORS | |\n\n## **Whitepaper Glossary.**\n\n# **0-9**\n\n#### 3 FACTOR AUTHENTICATION **(3FA)**\n\n3Factor Authentication is a triple layer security measure. Himalaya Exchange is the only cryptocurrency exchange to implement this. Members must input their credentials, password, and behavioural identification.\n\n\n\n#### ADVANCED PERSISTENT THREATS **(APT)**\n\nAdvanced Persistent Threat (APT) is an adversary with sophisticated levels of expertise and significant resources, allowing it through the use of multiple different attack vectors to generate opportunities to achieve its objectives.\n\n#### AES-256 **ENCRYPTION**\n\nShort for Advanced Encryption Standard, it's a symmetric block cipher used by the American government to encrypt sensitive data.\n\n#### ANTI- MONEY LAUNDERING **(AML)**\n\nA set of international laws enacted to curtail criminal organisations or individuals laundering money through cryptocurrencies into real-world cash.\n\n\n\n#### BUFFER **OVERFLOW**\n\nA buffer overflow occurs when the volume of data exceeds the storage capacity of the memory buffer. As a result, the program attempting to write the data to the buffer overwrites adjacent memory locations.\n\n\n\n#### **CHECK**\n\nCHECK is an umbrella term for the National Cyber Security Centre (NCSC) approved penetration test companies and the methodology used to conduct a penetration test.\n\n#### CLICKJACKING **ATTACK**\n\nClickjacking is an attack that tricks a user into clicking a webpage element which is invisible or disguised as another element.\n\n#### CLIQUE **POA**\n\nProof of Authority means that only approved signers can seal the blocks.\n\n#### COUNCIL FOR REGISTERED ETHICAL SECURITY TESTERS **(CREST)**\n\nCREST is an international not for profit accreditation and certification body that represents and supports the technical information security market.\n\n#### CROSS-SITE **SCRIPTING**\n\nCross-Site Scripting (XSS) is a security vulnerability found in web applications. A XSS attack enables attackers to inject scripts into webpages viewed by others.\n\n#### CRYPTO **ASSET**\n\nAn asset occurring in a digital format that utilises cryptography.\n\n#### CYBER **ESSENTIALS**\n\nCyber Essentials is a simple but effective, Government backed scheme that helps protect individuals and organisations against a whole range of the most common cyber attacks.\n\n# **D**\n\n#### DENIAL OF SERVICE ATTACK **(DDOS)**\n\nA DDoS attack is a cyberattack on a server, service, website, or network that floods it with Internet traffic. The aim is to overwhelm the website or service with more traffic than the server or network can accommodate.\n\n**G**\n\n#### GENERAL PADDING **ORACLES**\n\nIn cryptography, a padding oracle attack is an attack which uses the padding validation of a cryptographic message to decrypt the ciphertext.\n\n\n\n#### HARDWARE WALLETS **(HWS)**\n\nA physical device for cryptocurrencies that stores private keys which enables users to securely store crypto assets.\n\n#### HARDWARE SECURITY MODEL **(HSM)**\n\nA dedicated crypto processor that is specifically designed for the protection of the crypto key lifecycle.\n\n#### **HASH**\n\nHashing is an algorithm performed on data such as a file or message to produce a number called a hash. The hash is used to verify that data is not modified, tampered with, or corrupted.\n\n#### HCN **ALLOCATION AMOUNT**\n\nRefers to the maximum amount of Himalaya Coin Credits that invited Members are entitled to purchase.\n\n#### HOO OR HCN **CREDITS**\n\nMeans the credit in a Member's account on the Himalaya Exchange that corresponds to a crypto asset, which entitles the Member to trade on the Himalaya Exchange platform.\n\n#### HEARTBLEED OPEN **SSL VULNERABILITY**\n\nHeartbleed is a security vulnerability in OpenSSL (secure communications over computer networks) that enables attackers to steal sensitive data like login credentials, personal data or even decryption keys.\n\n#### HIMALAYA COIN **(HCN)**\n\nThe official coin issued and managed by Himalaya International Financial Group.\n\n#### HIMALAYA DOLLAR **(HDO)**\n\nThe stablecoin that aims to maintain a fixed value to the U.S. Dollar, issued and managed by Himalaya International Reserves Limited.\n\n#### HIMALAYA **ECOSYSTEM**\n\nThe network through which HOO Credits, HCN Credits and tokens can be used, held, traded, transferred or spent.\n\n#### HIMALAYA **EXCHANGE**\n\nThe crypto asset exchange on which Members can buy, sell and trade their crypto assets.\n\n#### HIMALAYA EXCHANGE **APP**\n\nThe trading application that enables Members access to the Himalaya Exchange platform where they can purchase and trade cryptocurrencies on the move.\n\n#### HIMALAYA PAY **APP**\n\nThe payment solution app that fuels the Himalaya ecosystem, connecting Merchants and Members. Members of the ecosystem can exchange their HOO and HCN for goods and services.\n\n#### HSTS **HEADER PRESENCE**\n\nHyper Text Transfer Protocol (HTTP) Strict Transport Security (HSTS) is a web page header that convey details to the browser to enforce security settings.\n\n# I\n\n#### INITIAL **ISSUANCE**\n\nThis means the first issuance of HCN by the relevant Issuer.\n\n#### **ISAE3402**\n\nInternational Standard on Assurance Engagements (ISAE) 3402 is an assurance standard to report on risk management, the controls and services provided to customers by service organisations.\n\n#### **ISO27001**\n\nInternational Organisation for Standardisation (ISO) 27001 is an international standard on how to manage information security.\n\n#### **ISSUER**\n\nMeaning, in respect of the HOO, Himalaya International Reserves Ltd and in respect of HCN Himalaya International Financial Group Ltd.\n\n## Whitepaper Glossary.\n\n\n\n#### KNOW YOUR CUSTOMER (KYC)\n\n'Know Your Customer' refers to a financial institution's obligation to verify the identity of a customer in line with AML laws.\n\n\n\n#### LIGHTWEIGHT DIRECTORY ACCESS PROTOCOL INJECTION (LDAP)\n\nA code injection technique used to exploit web applications which could reveal sensitive user information or modify information represented in the LDAP data stores\n\n#### LIQUIDITY SUPPORT\n\nMeans the ability of the Reserve to use its funds to provide liquidity if needed.\n\n\n\n#### MAN-IN-THE-MIDDLE ATTACKS\n\nA cyberattack where the attacker secretly relays and possibly alters the communications between two parties who believe that they are directly communicating with each other.\n\n#### MEMBERS\n\nThis term refers to a person or entity who registers and creates an account with the Himalaya Exchange.\n\n#### MERCHANTS\n\nAny retailer approved by Himalaya Pay who accepts HDO Credits or HCN Credits as a means of payment for goods or services.\n\n\n\n#### CARD INDUSTRY DATA PAYMENT SECURITY STANDARD (PCI DSS)\n\nPCI DSS is a set of requirements which explain how to protect organisations and customers when taking payments.\n\n#### POINT OF SALES (POS)\n\nRefers to the physical or virtual location of a customer's purchase of an item, or the actual physical point-of-sale device.\n\n#### PRIVATE OFFERING\n\nThe private sale of the Himalaya Coin, which is offered to certain Members of the Himalaya Exchange on an invite only basis.\n\n#### PRIVATE PLACEMENT PARTICIPANTS\n\nMeans all individuals who have been formally notified by the Himalaya Exchange inviting them to participate in the initial sale of Himalaya Coin by purchasing Himalaya Coin Credits up to a maximum amount.\n\n#### PURCHASE ORDERS\n\nOrders submitted by Members to purchase HDO Credits on the Himalaya Exchange.\n\n\n\n#### QUICK RESPONSE CODE (QR)\n\nQR code is a square bar code which allows Members to instantly access information on a product or service.\n\n#### QUORUM\n\nQuorum is an open-source blockchain protocol specially designed for use in a private blockchain network or consortium blockchain network, where multiple members each own a portion of the network. It is the backbone of Himalaya Pay.\n\n\n\n#### (RELIABLE REPLICATED, REDUNDANT AND FAULT TOLERANT) RAFT\n\nA consensus algorithm that is designed to be easy to understand.\n\n#### REMOTE OS COMMAND INJECTION\n\nThis is an attack is an injection attack through which an attacker can execute any malicious commands on the host operating system via the application\n\n#### RESERVE\n\nPool of assets managed by the HDO Issuer to maintain the value of HDO.\n\n#### RESTRICTED JURISDICTION\n\nMeans any country with respect to which investments in crypto or other transactions in crypto are in any way restricted.\n\n#### RESTRICTED PERIOD\n\nA period in which transactions outside the Himalaya ecosystem are restricted.\n\n\n\n#### STABLECOIN\n\nRefers to the Himalaya Dollar which is structured with the aim to maintain its value 1-to-1 to the United States Dollar.\n\n#### SUBSEQUENT ISSUANCES\n\nAny issuance that occurs after the initial offering.\n\n\n\n#### TLS 1.3 ENCRYPTION\n\nThe latest version of the internet's most deployed security protocol, which encrypts data to provide a secure communication channel between two endpoints.\n\n#### UTILITY\n\nThis is the commercial value proposition of the Himalaya Dollar.\n\n#### USERS\n\nAnyone who accesses or uses the Himalaya Exchange App or the Himalaya Pay App.\n\n#### WHITELISTED\n\nEthereum addresses or other blockchain addresses that have been verified and registered with the Himalaya Exchange or the Issuer.\n\n## The Big Problem.\n\nToday's cryptocurrency and other digital assets landscape is still evolving and presents many exciting opportunities, as well as challenges. Factors like the lack of liquidity and education, poor security and customer support, high volatility, and poor onboarding infrastructure, fill the average consumer with FUD (fear, uncertainty & doubt).\n\nMany crypto exchanges are built for experienced investors who understand the intricacies of wallet security and complexities of cryptocurrencies. These exchanges have also faced security issues mainly due to inadequate use of \"hot and cold storage\" strategies and poorly written software, leaving most of their users vulnerable to cyber attacks and struggling with complex user interfaces and designs, creating an adverse user experience.\n\nThese factors, combined with the lack of transparency and proper regulations in the crypto space, are delaying broader adoption by the public. This outlines some of the biggest problems that cryptocurrency traders have observed in currently available exchanges.\n\nThe below statistic displays the most significant problems of cryptocurrency exchanges according to traders globally as of April 2020 (© Statista 2021).\n\n\n\nHIMALAYADOLLAR. 1: 3-CF-00118-A1 Document 273-5 Filed 04/09/24 Page 7 of 74\n\nThis following statistic presents the number of cryptocurrency exchanges that traders worldwide have signed up for as of 2018. In that year, 69 percent of people polled had signed up for three or more exchanges (© Statista 2019).\n\n- **56%** OF THE PARTICIPANTS USE **MORE THAN 3 EXCHANGES** TO TRADE\n- **14%** OF THE PARTICIPANTS USE **2 EXCHANGES** TO TRADE\n- **12%** OF THE PARTICIPANTS USE **3 EXCHANGES** TO TRADE\n- **18%** OF THE PARTICIPANTS USE **1 EXCHANGE** TO TRADE\n\n**STOLEN FUNDS IS A MAJOR ISSUE**\n\nIT security remains a major risk factor for all crypto asset actors. Crypto asset holders are obvious targets for hackers and criminals as blockchain transactions are generally irreversible once the crypto asset leaves the intermediary.\n\n**IDENTIFIED SECURITY BREACHES LEADING TO LOSS OF FUNDS**\nEXCHANGES AND STORAGE PROVIDERS (EXCL. DAPPS)\n\n| Labels | Values |\n|-------------------------|-----------------------------------|\n| CRYPTO ASSET FUNDS LOST | NO. OF SECURITY BREACHES PER YEAR |\n| \\$1800 MILLION | 18 |\n| \\$1600 MILLION | 16 |\n| \\$1400 MILLION | 14 |\n| \\$1200 MILLION | 12 |\n| \\$1000 MILLION | 10 |\n| \\$800 MILLION | 8 |\n| \\$600 MILLION | 6 |\n| \\$400 MILLION | 4 |\n\n\\$950M\n\\$513M\n\\$370.7M\n\\$266M\n\n4, 5, 6, 12, 10, 10 (Data points for No. of Security Breaches)\n\n\\$0 \\$152M\n\n\n\n# The Himalaya Dollar A Financial Solution for the Digital Age.\n\nThis document provides details on the proposed issuance of the Himalaya Dollar, a new stablecoin pegged to the U.S. Dollar. Issued by Himalaya International Reserves Ltd (the \"Issuer\"), the Himalaya Dollar has been designed with the goal of providing an advanced payment solution combined with trading functionality structured with the aim of removing what we believe are some key obstacles to mass adoption.\n\nit has been developed to operate within an infrastructure intended to enable low cost, fast and secure payment and trading options, with a trading platform developed with the objective of achieving enhanced liquidity and high security.\n\nWe believe it represents a Revolutionary Financial Solution for the New Digital Age.\n\n# VISION\n\nMISSION\n\nTo Empower Everyone In The World To Take Control Of Their Financial Freedom.\n\nTo create the best digital financial system using blockchain technology to provide affordable, secure, efficient and convenient products and services.\n\nPlease read the sections of this White Paper entitled \"Important Notice\" and the section entitled \"Risk Factors\" at the end of this document.\n\nThis White Paper contains information based upon and/or obtained from third-party publicly available sources that we consider reliable. While such information has been accurately reproduced in this document, we have relied upon and assumed without independent verfication the accuracy and completeness of such information and do not guarantee its acuracy, completeness, fairness or timeiness, and it should not be relied upon as such. Information which is based upon and/or obtained from third-party sources has been identified as such together with the source(s) of such information.\n\n## The **Himalaya Dollar Solution.** AN **OVERVIEW**\n\nCreated to operate within an infrastructure developed to provide both payment processing and trading solutions, the Himalaya Dollar (\"HDO\" or \"Himalaya Dollar\") has been designed with the goal of addressing certain key deficiencies we view as inherent in many existing offerings and thus facilitating wider adoption. The Himalaya Dollar is a stablecoin, structured with the aim of maintaining its value 1-to-1 to the United States Dollar.\n\nParticipation in an issuance of Himalaya Dollar will only be available to Members of the Himalaya Exchange, a new digital asset exchange which is at the heart of our mission to create a new digital financial system (the \"Himalaya Exchange\").\n\nMembers of the Himalaya Exchange will be able to participate in an issuance of Himalaya Dollar through the purchase of HOO Credits through the Himalaya Exchange. To maximise convenience, Members will be able to access the Himalaya Exchange both via the website of the Himalaya Exchange and through the dedicated Himalaya Exchange App (the \"Himalaya Exchange App\"), which will allow mobile access to the Himalaya Exchange. The Himalaya Exchange App will be launched during Phase 3, as outlined on page 7 Roll-Out below.\n\nThe Himalaya Exchange is intended to provide high levels of liquidity both for HOO Credits and Credits traded on the platform corresponding to other crypto assets. To provide an additional layer of liquidity support for HOO Credits and a safeguard against price volatility, a reserve will be established by the Issuer consisting of U.S. Dollars and cash equivalent assets such as government securities deposited with regulated financial institutions (the \"Reserve\").\n\nIf the market for HOO Credits experiences significant liquidity shortfall, the Issuer will have the ability to use funds in the Reserve to provide liquidity support. The Reserve will be managed with the aim of maintaining its value at a level equal to the value of all HOO in circulation and will be subject to independent audit, with audit reports made public.\n\nThe result is a new cryptocurrency, designed with the object of creating a product which is structurally resistant to extreme price volatility with independent audits of Reserve assets providing transparency, thereby allowing Members to purchase and transact in HOO Credits with confidence. The Himalaya Ecosystem is being developed through partnerships with businesses who it is anticipated will provide access to a range of products and services. The creation and development of the Himalaya Ecosystem is intended to support the commercial value proposition of HOO and HOO Credits, incentivizing adoption and use.\n\nIn addition to the trading solution benefits, HOO Credits are also designed for use through the \"Himalaya Pay App\". The Himalaya Pay App, which will be launched during Phase 3, will allow Members to use HOO Credits to offer domestic and cross border payments to Merchants who accept payment for goods or services through Himalaya Pay within the Himalaya Ecosystem (the \"Himalaya Ecosystem\"). Members will also be able to make transfers of HOO Credits from their Himalaya Pay account to the Himalaya Pay accounts of other Members.\n\nIMPORTANT: Holders of HDO or HDO Credits do not have recourse to funds in the Reserve. The Reserve may be used to provide liquidity support in respect of HDO Credits only and is not intended to provide support for HDO held outside the Himalaya Ecosystem. The Issuer is not obliged to use funds from the Reserve to buy back HDO Credits and holders of HDO Credits should not expect that the Issuer will always use funds in the Reserve to buy back their HDO Credits. The Issuer will not use funds in the Reserve to buy back or otherwise directly support HDO held outside the Himalaya Ecosystem. Prospective purchasers should note that HDOs and HDO Credits are not currently and are not intended to constitute regulated products in the jurisdictions in which they are offered.\n\nThe combined result is designed with the aim of providing **a strong trading solution through a low cost, secure and liquid exchange platform.** The Himalaya Ecosystem provides a **payment processing solution** which is intended to offer access to merchants, goods and services thus **maximizing utility.**\n\n#### ROLL- OUT\n\nThe initial launch of the HDO and the roll-out of associated products and services is intended to be phased as below:\n\nThe anticipated schedule for the phased roll-out is:\n\n#### HIMALAYA EXCHANGE PRE-LAUNCH & LAUNCH OF HDO\n\nPrivate Placement Participants may apply to open a Himalaya Exchange account and complete KYC procedures. Following opening of an account, Private Placement Participants may top up their account by purchasing Himalaya Dollar Credits with USD on a 1:1 ratio.\n\n01\n\n02\n\n03\n\nPHASE 1 APRIL 2021\n\n#### HIMALAYA COIN LAUNCH\n\nRegistration period for Private Placement Participants expires. Private Placement Participants may purchase HCN Credits up to their allocated amount.\n\n> PHASE 3 JULY 2021\n\n#### HIMALAYA EXCHANGE APP LAUNCH\n\nMembers of the Himalaya Ecosystem may download the Himalaya Exchange App to begin trading on the move.\n\n\" THE PHASE I PEROD MAY BE EXTENDED AT THE DISCRETION OF THE HIMALAYA EXCHANGE. WHERE THE PHASS I PERIOD IS EXTENDED THE COMMENDEMENT DATES FOR PHASE 2 AND PHASE 3 WILL BE DELAYED BY THE SAME PERIOD. THE TIMING FOR LAUNCH OF ANY PHASE MAY BE DELAYED BY THE HIMALAYA EXCHANGE OR ANY OTHER IT DETERMIN'S SICH OELAY IS NECESSARY AS A RESULT OF THE ONGOING IMPACT OF SARS-COV-2 AND/OR OVERWHELMING DEMAND FOR OUR OFFERING.\n\n04\n\nFULL HIMALAYA EXCHANGE\n\n## & HIMALAYA PAY APP LAUNCH Members may commence trading HDO,\n\nPHASE 2\n\nJUNE 2021\n\nHCN and other crypto asset credits through their account on the Himalaya Exchange. The Himalaya Exchange is open to the public for registration and trading. The Himalaya Pay App will enable Members to start sending and receiving payments globally.\n\n### COMING SOON\n\n### STRUCTURAL CONSIDERATIONS\n\nThe operation of the Himalaya Exchange, the Himalaya Ecosystem and associated applications and infrastructure will be facilitated through the use of \"Credits\". Credits within the Himalaya Ecosystem will correspond to a particular type of crypto asset.\n\nMembers will initially be able to purchase Himalaya Dollar Credits from the Himalaya Exchange with U.S. Dollars and may purchase Credits corresponding to a particular type of crypto asset supported by the Himalaya Exchange by transferring corresponding crypto assets to the Himalaya Exchange wallet.\n\nCredits can only be used on the Himalaya Exchange or within the Himalaya Ecosystem, representing a right to participate in trading on the Himalaya Exchange and do not carry any right to require their exchange for flat currency or crypto-assets. A member may make a request to the Himalaya Exchange Credits on their account and receive a transfer of corresponding crypto assets to their external wallet address.\n\nAdditionally, a Member may make a request to the Himalaya Exchange to accept a transfer of Himalaya Dollar Credits in exchange for an equivalent payment in U.S. Dollars to be paid to the bank account of the Member. However, such exchanges are at the discretion of the Himalaya Exchange, and the Himalaya Exchange is not obliged to fulfil any such requests. References in this document to HCN (the Himalaya Coin, a new coin issued by Himalaya International Financial Group, \"HCN\" or \"Himalaya Coin\"), HDO or any other type of asset on an account at the Himalaya Exchange or through the Himalaya Pay App are references to Credits corresponding to that asset.\n\n\n\nProspective Members are advised that neither crypto assets or fiat currency may be held by Members within the Himalaya Ecosystem, and the Himalaya Ecosystem does not provide, and none of the Himalaya Exchange or any other entity within the Himalaya Ecosystem holds any necessary licences or authorizations to provide any type of custody or other arrangements to facilitate this. The Himalaya Exchange intends to hold in its own name and for its own account, crypto assets which it may elect to use at the request of a Member to complete an exchange of a Member's Credits for corresponding crypto assets and the Issuer intends to maintain a Reserve of United States Dollars or other currencies in cash and cash equivalents such as government securities which may be used to complete an exchange of a Member's HDO Credits for U.S. Dollars where such request from a member is approved by the Himalaya Exchange. Members do not have any direct or indirect claim on the Issuer.\n\nIMPORTANT: Prospective purchasers should note that HDOs and HDO Credits are not currently and are not intended to constitute regulated products or financial instruments in the jurisdictions in which they are offered.\n\n## The HDO Offering.\n\nThe Himalaya Dollar is an Ethereum-based ERC-1404 token that has backwards compatibility with the ERC-20 standard, issued by Himalaya International Reserves Ltd, a limited company incorporated in the British Virgin Islands.\n\nHDO has been structured with the aim of maintaining its value 1-to-1 to the United States Dollar. Himalya Dollar Credits benefit from potential liquidity support which may be provided through the Reserve which will be managed with the aim of maintaining its value at a level equal in U.S. Dollars to the value of Himalaya Dollars in circulation as described below.\n\nThe HDO has been developed to operate within a multifaceted infrastructure, designed with the intention of achieving maximum utility while ensuring stability, cost and transactional efficiency and high levels of security. HDO Credits will be sold through the Himalaya Exchange and, following the trading functionality in Phase 3, will be fully tradeable. Once a Member has completed registration and opened an account with the Himalaya Exchange, they will be able to participate in the offering by purchasing HDO Credits.\n\nFollowing the launch of trading on the Himalaya Exchange and the Himalaya Exchange App, HDO Credits will be freely tradeable for Credits corresponding to other crypto assets on the Himalaya Exchange through the website of the Himalaya Exchange or on the move using a dedicated mobile application - the Himalaya Exchange App.\n\nIn addition, following the launch of the Himalaya Pay App, Members will be able to use HDO Credits to offer payments to Merchants who accept payment for goods and services through the Himalaya Pay App or make transfers of HDO Credits from their Himalaya Pay account to the Himalaya Pay accounts of other Members. When the planned infrastructure upgrade to a hybrid Ethereum and Quorum blockchain platform is completed, we believe that the Himalaya Pay App will provide significant benefits against peer offerings and represent a highly scalable solution.\n\n## PRINCIPAL FUNCTIONALITIES\n\n\n\n#### TRADING ON THE HIMALAYA EXCHANGE\n\nOn the Himalaya Exchange HDO Credits will be issued on, and fully transferable, through the Himalaya Exchange, enabling Members to freely trade HDO Credits for other cryptocurrency Credits available on the Himalaya Exchange.\n\n#### HIMALAYA PAY APP\n\nMembers can use the Himalaya Pay App, a dedicated mobile payment application, to make fast and secure purchases using HDO Credits from Merchants in the Himalaya Ecosystem, including new and established brands, who it is anticipated will provide access to products and services to HDO Credit holders.\n\n\n\n#### HIMALAYA EXCHANGE WEBSITE & APP\n\nThrough the Himalaya Exchange App Members will be able to access the Himalaya Exchange trading platform to purchase, exchange and trade HDO Credits.\n\n## PRINCIPAL BENEFITS\n\n\n\nLOW COST, FAST & SECURE An offering utilising hybrid blockchain technology to\n\nprovide low-cost, fast and secure transfer, payment and settlement 24/7.\n\n## AN ALTERNATIVE TO FIAT PAYMENT\n\nAccess to an ecosystem of Merchants accepting payment through Himalaya Pay and expected to provide access to products and services to HDO Credit holders.\n\n#### VOLATILITY PROTECTION\n\n\n\nA stable class of digital asset providing a safe haven for investors to hedge against volatility through its U.S. Dollar pegged value, thus eliminating cost and time implications of conversion to fiat.\n\n\n\n#### TRANSPARENCY & SECURITY\n\nA transparent asset benefitting from a liquidity reserve subject to regular independent audits.\n\n#### LIQUIDITY\n\nAccess to a liquid ma\n3 liquidity reserve suppor\n0 and provide protection\nsuch as hyperinflat\n\nAccess to a liquid market combined with potential liquidity reserve support to combat liquidity restraints and provide protection against external market events such as hyperinflation and financial market dislocation.\n\n## The Himalaya Reserve.\n\nThe Issuer intends to create and hold in the Reserve a mix of United States dollars or other currencies in cash and cash equivalents such as government securities and will seek to manage the assets in the Reserve to maintain its value at a level equal to the face value of each HDO in circulation at any time.\n\n#### LIQUIDITY SUPPORT\n\nThe Himalaya Exchange will provide a market for buying or selling of HDO Credits in exchange for Credits corresponding to a range of other crypto assets. This allows Himalaya Exchange Members to trade HDO Credits in their accounts at the Himalaya Exchange with other Members thus providing in the market for HDO Credits.\n\nWhile it is intended that the Himalaya Exchange should provide good levels of liquidity, the maintenance of the Reserve is intended to provide an additional liquidity as a barrier to unexpected market events. It provides the Issuer with the discretionary ability to take action to support liquidity where it deems necessary.\n\n#### RESERVE TRANSPARENCY\n\nIn order to establish market trust in HDO Credits, it is intended to make the Reserve transparent to the public. The Issuer intends to have the Reserve audited annually by independent auditors. The results of those audits will be made publicly available with details of the then-current composition of the Reserve and the market value of the assets as at the time of publication.\n\n\n\n#### EXCHANGE OF HDO CREDITS\n\nA Member may make a request to the Himalaya Exchange to exchange HDO Credits for an equivalent amount in U.S. Dollars. Where the Himalaya Exchange accepts such a request, it will accept a transfer of such HDO Credits in exchange for an equivalent amount in U.S. Dollars from the Reserve to be paid to the bank account of the member.\n\nThe Issuer is not obliged to provide liquidity support and the Himalaya Exchange is not obliged to agree to any request from a Member to exchange HDO Credits for U.S. Dollars and such actions are at the sole discretion of the Issuer and the Himalaya Exchange respectively. Members do not have any direct or indirect claim on the Issuer or the Reserve.\n\n#### RESTRICTIONS ON TRANSFER & COMPLIANCE WITH LAWS\n\nFollowing commencement of Phase 3 roll-out, Members will be able to make a request to exchange Credits to their Himalaya Exchange account for the corresponding crypto assets which, if approved by the Himalaya Exchange, would then be transferred to a Member's external wallet address.\n\nLegal and regulatory developments and the approach of regulatory authorities create an existential threat to the longevity of different types of crypto assets and have, in the past, had a substantial negative impact on certain classes of existing crypto assets.\n\nIn some cases, changes in law or regulatory approach have resulted in sudden non viability of certain asset types in a given jurisdiction with significant negative consequences for holders. In other cases, the announcement of regulatory investigations has resulted in a rapid and substantial decline in value and utility and delisting of the asset from exchanges across the world.\n\nWe are committed to developing a secure, sustainable and stable offering which will stand the test of time. In order to achieve longevity of HDO and value protection for Members, HDO have been developed to include a time lock feature which will automatically restrict a transfer of HDO from any external wallet address for a period of 366 days from the date and time it was transferred to such address, unless the relevant address has been verified by the Issuer, or a third-party authorized by the Issuer and \"whitelisted\".\n\nThis feature is intended to prevent unauthorized use of customers' wallet funds, as well as avoiding an inadvertent breach of certain securities laws, pioneering a future proof approach to a dynamic and global regulatory environment.\n\nFor further information on this feature, please see the section entitled \"Compliance with Laws and Restricted Period\" below.\n\nIn addition, it may be necessary from time to time, to implement restrictions within the HDO smart contract with the aim of avoiding breaches of existing or new laws or regulations.\n\nWe will always endeavour to use commercially reasonable efforts to provide prior notice of any upgrade of the smart contract and inform holders of HDO through official channels.\n\n\n\n## Himalaya Dollar Issuance.\n\n### PURCHASE ORDERS\n\nOrders to purchase HDO Credits may only be placed after the Initial Issue Date. To participate, a prospective purchaser must be a registered Member with a Himalaya Exchange account and have completed all required registration and verification procedures required by the Himalaya Exchange.\n\nOnce registered, Members may purchase HDO Credits by paying the purchase price in U.S. Dollars. The purchased HDO Credits will be added to the Member's account.\n\n#### ONGOING ISSUANCES\n\nThe Issuer will issue HDO and the Himalaya Exchange will sell corresponding Credits to Members on demand, exclusively through the Himalaya Exchange. The capacity for the ongoing issuance of HDO and sale of corresponding HDO Credits is intended to facilitate growth as demand increases from customers and vendors, supporting our aim of achieving large scale adoption, while also enhancing the benefits of HDO and corresponding HDO Credits for Members through resulting increases in utility, value and liquidity.\n\nThe private sale of HDO Credits by the Himalaya Exchange is limited to Members and is not an offering to the public.\n\n\n\n#### TOKEN CREATION & TERMS OF ISSUE:\n\nMembers of the Himalaya Exchange will be able to participate in the issuance of Himalaya Dollar through the purchase of HDO Credits through the Himalaya Exchange. The launch of HDO (the \"Initial Issue Date\") is scheduled for April 2021.\n\n#### AUDIT & ASSESSMENT:\n\nTO\n\nThe ERC-1404 token is backwards compatible with the ERC-20 standard. Our smart contract was successfully audited by Certik.\n\n| TOKEN NAME | HIMALAYA DOLLAR |\n|---------------------------------------|------------------------|\n| TOKEN TICKER | Image: Logo HDO |\n| ISSUER JURISDICTION | BRITISH VIRGIN ISLANDS |\n| ISSUANCE DATE | 26 APRIL 2021 |\n| ISSUE PRICE (PER HDO) | 1 U.S. DOLLAR* |\n| ACCEPTED PAYMENT | U.S. DOLLARS ONLY** |\n| TOTAL NUMBER OF COINS TO BE
ISSUED | UNLIMITED |\n| TYPE OF COIN | STABLECOIN |\n\nThe Himalaya Exchange may, in its discretion, allow purchases of HDO Credits using other Credit types. \\*\\* Not available to persons in United States of America or U.S. Citizens.\n\n\n\n| 9:41 | |\n|---------------------------------------------------------|------------------------|\n| Accounts | |\n| Image: Account Icon HDO v | |\n| 50000.0000 | Image: Circular Icon |\n| Activity | |\n| 2021-01 | |\n| Image: Green Arrow Transfer
Completed | - 5000.000 |\n| Image: Yellow Arrow Received HDO
Pending Transaction | + 2000.000 |\n| Image: Green Arrow Sent HDO
Completed | - 1000.000 |\n| Image: Green Arrow Sent HDO
Completed | - 500.000 |\n| 2020-12 | |\n| Image: Green Arrow Sent HDO
Completed | Image: Amount obscured |\n\n14\n\n## Our **Technology.**\n\n#### QUORUM **BLOCKCHAIN**\n\nBlockchain is an organizational method to ensure the integrity of transaction data and is the core component of cryptocurrencies. The technology is used to maintain an online ledger of all transactions that have been conducted, thereby providing a very secure data structure for the ledger that can be shared to reach consensus. A copy of the ledger is maintained by the entire network or computer of a single node. Each new block generated must be verified by each node before being confirmed, making forging transaction history records almost impossible. Furthermore, each blockchain network can have unique features and algorithms, and can be classified as a public, private, or consortium chain based on who has access to the network.\n\nUnfortunately, the computational resources required to verify transactions on Ethereum (ETH) or Bitcoin (BTC) are quite extensive. The immutability comes with a cost. Public blockchain transaction times are sometimes slow, and fees have been known to spike and become excessive. Following the infrastructure upgrade of the Himalaya Pay App, the Himalaya Ecosystem will utilise a hybrid blockchain that combines the Ethereum and Quorum Blockchain. This hybrid model enables low fee transactions for ecosystem Members.\n\nQuorum is an advanced blockchain technology and enterprise focused version of Ethereum initially developed by JP Morgan. Using the Quorum permissioned blockchain, the technology provides high volume transactional capabilities with very low fees. Quorum is an Ethereum based distributed ledger protocol that has been developed to provide industries with a permissioned implementation of Ethereum that supports transaction and contract privacy. It is an open source blockchain platform that combines the support of the public Ethereum community with enhancement to meet enterprise needs.\n\nIt can:\n\n• enable strong transaction privacy;\n\n• offer consensus algorithm choices (RAFT, IBFT, or Clique POA);\n\n• flexibly define how to onboard entities and users to enter the network by using Quorum's smart contract permission-based model;\n\n• enable high speed and high throughput processing of private transactions with a permissioned group of known participants;\n\n• allow any business to easily deploy Quorum across different cloud environments with quorum cloud; and\n\n• provide deployment configurations in one versatile, scalable platform.\n\nOur Quorum Blockchain framework will power instant buy, sell and transfer requests using HDO Credits across the Himalaya Pay network. Inexpensive counterparty transfers of HDO Credits between Himalaya Pay accounts is achieved via a permissioned chain. The confidential consortium is encrypted with military grade cybersecurity protocols to ensure digital asset protection and safeguard Member privacy. We are currently working towards gearing the Himalaya Pay App to utilise Quorum as part of our longer term initiative.\n\nThe Himalaya Pay App recovery functionality will give Members the peace of mind that in the event their mobile devices are lost or destroyed, they can easily access their accounts on new devices with a password.\n\n#### **QUORUM** IS TRUSTED BY LEADING ORGANIZATIONS:\n\nMicrosoft\n\nSouth African Reserve Bank\n\nQuorum is a blockchain platform designed for the financial sector based on Ethereum. The finance industry is one of the primary beneficiaries of blockchain technology. However, the financial sector has been slow to move to blockchain and the digital asset sector. Issues with the regulatory environment, lack of knowledge, mass adoption and trust are some of the key factors that have made the finance sector hesitant to integrate. Our ecosystem's infrastructure is designed with the goal of addressing these issues.\n\nFew other blockchain networks have performed at the volume and scale of the Ethereum network. Our hybrid model of Quorum and Ethereum is designed to meet the rigid requirements for global adoption. A Member's private information will never be broadcast to the Himalaya Exchange, the Himalaya Pay App or Himalaya Exchange App Members. Private data will be encrypted and only shared directly with relevant parties involved in the transaction.\n\nThe distributed architecture and consensus mechanisms of our Himalaya Pay blockchain network will facilitate more efficient data coordination than paper based and centralized financial systems.\n\nIt is built on \"Go Ethereum\", the base code for Ethereum. There are four major improvements made to Ethereum that make Quorum the choice for institutional grade frameworks.\n\nFirstly, Quorum is a permissioned blockchain. The network is not open to everyone. Our permissioned chain is available only between participants that are pre-approved. This provides an additional layer of security and transparency, as all the participants are verified. Secondly, our blockchain solution ensures data confidentiality, which is a crucial factor for working with financial institutions. In addition to its permissioned nature, it can execute on chain public and private transactions. These transactions are like those on the Ethereum network, whereas details of private transactions are not exposed to the public.\n\nAnother key aspect that sets Quorum apart from other blockchain technologies is Constellation. The Constellation mechanism encrypts specific messages in a protected enclave and stores information about previous transactions. A large majority of the cryptographic heavy lifting is accomplished inside the Constellation enclave, which is essentially a \"virtual HSM\" isolated from other components, making it safe and secure. Quorum transactions include Global Transaction Hash, Public State Root Hash, and the block maker's signature.\n\nLastly, we believe that a significant advantage to using the Himalaya Pay App blockchain ecosystem will be its high performance capabilities. The Himalaya Ecosystem is designed with the aim of achieving a much higher throughput than Bitcoin and Ethereum. The innovation behind these higher speeds is the consensus mechanism design.\n\nWith a goal of cross chain interoperability, the Himalaya Ecosystem is poised to elevate our financial technology capabilities as we remain steadfast in growing our global ecosystem.\n\n## The Himalaya Exchange.\n\nThe Himalaya Exchange is a digital asset exchange. Trading products on the Himalaya Exchange which will be facilitated through the use of Credits corresponding to crypto assets are anticipated to include stablecoins, tokens and other cryptocurrencies. The range of supported assets may be expanded to include other crypto assets in the future. Supported assets will not include security tokens or any form of derivative.\n\nStriving to be compliant across multiple jurisdictions, the Himalaya Exchange ams to be a global digital asset service provider. Designed with an institutional grade system architecture, it ams to tackle the evolving security risks prevalent in today's financial marketplace.\n\nThe Himalaya Exchange is part of an ecosystem designed to simplify and accelerate the process of cryptocurrency adoption while providing robust security and liquidity features.\n\nThe foundation of the Himalaya Exchange is a combination of advanced security practices, high level hardware and software infrastructure, around the clock monitoring, continuous support of our clients, and the ongoing development of our staff and community.\n\nA high ratio of digital assets corresponding to Credits traded on the Himalaya Exchange (e.g., HDO, HCN, ETH and BTC) will be held in our offline wallet systems (cold storage) as with reputable liquidity providers and crypto custodians.\n\nThe offine wallet system (cold storage) provides a necessary security measure against hacking, theft or loss. Asset transfers from the Himalaya Exchange cold storage require actions of multiple employees. All private keys are sharded and stored in safe deposit boxes and geographically distributed vaults.\n\n\n\n## Technical Level Security.\n\nThe Himalaya Exchange takes every necessary precaution to keep its Members personal information and digital transactions safe and secure in addition to ensuring the safety and security of its crypto assets. The Himalaya Exchange will employ high standards of cybersecurity, while assets are kept safe in a high-level secure environment and will introduce 3FA (3-Factor Authentication) for all Members and their operations in the future.\n\nWe are working with the world's leading technology partners to ensure the Intelligence Driven Authentication recognizes Members by combining deep learning insights derived across device, location, and behavioural data - with personalized and contextual customer journeys, which allows us to protect against Man-in-the-Middle attacks, Generic Padding Oracles and Remote OS Command Injection, and becoming the first crypto exchange to implement 3FA.\n\nAll Himalaya Exchange environments where data is created, stored and processed are protected with a minimum of AES 256 level encryption. The application components are hosted in private subnets and external communication is controlled through firewalls and whitelisting. Data in transit is protected by TLS1.3 encryption. Hardened servers host the application software with only the necessary ports for internal communications enabled.\n\nAdvanced registration and verification technologies, provided by world renowned partners, will also help prevent unauthorized access to our systems and services. Ongoing CHECK and CREST accredited industry leading third party penetration testing for the Himalaya Exchange provides constant stress testing. The Himalaya Exchange's private wallet keys are never stored in software or in databases on the platform. Access to our wallet is governed by a multi layer approach where no single entity has full access.\n\n\n\n## Himalaya Exchange Policies & System Level Security.\n\nThe Himalaya Exchange will conduct regular independent security audits and tests of the applications, IT infrastructure and related services. We allocate resources to training and awareness raising in respect of personal security, starting from the top with our executive management team, and continuing down to the rest of our employees. We have developed strong cybersecurity and incident response controls, policies and plans.\n\nOur databases are encrypted with backups in place to ensure high availability. An anti-phishing system for the organization has also been implemented.\n\nAPI calls are wrapped with SSL encryption and cryptographically signed to prevent any phishing attacks. HWS cold and hot storage have been introduced for managing Himalaya Exchange assets.\n\nAnti-APT (Advanced Persistent Threats) solutions are harnessed to improve security frameworks. Third-party security audits for platform and wallet infrastructure are frequently administered, along with internal operational procedure audits by third-party consultants which provide another layer of protection.\n\nAll our systems are aligned with industry-leading standards and regulations such as ISO27001, Cyber Essential, PCI DSS, GDPR and ISA3402E, among other compliance requirements.\n\n\n\n## The Himalaya Exchange APP.\n\nHaving the flexibility to access the Himalaya Exchange market to purchase, exchange and trade HDO Credits and other crypto asset Credits wherever you like is key to providing a flexible and user friendly offering with maximum utility. Following commencement of Phase 3, the Himalaya Exchange App will provide Members with a dedicated mobile application for accessing the Himalaya Exchange on the move.\n\nSimilarly, Members will be able to access the Himalaya Exchange trading platform to purchase, exchange and trade HDO Credits and other crypto asset Credits through the Himalaya Exchange App.\n\nThe Himalaya Exchange App will be integrated with Himalaya Pay allowing Members to make transfers of Himalaya Coin Credits and Himalaya Dollar Credits between their Himalaya Exchange account and their Himalaya Pay account.\n\n\n\n## The Himalaya Coin.\n\nAt the commencement of Phase 2, Himalaya International Financial Group, will undertake an initial issuance of the Himalaya Coin and the Himalaya Exchange will sell corresponding Credits in respect of the initial issuance will be sold by the Himalaya Exchange on a private placement basis to certain categories of Members only. Sales of Credits corresponding to further issuances of HCN may be made available to Members generally or to certain members of the Himalaya Exchange only, in accordance with the terms prescribed by the Himalaya Exchange in respect of each subsequent sale of HCN Credits may be purchased by eligible Members using HDO Credits or U.S. Dollars. Purchases using U.S. Dollars may be subject to an additional fee.\n\nTransaction History\n\nnotered HCM\n\nnatered HCN\n\n103/207 Allered HCN\n\n> OSTATED HCM Astered MCN\n\n> > 103/197 Transfered HCH\n\n> > > Transtered HC34 Steied HCN\n\n> > > > 3/93/2023\n\nTotal 1,250 2956 HCN\n\n0 234674 VICE\n\n0 234676 HCM\n\n-0.2346741\n\n#### HCN OVERVIEW\n\nThe HCN is an Ethereum-based ERC-1404 token which we believe will yield advantages for both consumers and businesses transacting through the Himalaya Ecosystem or trading on the Himalaya Exchange.\n\nPermitted Members will be able to use HCN Credits to offer payments to Merchants in the Himalaya Ecosystem who accept payment through Himalaya Pay using the Himalaya Pay App in the same way as with HDO Credits. HCN will not be pegged to the value of any fiat currency and so its value will be subject to supply and demand in the secondary market. Members will be able to trade HCN Credits on the Himalaya Exchange.\n\nFor further details on HCN, corresponding Credits and the terms of the initial issuance and subsequent issuances of HCN and corresponding sale of HCN Credits, please see the Himalaya Coin White Paper.\n\nBTC / HDO 643\n\nC\n\n## The Himalaya Pay APP.\n\nSecuring, managing and spending digital assets from your mobile device should be simple, intuitive, cost efficient and secure, but with many cryptocurrencies like Bitcoin, Ethereum and other tokens built on Ethereum and other protocols, this is often not the case.\n\n#### THE CURRENT SITUATION\n\nUsers of many existing cryptocurrencies are often required to pay high and volatile fees which have been increasing over time. The following chart shows transaction fees on the Ethereum network to 12 January 2021 which demonstrates upward pricing pressure over time combined with a significant increase in cost volatillity.\n\n\n\nSouce Etherscan - Ethereum Network Transaction Fee Charles total number of Ether paid as transaction fee for the Ethereum network. Data as at 13 January 2021 published through Etherscan.io\n\n## THE SOLUTIONS\n\nпитититуации потомограми интинити\n\n| Existing Issues | | Merchants | Customers |\n|---------------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|\n| Image: Gear icon | Infrastructural
Inadequacies | Hybrid Ethereum and Quorum blockchain technology. | • High volume transaction capability
• Low fees
• Strong transactional privacy
• Seamless and fast payments |\n| Image: Overlapping circles icon | Transparency &
Structural
Integrity | Market of verified Members and robust
platform Trading Rules. | • Member trust and confidence
• Comfort and certainty for global regulators
• Reduced counterparty risk |\n| Image: Globe icon | Ecosystem | Ecosystem combining a range of
Merchants giving access to products and
services. | • Global marketplace
• Creation of independent value to retailers
and investors
• Exclusive products and services |\n| Image: Lock icon | Supervision
& Security | Military grade cyber security protocols,
dual transaction technology ensuring
accurate and robust ledgers. | • Digital asset protection
• Seamless asset recovery within ecosystem
• Safeguarding of Members' private data |\n\n## Blockchain fraud continues to vastly exceed hacks and thefts in 2020.\n\nIn addition to the negative impacts associated with transaction costs on public blockchains, users also face loss of their assets through theft or a loss of their wallet. During the first 5 months of 2020, it is estimated that crypto thefts, hacks and frauds totalled U.S.\\$ 1.3 billion [1].\n\nIt is expected that crypto users will grow from 250 million to 400 million by 2022. The current level is at 106 million people. The total digital payments segment is expected to be \\$5+ trillion USD by 2022, amongst which crypto payments could represent 2-3% of total payment volume.\n\n\n\n## Total Transaction Value in the Digital Payments Segment\n\n\n\n### THE HIMALAYA PAY APP SOLUTION\n\nThe Himalaya Pay App has been designed with the am of addressing these problems. The Himalaya Pay App, which is scheduled to be launched after the roll-out of all other products and services, is a dedicated mobile payment application designed to make fast and secure purchases and transfers using Himalaya Coin Credits and Himalaya Dollar Credits from within the iOS or Android App, while addressing the complexities which have traditionally restricted commercial crypto adoption.\n\nBy utilising an infrastructure geared towards seamless, secure and cost efficient transacting, the Himalaya Pay App is a payment and transfer solution designed with the high-volume transactional demands of a robust ecosystem that continues to scale.\n\n\n\nThe Himalaya Pay App has been designed to provide a user friendly payment process. It will be integrated with the Himalaya Exchange, allowing Members to make transfers from their Himalaya Exchange account to their Himalaya Pay account and vice versa with ease. The user interface has been designed with simplicity and ease of use in mind. It includes Quick Response (\"QR\") code and Point of Sales (\"POS\") capability allowing Members to make purchases with their smartphone.\n\n\n\nInformation such as the amount payable can automatically be inserted in the Himalaya Pay App.\n\nThe App will allow Members to use HDO Credits to offer domestic and cross border payments to participating Merchants in the Himalaya Ecosystem, as well as make transfers of HDO Credits to the Himalaya Pay account of other Members, 24 hours a day, with minimal transaction fees.\n\nWe believe that a significant benefit of Himalaya Pay App for Members is its security. The system is built with military-grade security control intended to safeguard Members' assets. Its innovative hybrid blockchain solution has been created with the objective of addressing certain security issues often considered inherent in many existing offerings.\n\nWe believe the advantages against many existing offerings include the following:\n\n· with most crypto wallets, it is very easy to lose all your assets if the smartphone that holds the wallet is lost or stolen. Himalaya Pay does not have this problem, as any Member can get a new smartphone and access their assets by simply using their credentials (user ID and password);\n\n· all Himalaya Pay App Members, individuals and merchants, are verified. This is intended to facilitate both security and transparency;\n\n· should a Member's smartphone be compromised, and access gained to the Credits on their Himalaya Pay account, any transfers of corresponding assets to an address outside the Himalaya Ecosystem can only be completed through the Himalaya Exchange; and\n\n· following the infrastructure upgrade, transactions on Himalaya Pay will be facilitated using Quorum blockchain technology. This technology has been designed with the aim of enabling high volume transactional capability with low fees and strong transactional privacy.\n\nMembers located in Australia and Hong Kould note that the Himalaya Pay App and related services are currently unavalla and Hong Kong.\n\nFor further details of these security features, please see the section \"Himalaya Exchange Policies and System Level Security\" above.\n\n# \"We are enabling transactions worldwide between**people and businesses**. This is Himalaya Pay.\"\n\n| | Merchants | Customers |\n|------------|-------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|\n| Cost | Low Transaction Fees | Ability to spend HCN/HDO with our
Merchants with low fees |\n| Traffic | New group of high value customers | Incentive to purchase curated products
and services from established brands |\n| Experience | Easy integration into existing systems,
Merchant dashboard to track transactions | Smooth QR code mobile payment with
Himalaya Pay App |\n| Speed | Instant Transaction settlement | Instant payment confirmation |\n\n- The customer pays in Himalaya Coin or Himalaya Dollar by choosing 'Himalaya Pay' on the checkout page on the Merchant's platform.\n- The customer is presented with a QR code and scans to pay with the Himalaya Pay App.\n- The customer's account is debited. The Merchant receives payment instantly in their business account.\n\n## The Himalaya Ecosystem.\n\nHimalaya Exchange is partnering with world leading brands to create a new payment landscape that goes beyond, and pushes past the stratosphere reaching new and exciting heights. The Himalaya Ecosystem is an innovative network that empowers you to make payments, shop securely, transfer funds, and exchange cryptocurrencies. Our digital coin is different as it provides both value and utility to our Members.\n\nOur payment processing solution is aimed at offering direct access to global markets, while supporting commerce and blockchain interactions. Himalaya Pay simplifies the buying and selling process compared to traditional payment methods. Our ecosystem provides the platform for instant seturity, while giving our Members access to global Merchants. Himalaya Pay equips forward thinking businesses with the technology they need to scale and stay current.\n\nHimalaya Pay is a quick and secure solution for accepting cryptocurrency payments for your products or services. Our app provides the Himalaya Ecosystem Merchants with a robust online payment infrastructure that is built to easily integrated into your business, with an enjoyable and flexible customer experience.\n\n### COMING SOON\n\nHimalaya Dollar allows you to shop online at global retailers to find unique and curated products with a seamless and simple checkout, just add to your basket and pay using HDO.\n\nWithin the Himalaya Ecosystem you can buy your groceries or treat yourself and your friends to a meal at your favourite restaurant. Use your HDO to settle the bill. The Himalaya Pay App was designed to facilitate easy everyday spending.\n\nHDO is a convenient payment option for airfare, hotels and holiday activities, without the need to exchange currencies for every vacation. Himalaya Dollar crosses borders and breaks down barriers.\n\nWith Himalaya Dollar, our platform is built to enable business owners to streamline processes and settle invoices instantly. All transactions are monitored and tracked on the dashboard accessible to all our Merchants.\n\n\n\nA digital ecosystem architected to support your digital life. Top up your mobile subscription, purchase a VPN, or invest in the latest high street tech at one of the Himalaya Merchants and fund your digital activity with Himalaya Dollar.\n\n# The Himalaya Ecosystem\n\n## The Himalaya **Ecosystem.**\n\nA critical component to achieving mass acceptance, adoption and sustainability of any cryptocurrency while enhancing value and utility is the development of an ecosystem sufficient to give intrinsic value to the currency and incentivize adoption and use. The issuer and its affiliates are working to develop the Himalaya Ecosystem through partnerships with businesses and with the aim of expanding this over time.\n\nBy establishing and developing the Himalaya Ecosystem the goal is to onboard established brands and high volume partnerships, as well as, boost start ups within the ecosystem.\n\nInvestment has been made in Point of Sale hardware with the ultimate aim of allowing Merchants to accept our credits around the globe with low fees and instant settlement processing systems.\n\nThe Himalaya Ecosystem of initial partners and affiliates is currently scheduled to go live following the roll-out of all other products and services and Members will be notified in advance of the launch date. The Himalaya Ecosystem will give eligible Members access to our global Merchants.\n\n\n\n- DIGITAL OWNERSHIP- ALTERNATIVE FINANCES- PAYMENTS- MERCHANT DASHBOARD- DECENTRALIZED UTILITIES## HIMALAYA ECOSYSTEM- UTILITY COIN- RESERVE- PROGRAMMABLE MONEY- PRIVACY- STORE OF VALUE- STABLECOINCOMING SOONHIMALAYA COIN.ted Here:CAFFEE TULLANOMILANO, ITALIA\"Much like the internet has forever altered how we live and work, crypto currencies like **Himalaya Coin** and **Himalaya Dollar** have the potential to change how people participate in global markets.\"28\n\n\n\n## Compliance with Laws and **Restricted Period.**\n\n#### RESTRICTED **PERIOD**\n\nLaws around digital assets are nascent, complex, rapidly evolving and vary across jurisdictions. Potential liability can arise as a result of transfers to citizens or residents of countries whose laws prohibit or restrict the transfer, purchase or use of such assets. The United States is one jurisdiction which places restrictions on transfers of classes of digital assets to its citizens and residents. To protect against potential liability, HOO has been developed to include a revolutionary time-lock feature which will automatically restrict a transfer of HOO from any non-whitelisted Ethereum address for a period of 366 days from the date and time it was received in such address (the \"Restricted Period\") unless the relevant Ethereum address has been verified and \"whitelisted\".\n\n#### WH ITELISTING **ADDRESSES**\n\n• Members may request a removal of the Restricted Period restriction by registering their Ethereum address with the Issuer or another entity authorised to do so. Once registered, any HCN or HOO received by the registered address will not be subject to the Restricted Period. An address may only be accepted for registration at the discretion of the Issuer or the HOO Issuer as the case may be, or a third-party authorized by the Issuer or the HOO Issuer, if it is determined that such registration and subsequent transfer will not breach applicable laws.\n\n• A simple whitelisting procedure (verification of identity and Ethereum address) will be made available through the Issuer's website. A nominal fee will be charged for each whitelisting.\n\n• Once whitelisted, the Restricted Period feature will not be applied to the whitelisted address.\n\n#### **EXCEPTIONS**\n\n• The Restricted Period feature is not applicable to transfers of HOO Credits made within Himalaya Exchange or Himalaya Pay network The restricted period only applies to transfers between Ethereum addresses outside the Himalaya Ecosystem which are not whitelisted.\n\n• The Restricted Period feature is applicable only to Himalaya Dollar and Himalaya Coin, not to any other tokens in your Ethereum address.\n\n#### TERMS & **CONDITIONS**\n\nHOO Credits and the use of the Himalaya Exchange, Himalaya Pay and other associated features, products and services in addition to the use of HOO, will be governed by the Terms and Conditions and Terms of Use which will be made available on the Himalaya Exchange website, before the launch date of the relevant product or service.\n\n## Important **Notice.**\n\n#### **UNITED STATES**\n\nTHE HIMALAYA DOLLAR, HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE \"SECURITIES ACT\") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. CONSEQUENTLY, NEITHER THE HIMALAYA DOLLAR OR HIMALAYA DOLLAR CREDITS MAY BE OFFERED, SOLD, ASSIGNED, PLEDGED, DELIVERED OR TRANSFERRED WITHIN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF ANY US PERSONS AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OR TO ANY U.S. CITIZENS (AS DEFINED IN 8 U.S.C. SUBCHAPTER 111) OR ANY U.S. PERSONS (AS DEFINED IN 17 C.F.R S230.902(K).\n\nTHE HIMALAYA EXCHANGE IS NOT A REGISTERED EXCHANGE UNDER SECTION 6 OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934 OR AN ALTERNATIVE TRADING SYSTEM APPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE \"sEc\") FOR THE PURPOSES OF SEC REGULATION ATS ON REQUIREMENTS FOR ALTERNATIVE TRADING SYSTEMS (\"REGULATION ATS\") AND ARE NOT EXEMPT FROM THE REQUIREMENTS OF REGULATION ATS OR ANY OTHER APPLICABLE EXEMPTIONS REGULATING THE ESTABLISHMENT OR OPERATION OF AN EXCHANGE OR ALTERNATIVE TRADING SYSTEMS IN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES. NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE IS REGISTERED AS A BROKER/DEALER IN THE UNITED STATES. CONSEQUENTLY, THE HIMALAYA EXCHANGE MAY NOT BE ACCESSED OR USED WITHIN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF ANY US PERSONS AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OR BY ANY U.S. CITIZENS (AS DEFINED IN 8 U.S.C. SUBCHAPTER 111) OR ANY U.S. PERSONS (AS DEFINED IN 17 C.F.R S230.902(K).\n\n#### **HONG KONG**\n\nTHE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED OR APPROVED BY THE HONG KONG SECURITIES AND FUTURES COMMISSION NOR HAVE THEY BEEN REVIEWED OR APPROVED BY ANY OTHER REGULATORY AUTHORITY IN HONG KONG. YOU ARE ADVISED TO EXERCISE CAUTION AND, IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.\n\n#### **PEOPLE'S REPUBLIC OF CHINA**\n\nMARKETING OR SALE OF CRYPTOCURRENCY (OR ANY PRODUCT AKIN TO IT) IS EXPRESSLY PROHIBITED IN THE PEOPLE'S REPUBLIC OF CHINA (EXCLUDING HONG KONG, MACAU AND TAIWAN) (\"PRC\") . THEREFORE, THE HOO AND HOO CREDITS MUST NOT BE OFFERED, SOLD OR DELIVERED, OR OFFERED OR SOLD OR DELIVERED TO ANY PERSON FOR REOFFERING OR RESALE OR REDELIVERY, IN ANY SUCH CASE DIRECTLY OR INDIRECTLY, IN THE PRC IN CONTRAVENTION OF ANY APPLICABLE PRC LAWS. YOU REPRESENT, ACKNOWLEDGE AND AGREE THAT (1) YOU ARE NOT DOMICILED OR LOCATED IN THE PRC WHEN ACCESSING OR TRADING THE HOO OR HOO CREDITS; (11) ANY RELATED TRADING ACTIVITIES (INCLUDING TRADING THROUGH THE HIMALAYA EXCHANGE APP) MUST NOT BE CONDUCTED WITHIN THE PRC; AND (111) NEITHER THIS DOCUMENT OR ANY OTHER RELATED MARKETING MATERIALS MAY BE COPIED OR REDISTRIBUTED WITHIN THE PRC FOR ANY OTHER PURPOSE.\n\n#### **UNITED ARAB EMIRATES**\n\nTHE OFFERING OF THE PRODUCTS AND SERVICES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR LICENSED BY THE UNITED ARAB EMIRATES CENTRAL BANK, THE UAE SECURITIES AND COMMODITIES AUTHORITY (\"scA\") OR ANY OTHER RELEVANT LICENSING AUTHORITIES IN THE UNITED ARAB EMIRATES (\"UAE\"), AND ACCORDINGLY DOES NOT CONSTITUTE A PUBLIC OFFER OF FINANCIAL PRODUCTS AND SERVICES INCLUDING SECURITIES IN THE UAE IN ACCORDANCE WITH THE COMMERCIAL COMPANIES LAW, FEDERAL LAW NO. 2 OF 2015 CONCERNING COMMERCIAL COMPANIES (AS AMENDED) AND SCA RESOLUTION NO. 3 R.M. OF 2017 CONCERNING THE ORGANIZATION OF PROMOTION AND INTRODUCTION OR OTHERWISE. ACCORDINGLY, THE INTERNATIONAL FINANCIAL PRODUCTS AND SERVICES MAY NOT BE OFFERED TO THE PUBLIC IN THE UAE.\n\nTHE OFFERING OF PRODUCTS AND SERVICES HEREUNDER IS STRICTLY PRIVATE AND CONFIDENTIAL AND IS BEING ISSUED TO A LIMITED NUMBER OF CUSTOMERS : (A) UPON THEIR REQUEST AND CONFIRMATION THAT THEY UNDERSTAND THAT THE INTERNATIONAL FINANCIAL PRODUCTS AND SERVICES HAVE NOT BEEN APPROVED OR LICENSED BY OR REGISTERED WITH THE UAE CENTRAL BANK, THE SCA OR ANY OTHER RELEVANT LICENSING AUTHORITIES OR GOVERNMENTAL AGENCIES IN THE UAE; AND (B) MUST NOT BE PROVIDED TO ANY PERSON OTHER THAN THE ORIGINAL RECIPIENT, AND MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE.\n\nIN THE EVENT THAT SCA DOES NOT APPROVE THE LISTING OF A CRYPTO ASSET ON A CRYPTO ASSET EXCHANGE IN THE UAE, THE CRYPTO ASSETS ARE NOT AVAILABLE ON ANY EXCHANGE IN THE UAE AND, AS A RESULT, THE CRYPTO ASSETS ARE NOT TRADABLE AND/OR SUBJECT TO RESTRICTIONS ON THEIR RESALE IN THE UAE.\n\n#### **SWITZERLAND**\n\nTHE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED OR APPROVED BY THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (\"FINMA\") NOR HAVE THEY BEEN REVIEWED OR APPROVED BY ANY OTHER REGULATORY AUTHORITY IN SWITZERLAND. YOU ARE ADVISED TO EXERCISE CAUTION AND, IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.\n\nTHE ISSUER OF HDO / HDO CREDITS IS NOT A SUPERVISED OR REGULATED ENTITY UNDER SWISS LAW. THE ISSUER OF HDO / HDO CREDITS IS NOT A REGULATED AS A BANK, A PRIVATE BANK, A SECURITIES FIRM, A FUND, A REGULATED FINANCIAL MARKET INFRASTRUCTURE, PAYMENT SYSTEM, COLLECTIVE SCHEME INVESTMENT MANAGER OR DISTRIBUTOR, A FINANCIAL INTERMEDIARY, AN ASSET MANAGER OR OTHERWISE A FINANCIAL INSTITUTION AND IS NEITHER AUTHORIZED TO ACT AS SUCH NOR MONITORED BY THE FINMA.\n\nTHE ISSUER OF HDO / HDO CREDITS WILL NOT MANAGE HDO / HDO CREDITS ON YOUR BEHALF. HDO / HDO CREDITS SHALL IN NO WAY BE CONSIDERED BY INVESTORS AS A COLLECTIVE INVESTMENT SCHEME, AS THERE IS NO MANAGEMENT OF THEIR FUNDS BY THE ISSUER OR THE HIMALAYA EXCHANGE.\n\nNEITHER THIS DOCUMENT NOR ANY OTHER INFORMATION OR MATERIAL RELATING TO THE HDO / HDO CREDITS SHALL BE DEEMED AS A PROSPECTUS OR CONSIDERED TO HAVE BEEN FILED WITH OR APPROVED BY FINMA.\n\nANY SALE OR MARKETING OF HDO / HDO CREDITS IN SWITZERLAND WILL HOWEVER BE DONE IN COMPLIANCE WITH THE RULES APPLICABLE UNDER THE FEDERAL ACT ON FINANCIAL SERVICES (RS 950.1) AND ITS ORDINANCE (950.11 ), IF AND WHEN APPLICABLE.\n\nHDO / HDO CREDITS DOES NOT QUALIFY AS SECURITY / ASSET TOKENS UNDER THE FINMA GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON FEBRUARY 16, 2018 AND UNDER THE FINMA SUPPLEMENT TO THE GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON SEPTEMBER 11, 2019.\n\nTHE HIMALAYA DOLLAR DOES QUALIFY AS A STABLE COIN UNDER THE FINMA SUPPLEMENT TO THE GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON SEPTEMBER 11, 2019 AND HIMALAYA COIN DOES QUALIFY AS A PAYMENT TOKEN UNDER THE FINMA GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON FEBRUARY 16, 2018. NO DIRECT OR INDIRECT REDEMPTION OF THE FUNDS IS PERMITTED AND MEMBERS DO NOT HAVE ANY DIRECT OR INDIRECT CLAIM ON THE ISSUER.\n\nTHE HIMALAYA EXCHANGE DOES NOT ALLOW THE TRADING OF SECURITY / ASSET TOKENS UNDER THE FINMA GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON FEBRUARY 16, 2018 AND UNDER THE FINMA SUPPLEMENT TO THE GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON SEPTEMBER 11 , 2019.\n\n#### **GENERAL**\n\nPURCHASING HIMALAYA DOLLARS, HIMALAYA DOLLARS CREDITS OR OTHERWISE ACCESSING, PURCHASING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS AND SERVICES MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND MEMBERS ACTIVITIES MAY BE SUBJECT TO LEGAL INVESTMENT LAWS AND REGULATIONS OR REVIEW OR REGULATION BY CERTAIN AUTHORITIES. PRIOR TO PURCHASING HIMALAYA DOLLARS OR HIMALAYA DOLLARS CREDITS OR OTHERWISE ACCESSING, PURCHASING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS OR SERVICES YOU MUST INFORM YOURSELF OF AND OBSERVE ANY RESTRICTIONS APPLICABLE TO YOU. A FAILURE TO COMPLY WITH APPLICABLE RESTRICTIONS MAY CONSTITUTE A VIOLATION BY YOU OF THE LAWS AND REGULATIONS IN YOUR JURISDICTION.\n\nTHIS DOCUMENT IS NOT DIRECTED AT ANY PERSON OR ENTITY THAT RESIDES OR IS LOCATED IN A JURISDICTION WHERE PURCHASING HDO OR HDO CREDITS OR OTHERWISE ACCESSING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS OR SERVICES WOULD BE CONTRARY TO APPLICABLE LAW OR REGULATION OR WHICH WOULD OTHERWISE SUBJECT THE ISSUER OR A HIMALAYA EXCHANGE OR ANY ASSOCIATED OR AFFILIATED ENTITY OR ANY OFFICER, DIRECTOR, EMPLOYEE OR CONTRACTOR OF SUCH ENTITIES TO ANY REGISTRATION, LICENSING OR OTHER SIMILAR REQUIREMENTS WHICH AS AT THE APPLICABLE DATE, IT DOES NOT HAVE.\n\nTHE INFORMATION IN THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. THE PROVISION OF ANY PRODUCT OR SERVICE BY A PROVIDER IS IN THE JURISDICTION OF THE PROVIDER (AND NOT OF ANY MEMBER). NOTHING IN THIS DOCUMENT CONSTITUTES AN ADVERTISEMENT, INVITATION OR SOLICITATION TO THE PUBLIC IN ANY JURISDICTION. PROSPECTIVE PURCHASERS OF HDO OR HDO CREDITS SHOULD ENSURE THAT THEY UNDERSTAND THE NATURE OF AND RISKS ASSOCIATED WITH SUCH A PURCHASE. IT IS THE RESPONSIBILITY OF PROSPECTIVE PURCHASERS TO ENSURE THAT THEY HAVE SUFFICIENT KNOWLEDGE, EXPERIENCE AND PROFESSIONAL ADVICE TO MAKE THEIR OWN LEGAL, FINANCIAL, TAX, ACCOUNTING AND OTHER EVALUATION OF THE MERITS AND ASSOCIATED RISKS OF PURCHASING HDO OR HDO CREDITS. WHILE THE INFORMATION IN THIS DOCUMENT IS BELIEVED TO BE ACCURATE AND RELIABLE, NONE OF THE ISSUER, THE HIMALAYA EXCHANGE OR THEIR AGENTS, ADVISORS, DIRECTORS, OFFICERS, EMPLOYEES AND SHAREHOLDERS MAKE ANY REPRESENTATION OR WARRANTIES, EXPRESSED OR IMPLIED, AS TO THE ACCURACY OF SUCH INFORMATION AND EXPRESSLY DISCLAIM ANY AND ALL LIABILITY THAT MAY BE BASED ON SUCH INFORMATION OR ERRORS OR OMISSIONS THEREOF. THE ISSUER AND THE HIMALAYA EXCHANGE RESERVE THE RIGHT TO AMEND OR REPLACE THE INFORMATION CONTAINED HEREIN, IN PART OR ENTIRELY, AT ANY TIME, AND UNDERTAKE NO OBLIGATION TO PROVIDE THE RECIPIENT WITH ACCESS TO THE AMENDED INFORMATION OR TO NOTIFY THE RECIPIENT THEREOF.\n\nTO THE FULL EXTENT PERMITTED BY LAW, NEITHER THE ISSUER NOR THE HIMALAYA EXCHANGE NOR ANY OF THEIR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER, UNDER CONTRACT, TORT, TRUST OR OTHERWISE, TO ANY PERSON RESULTING FROM THE USE OF THE INFORMATION IN THIS DOCUMENT OR FOR OMISSIONS FROM THE INFORMATION IN THIS DOCUMENT. ADDITIONALLY, NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE UNDERTAKE ANY OBLIGATION TO COMMENT ON THE EXPECTATIONS OF, OR STATEMENTS MADE BY, THIRD PARTIES IN RESPECT OF THE MATTERS DISCUSSED IN THIS DOCUMENT.\n\n#### **SANCTIONS**\n\nTHE HIMALAYA DOLLAR AND HIMALAYA DOLLAR CREDITS MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, DELIVERED OR TRANSFERRED TO AND NEITHER THE HIMALAYA EXCHANGE OR ASSOCIATED PRODUCTS OR SERVICES MAY BE ACCESSED OR USED BY OR WITHIN ANY COUNTRY SUBJECT TO ANY SANCTIONS ADMINISTERED BY THE OFFICE OF FOREIGN ASSET CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY, OR ANY ANALOGOUS SANCTIONS OR MEASURES IMPOSED BY THE US DEPARTMENT OF STATE, THE AUSTRALIAN DEPARTMENT OF FOREIGN AFFAIRS AND TRADE, THE EUROPEAN UNION, THE UNITED NATIONS SECURITY COUNCIL OR HER MAJESTY'S TREASURY INCLUDING THE BALKANS, BELARUS, BURMA, COTE D'IVOIRE (IVORY COAST), CUBA, DEMOCRATIC REPUBLIC OF CONGO, IRAN, IRAQ, LIBERIA, NORTH KOREA, SUDAN, SYRIA, AND ZIMBABWE.\n\n#### **SECURITIES**\n\nTHIS DOCUMENT HAS NOT BEEN REVIEWED OR APPROVED BY ANY REGULATORY OR OTHER AUTHORITY IN ANY STATE OR JURISDICTION. NO ACTION HAS BEEN TAKEN IN ANY STATE OR JURISDICTION BY THE ISSUER, THE HIMALAYA EXCHANGE OR ANY OTHER PERSON WHICH WOULD PERMIT AN OFFER OF SECURITIES OR OTHER FINANCIAL INSTRUMENT HOWEVER SO DEFINED UNDER THE SECURITIES OR EQUIVALENT LAWS OF ANY JURISDICTION (\"SECURITIES\"), OR POSSESSION OR DISTRIBUTION OF ANY OFFERING MATERIAL IN RELATION THERETO, IN ANY COUNTRY OR JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED (A \"RESTRICTED JURISDICTION\"). NEITHER THE HDO OR HDO CREDITS CONSTITUTE OR ARE INTENDED TO CONSTITUTE A SECURITY OR OTHER FINANCIAL PRODUCT (\"SECURITY\"). NOTHING IN THIS DOCUMENT OR ANY OTHER DOCUMENT, ALERT, NOTIFICATION, OR COMMUNICATION DISTRIBUTED OR MADE AVAILABLE BY ANY FORM OR MEANS CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN A RESTRICTED JURISDICTION. TO THE EXTENT THAT THE HDO OR HDO CREDITS MAY BE DEEMED TO BE A SECURITY IN A RESTRICTED JURISDICTION, OR ANY OTHER DOCUMENT, ALERT, NOTIFICATION OR COMMUNICATION COULD, BY VIRTUE OF THE LAWS OF A RESTRICTED JURISDICTION, BE DEEMED TO CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THAT RESTRICTED JURISDICTION, THEN THIS DOCUMENT IS NOT INTENDED FOR DISTRIBUTION AND NEITHER THE HDO OR HDO CREDITS ARE INTENDED FOR SALE IN THE RESTRICTED JURISDICTION AND THIS DOCUMENT MUST NOT BE DISTRIBUTED TO OR ACCESSED BY ANY PERSON IN THAT RESTRICTED JURISDICTION AND NONE OF THE ISSUER, THE HIMALAYA EXCHANGE OR ANY OTHER PERSON WILL OR IS PERMITTED TO ENGAGE IN ANY OFFER, SALE, PLEDGE, TRANSFER OR ASSIGNMENT OF THE HDO OR HDO CREDITS TO ANY PERSON WITHIN THAT RESTRICTED JURISDICTION OR DISTRIBUTE, SEND OR OTHERWISE MAKE AVAILABLE BY ANY FORM OR MEANS THIS DOCUMENT OR ANY MATERIALS RELATED THERETO TO ANY PERSON OR ENTITY IN THAT RESTRICTED JURISDICTION. EACH PERSON WHO RECEIVES THIS DOCUMENT ACKNOWLEDGES AND AGREES THAT IT HAS NOT BEEN APPROVED OR DISAPPROVED BY ANY SECURITIES COMMISSION OR REGULATORY AUTHORITY IN ANY STATE OR JURISDICTION.\n\nPROSPECTIVE PURCHASERS SHOULD NOTE THAT THE VALUE OF HDO CREDITS IS INDEPENDENT FROM THE VALUE OF ANY OTHER ASSET OR TOKEN.\n\n#### **TAXATION**\n\nTHE TAX TREATMENT OF CRYPTO ASSETS AND CREDITS MAY BE UNCERTAIN AND MAY RESULT IN ADVERSE TAX CONSEQUENCES. THE USE OF CREDITS TO MAKE PURCHASES MAY EXPOSE MEMBERS TO TAX CONSEQUENCES THAT WOULD NOT HAVE RESULTED HAD THEIR PURCHASES BEEN MADE IN A FIAT CURRENCY AND THE PURCHASE AND USE OF CRYPTO CURRENCIES AND CORRESPONDING CREDITS MAY HAVE ADVERSE TAX CONSEQUENCES INCLUDING WITHHOLDING TAX, INCOME TAXES AND TAX REPORTING REQUIREMENTS. MEMBERS MUST SEEK THEIR OWN TAX ADVICE.\n\n#### **PRIVATE SALE**\n\nTHE PRIVATE SALE OF HDO CREDITS BY THE HIMALAYA EXCHANGE IS LIMITED TO MEMBERS OF THE HIMALAYA EXCHANGE AND IS NOT A PUBLIC OFFERING TO THE PUBLIC.\n\n#### **FORWARD LOOKING STATEMENTS**\n\nTHIS DOCUMENT MAY CONTAIN FORWARD LOOKING STATEMENTS INCLUDING STATEMENTS OF INTENT, BELIEF OR CURRENT EXPECTATIONS WITH RESPECT TO THE HDO, HDO CREDITS AND THE HIMALAYA EXCHANGE. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS. NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE THE RESULT OF ANY REVISIONS TO THESE FORWARD LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS. WHILE DUE CARE HAS BEEN USED IN THE PREPARATION OF FORWARD LOOKING STATEMENTS, FUTURE CIRCUMSTANCES MAY VARY IN A MATERIALLY POSITIVE OR NEGATIVE MANNER. FORWARD LOOKING STATEMENTS OR ANTICIPATED FUTURE ACTIONS OR DEVELOPMENTS ARE SUBJECT TO UNCERTAINTY AND CONTINGENCIES OUTSIDE THE ISSUERS AND THE HIMALAYA EXCHANGE'S CONTROL.\n\n#### **ACKNOWLEDGMENT**\n\nBy accessing this document, you represent, warrant/acknowledge that:\n\n- you are not in the United States or any other Restricted Jurisdiction;\n- you are not a US Person (as defined by Regulation S to the Securities Act) or otherwise resident in the United States or any other Restricted Jurisdiction;\n- you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or any other Restricted Jurisdiction;\n- you are not domiciled or located in the PRC when accessing or trading HCN or HCN Credits; any related trading activities (including trading through the Himalaya Exchange App) must not be conducted within the PRC; and neither this document or any other related marketing materials may be copied or redistributed within the PRC for any other purpose;\n- you represent and warrant that you are accessing the document for information purposes only;\n- the information contained in the document may be subject to change and update from time to time and you are responsible for ensuring that you review the information contained in the lasts version of this document;\n- if you are located in the Republic of Italy, prior to accessing, purchasing or using any of the products or services provided by the Issuer or any affiliate, you will specifically review and accept the conditions contained in Schedule F (Jurisdiction Conditions - Italy) of the Terms and Conditions for the purposes of Section 1341 and Section 1342 of the Italian Civil Code.\n\n#### RISK **FACTORS**\n\nPurchasing and investing in HOO and/or HOO Credits will involve certain risks. It is important that prospective purchasers and/or investors in HOO and/or HOO Credits understand such risks before making any relevant decision. A non-exhaustive description of certain key risk are set out at Schedule 7 \"Risk Factor Disclosure\" of the Terms and Conditions (which can be found on the website of the Himalaya Exchange) which any prospective purchaser and/or investor should read and understand before making any purchase or investment decision or otherwise, accessing, using or purchasing any products or services available through the Himalaya Exchange or the Himalaya Ecosystem. Prospective purchasers should conduct their own due diligence before investing and consult a certified financial adviser if any terms of the documentation are not fully understood. By purchasing and investing in HOO and/or HOO Credits or otherwise using related products or services you acknowledge that you have read and understood such risks. In particular, prospective purchasers and/or investors note that:\n\n• HOO and/or HOO Credits are not intended to be securities or regulated financial products and may not be purchased in any jurisdiction where, under applicable laws they constitute securities or regulated financial products and are not therefore afforded any protections under such laws;\n\n• HOO and/or HOO Credits are not legal tender and are not backed by any government;\n\n• Credits can only be used on the Himalaya Exchange or within the Himalaya Ecosystem and once purchased, you have no automatic right to receive fiat currency or crypto-assets in respect of such Credits.\n\n• the nature of crypto assets may lead to an increased risk of fraud or cybercrimes;\n\n• transactions related to crypto assets may be irreversible, and, accordingly, losses resulting from fraudulent or accidental transactions may not be recoverable;\n\n• the volatility and unpredictability of the price of crypto assets and consequently, corresponding Credits may result in significant loss over a short period; and\n\n• investors in crypto assets in general, must be willing to lose the entirety of their invested capital and accept that they may have no recourse in the event that purported rights or benefits of any crypto asset is not received, any relevant project does not proceed, or other investors in the market become unwilling to exchange fiat currency for such crypto asset. Negative events in respect of a particular crypto asset are likely to have a corresponding negative impact on any Credits corresponding to such crypto asset.\n\nWhitepaper\n\n# Himalaya Coin\n\nApril 2021 | Version 1.0\n\n#### ENABLING ACCESS FOR THE MASSES. A TRUE, OPEN WORLD ECONOMY. O FOR EVERYONE.\n\n# ya Coin\n\nn 1.0\n\nCCESS FOR THE MASSES.\nN WORLD ECONOMY.\nNE.\n\n## The Himalaya Coin.\n\n#### CONTENTS\n\n| CLAUSE | PAGE |\n|-----------------------|------|\n| IHc OFFERING | |\n| OUR TECHNOLOGY | |\n| THE HIMALAYA EXCHANGE | |\n| MPORTANT NOTICE | |\n| RSK FACTORS | |\n\n## **Whitepaper Glossary.**\n\n# **0-9**\n\n#### 3 FACTOR AUTHENTICATION **(3FA)**\n\n3Factor Authentication is a triple layer security measure. Himalaya Exchange is the only cryptocurrency exchange to implement this. Members must input their credentials, password, and behavioural identification.\n\n\n\nADVANCED PERSISTENT THREATS **(APT)**\n\nAdvanced Persistent Threat (APT) is an adversary with sophisticated levels of expertise and significant resources, allowing it through the use of multiple different attack vectors to generate opportunities to achieve its objectives.\n\n#### AES-256 **ENCRYPTION**\n\nShort for Advanced Encryption Standard, it's a symmetric block cipher used by the American government to encrypt sensitive data.\n\n#### ANTI- MONEY LAUNDERING **(AML)**\n\nA set of international laws enacted to curtail criminal organisations or individuals laundering money through cryptocurrencies into real-world cash.\n\n\n\n#### BUFFER **OVERFLOW**\n\nA buffer overflow occurs when the volume of data exceeds the storage capacity of the memory buffer. As a result, the program attempting to write the data to the buffer overwrites adjacent memory locations.\n\n\n\n#### **CHECK**\n\nCHECK is an umbrella term for the National Cyber Security Centre (NCSC) approved penetration test companies and the methodology used to conduct a penetration test.\n\n#### CLICKJACKING **ATTACK**\n\nClickjacking is an attack that tricks a user into clicking a webpage element which is invisible or disguised as another element.\n\n#### CLIQUE **POA**\n\nProof of Authority means that only approved signers can seal the blocks.\n\n#### COUNCIL FOR REGISTERED ETHICAL SECURITY TESTERS **(CREST)**\n\nCREST is an international not for profit accreditation and certification body that represents and supports the technical information security market.\n\n#### CROSS-SITE **SCRIPTING**\n\nCross-Site Scripting (XSS) is a security vulnerability found in web applications. A XSS attack enables attackers to inject scripts into webpages viewed by others.\n\n#### CRYPTO **ASSET**\n\nAn asset occurring in a digital format that utilises cryptography.\n\n#### CYBER **ESSENTIALS**\n\nCyber Essentials is a simple but effective, Government backed scheme that helps protect individuals and organisations against a whole range of the most common cyber attacks.\n\n**D**\n\n#### DENIAL OF SERVICE ATTACK **(DDOS)**\n\nA DDoS attack is a cyberattack on a server, service, website, or network that floods it with Internet traffic. The aim is to overwhelm the website or service with more traffic than the server or network can accommodate.\n\n**G**\n\n#### GENERAL PADDING **ORACLES**\n\nIn cryptography, a padding oracle attack is an attack which uses the padding validation of a cryptographic message to decrypt the ciphertext.\n\n**H**\n\n#### HARDWARE WALLETS **(HWS)**\n\nA physical device for cryptocurrencies that stores private keys which enables users to securely store crypto assets.\n\n#### HARDWARE SECURITY MODEL **(HSM)**\n\nA dedicated crypto processor that is specifically designed for the protection of the crypto key lifecycle.\n\n#### **HASH**\n\nHashing is an algorithm performed on data such as a file or message to produce a number called a hash. The hash is used to verify that data is not modified, tampered with, or corrupted.\n\n#### HCN **ALLOCATION AMOUNT**\n\nRefers to the maximum amount of Himalaya Coin Credits that invited Members are entitled to purchase.\n\n#### HDO OR HCN **CREDITS**\n\nMeans the credit in a Member's account on the Himalaya Exchange that corresponds to a crypto asset, which entitles the Member to trade on the Himalaya Exchange platform.\n\n#### HEARTBLEED OPEN **SSL VULNERABILITY**\n\nHeartbleed is a security vulnerability in OpenSSL (secure communications over computer networks) that enables attackers to steal sensitive data like login credentials, personal data or even decryption keys.\n\n#### HIMALAYA COIN **(HCN)**\n\nThe official coin issued and managed by Himalaya International Financial Group.\n\n#### HIMALAYA DOLLAR **(HDO)**\n\nThe stablecoin that aims to maintain a fi xed value to the U.S. Dollar, issued and managed by Himalaya International Reserves Limited.\n\n#### HIMALAYA **ECOSYSTEM**\n\nThe network through which HDO Credits, HCN Credits and tokens can be used, held, traded, transferred or spent.\n\n#### HIMALAYA **EXCHANGE**\n\nThe crypto asset exchange on which Members can buy, sell and trade their crypto assets.\n\n#### HIMALAYA EXCHANGE **APP**\n\nThe trading application that enables Members access to the Himalaya Exchange platform where they can purchase and trade cryptocurrencies on the move.\n\n#### HIMALAYA PAY **APP**\n\nThe payment solution app that fuels the Himalaya ecosystem, connecting Merchants and Members. Members of the ecosystem can exchange their HDO and HCN for goods and services.\n\n#### HSTS **HEADER PRESENCE**\n\nHyper Text Transfer Protocol (HTTP) Strict Transport Security (HSTS) is a web page header that convey details to the browser to enforce security settings.\n\n\n\n#### INITIAL **ISSUANCE**\n\nThis means the first issuance of HCN by the relevant Issuer.\n\n#### **ISAE 3402**\n\nInternational Standard on Assurance Engagements (ISAE) 3402 is an assurance standard to report on risk management, the controls and services provided to customers by service organisations.\n\n#### **IS027001**\n\nInternational Organisation for Standardisation (ISO) 27001 is an international standard on how to manage information security.\n\n#### **ISSUER**\n\nMeaning, in respect of the HDO, Himalaya International Reserves Ltd and in respect of HCN Himalaya International Financial Group Ltd.\n\n## Whitepaper Glossary.\n\n\n\n#### KNOW YOUR CUSTOMER (KYC)\n\n'Know Your Customer' refers to a financial institution's obligation to verify the identity of a customer in line with AML laws.\n\n\n\n#### LIGHTWEIGHT DIRECTORY ACCESS PROTOCOL INJECTION (LDAP)\n\nA code injection technique used to exploit web applications which could reveal sensitive user information or modify information represented in the LDAP data stores\n\n#### LIQUIDITY SUPPORT\n\nMeans the ability of the Reserve to use its funds to provide liquidity if needed.\n\n\n\n#### MAN-IN-THE-MIDDLE ATTACKS\n\nA cyberattack where the attacker secretly relays and possibly alters the communications between two parties who believe that they are directly communicating with each other.\n\n#### MEMBERS\n\nThis term refers to a person or entity who registers and creates an account with the Himalaya Exchange.\n\n#### MERCHANTS\n\nAny retailer approved by Himalaya Pay who accepts HDO Credits or HCN Credits as a means of payment for goods or services.\n\n\n\n#### PAYMENT CARD INDUSTRY DATA\n\nSECURITY STANDARD (PCI DSS) PCI DSS is a set of requirements which explain how to protect organisations and customers when taking payments.\n\n#### POINT OF SALES (POS)\n\nRefers to the physical or virtual location of a customer's purchase of an item, or the actual physical point-of-sale device.\n\n#### PRIVATE OFFERING\n\nThe private sale of the Himalaya Coin, which is offered to certain Members of the Himalaya Exchange on an invite only basis.\n\n#### PRIVATE PLACEMENT PARTICIPANTS\n\nMeans all individuals who have been formally notified by the Himalaya Exchange inviting them to participate in the initial sale of Himalaya Coin by purchasing Himalaya Coin Credits up to a maximum amount.\n\n#### PURCHASE ORDERS\n\nOrders submitted by Members to purchase HDO Credits on the Himalaya Exchange.\n\n\n\n#### QUICK RESPONSE CODE (QR)\n\nQR code is a square bar code which allows Members to instantly access information on a product or service.\n\n#### OUORUM\n\nQuorum is an open-source blockchain protocol specially designed for use in a private blockchain network or consortium blockchain network, where multiple members each own a portion of the network. It is the backbone of Himalaya Pay.\n\nR\n\n#### (RELIABLE, REPLICATED, REDUNDANT AND FAULT TOLERANT) RAFT\n\nA consensus algorithm that is designed to be easy to understand.\n\n#### REMOTE OS COMMAND INJECTION\n\nThis is an attack is an injection attack through which an attacker can execute any malicious commands on the host operating system via the application\n\n#### RESERVE\n\nPool of assets managed by the HDO Issuer to maintain the value of HDO.\n\n#### RESTRICTED JURISDICTION\n\nMeans any country with respect to which investments in crypto or other transactions in crypto are in any way restricted.\n\n#### RESTRICTED PERIOD\n\nA period in which transactions outside the Himalaya ecosystem are restricted.\n\n\n\n#### STABLECOIN\n\nRefers to the Himalaya Dollar which is structured with the aim to maintain its value 1-to-1 to the United States Dollar.\n\n#### SUBSEQUENT ISSUANCES\n\nAny issuance that occurs after the initial offering.\n\n\n\n#### TLS 1.3 ENCRYPTION\n\nThe latest version of the internet's most deployed security protocol, which encrypts data to provide a secure communication channel between two endpoints.\n\n#### UTILITY\n\nThis is the commercial value proposition of the Himalaya Dollar.\n\n#### USERS\n\nAnyone who accesses or uses the Himalaya Exchange App or the Himalaya Pay App.\n\n#### WHITELISTED\n\nEthereum addresses or other blockchain addresses that have been verified and registered with the Himalaya Exchange or the Issuer.\n\n## The Big Problem.\n\nToday's cryptocurrency and other digital assets landscape is still evolving and presents many exciting opportunities, as well as challenges. Factors like the lack of liquidity and education, poor security and customer support, high volatility, and poor on-boarding infrastructure, fill the average consumer with FUD (fear, uncertainty & doubt).\n\nMany crypto exchanges are built for experienced investors who understand the intricacies of wallet security and complexities of cryptocurrencies. These exchanges have also faced security issues mainly due to inadequate use of \"hot and cold storage\" strategies and poorly written software, leaving most of their users vulnerable to cyber attacks and struggling with complex user interfaces and designs, creating an adverse user experience.\n\nThese factors, combined with the lack of transparency and proper regulations in the crypto space, are delaying broader adoption by the public. This outlines some of the biggest problems that cryptocurrency traders have observed in currently available exchanges.\n\nThe below statistic displays the most significant problems of cryptocurrency exchanges according to traders globally as of April 2020. (© Statista 2021)\n\n\n\nThis following statistic presents the number of cryptocurrency exchanges that traders worldwide have signed up for as of 2018. In that year, 69 percent of people polled had signed up for three or more exchanges (© Statista 2019).\n\n| Percentage | Exchange Usage |\n|----------------------|-------------------------------------------------------------------------|\n| 56% | OF THE PARTICIPANTS USE MORE THAN 3 EXCHANGES TO TRADE |\n| 14% | OF THE PARTICIPANTS USE 2 EXCHANGES TO TRADE |\n| 12% | OF THE PARTICIPANTS USE 3 EXCHANGES TO TRADE |\n| 18% | OF THE PARTICIPANTS USE 1 EXCHANGE TO TRADE |\n\n**STOLEN FUNDS IS A MAJOR ISSUE**\n\nIT security remains a major risk factor for all cryptoasset actors. Cryptoasset holders are obvious targets for hackers and criminals as blockchain transactions are generally irreversible once the cryptoasset leaves the intermediary.\n\n**IDENTIFIED SECURITY BREACHES LEADING TO LOSS OF FUNDS**\n\nEXCHANGES AND STORAGE PROVIDERS (EXCL. DAPPS)\n\nCRYPTO ASSET FUNDS LOST\n\n| Labels | Values |\n|----------------|--------|\n| \\$1800 MILLION | 18 |\n| \\$1600 MILLION | 16 |\n| \\$1400 MILLION | 14 |\n| \\$1200 MILLION | 12 |\n| \\$1000 MILLION | 10 |\n| \\$800 MILLION | 8 |\n| \\$600 MILLION | 6 |\n| \\$400 MILLION | 4 |\n| \\$200 MILLION | 2 |\n| \\$0 | 0 |\n\n| Year | Crypto Asset Funds Lost | Number of Breaches |\n|-----------------------|-------------------------|--------------------|\n| 2016 | \\$152M | 4 |\n| 2017 | \\$266M | 6 |\n| 2018 | \\$950M | 12 |\n| 2019 | \\$370.7M | 6, 5 |\n| 2020 | \\$513M | 10, 10 |\n\n# The Himalaya Coin A Trading & Payment Solution for the Digital Age.\n\nThis document provides details on the proposed issuance of the Himalaya Coin, a new cryptocurrency. Issued by Himalaya International Financial Group (the \"Issuer\"), the Himalaya Coin has been designed with the goal of providing an advanced trading solution combined with a payment solution structured with the aim of removing what we believe are some key obstacles to mass adoption.\n\nIt has been developed to operate within an infrastructure intended to enable low cost, fast and secure payment and trading options, with a trading platform developed with the objective of achieving enhanced liquidity and high security.\n\nWe believe it represents a Revolutionary Financial Solution for the New Digital Age.\n\n\n\nMISSION\n\nTo Empower Everyone In The World To Take Control Of Their Financial Freedom.\n\nTo create the best digital financial system using blockchain technology to provide affordable, secure, efficient and convenient products and services.\n\nPlease read the sections of this White Paper entitled \"Important Notice\" and the section entitled \"Risk Factors\" at the end of this document.\n\nThis White Paper contains information based upon and/or obtained from third-party publicly available sources that we consider reliable. While such information has been accurately reproduced in this document, we have relied upon and assumed without independent verfication the accuracy and completeness of such information and do not guarantee its accuracy, completeness, fairness and it should not be relied upon as such. Information which is based upon and/or obtained from third-party sources has been identified as such together with the source(s) of such information.\n\n## The **Himalaya Coin Solution.**\n\n### AN **OVERVIEW**\n\nCreated to operate within an infrastructure developed to provide both payment processing and trading solutions, the Himalaya Coin (\"HCN\" or \"Himalaya Coin\") has been designed with the goal of addressing certain key deficiencies we view as inherent in many existing offerings and thus facilitating wider adoption.\n\nParticipation in the issuance of Himalaya Coins will only be available to certain Members of the Himalaya Exchange, a new digital asset exchange which is at the heart of our mission to create a new digital financial system (the \"Himalaya Exchange\"). The operation of the Himalaya Exchange and associated applications and infrastructure will be facilitated through the use of \"Credits\". Credits within the system will correspond to a particular type of crypto asset. Please see the section entitled \"Structural Considerations\" below for a further description of Credits.\n\nThe first issuance of HCN (the \"Initial Issuance\") and the sale of corresponding HCN Credits is being undertaken on a private placement basis and will be available to Private Placement Participants only (as described further below). Further issuances of HCN (each a \"Subsequent Issuance\") and the sale of corresponding HCN Credits may be made available to Members generally or to certain members of the Himalaya Exchange only in accordance with the terms prescribed by the Himalaya Exchange in respect of each Subsequent Issuance and sale. Please see the section entitled \"Initial Issuance\" below for further information.\n\nOn the Initial Issuance, Private Placement Participants who are Members of the Himalaya Exchange and, in respect of each Subsequent Issuance, Members of the Himalaya Exchange in accordance with the terms applicable to a Subsequent Issuance, will be able to participate in an issuance of Himalaya Coin through the purchase of HCN Credits through the Himalaya Exchange.\n\nThe Himalaya Exchange is intended to provide high levels of liquidity both for HCN Credits and Credits traded on the platform corresponding to other crypto assets. To maximise convenience, Members will be able to access the Himalaya Exchange both via the website of the Himalaya Exchange and through the dedicated Himalaya Exchange App (the \"H imalaya Exchange App\") which will allow mobile access to the Himalaya Exchange.\n\nIn addition to the trading solution benefits, HCN Credits are also designed for use through the \"Himalaya Pay App\". The Himalaya Exchange App will be launched during Phase 3 , as outlined on the Roll-Out on page 9 below and will allow Members to use HCN Credits to offer domestic and cross border payments to Merchants who accept payment for goods or services through Himalaya Pay within the Himalaya Ecosystem (the \"Himalaya Ecosystem\"). Members will also be able to make transfers of HCN Credits from their Himalaya Pay account to the Himalaya Pay accounts of other Members.\n\nThe Himalaya Ecosystem is being developed through partnerships with businesses who it is anticipated will provide access to their products and services. The creation and development of the Himalaya Ecosystem is intended to support the commercial value proposition of HCN and HCN Credits, incentivizing adoption and use. If the expansion of the Himalaya Ecosystem results in an increase in demand for HCN Credits in the secondary market, or HCN held outside the Himalaya Ecosystem, Members will also be able to benefit from any such increase in demand, such as the potential for price appreciation of HCN Credits.\n\nThe combined result is a cryptocurrency designed with the aim of providing **a strong trading solution through a low cost, secure and liquid exchange platform.** The Himalaya Ecosystem provides a **payment processing solution** which is intended to offer access to Merchants, goods and services thus **maximizing utility.**\n\n## Himalaya Coin Solution.\n\nHimalaya Coin is on a mission to revolutionize the blockchain payment industry. The concept driving the HCN is to help alleviate the current issues existing within the crypto industry. By establishing a liquid marketplace, the Himalaya Coin will:\n\n- · reduce lock up of capital and mobilize capital by improving its velocity;\n- · open different asset classes to a broader global investor base represented by both institutions and individuals;\n- · enhance transparency and competitiveness in the private capital industry; and\n- · as a result, improve the availability of capital for entrepreneurs.\n\nWith secondary market liquidity, the Himalaya Coin is introducing a new \"Digital Asset Class\". This advanced category has a better risk and yield profile compared to direct investments in start-ups or Venture Capital funds, as in a traditional limited partner model.\n\n\n\n#### ROLL- OUT\n\nThe initial launch of the HDO and the roll-out of associated products and services is intended to be phased as below:\n\n\n\n\\* PROR TO THE START OF PHASE 3, THE HIMALAYA EXCHANGE VILL ONLY BE AVALABLE TO PRE-NOTIFIED PERSONS (\"PRIVATE PLACEMENT PARTICIPANTS\") THE PHASE 1 PERCOD MAY BE EXTENDED AT THE NIMALAYA EXCHANGE. WHERE THE PHASE PERIOD IS EXTENDED, THE COMMENCEMENT DATES FOR PHASE 2 AND PHASE 3 VILL BE DELAYED BY THE SAME PERIOD. THE TIMING FOR LAUNCH OF ANY PART OF ANY PHASE MAY BE DELAYED BY THE HIMALAYA EXCHANGE OR ANY OTHER IT DETERMINES SUCH DELAY IS NECESSARY AS A RESULT OF THE ONGOING IMPACT OF SARS-COV-2 AND/OR OVERWHELMING DEMAND FOR OUR OFFERING.\n\n#### STRUCTURAL **CONSIDERATIONS**\n\nThe operation of the Himalaya Exchange, Ecosystem and associated applications and infrastructure will be facilitated through the use of \"Credits\". Credits within the Himalaya Ecosystem will correspond to a particular type of crypto asset.\n\nMembers will initially be able to purchase Himalaya Dollar Credits from the Himalaya Exchange with U.S. Dollars and may purchase Credits corresponding to a particular type of crypto asset supported by the Himalaya Exchange by transferring corresponding crypto assets to the Himalaya Exchange wallet.\n\nCredits can only be used on the Himalaya Exchange or within the Himalaya Ecosystem, representing a right to participate in trading on the Himalaya Exchange and do not carry any right to require their exchange for fiat currency or crypto-assets. A member may make a request to the Himalaya Exchange to exchange Credits on their account and receive a transfer of corresponding crypto assets to their external wallet address.\n\nAdditionally, a Member may make a request to the Himalaya Exchange to accept a transfer of Himalaya Dollar Credits corresponding to the Himalaya Dollar (the U.S. Dollar stablecoin issued by Himalaya International Reserves Limited (the \"H OO Issuer\"), \"HOO\" or \"Himalaya Dollar\") in exchange for an equivalent payment in U.S. Dollars to be paid to the bank account of the Member. However, such exchanges are at the discretion of the Himalaya Exchange, and the Himalaya Exchange is not obliged to fulfil any such requests. References in this document to HCN, HOO or any other type of asset on an account at the Himalaya Exchange or through the Himalaya Pay App are references to Credits corresponding to that asset.\n\nProspective Members are advised that neither crypto assets or fiat currency may be held by Members within the Himalaya Ecosystem, and the Himalaya Ecosystem does not provide, and none of the Himalaya Exchange or any other entity within the Himalaya Ecosystem holds any necessary licences or authorizations to provide any type of custody or other arrangements to facilitate this. The Himalaya Exchange intends to hold in its own name and for its own account, crypto assets which it may elect to use at the request of a Member to complete an exchange of a Member's Credits for corresponding crypto assets and the HOO Issuer intends to maintain a reserve of United States Dollars or other currencies in cash and cash equivalents such as government securities which may be used to complete an exchange of a Member's HOO Credits for U.S. Dollars where such request from a Member is approved by the Himalaya Exchange. Members do not have any direct or indirect claim on HOO Issuer.\n\n#### INITIAL **ISSUANCE**\n\nThe Initial Issuance of HCN will be made available to Members of the Himalaya Exchange on a private placement basis as follows:\n\n• All persons who have been formally notified by the Himalaya Exchange, prior to the start of, or during Phase 1, that they may participate in the Initial Issuance up to a maximum amount (the \"Al location Amount\") specified in such notice (each a \"Private Placement Participant\").\n\n• The availability period during which Private Placement Participants may purchase HCN Credits as part of the Initial Issuance will expire on the date of commencement of Phase 3.\n\n### **The private sale of HCN Credits by the Himalaya Exchange is limited to Members of the Himalaya Exchange and is not an offering to the public.**\n\nFor further details on the terms of the Initial Issuance, please see the section entitled \"Himalaya Coin Issuance\" below.\n\n**IMPORTANT:** Prospective purchasers should note that HCN and HCN Credits are not currently and are not intended to constitute regulated products or financial instruments in the jurisdictions in which they are offered.\n\n## The HCN Offering.\n\nThe Himalaya Coin is an Ethereum-based ERC-1404 token that has backward compatibility to the ERC-20 standard, issued by Himalaya International Financial Group Limited company incorporated in the British Virgin Islands.\n\nThe HCN has been developed to operate within a multifaceted infrastructure, designed with the intention of achieving maximum utility while ensuring cost and transactional efficiency and high levels of security. HON Credits will be sold through the Himalaya Exchange, and, following the trading functionality in Phase 3, will be fully tradeable.\n\nOn the Initial Issuance, Private Participants who are Members of the Himalaya Exchange and, in respect of each Subsequent Issuance, Members of the Himalaya Exchange who are eligible in accordance with the terms of such Subsequent Issuance, will be able to participate in offerings by purchasing HCN Credits with Himalaya Dollar Credits or U.S. Dollars through their Himalaya Exchange account. Following the launch of trading on the Himalaya Exchange and the Himalaya Exchange App, HCN Credits will be freely tradable for Credits corresponding to other crypto assets on the Himalaya Exchange through the website of the Himalaya Exchange or on the move using a dedicated mobile application - the Himalaya Exchange App.\n\nHCN Credits may be purchased as part of the Initial Issuance or a Subsequent Issuance using either HDO Credits or using U.S. Dollars. Members who purchase HCN Credits rather than U.S. Dollars will benefit from no fees being charged in respect of the purchase.\n\nIn addition, following the launch of the Himalaya Pay App, all Members will be able to use HCN Credits to offer payments to Merchants who accept payment for goods and services through the Himalaya Pay App or make transfers of HCN Credits from their Himalaya Pay account to the Himalaya Pay accounts of other Members. When the planned infrastructure upgrade to a hybrid Ethereum and Quorum blockchain platform is completed, we believe that the Himalaya Pay App will provide significant benefits against peer offerings and represent a highly scalable solution.\n\n## PRINCIPAL FUNCTIONALITIES\n\n#### TRADING ON THE HIMALAYA EXCHANGE\n\nOn the Himalaya Exchange HCN Credits will be issued on, and fully transferable, through the Himalaya Exchange, enabling Members to freely trade HCN Credits for other cryptocurrency Credits available on the Himalaya Exchange.\n\n#### HIMALAYA PAY APP\n\nMembers can use the Himalaya Pay App, a dedicated mobile payment application, to make fast and secure purchases using HCN Credits from Merchants in the Himalaya Ecosystem, including new and established brands, who it is anticipated will provide access to products and services to HCN Credit holders.\n\n\n\n#### HIMALAYA EXCHANGE WEBSITE & APP\n\nThrough the Himalaya Exchange App Members will be able to access the Himalaya Exchange trading platform to purchase, exchange and trade HCN Credits.\n\n## PRINCIPAL BENEFITS\n\n#### LOW COST, FAST & SECURE\n\nAn offering utilising hybrid blockchain technology to provide low-cost, fast and secure transfer, payment and settlement 24/7.\n\n#### AN ALTERNATIVE TO FIAT PAYMENT\n\nAccess to an ecosystem of Merchants accepting payment through Himalaya Pay and expected to provide access to products and services to HCN Credit holders.\n\n#### PRICE VALUE PROTECTION\n\nAn issuance cap with restrictions on frequency, size and price of further issues to preserve value and support price appreciations.\n\n\n\n#### TRANSPARENCY & SECURITY\n\nA transparent asset benefitting from a robust and secure platform.\n\n#### LIQUIDITY\n\nAccess to a liquid market with Credits corresponding to a range of digital assets.\n\n#### RESTRICTIONS ON TRANSFER & COMPLIANCE WITH LAWS\n\nFollowing commencement of Phase 3 roll-out, Members will be able to make a request to exchange Credits to their Himalaya Exchange account for the corresponding crypto assets which, if approved by the Himalaya Exchange, would then be transferred to a Member's external wallet address.\n\nLegal and regulatory developments and the approach of regulatory authorities create an existential threat to the longevity of different types of crypto assets and have, in the past, had a substantial negative impact on certain classes of existing crypto assets.\n\nIn some cases, changes in law or regulatory approach have resulted in sudden non viability of certain asset types in a given jurisdiction with significant negative consequences for holders. In other cases, the announcement of regulatory investigations has resulted in a rapid and substantial decline in value and utility and delisting of the asset from exchanges across the world.\n\nWe are committed to developing a secure, sustainable and stable offering which will stand the test of time. In order to achieve longevity of HCN and value protection for Members, HCN has been developed to include a time lock feature which will automatically restrict a transfer of HCN from any external wallet address for a period of 366 days from the date it was transferred to such address, unless the relevant address has been verfied by the Issuer, or a third party authorized by the Issuer and \"whitelisted\".\n\nThis feature is intended to prevent unauthorized use of customers' wallet funds, as well as avoiding an inadvertent breach of certain securities laws, pioneering a future proof approach to a dynamic and global regulatory environment.\n\nFor further information on this feature, please see the section entitled \"Compliance with Laws and Restricted Period\" below.\n\nIn addition, it may be necessary from time to time, to implement restrictions within the HCN smart contract with the aim of avoiding breaches of existing or new laws or regulations. We will always endeavour to use commercially reasonable efforts to provide prior notice of the smart contract and inform holders of HCN through official channels.\n\n\n\n## Himalaya Coin Issuance.\n\n#### INITIAL ISSUANCE\n\nThe Initial Issuance is being undertaken on a private placement basis and will only be available to Private Placement Participants who have opened an account with the Himalaya Exchange.\n\nPrivate Placement Participants who wish to participate in the Initial Issuance must complete registration and verification procedures and open an account with the Himalaya Exchange. Following the opening of their account, participants may purchase HDO Credits by making payment to the bank account of the Himalaya Exchange.\n\nFollowing the commencement of Phase 2, but prior to the start of Phase 3, Private Placement Participants may place orders to purchase HCN Credits through their account at the Himalaya Exchange and may elect to pay in U.S. Dollars or using HDO Credits on their Exchange account. To purchase HCN Credits with HDO Credits, Private Placement Participants must first purchase HDO Credits with U.S. Dollars before placing an order for HCN Credits. Private Placement Participants who elect to purchase HCN Credits with U.S Dollars rather than HDO Credits will incur an additional fee which can be found in the Fee Schedule available on Himalaya Exchange website. An order may not exceed their Allocation Amount.\n\n#### INITIAL ISSUANCE AVAILABILITY PERIOD\n\nImmediately following the end of Phase 2 the Initial Issuance will be complete and no further HCN Credits will be available for purchase from the Himalaya Exchange as part of the Initial Issuance.\n\n#### PURCHASE ORDERS - INITIAL ISSUANCE\n\nOrders to purchase HCN Credits in the Initial Issuance may only be placed on or after the Initial Issuance Date. To participate, a Private Placement Participant:\n\n· must be a registered Member with a Himalaya Exchange account and have completed all required KYC/AML procedures required by the Himalaya Exchange;\n\n#### and\n\nOr\n\n· where they elect to pay using HDO Credits, must have a sufficient number of HDO Credits in their Himalaya Exchange account necessary to cover the cost of their HCN Credit purchase;\n\n· where they elect to pay using U.S. Dollars, must pay the purchase price in U.S. Dollars plus an amount necessary to cover the cost of the applicable fees.\n\n\n\n#### TOKEN CREATION & INTIAL ISSUANCE:\n\nFurther details relating to the Initial Issuance will be made available on the Himalaya Exchange website at http\n\n#### AUDIT & ASSESSMENT:\n\nThe ERC-1404 token is backwards compatible with the ERC-20 standard. Our smart contract was successfully audited by Certik.\n\nTOKEN NAME\n\nTOKEN TICKER\n\nISSUER JURISDICTION\n\nINITIAL ISSUE DATE\n\nINITIAL ISSUE PRICE\n\nACCEPTED PAYMENT\n\nTOTAL HCN INITIAL ISSUANCE\n\n## HIMALAYA COIN\n\n\n\nBRITISH VIRGIN ISLANDS\n\n26 APRIL 2021\n\n0.10 HIMALAYA DOLLAR CREDIT = 0.10 U.S. DOLLARS\n\nU.S. DOLLARS ONLY OR HIMALAYA DOLLAR CREDITS \\*\n\n### 1,000,000,000 TOKENS\n\n\\* Not available to persons in United States of America or U.S. Citizens.\n\n\n\n\n\n\n\n14\n\n#### SUBSEQUENT **ISSUANCES**\n\nFollowing completion of the Initial Issuance and as the Himalaya Ecosystem expands, the Issuer may issue further HCN and the Himalaya Exchange may sell corresponding Credits to Members or certain groups of Members through the Himalaya Exchange. The capacity for the issuance of further HCN and sale of corresponding HCN credits is intended to facilitate growth as demand increases from customers and Merchants, supporting our aim of achieving large scale adoption, while also enhancing the benefits of HCN and corresponding HCN Credits for Members through resulting increases in utility, value and liquidity.\n\nTo preserve the market demand for, and support value appreciation of, HCN and corresponding Credits as the Himalaya Ecosystem and the Himalaya Exchange platform expand and demand increases, the maximum number of HCN which may be issued is capped at 100,000,000,000 (the \"Issuance Cap\") with a maximum of 4 issuances per annum and a maximum annual cap of 1,000,000,000 (plus any unissued amounts from previous years) permitted to be issued in any 12-month period.\n\nAny future increase of the Issuance Cap will only be made where we believe it is necessary or desirable to achieve our vision and mission as outlined at the start of this document. Any future determination regarding an increase in the Issuance Cap will be made in consultation with independent advisors for the protection and benefit of all Members.\n\nTo preserve the value of HCN already in circulation and corresponding Credits at the time of a Subsequent Issuance, the issue price of each future issuance will be determined as follows:\n\n(a) The issue price for each future issuance (the \"Issue Price\") will be calculated in U.S. Dollars based on the weighted average price paid per HCN Credit in respect of all HCN Credit trades settled on the Himalaya Exchange in the immediately preceding 30 days prior to the date on which an announcement of a further issuance of HCN is made (the \"Weighted Average Price\"). The U.S. Dollar price of each trade used to calculate the Weighted Average Price will be calculated based on the spot price for exchange of the Credit type traded for the HCN Credits to HOO Credits on the Himalaya Exchange at or around the time at which the relevant trade was executed with the value of each HOO Credit being deemed to be 1 U.S. Dollar.\n\n(b) The Issue Price per HCN Credit will be set by the Issuer, subject to paragraph (c) below, and must not be greater than 115 percent of the Weighted Average Price or less than 85 percent of the Weighted Average Price.\n\n(c) Notwithstanding paragraph (b) above, where the Issuer determines, in its sole and absolute discretion, that an Issue Price could not practicably be calculated in accordance with the foregoing or the Issue Price so calculated does not constitute a fair market price, it shall be entitled to make such adjustments in the calculation of the Issue Price as it deems necessary in order to achieve an Issue Price which it deems to be a fair market price. In making such a determination, the Issuer may consider all information which it deems relevant including, without limitation, the occurrence of a significant trade or series of trades where the price paid per HCN Credit was substantially different than the price paid in respect of other trades used to calculate the Weighted Average Price.\n\nMembers should note that the value of HCN Credits is independent from the value of any other assets, including HCN tokens.\n\n\n\n\n\nFurther details relating to any Subsequent Issuances will be made available on the Himalaya Exchange, and on the Himalaya Exchange App.\n\n\\* The Himalaya Exchange may, in its discretion, allow purchases of HCN Credits using other Credit Types.\n\nThe private sale of HCN Credits by the Himalaya Exchange is limited to Members of the Himalaya Exchange and is not an offering to the public.\n\n## Our **Technology.**\n\n### QUORUM **BLOCKCHAIN**\n\nBlockchain is an organizational method to ensure the integrity of transaction data and is the core component of cryptocurrencies. The technology is used to maintain an online ledger of all transactions that have been conducted, thereby providing a very secure data structure for the ledger that can be shared to reach consensus. A copy of the ledger is maintained by the entire network or computer of a single node. Each new block generated must be verified by each node before being confirmed, making forging transaction history records almost impossible. Furthermore, each blockchain network can have unique features and algorithms, and can be classified as a public, private, or consortium chain based on who has access to the network.\n\nUnfortunately, the computational resources required to verify transactions on Ethereum (ETH) or Bitcoin (BTC) are quite extensive. The immutability comes with a cost. Public blockchain transaction times are sometimes slow, and fees have been known to spike and become excessive. Following the infrastructure upgrade of the Himalaya Pay App, the Himalaya Ecosystem will utilise a hybrid blockchain that combines the Ethereum and Quorum Blockchain. This hybrid model enables low fee transactions for ecosystem Members.\n\nQuorum is an advanced blockchain technology and enterprise focused version of Ethereum initially developed by JP Morgan. Using the Quorum permissioned blockchain, the technology provides high volume transactional capabilities with very low fees. Quorum is an Ethereum based distributed ledger protocol that has been developed to provide industries with a permissioned implementation of Ethereum that supports transaction and contract privacy. It is an open source blockchain platform that combines the support of the public Ethereum community with enhancement to meet enterprise needs.\n\nIt can:\n\n• enable strong transaction privacy;\n\n• offer consensus algorithm choices (RAFT, IBFT, or Cl ique POA);\n\n• flexibly define how to onboard entities and users to enter the network by using Quorum's smart contract permission-based model;\n\n• enable high speed and high throughput processing of private transactions with a permissioned group of known participants;\n\n• allow any business to easily deploy Quorum across different cloud environments with quorum cloud; and\n\n• provide deployment configurations in one versatile, scalable platform.\n\nOur Quorum Blockchain framework will power instant buy, sell and transfer requests using HCN Credits across the Himalaya Pay network. Inexpensive counterparty transfers of HCN Credits between Himalaya Pay accounts is achieved via a permissioned chain. The confidential consortium is encrypted with military grade cybersecurity protocols to ensure digital asset protection and safeguard Member privacy.\n\nThe Himalaya Pay App recovery functionality will give Members the peace of mind that in the event their mobile devices are lost or destroyed, they can easily access their accounts on new devices with a password.\n\n### **QUORUM** IS TRUSTED BY LEADING ORGANIZATIONS:\n\nJ.P.Morgan\n\nSouth African reserves Can\n\nQuorum is a blockchain platform designed for the financial sector based on Ethereum. The finance industry is one of the primary beneficiaries of blockchain technology. However, the financial sector has been slow to move to blockchain and the digital asset sector. Issues with the regulatory environment, lack of knowledge, mass adoption and trust are some of the key factors that have made the finance sector hestiant to integrate. Our ecosystem's infrastructure is designed with the goal of addressing these issues.\n\nFew other blockchain networks have performed at the volume and scale of the Ethereum network. Our hybrid model of Quorum and Ethereum is designed to meet the rigid requirements for global adoption. A Member's private information will never be broadcast to the Himalaya Exchange, the Himalaya Pay App or Himalaya Exchange App Members. Private data will be encrypted and only shared directly with relevant parties involved in the transaction.\n\nThe distributed architecture and consensus mechanisms of our Himalaya Pay blockchain network will facilitate more efficient data coordination than paper based and centralized financial systems. It is built on \"Go Ethereum\", the base code for Ethereum. There are four major improvements made to Ethereum that make Quorum the choice for institutional grade frameworks.\n\nFirstly, Quorum is a permissioned blockchain. The network is not open to everyone. Our permissioned chain is available only between participants that are pre-approved. This provides an additional layer of security and transparency, as all the participants are verified. Secondly, our blockchain solution ensures data confidentiality, which is a crucial factor for working with financial institutions. In addition to its permissioned nature, it can execute on chain public and private transactions. These transactions are like those on the Ethereum network, whereas details of private transactions are not exposed to the public.\n\nAnother key aspect that sets Quorum apart from other blockchain technologies is Constellation. The Constellation mechanism encrypts specific messages in a protected enclave and stores information about previous transactions. A large majority of the cryptographic heavy lifting is accomplished inside the Constellation enclave, which is essentially a \"virual HSM\" isolated from other components, making it safe and secure. Quorum transactions include Global Transaction Hash, Public State Root Hash, and the block maker's signature.\n\nLastly, we believe that a significant advantage to using the Himalaya Pay App blockchain ecosystem will be its high performance capabilities. The Himalaya Pay Ecosystem is designed with the aim of achieving a much higher throughput than Bitcoin and Ethereum. The innovation behind these higher speeds is the consensus mechanism design.\n\nWith a goal of cross chain interoperability, the Himalaya Ecosystem is poised to elevate our financial technology capabilities as we remain steadfast in growing our global ecosystem.\n\n\n\n## The Himalaya Exchange.\n\nThe Himalaya Exchange is a digital asset exchange. Trading products on the Himalaya Exchange which will be facilitated through the use of Credits corresponding to crypto assets are anticipated to include stablecoins, tokens and other cryptocurrencies. The range of supported assets may be expanded to include other crypto assets in the future. Supported assets will not include security tokens or any form of derivative.\n\nStriving to be compliant across multiple jurisdictions, the Himalaya Exchange aims to be a global digital asset service provider. Designed with an institutional grade system architecture, it aims to tackle the evolving security risks prevalent in today's financial marketplace.\n\nThe Himalaya Exchange is part of an ecosystem designed to simplify and accelerate the process of cryptocurrency adoption while providing robust security and liquidity features. The foundation of the Himalaya Exchange is a combination of advanced security practices, high level hardware and software infrastructure, around the clock monitoring, continuous support of our clients, and the ongoing development of our staff and community.\n\nA high ratio of digital assets corresponding to Credits traded on the Himalaya Exchange (e.g., HDO, HCN, ETH and BTC) will be held in our offline wallet systems (cold storage) as well as with reputable liquidity providers and crypto custodians. The offline wallet system (cold storage) provides a necessary security measure against hacking, theft or loss. Asset transfers from the Himalaya Exchange require actions of multiple employees. All private keys are sharded and stored in safe deposit boxes and geographically distributed vaults.\n\n\n\n## Technical Level Security.\n\nThe Himalaya Exchange takes every necessary precaution to keep its Members' personal information and digital transactions safe and secure in addition to ensuring the safety and security of its crypto assets. The Himalaya Exchange will employ high standards of cybersecurity, while assets are kept safe in a high-level secure environment and will introduce 3FA (3-Factor Authentication) for all Members and their operations in the future.\n\nWe are working with the world's leading technology partners to ensure the intelligence Driven Authentication recognizes Members by combining deep learning insights derived across device, location, and behavioural data - with personalized and contextual customer journeys, which allows us to protect against Man-in-the-Middle attacks, Generic Padding Oracles and Remote OS Command Injection, and becoming the first crypto exchange to implement 3FA.\n\nAll Himalaya Exchange environments where data is created, stored and processed are protected with a minimum of AES 256 level encryption. The application components are hosted in private subnets and external communication is controlled through firewalls and whitelisting. Data in transit is protected by TLS1.3 encryption. Hardened servers host the application software with only the necessary ports for internal communications enabled.\n\nAdvanced registration and verification technologies, provided by world renowned partners, will also help prevent unauthorized access to our systems and services.\n\nOngoing CHECK and CREST accredited industry leading third party penetration testing for the Himalaya Exchange provides constant stress testing. The Himalaya Exchange's private wallet keys are never stored in software or in databases on the platform. Access to our wallet is governed by a multi layer approach where no single entity has full access.\n\n\n\n## Himalaya Exchange Policies & System Level Security.\n\nThe Himalaya Exchange will conduct regular independent security audits and tests of the applications, IT infrastructure and related services. We allocate resources to training and awareness raising in respect of personal security, starting from the top with our executive management team, and continuing down to the rest of our employees. We have developed strong cybersecurity and incident response controls, policies and plans.\n\nOur databases are encrypted with backups in place to ensure high availability. An anti-phishing system for the organization has also been implemented.\n\nAPI calls are wrapped with SSL encryption and cryptographically signed to prevent any phishing attacks. HWS cold and hot storage have been introduced for managing Himalaya Exchange assets.\n\nAnti-APT (Advanced Persistent Threats) solutions are harnessed to improve security frameworks. Third-party security audits for platform and wallet infrastructure are frequently administered, along with internal operational procedure audits by third-party consultants which provide another layer of protection.\n\nAll our systems are aligned with industry-leading standards and regulations such as ISO27001, Cyber Essential, PCI DSS, GDPR and ISA3402E, among other compliance requirements.\n\n\n\n## The Himalaya Exchange APP.\n\nHaving the flexibility to access the Himalaya Exchange market to purchase, exchange and trade HCN Credits and other crypto asset Credits wherever and whenever you like is key to providing a flexible and user friendly offering with maximum utility. Following commencement of Phase 3, the Himalaya Exchange App will provide Members with a dedicated mobile application for accessing the Himalaya Exchange on the move.\n\nSimilarly, Members will be able to access the Himalaya Exchange trading platform to purchase, exchange and trade HCN Credits and other crypto asset Credits through the Himalaya Exchange App.\n\nThe Himalaya Exchange App will be integrated with Himalaya Pay allowing Members to make transfers of Himalaya Coin Credits and Himalaya Dollar Credits between their Himalaya Exchange account and their Himalaya Pay account.\n\n\n\n## The Himalaya Pay APP.\n\nSecuring, managing and spending digital assets from your mobile device should be simple, intuitive, cost efficient and secure, but with many cryptocurrencies like Bitcoin, Ethereum and other tokens built on Ethereum and other protocols, this is often not the case.\n\n#### THE CURRENT SITUATION\n\nUsers of many existing cryptocurrencies are often required to pay high and volatile fees which have been increasing over time. The following chart shows transaction fees on the Ethereum network to 12 January 2021 which demonstrates upward pricing pressure over time combined with a significant increase in cost volatility.\n\nmonman III haddhi\n\n\n\nStures Ethersen - Ethereum Network, Transaction Fee Chart showing historical total number of Ether paid as transaction fee for the Ethereum network,\nData as at 13 January 202\n\n# THE SOLUTIONS\n\nmontagen mananing manumanday\n\n| Existing Issues | | Merchants | Customers | |\n|---------------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|\n| Image: Gear icon | Infrastructural
Inadequacies | Hybrid Ethereum and Quorum blockchain
technology. | · High volume transaction capability
· Low fees
· Strong transactional privacy
· Seamless and fast payments | |\n| Image: Overlapping circles icon | Transparency &
Structural
Integrity | Market of verified Members and robust
platform Trading Rules. | · Member trust and confidence
· Comfort and certainty for global regulators
· Reduced counterparty risk | |\n| Image: Globe icon | Ecosystem | Ecosystem | Ecosystem combining a range of
Merchants giving access to products and
services. | · Global marketplace
· Creation of independent value to retailers
and investors
· Exclusive products and services |\n| Image: Lock icon | Supervision
& Security | Military grade cyber security protocols,
dual-transaction technology ensuring
accurate and robust ledgers. | · Digital asset protection
· Seamless asset recovery within ecosystem
· Safeguarding of Members' private data | |\n\n## Blockchain fraud continues to vastly exceed hacks and thefts in 2020.\n\nIn addition to the negative impacts associated with transaction costs on public blockchains, users also face loss of their assets through theft or a loss of their wallet. During the first 5 months of 2020, it is estimated that crypto thefts, hacks and frauds totalled U.S.\\$ 1.3 billion [1].\n\nIt is expected that crypto users will grow from 250 million to 400 million by 2022. The current level is at 106 million people. The total digital payments segment is expected to be \\$5+ trillion USD by 2022, amongst which crypto payments could represent 2-3% of total payment volume.\n\n\n\n## Total Transaction Value in the Digital Payments Segment\n\n\n\n### THE HIMALAYA PAY APP SOLUTION\n\nThe Himalaya Pay App has been designed with the aim of addressing these problems. The Himalaya Pay App, which is scheduled to be launched after the roll-out of all other products and services, is a dedicated mobile payment application designed to make fast and secure purchases and transfers using Himalaya Coin Credits and Himalaya Dollar Credits from within the iOS or Android App, while addressing the complexities which have traditionally restricted commercial crypto adoption.\n\nBy utilising an infrastructure geared towards seamless, secure and cost efficient transacting, the Himalaya Pay App is a payment and transfer solution designed with the aim of meeting the high-volume transactional demands of a robust ecosystem that continues to scale.\n\n\n\nto their Himalaya Pay account and vice versa with ease. The user interface has been designed with simplicity and ease of use in mind. It includes Quick Response (\"QR\") code and Point of Sales (\"POS\") capability allowing Members to make purchases with their smartphone. Information such as the amount payable can automatically be inserted in the Himalaya Pay App.\n\nThe App will allow Members to use HCN Credits to offer domestic and cross border payments to participating Merchants in the Himalaya Ecosystem, as well as make transfers of HCN Credits to the Himalaya Pay account of other Members, 24 hours a day, with minimal transaction fees.\n\nG\n\n4\n\n8\n\nWe believe that a significant benefit of Himalaya Pay App for Members is its security. The system is built with military grade security control intended to safeguard Members' assets. Its innovative hybrid blockchain solution has been created with the objective of addressing certain security issues often considered inherent in many existing offerings.\n\nWe believe the advantages against many existing offerings include the following:\n\n· with most crypto wallets, it is very easy to lose all your assets if the smartphone that holds the wallet is lost or stolen. Himalaya Pay does not have this problem, as any Member can get a new smartphone and access their assets by simply using their credentials (user ID and password);\n\n· all Himalaya Pay App Members, individuals and Merchants, are verified. This is intended to facilitate both security and transparency;\n\n· should a Member's smartphone be compromised, and access gained to the Credits on their Himalaya Pay account, any transfers of corresponding assets to an address outside the Himalaya Ecosystem can only be completed through the Himalaya Exchange; and\n\n· following the infrastructure upgrade, transactions on Himalaya Pay will be facilitated using Quorum blockchain technology. This technology has been designed with the aim of enabling high volume transactional capability with low fees and strong transactional privacy.\n\nMembers located in Australia and Hong Kong that the Himalaya Pay App and related sevices are currently unavailable in Australia and Hong Kong.\n\nFor further details of these security features, please see the section \"Himalaya Exchange Policies and System Level Security \"above.\n\n# \"We are enabling transactions worldwide between**people and businesses**. This is Himalaya Pay.\"\n\n| | Merchants | Customers |\n|------------|-------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|\n| Cost | Low Transaction Fees | Ability to spend HCN/HDO with our
Merchants with low fees |\n| Traffic | New group of high value customers | Incentive to purchase curated products
and services from established brands |\n| Experience | Easy integration into existing systems,
Merchant dashboard to track transactions | Smooth QR code mobile payment with
Himalaya Pay App |\n| Speed | Instant Transaction settlement | Instant payment confirmation |\n\n- The customer pays in Himalaya Coin or Himalaya Dollar by choosing 'Himalaya Pay' on the checkout page on the Merchant's platform.\n- The customer is presented with a QR code and scans to pay with the Himalaya Pay App.\n- The customer's account is debited. The Merchant receives payment instantly in their business account.\n\n\n\n## The Himalaya Ecosystem.\n\nHimalaya Exchange is partnering with world leading brands to create a new payment landscape that goes beyond, and pushes past the stratosphere reaching new and exciting heights. The Himalaya Ecosystem is an innovative network that empowers you to make payments, shop securely, transfer funds, and exchange cryptocurrencies. Our digital coin is different as it provides both value and utility to our Members.\n\nOur payment processing solution is aimed at offering direct access to global markets, while supporting commerce and blockchain interactions. Himalaya Pay simplifies the buying and selling process compared to traditional payment methods. Our ecosystem provides the platform for instant seturity, while giving our Members access to global Merchants. Himalaya Pay equips forward-thinking businesses with the technology they need to scale and stay current.\n\nHimalaya Pay is a quick and secure solution for accepting cryptocurrency payments for your products or services. Our app provides the Himalaya Ecosystem Merchants with a robust online payment infrastructure that is built to easily integrated into your business, with an enjoyable and flexible customer experience.\n\n## COMING SOON\n\nHimalaya Coin allows you to shop online at global retailers to find unique and curated products with a seamless and simple checkout, just add to your basket and pay using HCN.\n\nWithin the Himalaya Ecosystem you can buy your groceries or treat yourself and your friends to a meal at your favourite restaurant. Use your HCN to settle the bill. The Himalaya Pay App was designed to facilitate easy everyday spending.\n\nHCN is a convenient payment option for airfare, hotels and holiday activities, without the need to exchange currencies for every vacation. Himalaya Coin crosses borders and breaks down barriers.\n\nWith Himalaya Coin, our platform is built to enable business owners to streamline processes and settle invoices instantly. All transactions are monitored and tracked on the dashboard accessible to all our Merchants.\n\nA digital ecosystem architected to support your digital life. Top up your mobile subscription, purchase a VPN, or invest in the latest high street tech at one of the Himalaya Merchants and fund your digital activity with Himalaya Coin.\n\n# The Himalaya Ecosystem\n\n## The Himalaya **Ecosystem.**\n\nA critical component to achieving mass acceptance, adoption and sustainability of any cryptocurrency while enhancing value and utility is the development of an ecosystem sufficient to give intrinsic value to the currency and incentivize adoption and use. The issuer and its affiliates are working to develop the Himalaya Ecosystem through partnerships with businesses and with the aim of expanding this over time.\n\nBy establishing and developing the Himalaya Ecosystem the goal is to onboard established brands and high volume partnerships, as well as, boost start ups within the ecosystem.\n\nInvestment has been made in Point of Sale hardware with the ultimate aim of allowing Merchants to accept our credits around the globe with low fees and instant settlement processing systems.\n\nThe Himalaya Ecosystem of initial partners and affiliates is currently scheduled to go live following the roll-out of all other products and services and Members will be notified in advance of the launch date. The Himalaya Ecosystem will give eligible Members access to our global Merchants.\n\n\n\nDIGITAL OWNERSHIP\nALTERNATIVE FINANCES\nPAYMENTS\nMERCHANTS\nDECENTRALIZED UTILITIES\n\nHIMALAYA ECOSYSTEM\n\nUTILITY COIN\nRESERVE\nPROGRAMMABLE MONEY\nPRIVACY\nSTORE OF VALUE\nSTABLECOIN\n\nMarkets Home Trade\n\nMUNIC PA MILANO\n\nHIMALAYA DOLLAR\nCOMING SOON\nHIMALAYA COIN\n\nAccepted Here:\nCAFFEE TULLANO\nMILANO, ITALIA\n\n\"Much like the internet has forever altered how we live and work, crypto currencies like **Himalaya Coin** and **Himalaya Dollar** have the potential to change how people participate in global markets.\"\n\n29\n\n\n\n## Compliance with Laws and **Restricted Period.**\n\n#### RESTRICTED **PERIOD**\n\nLaws around digital assets are nascent, complex, rapidly evolving and vary across jurisdictions. Potential liability can arise as a result of transfers to citizens or residents of countries whose laws prohibit or restrict the transfer, purchase or use of such assets. The United States is one jurisdiction which places restrictions on transfers of classes of digital assets to its citizens and residents. To protect against potential liability, HCN has been developed to include a revolutionary time-lock feature which will automatically restrict a transfer of HCN from any non-whitelisted Ethereum address for a period of 366 days from the date and time it was received in such address (the \"Restricted Period\") unless the relevant Ethereum address has been verified and \"whitelisted\".\n\n#### WHITELISTING **ADDRESSES**\n\n• Members may request a removal of the Restricted Period restriction by registering their Ethereum address with the Issuer or another entity authorised to do so. Once registered, any HCN or HDO received by the registered address will not be subject to the Restricted Period. An address may only be accepted for registration at the discretion of the Issuer or the HDO Issuer as the case may be, or a third-party authorized by the Issuer or the HDO Issuer, if it is determined that such registration and subsequent transfer will not breach applicable laws.\n\n• A simple whitelisting procedure (verification of identity and Ethereum address) will be made available through the Issuer's website. A nominal fee will be charged for each whitelisting.\n\n• Once whitelisted, the Restricted Period feature will not be applied to the whitelisted address.\n\n#### **EXCEPTIONS**\n\n• The Restricted Period feature is not applicable to transfers of HCN Credits made within Himalaya Exchange or Himalaya Pay network. The restricted period only applies to transfers between Ethereum addresses outside the Himalaya Ecosystem which are not whitelisted.\n\n• The Restricted Period feature is applicable only to Himalaya Dollar and Himalaya Coin, not to any other tokens in your Ethereum address.\n\n#### TERMS & **CONDITIONS**\n\nHCN, HCN Credits and the use of the Himalaya Exchange, the Himalaya Pay App and other associated features, products and services will be governed by the Terms and Conditions and Terms of Use which will be made available on the Himalaya Exchange website before the launch date of the relevant product or service.\n\n## Important **Notice.**\n\n#### **UNITED STATES**\n\nTHE HIMALAYA COIN, HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE \"SECURITIES ACT\") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. CONSEQUENTLY, NEITHER THE HIMALAYA COIN OR HIMALAYA COIN CREDITS MAY BE OFFERED, SOLD, ASSIGNED, PLEDGED, DELIVERED OR TRANSFERRED WITHIN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF ANY US PERSONS AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OR TO ANY U.S. CITIZENS (AS DEFINED IN 8 U.S.C. SUBCHAPTER 111) OR ANY U.S. PERSONS (AS DEFINED IN 17 C.F.R S230.902(K).\n\nTHE HIMALAYA EXCHANGE IS NOT A REGISTERED EXCHANGE UNDER SECTION 6 OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934 OR AN ALTERNATIVE TRADING SYSTEM APPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE 11SEC11 ) FOR THE PURPOSES OF SEC REGULATION ATS ON REQUIREMENTS FOR ALTERNATIVE TRADING SYSTEMS (\"REGULATION ATS\") AND ARE NOT EXEMPT FROM THE REQUIREMENTS OF REGULATION ATS OR ANY OTHER APPLICABLE EXEMPTIONS REGULATING THE ESTABLISHMENT OR OPERATION OF AN EXCHANGE OR ALTERNATIVE TRADING SYSTEMS IN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES. NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE IS REGISTERED AS A BROKER/DEALER IN THE UNITED STATES. CONSEQUENTLY, THE HIMALAYA EXCHANGE MAY NOT BE ACCESSED OR USED WITHIN THE UNITED STATES OR ANY TERRITORY, POSSESSION OR AREA SUBJECT TO THE JURISDICTION OF THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF ANY US PERSONS AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OR BY ANY U.S. CITIZENS (AS DEFINED IN 8 U.S.C. SUBCHAPTER 111) OR ANY U.S. PERSONS (AS DEFINED IN 17 C.F.R S230.902(K).\n\n#### **HONG KONG**\n\nTHE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED OR APPROVED BY THE HONG KONG SECURITIES AND FUTURES COMMISSION NOR HAVE THEY BEEN REVIEWED OR APPROVED BY ANY OTHER REGULATORY AUTHORITY IN HONG KONG. YOU ARE ADVISED TO EXERCISE CAUTION AND, IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.\n\n#### **PEOPLE'S REPUBLIC OF CHINA**\n\nMARKETING OR SALE OF CRYPTOCURRENCY (OR ANY PRODUCT AKIN TO IT) IS EXPRESSLY PROHIBITED IN THE PEOPLE'S REPUBLIC OF CHINA (EXCLUDING HONG KONG, MACAU AND TAIWAN) (\"PRC\"). THEREFORE, HCN AND HCN CREDITS MUST NOT BE OFFERED, SOLD OR DELIVERED, OR OFFERED OR SOLD OR DELIVERED TO ANY PERSON FOR REOFFERING OR RESALE OR REDELIVERY, IN ANY SUCH CASE DIRECTLY OR INDIRECTLY, IN THE PRC IN CONTRAVENTION OF ANY APPLICABLE PRC LAWS. YOU REPRESENT, ACKNOWLEDGE AND AGREE THAT (1) YOU ARE NOT DOMICILED OR LOCATED IN THE PRC WHEN ACCESSING OR TRADING HCN OR HCN CREDITS; (11) ANY RELATED TRADING ACTIVITIES (INCLUDING TRADING THROUGH THE HIMALAYA EXCHANGE APP) MUST NOT BE CONDUCTED WITHIN THE PRC; AND (111) NEITHER THIS DOCUMENT OR ANY OTHER RELATED MARKETING MATERIALS MAY BE COPIED OR REDISTRIBUTED WITHIN THE PRC FOR ANY OTHER PURPOSE.\n\n#### **UNITED ARAB EMIRATES**\n\nTHE OFFERING OF THE PRODUCTS AND SERVICES HAS NOT BEEN APPROVED OR LICENSED BY THE UNITED ARAB EMIRATES CENTRAL BANK, THE UAE SECURITIES AND COMMODITIES AUTHORITY (\"scA\") OR ANY OTHER RELEVANT LICENSING AUTHORITIES IN THE UNITED ARAB EMIRATES (\"UAE\"), AND ACCORDINGLY DOES NOT CONSTITUTE A PUBLIC OFFER OF FINANCIAL PRODUCTS AND SERVICES INCLUDING SECURITIES IN THE UAE IN ACCORDANCE WITH THE COMMERCIAL COMPANIES LAW, FEDERAL LAW NO. 2 OF 2015 CONCERNING COMMERCIAL COMPANIES (AS AMENDED) AND SCA RESOLUTION NO. 3 R.M. OF 2017 CONCERNING THE ORGANIZATION OF PROMOTION AND INTRODUCTION OR OTHERWISE. ACCORDINGLY, THE INTERNATIONAL FINANCIAL PRODUCTS AND SERVICES MAY NOT BE OFFERED TO THE PUBLIC IN THE UAE.\n\nTHE OFFERING OF PRODUCTS AND SERVICES HEREUNDER IS STRICTLY PRIVATE AND CONFIDENTIAL AND IS BEING ISSUED TO A LIMITED NUMBER OF CUSTOMERS : (A) UPON THEIR REQUEST AND CONFIRMATION THAT THEY UNDERSTAND THAT THE INTERNATIONAL FINANCIAL PRODUCTS AND SERVICES HAVE NOT BEEN APPROVED OR LICENSED BY OR REGISTERED WITH THE UAE CENTRAL BANK, THE SCA OR ANY OTHER RELEVANT LICENSING AUTHORITIES OR GOVERNMENTAL AGENCIES IN THE UAE; AND (B) MUST NOT BE PROVIDED TO ANY PERSON OTHER THAN THE ORIGINAL RECIPIENT, AND MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE.\n\nIN THE EVENT THAT SCA DOES NOT APPROVE THE LISTING OF A CRYPTO ASSET ON A CRYPTO ASSET EXCHANGE IN THE UAE, THE CRYPTO ASSETS ARE NOT AVAILABLE ON ANY EXCHANGE IN THE UAE AND, AS A RESULT, THE CRYPTO ASSETS ARE NOT TRADABLE AND/OR SUBJECT TO RESTRICTIONS ON THEIR RESALE IN THE UAE.\n\n#### **SWITZERLAND**\n\nTHE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED OR APPROVED BY THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (\"FINMA\") NOR HAVE THEY BEEN REVIEWED OR APPROVED BY ANY OTHER REGULATORY AUTHORITY IN SWITZERLAND. YOU ARE ADVISED TO EXERCISE CAUTION AND, IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.\n\nTHE ISSUER IS NOT A SUPERVISED OR REGULATED ENTITY UNDER SWISS LAW. THE ISSUER IS NOT A REGULATED AS A BANK, A PRIVATE BANK, A SECURITIES FIRM, A FUND, A REGULATED FINANCIAL MARKET INFRASTRUCTURE, PAYMENT SYSTEM, COLLECTIVE SCHEME INVESTMENT MANAGER OR DISTRIBUTOR, A FINANCIAL INTERMEDIARY, AN ASSET MANAGER OR OTHERWISE A FINANCIAL INSTITUTION AND IS NEITHER AUTHORIZED TO ACT AS SUCH NOR MONITORED BY THE FINMA.\n\nNEITHER THIS DOCUMENT NOR ANY OTHER INFORMATION OR MATERIAL RELATING TO THE HIMALAYA COIN/ CREDITS/ HIMALAYA DOLLAR SHALL BE DEEMED AS A PROSPECTUS OR CONSIDERED TO HAVE BEEN FILED WITH OR APPROVED BY FINMA.\n\nANY SALE OR MARKETING OF HCN COINS OR CREDITS IN SWITZERLAND WILL HOWEVER BE DONE IN COMPLIANCE WITH THE RULES APPLICABLE UNDER THE FEDERAL ACT ON FINANCIAL SERVICES (RS 950.1) AND ITS ORDINANCE (950.11 ), IF AND WHEN APPLICABLE.\n\nNEITHER HIMALAYA DOLLAR NOR HIMALAYA COIN/ CREDITS QUALIFY AS SECURITY/ ASSET TOKENS UNDER THE FINMA GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON FEBRUARY 16, 2018 AND UNDER THE FINMA SUPPLEMENT TO THE GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON SEPTEMBER 11 , 2019.\n\nTHE HIMALAYA EXCHANGE DOES NOT ALLOW THE TRADING OF SECURITY / ASSET TOKENS UNDER THE FINMA GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON FEBRUARY 16, 2018 AND UNDER THE FINMA SUPPLEMENT TO THE GUIDELINES FOR ENQUIRIES REGARDING THE REGULATORY FRAMEWORK FOR INITIAL COIN OFFERINGS (1cos) PUBLISHED ON SEPTEMBER 11 , 2019.\n\n#### **GENERAL**\n\nPURCHASING HIMALAYA COIN, HIMALAYA COIN CREDITS OR OTHERWISE ACCESSING, PURCHASING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS AND SERVICES MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND MEMBERS ACTIVITIES MAY BE SUBJECT TO LEGAL INVESTMENT LAWS AND REGULATIONS OR REVIEW OR REGULATION BY CERTAIN AUTHORITIES. PRIOR TO PURCHASING HIMALAYA COIN OR HIMALAYA COIN CREDITS OR OTHERWISE ACCESSING, PURCHASING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS OR SERVICES YOU MUST INFORM YOURSELF OF AND OBSERVE ANY RESTRICTIONS APPLICABLE TO YOU. A FAILURE TO COMPLY WITH APPLICABLE RESTRICTIONS MAY CONSTITUTE A VIOLATION BY YOU OF THE LAWS AND REGULATIONS IN YOUR JURISDICTION.\n\nTHIS DOCUMENT IS NOT DIRECTED AT ANY PERSON OR ENTITY THAT RESIDES OR IS LOCATED IN A JURISDICTION WHERE PURCHASING HIMALAYA COIN OR HIMALAYA COIN CREDITS OR OTHERWISE ACCESSING OR USING THE HIMALAYA EXCHANGE OR ANY RELATED PRODUCTS OR SERVICES WOULD BE CONTRARY TO APPLICABLE LAW OR REGULATION OR WHICH WOULD OTHERWISE SUBJECT THE ISSUER OR A HIMALAYA EXCHANGE OR ANY ASSOCIATED OR AFFILIATED ENTITY OR ANY OFFICER, DIRECTOR, EMPLOYEE OR CONTRACTOR OF SUCH ENTITIES TO ANY REGISTRATION, LICENSING OR OTHER SIMILAR REQUIREMENTS WHICH AS AT THE APPLICABLE DATE, IT DOES NOT HAVE.\n\nTHE INFORMATION IN THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. THE PROVISION OF ANY PRODUCT OR SERVICE BY A PROVIDER IS IN THE JURISDICTION OF THE PROVIDER (AND NOT OF ANY MEMBER). NOTHING IN THIS DOCUMENT CONSTITUTES AN ADVERTISEMENT, INVITATION OR SOLICITATION TO THE PUBLIC IN ANY JURISDICTION. PROSPECTIVE PURCHASERS OF HIMALAYA COIN OR HIMALAYA COIN CREDITS SHOULD ENSURE THAT THEY UNDERSTAND THE NATURE OF AND RISKS ASSOCIATED WITH SUCH A PURCHASE. IT IS THE RESPONSIBILITY OF PROSPECTIVE PURCHASERS TO ENSURE THAT THEY HAVE SUFFICIENT KNOWLEDGE, EXPERIENCE AND PROFESSIONAL ADVICE TO MAKE THEIR OWN LEGAL, FINANCIAL, TAX, ACCOUNTING AND OTHER EVALUATION OF THE MERITS AND ASSOCIATED RISKS OF PURCHASING HIMALAYA COIN OR HIMALAYA COIN CREDITS.\n\nWHILE THE INFORMATION IN THIS DOCUMENT IS BELIEVED TO BE ACCURATE AND RELIABLE, NONE OF THE ISSUER, THE HIMALAYA EXCHANGE OR THEIR AGENTS, ADVISORS, DIRECTORS, OFFICERS, EMPLOYEES AND SHAREHOLDERS MAKE ANY REPRESENTATION OR WARRANTIES, EXPRESSED OR IMPLIED, AS TO THE ACCURACY OF SUCH INFORMATION AND EXPRESSLY DISCLAIM ANY AND ALL LIABILITY THAT MAY BE BASED ON SUCH INFORMATION OR ERRORS OR OMISSIONS THEREOF. THE ISSUER AND THE HIMALAYA EXCHANGE RESERVE THE RIGHT TO AMEND OR REPLACE THE INFORMATION CONTAINED HEREIN, IN PART OR ENTIRELY, AT ANY TIME, AND UNDERTAKE NO OBLIGATION TO PROVIDE THE RECIPIENT WITH ACCESS TO THE AMENDED INFORMATION OR TO NOTIFY THE RECIPIENT THEREOF.\n\nTO THE FULL EXTENT PERMITTED BY LAW, NEITHER THE ISSUER NOR THE HIMALAYA EXCHANGE NOR ANY OF THEIR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER, UNDER CONTRACT, TORT, TRUST OR OTHERWISE, TO ANY PERSON RESULTING FROM THE USE OF THE INFORMATION IN THIS DOCUMENT OR FOR OMISSIONS FROM THE INFORMATION IN THIS DOCUMENT. ADDITIONALLY, NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE UNDERTAKE ANY OBLIGATION TO COMMENT ON THE EXPECTATIONS OF, OR STATEMENTS MADE BY, THIRD PARTIES IN RESPECT OF THE MATTERS DISCUSSED IN THIS DOCUMENT.\n\n#### **SANCTIONS**\n\nTHE HIMALAYA COIN AND HIMALAYA COIN CREDITS MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, DELIVERED OR TRANSFERRED TO AND NEITHER THE HIMALAYA EXCHANGE OR ASSOCIATED PRODUCTS OR SERVICES MAY BE ACCESSED OR USED BY OR WITHIN ANY COUNTRY SUBJECT TO ANY SANCTIONS ADMINISTERED BY THE OFFICE OF FOREIGN ASSET CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY, OR ANY ANALOGOUS SANCTIONS OR MEASURES IMPOSED BY THE US DEPARTMENT OF STATE, THE AUSTRALIAN DEPARTMENT OF FOREIGN AFFAIRS AND TRADE, THE EUROPEAN UNION, THE UNITED NATIONS SECURITY COUNCIL OR HER MAJESTY'S TREASURY INCLUDING THE BALKANS, BELARUS, BURMA, CÔTE D'IVOIRE (IVORY COAST), CUBA, DEMOCRATIC REPUBLIC OF CONGO, IRAN, IRAQ, LIBERIA, NORTH KOREA, SUDAN, SYRIA, AND ZIMBABWE.\n\n#### **SECURITIES**\n\nTHIS DOCUMENT HAS NOT BEEN REVIEWED OR APPROVED BY ANY REGULATORY OR OTHER AUTHORITY IN ANY STATE OR JURISDICTION. NO ACTION HAS BEEN TAKEN IN ANY STATE OR JURISDICTION BY THE ISSUER, THE HIMALAYA EXCHANGE OR ANY OTHER PERSON WHICH WOULD PERMIT AN OFFER OF SECURITIES OR OTHER FINANCIAL INSTRUMENT HOWEVER SO DEFINED UNDER THE SECURITIES OR EQUIVALENT LAWS OF ANY JURISDICTION (\"SECURITIES\"), OR POSSESSION OR DISTRIBUTION OF ANY OFFERING MATERIAL IN RELATION THERETO, IN ANY COUNTRY OR JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED (A \"RESTRICTED JURISDICTION\"). NEITHER THE HIMALAYA COIN OR HIMALAYA COIN CREDITS CONSTITUTE OR ARE INTENDED TO CONSTITUTE A SECURITY OR OTHER FINANCIAL PRODUCT (\"SECURITY\"). NOTHING IN THIS DOCUMENT OR ANY OTHER DOCUMENT, ALERT, NOTIFICATION, OR COMMUNICATION DISTRIBUTED OR MADE AVAILABLE BY ANY FORM OR MEANS ... CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN A RESTRICTED JURISDICTION. TO THE EXTENT THAT THE HIMALAYA COIN OR HIMALAYA COIN CREDITS MAY BE DEEMED TO BE A SECURITY IN A RESTRICTED JURISDICTION, OR ANY OTHER DOCUMENT, ALERT, NOTIFICATION OR COMMUNICATION COULD, BY VIRTUE OF THE LAWS OF A RESTRICTED JURISDICTION, BE DEEMED TO CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THAT RESTRICTED JURISDICTION, THEN THIS DOCUMENT IS NOT INTENDED FOR DISTRIBUTION AND NEITHER THE HIMALAYA COIN OR HIMALAYA COIN CREDITS ARE INTENDED FOR SALE IN THE RESTRICTED JURISDICTION AND THIS DOCUMENT MUST NOT BE DISTRIBUTED TO OR ACCESSED BY ANY PERSON IN THAT RESTRICTED JURISDICTION AND NONE OF THE ISSUER, THE HIMALAYA EXCHANGE OR ANY OTHER PERSON WILL OR IS PERMITTED TO ENGAGE IN ANY OFFER, SALE, PLEDGE, TRANSFER OR ASSIGNMENT OF THE HIMALAYA COIN OR HIMALAYA COIN CREDITS TO ANY PERSON WITHIN THAT RESTRICTED JURISDICTION OR DISTRIBUTE, SEND OR OTHERWISE MAKE AVAILABLE BY ANY FORM OR MEANS THIS DOCUMENT OR ANY MATERIALS RELATED THERETO TO ANY PERSON OR ENTITY IN THAT RESTRICTED JURISDICTION. EACH PERSON WHO RECEIVES THIS DOCUMENT ACKNOWLEDGES AND AGREES THAT IT HAS NOT BEEN APPROVED OR DISAPPROVED BY ANY SECURITIES COMMISSION OR REGULATORY AUTHORITY IN ANY STATE OR JURISDICTION.\n\n#### **TAXATION**\n\nTHE TAX TREATMENT OF CRYPTO ASSETS AND CREDITS MAY BE UNCERTAIN AND MAY RESULT IN ADVERSE TAX CONSEQUENCES. THE USE OF CREDITS TO MAKE PURCHASES MAY EXPOSE MEMBERS TO TAX CONSEQUENCES THAT WOULD NOT HAVE RESULTED HAD THEIR PURCHASES BEEN MADE IN A FIAT CURRENCY AND THE PURCHASE AND USE OF CRYPTO CURRENCIES AND CORRESPONDING CREDITS MAY HAVE ADVERSE TAX CONSEQUENCES INCLUDING WITHHOLDING TAX, INCOME TAXES AND TAX REPORTING REQUIREMENTS. MEMBERS MUST SEEK THEIR OWN TAX ADVICE.\n\n#### **PRIVATE SALE**\n\nTHE PRIVATE SALE OF HCN CREDITS BY THE HIMALAYA EXCHANGE IS LIMITED TO MEMBERS OF THE HIMALAYA EXCHANGE AND IS NOT A PUBLIC OFFERING TO THE PUBLIC.\n\n#### **FORWARD LOOKING STATEMENTS**\n\nTHIS DOCUMENT MAY CONTAIN FORWARD LOOKING STATEMENTS INCLUDING STATEMENTS OF INTENT, BELIEF OR CURRENT EXPECTATIONS WITH RESPECT TO THE HIMALAYA COIN, HIMALAYA COIN CREDITS AND THE HIMALAYA EXCHANGE. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS. NEITHER THE ISSUER OR THE HIMALAYA EXCHANGE UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE THE RESULT OF ANY REVISIONS TO THESE FORWARD LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS. WHILE DUE CARE HAS BEEN USED IN THE PREPARATION OF FORWARD LOOKING STATEMENTS, FUTURE CIRCUMSTANCES MAY VARY IN A MATERIALLY POSITIVE OR NEGATIVE MANNER. FORWARD LOOKING STATEMENTS OR ANTICIPATED FUTURE ACTIONS OR DEVELOPMENTS ARE SUBJECT TO UNCERTAINTY AND CONTINGENCIES OUTSIDE THE ISSUERS AND THE HIMALAYA EXCHANGE'S CONTROL.\n\n#### **ACKNOWLEDGMENT**\n\nBy accessing this document, you represent, warrant/acknowledge that:\n\n- you are not in the United States or any other Restricted Jurisdiction;\n- you are not a US Person (as defined by Regulation S to the Securities Act) or otherwise resident in the United States or any other Restricted Jurisdiction;\n- you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or any other Restricted Jurisdiction;\n- you are not domiciled or located in the PRC when accessing or trading HCN or HCN Credits; any related trading activities (including trading through the Himalaya Exchange App) must not be conducted within the PRC; and neither this document or any other related marketing materials may be copied or redistributed within the PRC for any other purpose;\n- you represent and warrant that you are accessing the document for information purposes only;\n- the information contained in the document may be subject to change and update from time to time and you are responsible for ensuring that you review the information contained in the lasts version of this document;\n- if you are located in the Republic of Italy, prior to accessing, purchasing or using any of the products or services provided by the Issuer or any affiliate, you will specifically review and accept the conditions contained in Schedule F (Jurisdiction Conditions - Italy) of the Terms and Conditions for the purposes of Section 1341 and Section 1342 of the Italian Civil Code.\n\n#### **RISK FACTORS**\n\nPurchasing and investing in HCN and/or HCN Credits will involve certain risks. It is important that prospective purchasers and/or investors in HCN and/or HCN Credits understand such risks before making any relevant decision. A non-exhaustive description of certain key risk are set out at Schedule 7 \"Risk Factor Disclosure\" of the Terms and Conditions (which can be found on the website of the Himalaya Exchange) which any prospective purchaser and/or investor should read and understand before making any purchase or investment decision or otherwise accessing, using or purchasing any Products or Services available through the Himalaya Exchange or the Himalaya Ecosystem. Prospective purchasers should conduct their own due diligence before investing and consult a certified financial adviser if any terms of the documentation are not fully understood. By purchasing and investing in HCN and/or HCN Credits or otherwise using related products or services you acknowledge that you have read and understood such risks. In particular, prospective purchasers and/or investors should note that:\n\n• HCN and/or HCN Credits are not intended to be securities or regulated financial products and may not be purchased in any jurisdiction where, under applicable laws they constitute securities or regulated financial products and are not therefore afforded any protections under such laws;\n\n• HCN and/or HCN Credits are not legal tender and are not backed by any government;\n\n• Credits can only be used on the Himalaya Exchange or within the Himalaya Ecosystem and once purchased, you have no automatic right to receive fiat currency or crypto-assets in respect of such Credits.\n\n• The nature of crypto assets may lead to an increased risk of fraud or cybercrimes;\n\n• Transactions related to crypto assets may be irreversible, and, accordingly, losses resulting from fraudulent or accidental transactions may not be recoverable;\n\n• The volatility and unpredictability of the price of crypto assets and consequently, corresponding Credits may result in significant loss over a short period; and\n\n• Investors in crypto assets in general, must be willing to lose the entirety of their invested capital and accept that they may have no recourse in the event that purported rights or benefits of any crypto asset is not received, any relevant project does not proceed, or other investors in the market become unwilling to exchange fiat currency for such crypto asset. Negative events in respect of a particular crypto asset are likely to have a corresponding negative impact on any Credits corresponding to such crypto asset.","body_zh":"证物 E\n\n白皮书\n喜马拉雅美元（Himalaya Dollar）\n\n2021年4月 | 版本 1.0\n喜马拉雅生态系统的稳定币。\n\n\n\n\n喜马拉雅美元。\n目录\n条款 页码\n发行内容\n我们的技术\n喜马拉雅交易所\n重要通知\n风险因素\n白皮书术语表。\n0-9\n3因素身份验证（3FA）\n\n3因素身份验证是一种三层安全措施。喜马拉雅交易所（Himalaya Exchange）是唯一实施该措施的加密货币交易所。会员必须输入其凭证、密码和行为识别信息。\n\n\n高级持续性威胁（APT）\n\n高级持续性威胁（APT）是指拥有高水平专业知识和大量资源的对手，使其能够通过使用多种不同的攻击途径来创造实现其目标的机会。\nAES-256 加密\n\n高级加密标准（Advanced Encryption Standard）的缩写，是美国政府用于加密敏感数据的对称分组密码。\n反洗钱（AML）\n\n为遏制犯罪组织或个人通过加密货币向现实世界现金洗钱而颁布的一套国际法律。\n\n\n缓冲区溢出\n\n当数据量超过内存缓冲区的存储容量时，就会发生缓冲区溢出。结果，试图将数据写入缓冲区的程序会覆盖相邻的内存位置。\n\n\nCHECK\n\nCHECK 是经英国国家网络安全中心（National Cyber Security Centre，简称 NCSC）批准的渗透测试公司以及用于进行渗透测试的方法的总称。\n点击劫持攻击\n\n点击劫持是一种诱骗用户点击不可见或伪装成其他元素的网页元素的攻击方式。\nCLIQUE POA\n\n权威证明（Proof of Authority）意味着只有获得批准的签名者才能对区块进行封装。\n注册道德安全测试人员委员会（CREST）\n\nCREST 是一家代表并支持技术信息安全市场的国际非营利认可和认证机构。\n跨站脚本\n\n跨站脚本（Cross-Site Scripting，简称 XSS）是 Web 应用程序中发现的一种安全漏洞。XSS 攻击使攻击者能够将脚本注入他人查看的网页中。\n加密资产\n\n以利用密码学的数字形式存在的资产。\n网络基础（CYBER ESSENTIALS）\n\nCyber Essentials 是一项由政府支持的简单但有效的计划，旨在帮助保护个人和组织免受一系列最常见网络攻击的侵害。\nD\n拒绝服务攻击（DDOS）\n\nDDoS 攻击是对服务器、服务、网站或网络进行的网络攻击，通过互联网流量对其进行泛洪冲击。其目的是用超出服务器或网络所能承载的流量来压垮该网站或服务。\n\nG\n通用填充预言机（GENERAL PADDING ORACLES）\n\n在密码学中，填充预言机攻击（padding oracle attack）是一种利用加密消息的填充验证来解密密文的攻击方式。\n\n\n硬件钱包（HWS）\n\n用于加密货币的物理设备，存储私钥，使用户能够安全地存储加密资产。\n硬件安全模块（HSM）\n\n专为保护加密密钥生命周期而专门设计的专用加密处理器。\n哈希（HASH）\n\n哈希是对文件或消息等数据执行以生成称为哈希值的数字的算法。哈希用于验证数据未被修改、篡改或损坏。\nHCN 分配额度\n\n指受邀会员有权购买的喜马拉雅币积分（Himalaya Coin Credits）的最高数额。\nHDO 或 HCN 积分\n\n指会员在喜马拉雅交易所账户中对应于加密资产的积分，该积分赋予会员在喜马拉雅交易所平台上进行交易的权利。\nHEARTBLEED OPENSSL 漏洞\n\nHeartbleed 是 OpenSSL（计算机网络上的安全通信）中的一个安全漏洞，使攻击者能够窃取登录凭证、个人数据甚至解密密钥等敏感数据。\n喜马拉雅币（HCN）\n\n由喜马拉雅国际金融集团（Himalaya International Financial Group）发行和管理的官方代币。\n喜马拉雅美元（HDO）\n\n旨在维持与美元固定价值的稳定币，由喜马拉雅国际储备有限公司（Himalaya International Reserves Limited）发行和管理。\n喜马拉雅生态系统\n\n可以使用、持有、交易、转让或消费 HDO 积分、HCN 积分和代币的网络。\n喜马拉雅交易所\n\n会员可以买卖和交易其加密资产的加密资产交易所。\n喜马拉雅交易所应用程序\n\n使会员能够访问喜马拉雅交易所平台的交易应用程序，他们可以随时随地购买和交易加密货币。\n喜马拉雅支付应用程序（HIMALAYA PAY APP）\n\n为喜马拉雅生态系统提供动力的支付解决方案应用程序，连接商家和会员。生态系统的会员可以用其 HDO 和 HCN 兑换商品和服务。\nHSTS 标头存在性\n\n超文本传输协议安全传输安全（Hyper Text Transfer Protocol Strict Transport Security，简称 HSTS）是一种网页标头，用于向浏览器传达详细信息以强制执行安全设置。\nI\n首次发行\n\n指相关发行人对 HCN 的首次发行。\nISAE3402\n\n《国际鉴证业务准则》（International Standard on Assurance Engagements，简称 ISAE）3402 是用于报告服务机构向客户提供的风险管理、控制和服务的鉴证标准。\nISO27001\n\n国际标准化组织（International Organisation for Standardisation，简称 ISO）27001 是关于如何管理信息安全的国际标准。\n发行人\n\n就 HDO 而言指喜马拉雅国际储备有限公司（Himalaya International Reserves Ltd），就 HCN 而言指喜马拉雅国际金融集团有限公司（Himalaya International Financial Group Ltd）。\n白皮书术语表。\n\n\n了解你的客户（KYC）\n\n“了解你的客户”（Know Your Customer）指金融机构根据反洗钱法律核实客户身份的义务。\n\n\n轻量级目录访问协议注入（LDAP）\n\n一种用于利用 Web 应用程序的代码注入技术，可能泄露敏感用户信息或修改 LDAP 数据存储中呈现的信息\n流动性支持\n\n指储备在需要时利用其资金提供流动性的能力。\n\n\n中间人攻击\n\n攻击者秘密中继并可能篡改认为彼此正在直接通信的双方之间通信的网络攻击。\n会员\n\n该术语指在喜马拉雅交易所注册并创建账户的个人或实体。\n商家\n\n经喜马拉雅支付（Himalaya Pay）批准、接受 HDO 积分或 HCN 积分作为商品或服务付款方式的任何零售商。\n\n\n支付卡行业数据安全标准（PCI DSS）\n\nPCI DSS 是一套要求，说明在接受付款时如何保护组织和客户。\n销售点（POS）\n\n指客户购买物品的物理或虚拟位置，或实际的物理销售点设备。\n私募发行\n\n喜马拉雅币的非公开发售，仅限受邀的喜马拉雅交易所特定会员参与。\n私募配售参与者\n\n指收到喜马拉雅交易所正式通知、受邀通过购买最高限额内的喜马拉雅币积分参与喜马拉雅币首次发售的所有个人。\n采购订单\n\n会员提交的在喜马拉雅交易所购买 HDO 积分的订单。\n\n\n快速响应码（QR）\n\n二维码是一种方形条形码，允许会员即时获取有关产品或服务的信息。\nQUORUM\n\nQuorum 是一种开源区块链协议，专门设计用于私有区块链网络或联盟区块链网络，其中多个成员各自拥有网络的一部分。它是喜马拉雅支付（Himalaya Pay）的骨干网络。\n\n\n（可靠复制、冗余和容错）RAFT\n\n一种设计为易于理解的共识算法。\n远程操作系统命令注入\n\n这是一种注入攻击，攻击者可通过该应用程序在宿主操作系统上执行任何恶意命令\n储备\n\n由 HDO 发行人管理以维持 HDO 价值的资产池。\n受限管辖区\n\n指就加密货币投资或加密货币其他交易存在任何形式限制的任何国家。\n限制期\n\n限制在喜马拉雅生态系统之外进行交易的期间。\n\n\n稳定币\n\n指旨在维持其价值与美元 1 比 1 挂钩而构建的喜马拉雅美元。\n后续发行\n\n在首次发行之后发生的任何发行。\n\n\nTLS 1.3 加密\n\n互联网部署最广泛的安全协议的最新版本，该协议对数据进行加密以在两个端点之间提供安全通信通道。\n效用\n\n这是喜马拉雅美元的商业价值主张。\n用户\n\n访问或使用喜马拉雅交易所应用程序或喜马拉雅支付应用程序的任何人。\n列入白名单\n\n已在喜马拉雅交易所或发行人处完成验证并注册的以太坊地址或其他区块链地址。\n大问题。\n\n当今的加密货币和其他数字资产格局仍在不断发展，呈现出许多令人兴奋的机遇，同时也伴随着挑战。缺乏流动性和认知教育、安全性差、客户支持不足、高波动性以及不良的准入基础设施等因素，使普通消费者充满了 FUD（恐惧、不确定和怀疑）。\n\n许多加密货币交易所是为理解钱包安全复杂细节和加密货币复杂性的资深投资者构建的。这些交易所也面临着安全问题，主要是由于未能充分使用“冷热存储”策略以及软件编写粗劣，导致其大多数用户容易受到网络攻击，并在复杂的用户界面和设计中苦苦挣扎，从而造成了不良的用户体验。\n\n这些因素，加上加密货币领域缺乏透明度和适当的监管，正在推迟公众更广泛的采用。这概述了加密货币交易者在当前可用的交易所中观察到的一些最大问题。\n\n以下统计数据显示了截至 2020 年 4 月全球交易者认为的加密货币交易所最重大问题（© Statista 2021）。\n\n\n\nHIMALAYADOLLAR. 1: 3-CF-00118-A1 Document 273-5 Filed 04/09/24 Page 7 of 74\n\n以下统计数据呈现了截至 2018 年全球交易者注册的加密货币交易所数量。在那一年，69% 的受访者注册了三个或更多交易所（© Statista 2019）。\n\n- 56% 的参与者使用超过 3 家交易所进行交易\n- 14% 的参与者使用 2 家交易所进行交易\n- 12% 的参与者使用 3 家交易所进行交易\n- 18% 的参与者使用 1 家交易所进行交易\n\n资金被盗是一个重大问题\n\nIT 安全仍然是所有加密资产参与者的主要风险因素。加密资产持有者是黑客和犯罪分子的明显目标，因为一旦加密资产离开中介机构，区块链交易通常是不可逆转的。\n\n已查明的导致资金损失的安全漏洞\n交易所和存储提供商（不包括去中心化应用 DAPPS）\n标签 数值\n损失的加密资产资金 每年的安全漏洞数量\n$1800 MILLION 18\n$1600 MILLION 16\n$1400 MILLION 14\n$1200 MILLION 12\n$1000 MILLION 10\n$800 MILLION 8\n$600 MILLION 6\n$400 MILLION 4\n\n$950M\n$513M\n$370.7M\n$266M\n\n4, 5, 6, 12, 10, 10（安全漏洞数量的数据点）\n\n$0 $152M\n\n\n喜马拉雅美元：数字时代的金融解决方案。\n\n本文件详细说明了拟发行的 Himalaya Dollar（喜马拉雅美元）的具体信息，该币种是一种挂钩 U.S. Dollar（美元）的新型稳定币。喜马拉雅美元由 Himalaya International Reserves Ltd（喜马拉雅国际储备有限公司，简称“发行人”）发行，其设计旨在提供先进的支付解决方案与交易功能相结合的架构，以消除我们认为阻碍大规模普及的一些关键障碍。\n\n该币种旨在运行于一个能够实现低成本、快速且安全的支付与交易选项的基础设施之内，且其交易平台的开发目标是实现更强的流动性和高度的安全性。\n\n我们相信它代表了新数字时代革命性的金融解决方案。\n\n愿景\n\n使命\n\n赋能全世界每一个人掌控自身的财务自由。\n\n利用区块链技术创建最佳的数字金融系统，以提供价格合理、安全、高效且便捷的产品与服务。\n\n请阅读本白皮书题为“重要通知”的部分以及本文件末尾题为“风险因素”的部分。\n\n本白皮书包含基于且/或来源于我们认为可靠的第三方公开来源的信息。尽管此类信息已准确复制于本文件中，但我们信赖并推定此类信息的准确性与完整性，且未进行独立核实；我们不保证其准确性、完整性、公平性或及时性，亦不应据此予以信赖。基于且/或来源于第三方来源的信息已在此类信息中标明，并附有其来源。\n\n喜马拉雅美元解决方案。概述\n\n喜马拉雅美元（“HDO”或“喜马拉雅美元”）旨在运行于专为提供支付处理和交易解决方案而开发的基础设施之内，其设计旨在解决我们认为许多现有产品固有的某些关键缺陷，从而促进更广泛的采用。喜马拉雅美元是一种稳定币，其架构旨在保持与美元 1 比 1 的价值。\n\n喜马拉雅美元的发行仅供 Himalaya Exchange（喜马拉雅交易所，一家处于我们创建新数字金融系统使命核心地位的新型数字资产交易所）的会员参与。\n\n喜马拉雅交易所的会员将能够通过喜马拉雅交易所购买 HDO 积分来参与喜马拉雅美元的发行。为最大程度提供便利，会员既可通过喜马拉雅交易所网站访问喜马拉雅交易所，亦可通过专用的 Himalaya Exchange App（喜马拉雅交易所应用程序，该程序允许通过移动端访问喜马拉雅交易所）进行访问。喜马拉雅交易所应用程序将于第 3 阶段推出，如下文第 7 页分阶段推出计划所述。\n\n喜马拉雅交易所旨在为 HDO 积分以及在该平台上交易的对应其他加密资产的积分提供高水平的流动性。为向 HDO 积分提供额外的流动性支持并防范价格波动，发行人将设立一项由存放在受监管金融机构的美元以及政府证券等现金等价物资产组成的储备金（简称“储备金”）。\n\n若 HDO 积分市场出现重大流动性短缺，发行人将有能力使用储备金中的资金提供流动性支持。储备金的管理目标是将其价值维持在与流通中所有 HDO 价值相当的水平，并将接受独立审计，审计报告将予以公开。\n\n其成果是一种新型加密货币，旨在打造在结构上抵御极端价格波动的产品，并通过对储备金资产的独立审计提供透明度，从而使会员能够放心地购买和交易 HDO 积分。Himalaya Ecosystem（喜马拉雅生态系统）正通过与预计将提供一系列产品和服务接入渠道的企业建立合作伙伴关系来进行开发。喜马拉雅生态系统的创建与发展旨在支持 HDO 及 HDO 积分的商业价值主张，激励其采纳与使用。\n\n除交易解决方案的优势外，HDO 积分还设计用于通过“Himalaya Pay App（喜马拉雅支付应用程序）”使用。喜马拉雅支付应用程序将于第 3 阶段推出，将允许会员使用 HDO 积分向在喜马拉雅生态系统（“喜马拉雅生态系统”）内通过 Himalaya Pay（喜马拉雅支付）接受商品或服务付款的商家提供境内及跨境支付。会员还将能够把 HDO 积分从其喜马拉雅支付账户转账至其他会员的喜马拉雅支付账户。\n\n重要提示：HDO 或 HDO 积分的持有者对储备金中的资金无追索权。储备金仅可用于为 HDO 积分提供流动性支持，并非用于为在喜马拉雅生态系统之外持有的 HDO 提供支持。发行人无义务使用储备金中的资金回购 HDO 积分，HDO 积分持有者亦不应期望发行人始终使用储备金中的资金回购其 HDO 积分。发行人不会使用储备金中的资金回购或以其他方式直接支持在喜马拉雅生态系统之外持有的 HDO。潜在购买者应注意，HDO 和 HDO 积分目前在其发售的司法管辖区内不构成受监管产品，且亦无意构成受监管产品。\n\n综合成果的设计旨在通过低成本、安全且具有流动性的交易平台提供强大的交易解决方案。喜马拉雅生态系统提供支付处理解决方案，旨在提供与商家、商品和服务的接入渠道，从而实现效用最大化。\n\n分阶段推出\n\nHDO 的初始推出以及相关产品和服务的推广拟按以下阶段进行：\n\n分阶段推出的预期时间表为：\n\n喜马拉雅交易所预上线及 HDO 推出\n\n私募参与者可申请开设喜马拉雅交易所账户并完成 KYC（了解你的客户）程序。开立账户后，私募参与者可按 1:1 的比例使用美元购买喜马拉雅美元积分进行账户充值。\n\n第 1 阶段 2021年4月\n\nHIMALAYA COIN（喜马拉雅币）推出\n\n私募参与者的注册期届满。私募参与者可购买最高达其分配额度的 HCN 积分。\n\n第 3 阶段 2021年7月\n\n喜马拉雅交易所应用程序上线\n\n喜马拉雅生态系统会员可下载喜马拉雅交易所应用程序以开始随时随地进行交易。\n\n第 1 阶段的期限可由喜马拉雅交易所自行决定延长。若第 1 阶段期限延长，第 2 阶段和第 3 阶段的开始日期将推迟相同期限。若由于 SARS-CoV-2 的持续影响和/或对我们发售产品的巨大需求导致喜马拉雅交易所或任何其他方认定此类延期确属必要，任何阶段的推出时间均可能由喜马拉雅交易所推迟。\n\n喜马拉雅交易所全功能上线及喜马拉雅支付应用程序上线 会员可开始交易 HDO，\n\n第 2 阶段\n\n2021年6月\n\n通过其在喜马拉雅交易所的账户交易 HCN 及其他加密资产积分。喜马拉雅交易所向公众开放注册和交易。喜马拉雅支付应用程序将使会员能够开始在全球范围内收付款项。\n\n即将推出\n\n结构性考量\n\n喜马拉雅交易所、喜马拉雅生态系统以及相关应用程序和基础设施的运作将通过使用“积分”来实现。喜马拉雅生态系统内的积分将对应于特定类型的加密资产。\n\n会员最初将能够使用美元从喜马拉雅交易所购买喜马拉雅美元积分，并可通过将相应的加密资产转入喜马拉雅交易所钱包，购买与喜马拉雅交易所支持的特定类型加密资产相对应的积分。\n\n积分仅可在喜马拉雅交易所或喜马拉雅生态系统内使用，代表参与喜马拉雅交易所交易的权利，并不附带任何要求将其兑换为法定货币或加密资产的权利。会员可就其账户中的喜马拉雅交易所积分提出请求，并在其外部钱包地址接收相应加密资产的转账。\n\n此外，会员可向喜马拉雅交易所提出请求，申请接受喜马拉雅美元积分的转让，以换取等额的美元付款并支付至该会员的银行账户。然而，此类兑换由喜马拉雅交易所自行裁量决定，喜马拉雅交易所无义务满足任何此类请求。本文件中提及的 HCN（喜马拉雅币，由 Himalaya International Financial Group（喜马拉雅国际金融集团）发行的全新币种，“HCN”或“喜马拉雅币”）、HDO 或喜马拉雅交易所账户中或通过喜马拉雅支付应用程序持有的任何其他类型的资产，均指代对应于该资产的积分。\n\n（图：_page_10_Figure_6.jpeg）\n\n潜在会员须知：会员不得在喜马拉雅生态系统内持有加密资产或法定货币，喜马拉雅生态系统不提供任何类型的托管或其他便利安排，且喜马拉雅交易所或喜马拉雅生态系统内的任何其他实体均未持有提供上述安排所必需的任何牌照或授权。喜马拉雅交易所拟以自身名义并为自身账户持有加密资产，当会员提出请求时，交易所可选择使用该等资产完成会员积分与对应加密资产的兑换；且发行人拟以现金及政府证券等现金等价物形式维持美元或其他货币的储备金，当会员的此类请求获得喜马拉雅交易所批准时，该储备金可用于完成会员 HDO 积分与美元的兑换。会员对发行人不享有任何直接或间接的债权。\n\n重要提示：潜在购买者应注意，HDO 和 HDO 积分目前在其发售的司法管辖区内不构成、且亦无意构成受监管产品或金融工具。\n\nHDO 发售。\n\n喜马拉雅美元是一种基于以太坊的 ERC-1404 代币，向下兼容 ERC-20 标准，由在英属维尔京群岛注册成立的有限公司 Himalaya International Reserves Ltd 发行。\n\nHDO 的架构旨在保持其与美元 1 比 1 的价值。喜马拉雅美元积分受益于可通过储备金提供的潜在流动性支持，如下文所述，该储备金的管理目标是将其以美元计的价值维持在与流通中喜马拉雅美元价值相等的水平。\n\nHDO 专为在多维度基础设施中运行而开发，其设计旨在实现最大效用，同时确保稳定性、成本与交易效率以及高水平的安全性。HDO 积分将通过喜马拉雅交易所发售，并在第 3 阶段具备交易功能后实现完全可交易。会员在喜马拉雅交易所完成注册并开设账户后，即可通过购买 HDO 积分参与发售。\n\n在喜马拉雅交易所及喜马拉雅交易所应用程序开放交易后，HDO 积分将可通过喜马拉雅交易所网站或使用专用的移动应用程序（喜马拉雅交易所应用程序）随时随地与喜马拉雅交易所上对应于其他加密资产的积分进行自由交易。\n\n此外，在 Himalaya Pay App（喜马拉雅支付应用程序）上线后，会员将能够使用 HDO Credits（喜币积分）向通过 Himalaya Pay App 接受商品和服务付款的商家进行支付，或将其 Himalaya Pay 账户中的 HDO Credits 转账至其他会员的 Himalaya Pay 账户。当计划中的基础设施升级至以太坊和 Quorum 混合区块链平台完成后，我们相信 Himalaya Pay App 将比同类产品提供显著优势，并代表一种高可扩展性的解决方案。\n\n主要功能\n\n\n\n在 HIMALAYA EXCHANGE 上的交易\n\n在 Himalaya Exchange（喜马拉雅交易所）上，HDO Credits 将通过 Himalaya Exchange 发行并可完全转让，使会员能够自由地将 HDO Credits 兑换为 Himalaya Exchange 上可用的其他加密货币积分。\n\nHIMALAYA PAY APP\n\n会员可以使用 Himalaya Pay App 这一专用移动支付应用程序，使用 HDO Credits 从 Himalaya 生态系统中的商家（包括新兴品牌和知名品牌）进行快速安全的消费购买，预计这些商家将向 HDO Credit 持有者开放产品和服务。\n\n\n\nHIMALAYA EXCHANGE 网站及应用程序\n\n通过 Himalaya Exchange App，会员将能够访问 Himalaya Exchange 交易平台以购买、兑换和交易 HDO Credits。\n\n主要优势\n\n\n\n低成本、快速且安全：利用混合区块链技术，提供全天候 24/7 低成本、快速且安全的转账、支付和结算。\n\n法定货币支付的替代方案\n\n接入接受通过 Himalaya Pay 支付并预计将向 HDO Credit 持有者开放产品和服务的商家生态系统。\n\n防范波动性风险\n\n\n\n一种稳定的数字资产类别，通过其与美元挂钩的价值为投资者提供对冲波动的避风港，从而消除了兑换为法定货币的成本和时间影响。\n\n\n\n透明度与安全性\n\n一种受益于定期接受独立审计的流动性储备的透明资产。\n\n流动性\n\n接入流动性市场，并结合潜在的流动性储备支持，以应对流动性限制，并防范恶性通货膨胀和金融市场混乱等外部市场事件。\n\n喜马拉雅储备（The Himalaya Reserve）。\n\n发行人（Issuer）拟在储备中建立并持有由美元或其他货币的现金及现金等价物（如政府证券）组成的组合，并将力求对储备中的资产进行管理，以使其价值在任何时候均保持在等于流通中每枚 HDO 面值的水平。\n\n流动性支持\n\nHimalaya Exchange 将提供一个买卖 HDO Credits 的市场，以换取与一系列其他加密资产相对应的积分。这允许 Himalaya Exchange 会员在其 Himalaya Exchange 账户中与其他会员交易 HDO Credits，从而为 HDO Credits 提供市场。\n\n虽然旨在让 Himalaya Exchange 提供良好的流动性水平，但维持储备旨在提供额外的流动性，作为应对意外市场事件的屏障。它使发行人有权在其认为必要时自行决定采取行动以支持流动性。\n\n储备透明度\n\n为了建立市场对 HDO Credits 的信任，拟向公众公开储备情况。发行人拟由独立审计师每年对储备进行审计。这些审计的结果将连同当时储备的最新构成明细以及发布时资产的市场价值一并公开发布。\n\n\n\nHDO CREDITS 的兑换\n\n会员可向 Himalaya Exchange 提出请求，将 HDO Credits 兑换为等额的美元。在 Himalaya Exchange 接受该等请求的情况下，其将接受该等 HDO Credits 的转让，以换取从储备中向该会员的银行账户支付等额的美元。\n\n发行人没有义务提供流动性支持，Himalaya Exchange 也没有义务同意会员将 HDO Credits 兑换为美元的任何请求，该等行为分别由发行人和 Himalaya Exchange 自行全权裁量决定。会员对发行人或储备均不享有任何直接或间接的索赔权或请求权。\n\n转让限制与法律合规\n\n在第 3 阶段推广开始后，会员将能够提出请求，将其 Himalaya Exchange 账户中的积分兑换为相应的加密资产，如果获得 Himalaya Exchange 的批准，该等资产随后将被转入会员的外部钱包地址。\n\n法律和监管的发展以及监管机构的方针给不同类型加密资产的存续带来了根本性威胁，并在过去对某些类别的现有加密资产产生了实质性的负面影响。\n\n在某些情况下，法律或监管方针的变化导致某些资产类型在特定司法管辖区突然变得不可行，给持有者带来了重大的负面后果。在其他情况下，监管调查的公布导致资产价值和效用迅速大幅下降，并被全球各地的交易所下架。\n\n我们致力于开发一种安全、可持续且稳定并能经受时间考验的产品。为了实现 HDO 的长期存续并为会员提供价值保护，HDO 的开发融入了时间锁功能，该功能将自动限制从任何外部钱包地址转让 HDO，限制期限为自转入该地址的日期和时间起 366 天，除非相关地址已由发行人或由发行人授权的第三方进行了验证并列入“白名单”。\n\n该功能旨在防止客户钱包资金被未经授权使用，并避免无意中违反某些证券法，在充满活力的全球监管环境中开创了一种面向未来的方法。\n\n有关该功能的更多信息，请参阅下文标题为“法律合规与受限期”的章节。\n\n此外，为了避免违反现有或新的法律法规，可能需要不时在 HDO 智能合约内实施限制措施。\n\n我们将始终努力做出商业上合理的努力，就智能合约的任何升级提前发出通知，并通过官方渠道告知 HDO 持有者。\n\n\n\n喜马拉雅美元（Himalaya Dollar）发行。\n\n购买订单\n\n购买 HDO Credits 的订单只能在初始发行日之后下达。要参与购买，潜在购买者必须是拥有 Himalaya Exchange 账户的注册会员，并已完成 Himalaya Exchange 要求的所有必要注册和验证程序。\n\n注册完成后，会员可以通过以美元支付购买价格来购买 HDO Credits。所购买的 HDO Credits 将计入该会员的账户。\n\n持续发行\n\n发行人将按需通过 Himalaya Exchange 独家发行 HDO，且 Himalaya Exchange 将向会员销售相应的积分。持续发行 HDO 和销售相应 HDO Credits 的能力旨在随着客户和供应商需求的增长促进业务拓展，支持我们实现大规模采用的目标，同时通过随之增加的效用、价值和流动性，提升 HDO 及相应 HDO Credits 给会员带来的收益。\n\nHimalaya Exchange 私下销售 HDO Credits 仅限于会员，不向公众公开发售。\n\n\n\n代币创建与发行条款：\n\nHimalaya Exchange 的会员将能够通过在 Himalaya Exchange 购买 HDO Credits 来参与喜马拉雅美元的发行。HDO 的推出（即“初始发行日”）定于 2021 年 4 月。\n\n审计与评估：\n\n至\n\nERC-1404 代币向后兼容 ERC-20 标准。我们的智能合约已成功通过 Certik 的审计。\n\n代币名称 HIMALAYA DOLLAR\n代币代码 图片：徽标 HDO\n发行人司法管辖区 BRITISH VIRGIN ISLANDS（英属维尔京群岛）\n发行日期 2021 年 4 月 26 日\n发行价格（每枚 HDO） 1 美元*\n接受的付款方式 仅限美元**\n拟发行的代币总数：无限制\n代币类型 STABLECOIN（稳定币）\n\nHimalaya Exchange 可自行裁量允许使用其他积分类型购买 HDO Credits。** 不适用于美利坚合众国境内的人士或美国公民。\n\n\n\n9:41\n账户\n图片：账户图标 HDO v\n50000.0000 图片：圆形图标\n活动\n2021-01\n图片：绿色箭头 转账\n已完成 - 5000.000\n图片：黄色箭头 收到 HDO\n待处理交易 + 2000.000\n图片：绿色箭头 发送 HDO\n已完成 - 1000.000\n图片：绿色箭头 发送 HDO\n已完成 - 500.000\n2020-12\n图片：绿色箭头 发送 HDO\n已完成 图片：金额遮蔽\n\n我们的技术。\n\nQUORUM 区块链\n\n区块链是一种用于确保交易数据完整性的组织方法，是加密货币的核心组成部分。该技术用于维护所有已进行交易的在线账本，从而为账本提供一个非常安全且可通过共享达成共识的数据结构。账本的副本由整个网络或单个节点的计算机维护。生成的每个新区块在被确认前必须经过每个节点的验证，这使得伪造交易历史记录几乎不可能。此外，每个区块链网络都可以具有独特的功能和算法，并且根据谁有权访问该网络，可以分类为公有链、私有链或联盟链。\n\n遗憾的是，在以太坊（ETH）或比特币（BTC）上验证交易所需的计算资源非常庞大。不可篡改性伴随着代价。公有区块链的交易时间有时很慢，而且手续费已知会激增并变得过高。在 Himalaya Pay App 的基础设施升级后，Himalaya 生态系统将利用结合了以太坊和 Quorum 区块链的混合区块链。这种混合模型使生态系统会员能够进行低费用的交易。\n\nQuorum 是一种先进的区块链技术，最初由 JP Morgan（摩根大通）开发，是以太坊的企业级版本。通过使用 Quorum 许可区块链，该技术以极低的费用提供了高交易量的处理能力。Quorum 是一种基于以太坊的分布式账本协议，旨在为各行业提供支持交易和合约隐私性的以太坊许可实现方案。它是一个开源区块链平台，结合了公共以太坊社区的支持以及满足企业需求的增强功能。\n\n它能够：\n\n• 实现强大的交易隐私性；\n\n• 提供共识算法选择（RAFT、IBFT 或 Clique POA）；\n\n• 通过使用 Quorum 基于智能合约许可的模型，灵活定义实体和用户进入网络的准入方式；\n\n• 在由已知参与者组成的许可群体中实现私密交易的高速和高吞吐量处理；\n\n• 允许任何企业通过 quorum cloud 在不同的云环境中轻松部署 Quorum；以及\n\n• 在一个通用且可扩展的平台中提供部署配置。\n\n我们的 Quorum 区块链框架将通过 Himalaya Pay（喜马拉雅支付）网络，利用 HDO 信用额度支持即时买入、卖出和转账请求。在 Himalaya Pay 账户之间以低成本进行 HDO 信用额度的交易对手方转账是通过一条许可链实现的。该机密联盟采用军工级网络安全协议进行加密，以确保数字资产保护并捍卫会员隐私。作为我们长期计划的一部分，我们目前正致力于推动 Himalaya Pay 应用程序使用 Quorum。\n\nHimalaya Pay 应用程序的恢复功能将使会员安心：万一他们的移动设备丢失或损坏，他们可以在新设备上使用密码轻松访问自己的账户。\n\nQUORUM 受到领先机构的信赖：\n\nMicrosoft（微软）\n\nSouth African Reserve Bank（南非储备银行）\n\nQuorum 是一个基于 Ethereum（以太坊）专为金融领域设计的区块链平台。金融行业是区块链技术的主要受益者之一。然而，金融领域在转向区块链和数字资产领域方面一直进展缓慢。监管环境问题、知识缺乏、大众普及度不足以及信任缺失，是导致金融领域在整合方面犹豫不决的部分关键因素。我们生态系统的基础设施在设计时就以解决这些问题为目标。\n\n很少有其他区块链网络能够达到以太坊网络的交易量和规模。我们由 Quorum 与以太坊组成的混合模型，旨在满足全球推广普及的严苛要求。会员的私人信息绝不会向 Himalaya Exchange（喜马拉雅交易所）、Himalaya Pay 应用程序或 Himalaya Exchange 应用程序会员广播。私密数据将被加密，且仅直接与参与交易的相关方共享。\n\n我们 Himalaya Pay 区块链网络的分布式架构和共识机制将比基于纸质和中心化的金融系统促进更高效的数据协同。\n\n它是建立在以太坊的基础代码“Go Ethereum”之上的。对以太坊进行的四项重大改进使 Quorum 成为机构级框架的首选。\n\n首先，Quorum 是一条许可区块链。该网络并不对所有人开放。我们的许可链仅在预先批准的参与者之间可用。由于所有参与者均经过验证，这提供了额外的安全性和透明度。其次，我们的区块链解决方案确保了数据机密性，这是与金融机构合作的关键因素。除其许可性质外，它还可以在链上执行公开交易和私密交易。这些交易与以太坊网络上的交易类似，而私密交易的详细信息不会向公众公开。\n\n使 Quorum 脱离于其他区块链技术的另一个关键方面是 Constellation。Constellation 机制在一个受保护的隔离区内对特定消息进行加密，并存储有关先前交易的信息。绝大部分加密繁重工作都是在 Constellation 隔离区内部完成的，该隔离区实质上是一个与其他组件隔离的“虚拟 HSM（硬件安全模块）”，使其安全可靠。Quorum 交易包括全局交易哈希、公开状态根哈希和区块创建者的签名。\n\n最后，我们相信使用 Himalaya Pay 应用程序区块链生态系统的一个显著优势将是其高性能。Himalaya 生态系统的设计目标是实现比 Bitcoin（比特币）和以太坊高得多的吞吐量。这些更高速度背后的创新是共识机制的设计。\n\n以跨链互操作性为目标，Himalaya 生态系统已准备好提升我们的金融科技能力，同时我们坚定不移地发展我们的全球生态系统。\n\nHimalaya Exchange。\n\nHimalaya Exchange 是一家数字资产交易所。在 Himalaya Exchange 上通过使用与加密资产相对应的信用额度促成的交易产品，预计将包括稳定币、代币和其他加密货币。支持的资产范围未来可能会扩大至包括其他加密资产。支持的资产将不包括证券代币或任何形式的衍生品。\n\nHimalaya Exchange 努力在多个司法管辖区实现合规，旨在成为全球数字资产服务提供商。它采用机构级系统架构设计，旨在应对当今金融市场上普遍存在的不断演变的安全风险。\n\nHimalaya Exchange 是旨在简化并加速加密货币普及过程的生态系统的一部分，同时提供强大的安全和流动性特征。\n\nHimalaya Exchange 的基石是先进的安全实践、高水准的软硬件基础设施、全天候监控、对客户的持续支持，以及对我们员工和社区的不断发展的结合。\n\n与在 Himalaya Exchange 上交易的信用额度相对应的高比例数字资产（例如 HDO、HCN、ETH 和 BTC）将保存在我们的离线钱包系统（冷钱包存储）中，如同信誉良好的流动性提供商和加密托管机构一样。\n\n离线钱包系统（冷钱包存储）为防范黑客攻击、盗窃或损失提供了必要的安全措施。从 Himalaya Exchange 冷钱包存储中转移资产需要多名员工的操作。所有私钥均被分片并存储在保险箱和地理分布的库房中。\n\n\n\n技术层面安全。\n\nHimalaya Exchange 采取一切必要预防措施来确保其会员的个人信息和数字交易安全可靠，同时确保其加密资产的安全可靠。Himalaya Exchange 将采用高标准的网络安全，资产在高级别安全环境中得到妥善保管，并将在未来对所有会员及其操作引入 3FA（三因素身份验证）。\n\n我们正与全球领先的技术合作伙伴合作，以确保智能驱动的身份验证能够通过将跨设备、位置和行为数据得出的深度学习见解与个性化和情境化的客户旅程相结合来识别会员，这使我们能够抵御中间人攻击、通用填充预言机攻击和远程操作系统命令注入，并成为首家实施 3FA 的加密交易所。\n\n所有创建、存储和处理数据的 Himalaya Exchange 环境均受到至少 AES 256 级别加密的保护。应用程序组件托管在私有子网中，外部通信通过防火墙和白名单进行控制。传输中的数据受到 TLS1.3 加密的保护。加固后的服务器托管应用程序软件，仅启用了内部通信所必需的端口。\n\n由全球知名合作伙伴提供的先进注册和验证技术，也将有助于防止未经授权访问我们的系统和服务。由 CHECK 和 CREST 认证的行业领先第三方针对 Himalaya Exchange 进行的持续渗透测试，提供了恒定的压力测试。Himalaya Exchange 的私有钱包密钥绝不存储在平台的软件或数据库中。对我们钱包的访问受多层机制管制，没有任何单一实体拥有完全访问权限。\n\n\n\nHimalaya Exchange 政策与系统层面安全。\n\nHimalaya Exchange 将对应用程序、IT 基础设施和相关服务进行定期的独立安全审计和测试。我们投入资源用于个人安全方面的培训和意识提升，从我们的执行管理团队自上而下，一直延伸至其余员工。我们制定了健全的网络安全和事件响应控制措施、政策和计划。\n\n我们的数据库经过加密并备有备份，以确保高可用性。针对本机构的反网络钓鱼系统也已实施。\n\nAPI 调用采用 SSL 加密封装并经过密码学签名，以防止任何网络钓鱼攻击。管理 Himalaya Exchange 资产已引入 HWS 冷钱包与热钱包存储。\n\n利用反 APT（高级持续性威胁）解决方案来改进安全框架。频繁对平台和钱包基础设施进行第三方安全审计，连同第三方顾问对内部操作规程进行的审计，提供了另一层保护。\n\n我们所有的系统均符合行业领先的标准和法规，如 ISO27001、Cyber Essential、PCI DSS、GDPR 和 ISA3402E 等合规要求。\n\n\n\nHimalaya Exchange 应用程序。\n\n能够灵活地随时随地访问 Himalaya Exchange 市场以购买、兑换和交易 HDO 信用额度及其他加密资产信用额度，是提供具有最大效用的灵活且用户友好的产品之关键。在第 3 阶段启动后，Himalaya Exchange 应用程序将为会员提供专用的移动应用程序，以便在移动中访问 Himalaya Exchange。\n\n同样，会员将能够通过 Himalaya Exchange 应用程序访问 Himalaya Exchange 交易平台以购买、兑换和交易 HDO 信用额度及其他加密资产信用额度。\n\nHimalaya Exchange 应用程序将与 Himalaya Pay 整合，允许会员在其 Himalaya Exchange 账户与其 Himalaya Pay 账户之间划转 Himalaya Coin 信用额度与 Himalaya Dollar 信用额度。\n\n\n\nHimalaya Coin。\n\n在第 2 阶段开始时，Himalaya International Financial Group（喜马拉雅国际金融集团）将对 Himalaya Coin 进行首次发行，Himalaya Exchange 将就首次发行出售相应的信用额度，且 Himalaya Exchange 仅向特定类别的会员以私募方式出售。根据 Himalaya Exchange 针对随后每次出售规定的条款，相应于 HCN 进一步发行的信用额度销售可向一般会员或仅向 Himalaya Exchange 的某些会员开放，符合条件的会员可以使用 HDO 信用额度或美元购买 HCN 信用额度。使用美元购买可能需要支付额外费用。\n\n交易历史记录\n\n已记入 HCM\n\n已记入 HCN\n\n103/207 已更改 HCN\n\n> 已注明 HCM 已更改 MCN\n\n> > 103/197 已转账 HCH\n\n> > > 已转账 HC34 已注记 HCN\n\n> > > > 3/93/2023\n\n总计 1,250 2956 HCN\n\n0 234674 VICE\n\n0 234676 HCM\n\n-0.2346741\n\nHCN 概述\n\nHCN 是一种基于以太坊的 ERC-1404 代币，我们相信它将为通过 Himalaya 生态系统进行交易或在 Himalaya Exchange 上进行交易的消费者和企业带来优势。\n\n获准会员将能够使用 HCN 信用额度，以与 HDO 信用额度相同的方式，向 Himalaya 生态系统中通过使用 Himalaya Pay 应用程序经由 Himalaya Pay 接受付款的商家付款。HCN 不会与任何法定货币的价值挂钩，因此其价值将取决于二级市场的供求关系。会员将能够在 Himalaya Exchange 上交易 HCN 信用额度。\n\n有关 HCN、相应信用额度以及 HCN 首次发行和后续发行以及 HCN 信用额度相应出售条款的更多详情，请参阅 Himalaya Coin 白皮书。\n\nBTC / HDO 643\n\nC\n\nHimalaya Pay 应用程序。\n\n通过您的移动设备保护、管理和消费数字资产应该是简单、直观、低成本且安全的，但对于许多加密货币（如比特币、以太坊以及建立在以太坊和其他协议之上的其他代币）而言，情况往往并非如此。\n\n现状\n\n许多现有加密货币的用户通常需要支付高昂且波动剧烈的费用，这些费用随着时间的推移一直在增加。下表显示了截至2021年1月12日以太坊（Ethereum）网络上的交易费用，该表表明随着时间的推移存在价格上涨压力，并伴随着成本波动的显著增加。\n\n\n\n来源 Etherscan——以太坊网络交易费用图表 为以太坊网络支付的以太币（Ether）交易费用总额。截至2021年1月13日的数据，通过 Etherscan.io 发布。\n解决方案\n\n现有问题 商家 客户\n图片：齿轮图标 基础设施不足 以太坊与 Quorum 混合区块链技术。 • 高交易量处理能力\n• 低廉费用\n• 强大的交易隐私性\n• 无缝且快速的支付\n图片：重叠圆圈图标 透明度与结构完整性 经过验证的会员市场及稳健的平台交易规则。 • 会员的信任与信心\n• 全球监管机构的安心与确定性\n• 降低交易对手风险\n图片：地球图标 生态系统 结合众多商家以提供产品和服务获取途径的生态系统。 • 全球市场\n• 为零售商和投资者创造独立价值\n• 独家产品和服务\n图片：锁图标 监管与安全 军工级网络安全协议，确保账本准确稳健的双重交易技术。 • 数字资产保护\n• 生态系统内的无缝资产恢复\n• 保障会员私密数据\n在2020年，区块链欺诈案件继续大幅超过黑客攻击和盗窃。\n\n除了与公链交易成本相关的负面影响外，用户还面临因盗窃或钱包丢失而遭受资产损失的风险。据估计，在2020年前5个月，加密货币盗窃、黑客攻击和欺诈总额达13亿美元（U.S.$ 1.3 billion）[1]。\n\n预计到2022年，加密货币用户将从2.5亿增长到4亿。目前的水平为1.06亿人。预计到2022年，数字支付领域的总规模将超过5万亿美元（$5+ trillion USD），其中加密货币支付可能占总支付金额的2-3%。\n\n\n数字支付领域的总交易价值\n\n\n喜马拉雅支付应用程序解决方案（THE HIMALAYA PAY APP SOLUTION）\n\nHimalaya Pay App（喜马拉雅支付应用程序）旨在解决这些问题。Himalaya Pay App 计划在所有其他产品和服务推出后上线，是一款专用的移动支付应用程序，旨在通过 iOS 或 Android 应用程序使用 Himalaya Coin Credits（喜币积分）和 Himalaya Dollar Credits（喜美元积分）进行快速安全的购买与转账，同时解决传统上限制商业加密货币采用的复杂问题。\n\n通过利用面向无缝、安全和高成本效益交易的基础设施，Himalaya Pay App 是一款针对不断扩展的稳健生态系统的高交易量需求而设计的支付与转账解决方案。\n\n\n\nHimalaya Pay App 旨在提供用户友好的支付流程。它将与 Himalaya Exchange（喜马拉雅交易所）整合，允许会员轻松在他们的 Himalaya Exchange 账户与其 Himalaya Pay 账户之间进行资金划转，反之亦然。用户界面的设计考虑了简单性和易用性。它包括快速响应码（Quick Response，简称「QR」码）和销售点（Point of Sales，简称「POS」）功能，允许会员使用其智能手机进行购买。\n\n\n\n应付金额等信息可自动填入 Himalaya Pay App 中。\n\n该应用程序将允许会员使用 HDO Credits（喜美元积分）向 Himalaya Ecosystem（喜马拉雅生态系统）中的参与商家提供国内和跨境支付，以及全天24小时以极低的交易费用向其他会员的 Himalaya Pay 账户转账 HDO Credits。\n\n我们认为，Himalaya Pay App 为会员带来的一个重大优势是其安全性。该系统建立在军工级安全控制之上，旨在保护会员的资产。其创新的混合区块链解决方案旨在解决许多现有产品中通常被认为是固有的一些安全问题。\n\n我们认为，相比许多现有产品的优势包括以下几点：\n\n· 对于大多数加密钱包，如果持有该钱包的智能手机丢失或被盗，很容易失去所有资产。Himalaya Pay 不存在此问题，因为任何会员都可以获取一部新智能手机，只需使用其凭据（用户 ID 和密码）即可访问其资产；\n\n· 所有 Himalaya Pay App 会员（个人和商家）均经过验证。这旨在促进安全性和透明度；\n\n· 如果会员的智能手机受到侵害，且其 Himalaya Pay 账户上的积分被访问，向喜马拉雅生态系统之外的地址转账相应资产的操作只能通过 Himalaya Exchange 完成；以及\n\n· 在基础设施升级后，Himalaya Pay 上的交易将使用 Quorum 区块链技术进行处理。该技术的开发旨在以低廉的费用和强大的交易隐私性实现高交易量处理能力。\n\n位于 Australia（澳大利亚）和 Hong Kong（香港）的会员应注意，Himalaya Pay App 及相关服务目前在澳大利亚和香港无法使用。\n\n有关这些安全功能的更多详细信息，请参阅上文「Himalaya Exchange 政策与系统级安全」部分。\n「我们正在实现全球人与企业之间的交易。这就是 Himalaya Pay。」\n商家 客户\n成本 低交易费用 能够以低费用在我们的商家处消费 HCN/HDO\n流量 新的高价值客户群体 有动力从知名品牌购买精选产品和服务\n体验 易于集成到现有系统中，提供用于跟踪交易的商家控制面板 通过 Himalaya Pay App 进行流畅的二维码移动支付\n速度 即时交易结算 即时支付确认\n\n- 客户在商家平台结账页面选择「Himalaya Pay」，使用 Himalaya Coin 或 Himalaya Dollar 付款。\n- 客户看到二维码并使用 Himalaya Pay App 扫码支付。\n- 客户账户被扣款。商家在其企业账户中即时收到付款。\n喜马拉雅生态系统。\n\nHimalaya Exchange 正与全球领先品牌合作，打造超越并突破平流层、达到令人兴奋的新高度的全新支付格局。Himalaya Ecosystem 是一个创新的网络，使您能够进行支付、安全购物、转账以及兑换加密货币。我们的数字代币与众不同，因为它为我们的会员同时提供了价值和效用。\n\n我们的支付处理解决方案旨在提供进入全球市场的直接途径，同时支持商业和区块链交互。与传统支付方式相比，Himalaya Pay 简化了买卖流程。我们的生态系统为即时安全性提供了平台，同时让我们的会员能够接触到全球商家。Himalaya Pay 为具有前瞻性思维的企业配备了他们实现扩展并保持领先所需的技术。\n\nHimalaya Pay 是一种用于为您的产品或服务接收加密货币付款的快捷且安全的解决方案。我们的应用程序为 Himalaya Ecosystem 商家提供了稳健的在线支付基础设施，该基础设施旨在轻松集成到您的业务中，并提供愉快而灵活的客户体验。\n即将推出\n\nHimalaya Dollar 允许您在全球零售商处在线购物，以无缝简单的结账方式寻找独特且精选的产品，只需添加到购物车并使用 HDO 付款。\n\n在 Himalaya Ecosystem 内，您可以购买食品杂货，或者在您最喜欢的餐厅款待自己和朋友。使用您的 HDO 结账。Himalaya Pay App 旨在促进便捷的日常消费。\n\nHDO 是一种用于支付机票、酒店和度假活动的便捷支付选项，无需在每次度假时兑换货币。Himalaya Dollar 跨越国界并打破壁垒。\n\n借助 Himalaya Dollar，我们的平台旨在使企业主能够简化流程并即时结算发票。所有交易都在所有商家均可访问的控制面板上受到监控和跟踪。\n\n\n\n一个为支持您的数字生活而构建的数字生态系统。在某家喜马拉雅商家处为您的移动电话套餐充值、购买 VPN 或投资最新的高街科技产品，并使用 Himalaya Dollar 为您的数字活动提供资金。\n喜马拉雅生态系统\n喜马拉雅生态系统。\n\n在提升价值和效用的同时实现任何加密货币的大规模接受、采用和可持续性的关键要素，是开发一个足以赋予该货币内在价值并激励采用和使用的生态系统。发行人及其关联方正在通过与企业建立合作关系来开发 Himalaya Ecosystem，旨在随着时间的推移对其进行扩展。\n\n通过建立和发展 Himalaya Ecosystem，目标是引入知名品牌和高交易量合作伙伴，并在生态系统内促进初创企业的发展。\n\n已对销售点硬件进行投资，最终目的是允许商家在全球范围内以低廉的费用和即时结算处理系统接受我们的积分。\n\n由初始合作伙伴和关联方组成的 Himalaya Ecosystem 目前计划在所有其他产品和服务推出后上线，会员将在上线日期之前收到通知。Himalaya Ecosystem 将使符合条件的会员能够接触到我们的全球商家。\n\n\n\n- 数字所有权 - 替代金融 - 支付 - 商家控制面板 - 去中心化公用事业 ## 喜马拉雅生态系统 - 实用代币 - 储备 - 可编程货币 - 隐私 - 价值储存 - 稳定币 即将推出 喜币。此处接受：CAFFEE TULLANO 米兰，意大利「就像互联网彻底改变了我们的生活和工作方式一样，像 Himalaya Coin 和 Himalaya Dollar 这样的加密货币有潜力改变人们参与全球市场的方式。」28\n\n\n遵守法律与限制期。\n限制期\n\n围绕数字资产的法律尚处于起步阶段，复杂多变且在各司法管辖区之间存在差异。向法律禁止或限制转让、购买或使用此类资产的国家公民或居民进行转让可能会产生潜在责任。United States（美国）就是对其公民和居民转让各类数字资产施加限制的一个司法管辖区。为了防范潜在责任，开发 HDO 时包含了一项革命性的时间锁功能，该功能将自动限制从任何非白名单以太坊地址转让 HDO，限制期限为自该地址接收到该资产之日起计366天（即「限制期」），除非相关以太坊地址已通过验证并被列入「白名单」。\n地址列入白名单\n\n• 会员可通过向发行方（Issuer）或获授权的其他实体登记其以太坊（Ethereum）地址，申请解除受限期（Restricted Period）限制。一旦登记，该登记地址收到的任何 HCN 或 HDO（喜币或喜美元积分/代币，原文作 HOO）均不受受限期约束。仅在发行方或 HDO 发行方（视情况而定）或其授权的第三方判定此类登记及后续转让不违反适用法律的前提下，方可自行决定是否接受地址登记。\n\n• 发行方网站将提供简易白名单程序（身份及以太坊地址验证）。每次列入白名单将收取象征性费用。\n\n• 一旦列入白名单，受限期功能将不再适用于该白名单地址。\n\n例外情况（EXCEPTIONS）\n\n• 受限期功能不适用于在喜马拉雅交易所（Himalaya Exchange）或 Himalaya Pay 网络内部进行的 HDO 积分（HOO Credits）转让。受限期仅适用于在喜马拉雅生态系统（Himalaya Ecosystem）之外且未列入白名单的以太坊地址之间的转让。\n\n• 受限期功能仅适用于喜美元（Himalaya Dollar）及喜币（Himalaya Coin），不适用于您以太坊地址中的任何其他代币。\n\n条款与条件（TERMS & CONDITIONS）\n\nHDO 积分以及对喜马拉雅交易所、Himalaya Pay 和其他相关功能、产品与服务的使用，连同对 HDO 的使用，均受喜马拉雅交易所网站在相关产品或服务上线之日前公布的《条款与条件》（Terms and Conditions）及《使用条款》（Terms of Use）管辖。\n\n重要通知（Important Notice）\n\n美国（UNITED STATES）\n\n喜美元尚未且不会根据经修订的《1933年美国证券法》（United States Securities Act of 1933，简称“《证券法》”/“Securities Act”）或向美国任何州或其他管辖区的任何证券监管机构进行登记。因此，不得在美国境内或受美国管辖的任何领地、属地或区域内，或向任何美国人士（如《证券法》项下 S 条例所定义之人士）、任何美国公民（如 8 U.S.C. Subchapter III 所定义）或任何美国人士（如 17 C.F.R. § 230.902(k) 所定义），或为其账户或利益，要约、出售、转让、质押、交付或转移喜美元或喜美元积分。\n\n喜马拉雅交易所并非根据《1934年美国证券交易法》（United States Securities Exchange Act of 1934）第 6 条注册的交易所，亦非美国证券交易委员会（Securities and Exchange Commission，简称“SEC”）出于 SEC 另类交易系统要求法规（“Regulation ATS”）之目的批准的另类交易系统，且未获豁免遵守 Regulation ATS 的要求或监管在美国境内或受美国管辖的任何领地、属地或区域内设立或运营交易所或另类交易系统的任何其他适用豁免。发行方及喜马拉雅交易所均未在美国登记为经纪商/交易商（Broker/Dealer）。因此，不得在美国境内或受美国管辖的任何领地、属地或区域内，或由任何美国人士（如《证券法》项下 S 条例所定义之人士）、任何美国公民（如 8 U.S.C. Subchapter III 所定义）或任何美国人士（如 17 C.F.R. § 230.902(k) 所定义），或为其账户或利益，访问或使用喜马拉雅交易所。\n\n香港（HONG KONG）\n\n本文件的内容未经香港证券及期货事务监察委员会（Hong Kong Securities and Futures Commission）审阅或批准，亦未经香港任何其他监管机构审阅或批准。建议您审慎行事；如您对本文件的任何内容有任何疑问，应获取独立的专业意见。\n\n中华人民共和国（PEOPLE'S REPUBLIC OF CHINA）\n\n在中华人民共和国（不包括香港、澳门和台湾）（“中国”/“PRC”）境内，严禁推销或销售加密货币（或任何类似产品）。因此，严禁在违反任何适用中国法律的情况下，在中国境内直接或间接向任何人要约、出售或交付，或为再次要约、转售或重新交付的目的而向任何人要约、出售或交付 HDO 及 HDO 积分。您声明、确认并同意：(i) 您在访问或交易 HDO 或 HDO 积分时，住所不在中国境内且人不在中国境内；(ii) 任何相关交易活动（包括通过喜马拉雅交易所应用程序进行的交易）均不得在中国境内进行；以及 (iii) 不得出于任何其他目的在中国境内复制或重新分发本文件或任何其他相关营销材料。\n\n阿拉伯联合酋长国（UNITED ARAB EMIRATES）\n\n本文所述产品和服务的发售未经阿拉伯联合酋长国中央银行（United Arab Emirates Central Bank）、阿联酋证券和商品管理局（UAE Securities and Commodities Authority，简称“SCA”）或阿拉伯联合酋长国（“UAE”）任何其他相关许可机构的批准或许可，因此根据关于商业公司的《2015年第2号联邦商业公司法》（经修订）以及 SCA 关于推广与推介组织的《2017年第3 R.M.号决议》或其他规定，不构成在阿联酋境内公开发售包括证券在内的金融产品和服务。因此，国际金融产品和服务不得向阿联酋公众发售。\n\n本文件项下的产品和服务发售纯属私密和保密性质，仅向少数特定客户发出：(A) 应其请求并在其确认知悉国际金融产品和服务未经阿联酋央行、SCA 或阿联酋任何其他相关许可机构或政府机构的批准、许可或登记的前提下发出；以及 (B) 不得提供给原始接收人以外的任何人士，且不得复制或用于任何其他目的。\n\n若 SCA 未批准加密资产在阿联酋境内的加密资产交易所上市，则该加密资产不得在阿联酋的任何交易所挂牌，因此，该加密资产在阿联酋境内不可交易，且/或受转售限制。\n\n瑞士（SWITZERLAND）\n\n本文件的内容未经瑞士金融市场监督管理局（Swiss Financial Market Supervisory Authority，简称“FINMA”）审阅或批准，亦未经瑞士任何其他监管机构审阅或批准。建议您审慎行事；如您对本文件的任何内容有任何疑问，应获取独立的专业意见。\n\nHDO / HDO 积分的发行方并非根据瑞士法律设立的受监督或受监管实体。HDO / HDO 积分的发行方未被作为银行、私人银行、证券类公司、基金、受监管的金融市场基础设施、支付系统、集合投资计划管理人或分销商、金融中介机构、资产管理公司或其他金融机构予以监管，亦未获授权以此类身份行事，且不受 FINMA 监督。\n\nHDO / HDO 积分的发行方不会代表您管理 HDO / HDO 积分。投资者绝不得将 HDO / HDO 积分视为集合投资计划，因为发行方或喜马拉雅交易所不对其资金进行管理。\n\n本文件及与 HDO / HDO 积分相关的任何其他信息或材料均不得被视为招股说明书，亦不得被视为已向 FINMA 备案或已获其批准。\n\n但在瑞士境内对 HDO / HDO 积分的任何销售或推销，将在适用时（若适用）根据《联邦金融服务法》（RS 950.1）及其《施行条例》（RS 950.11）项下的适用规则进行。\n\n根据 FINMA 于 2018 年 2 月 16 日发布的《首次代币发行（ICO）监管框架咨询指引》以及 FINMA 于 2019 年 9 月 11 日发布的《首次代币发行（ICO）监管框架咨询指引补充文件》，HDO / HDO 积分不构成证券/资产代币（Security / Asset Tokens）。\n\n根据 FINMA 于 2019 年 9 月 11 日发布的《首次代币发行（ICO）监管框架咨询指引补充文件》，喜美元符合稳定币（Stable Coin）资质；根据 FINMA 于 2018 年 2 月 16 日发布的《首次代币发行（ICO）监管框架咨询指引》，喜币符合支付代币（Payment Token）资质。不得对资金进行任何直接或间接赎回，会员对发行方不享有任何直接或间接的索赔权。\n\n根据 FINMA 于 2018 年 2 月 16 日发布的《首次代币发行（ICO）监管框架咨询指引》以及 FINMA 于 2019 年 9 月 11 日发布的《首次代币发行（ICO）监管框架咨询指引补充文件》，喜马拉雅交易所不允许交易证券/资产代币。\n\n一般事项（GENERAL）\n\n购买喜美元、喜美元积分，或以其他方式访问、购买或使用喜马拉雅交易所或任何相关产品与服务，在某些管辖区可能会受到法律限制，且会员的活动可能会受制于法定投资法律法规或受某些主管机关的审查或监管。在购买喜美元或喜美元积分，或以其他方式访问、购买或使用喜马拉雅交易所或任何相关产品或服务之前，您必须自行了解并遵守适用于您的任何限制。未遵守适用限制可能构成您对所在管辖区法律法规的违反。\n\n本文件并非针对居住或位于如下管辖区的任何个人或实体：在该管辖区内购买 HDO 或 HDO 积分，或以其他方式访问或使用喜马拉雅交易所或任何相关产品或服务将违反适用法律法规，或将导致发行方、喜马拉雅交易所、任何关联或附属实体、或此类实体的任何高级职员、董事、雇员或合同工受制于截至适用之日其尚未具备的任何登记、许可或其他类似要求。\n\n本文件所含信息仅供参考。服务提供商提供的任何产品或服务均属于该提供商所在的管辖区（而非任何会员所在的管辖区）。本文件中的任何内容均不构成在任何管辖区向公众进行的广告、要约邀请或招揽。HDO 或 HDO 积分的潜在买家应确保其了解此类购买的性质及相关风险。潜在买家有责任确保其具备足够的知识、经验和专业建议，以便就购买 HDO 或 HDO 积分的价值和相关风险自行作出法律、财务、税务、会计及其他评估。尽管本文件中的信息被认为是准确和可靠的，但发行方、喜马拉雅交易所及其各自的代理人、顾问、董事、高级职员、雇员和股东均不对该等信息的准确性作出任何明示或暗示的陈述或保证，并明确声明免除基于该等信息或其错误或遗漏而可能产生的任何及所有责任。发行方和喜马拉雅交易所保留随时部分或全部修改或替换本文所含信息的权利，且不承担向接收人提供经修改信息或通知接收人的义务。\n\n在法律允许的最大范围内，发行人、Himalaya Exchange（喜马拉雅交易所）或其任何代表均不对任何人因使用本文件中的信息或因本文件中的信息遗漏而承担任何合同、侵权、信托或其他方面的任何责任。此外，发行人或喜马拉雅交易所均不承担就第三方对本文件所讨论事项的预期或所作声明发表评论的任何义务。\n\n制裁\n\nHimalaya Dollar（喜马拉雅元）和喜马拉雅元积分不得向受美国财政部外国资产控制办公室（Office of Foreign Assets Control of the U.S. Department of the Treasury）管理的任何制裁管辖的任何国家，或受美国国务院（US Department of State）、澳大利亚外交贸易部（Australian Department of Foreign Affairs and Trade）、欧洲联盟（European Union）、联合国安全理事会（United Nations Security Council）或英国财政部（Her Majesty's Treasury）施加的任何类似制裁或措施管辖的任何国家（包括巴尔干地区、白俄罗斯、缅甸、科特迪瓦/象牙海岸、古巴、刚果民主共和国、伊朗、伊拉克、利比里亚、朝鲜、苏丹、叙利亚和津巴布韦）境内提供、出售、转让、质押、交付或转移，喜马拉雅交易所或相关产品或服务也不得由上述国家或在上述国家境内被访问或使用。\n\n证券\n\n本文件未经任何州或司法管辖区的任何监管机构或其他主管机关审查或批准。发行人、喜马拉雅交易所或任何其他人均未在任何州或司法管辖区采取任何行动以允许在需要为此目的采取行动的任何国家或司法管辖区（“受限司法管辖区”）发售任何司法管辖区的证券法或等同法律所定义的证券或其他金融工具（“证券”），或持有或分发与此相关的任何要约材料。HDO（喜马拉雅元）或 HDO 积分均不构成也不旨在构成证券或其他金融产品（“证券”）。本文件或以任何形式或手段分发或提供的任何其他文件、警示、通知或通讯中的任何内容，均不构成在受限司法管辖区出售任何证券的要约或购买任何证券的要约邀请。如果 HDO 或 HDO 积分在受限司法管辖区可能被视为证券，或者任何其他文件、警示、通知或通讯依据受限司法管辖区的法律可能被视为构成在该受限司法管辖区发售或出售证券，则本文件不旨在在该受限司法管辖区内分发，HDO 或 HDO 积分亦不旨在在该受限司法管辖区内出售，且本文件不得分发给该受限司法管辖区内的任何人或由其访问，发行人、喜马拉雅交易所或任何其他人均不会也不被允许向该受限司法管辖区内的任何人进行任何 HDO 或 HDO 积分的发售、出售、质押、转让或让与，或以任何形式或手段向该受限司法管辖区内的任何个人或实体分发、发送或以其他方式提供本文件或与之相关的任何材料。收到本文件的每个人均确认并同意，本文件未经任何州或司法管辖区的任何证券委员会或监管机构批准或不批准。\n\n预期购买者应注意，HDO 积分的价值独立于任何其他资产或代币的价值。\n\n税收\n\n加密资产和积分的税务处理可能具有不确定性，并可能导致不利的税收后果。使用积分进行购买可能会使会员面临如果在法定货币下进行购买则不会产生的税收后果，并且购买和使用加密货币及相应积分可能会带来不利的税收后果，包括预扣税、所得税和税务报告要求。会员必须自行寻求税务咨询。\n\n私募销售\n\n喜马拉雅交易所对 HDO 积分的私募销售仅限于喜马拉雅交易所的会员，并非向公众公开发行。\n\n前瞻性声明\n\n本文件可能包含前瞻性声明，包括关于 HDO、HDO 积分和喜马拉雅交易所的意图、信念或当前预期的声明。谨提醒读者不要过分依赖这些前瞻性声明。发行人或喜马拉雅交易所均不承担为了反映本文件发布之日后的事件或情况以体现不可预见事件的发生，而公开对这些前瞻性声明进行任何修订的结果的任何义务。虽然在编制前瞻性声明时已尽了应有的注意，但未来的情况可能会以重大的积极或消极方式发生变化。前瞻性声明或预期的未来行动或发展受制于发行人和喜马拉雅交易所无法控制的不确定性和偶发事件。\n\n确认\n\n访问本文件即表示您陈述、保证/确认：\n\n- 您不在美国或任何其他受限司法管辖区；\n- 您不是美国人士（定义见《证券法》S 条例（Regulation S to the Securities Act）），或并非美国或任何其他受限司法管辖区的居民；\n- 您不是为了美国人士或美国或任何其他受限司法管辖区居民的利益而投资或以其他方式行事；\n- 您在访问或交易 HCN 或 HCN 积分时未定居于中华人民共和国境内且不在其境内；任何相关交易活动（包括通过 Himalaya Exchange App（喜马拉雅交易所应用程序）进行的交易）不得在中华人民共和国境内开展；且本文件或任何其他相关营销材料均不得出于任何其他目的在中华人民共和国境内复制或重新分发；\n- 您陈述并保证您访问本文件仅用于获取信息之目的；\n- 本文件包含的信息可能会不时发生变更和更新，您有责任确保查阅本文件最新版本中包含的信息；\n- 如果您位于意大利共和国，在访问、购买或使用由发行人或任何关联方提供的任何产品或服务之前，为《意大利民法典》（Italian Civil Code）第 1341 条和第 1342 条之目的，您将具体审阅并接受条款与条件附表 F（司法管辖区条件 - 意大利）中包含的条件。\n\n风险因素\n\n购买和投资 HDO 和/或 HDO 积分将涉及某些风险。预期购买者和/或 HDO 和/或 HDO 积分投资者在作出任何相关决定之前了解此类风险至关重要。条款与条件（可在喜马拉雅交易所网站上查阅）附表 7“风险因素披露”中列出了对某些关键风险的非穷尽性描述，任何预期购买者和/或投资者在作出任何购买或投资决定，或以其他方式访问、使用或购买通过喜马拉雅交易所或喜马拉雅生态系统提供的任何产品或服务之前，均应阅读并理解该等内容。预期购买者在投资前应进行自己的尽职调查，如果对文档的任何条款未完全理解，应咨询持牌财务顾问。购买和投资 HDO 和/或 HDO 积分或以其他方式使用相关产品或服务，即表示您确认已阅读并理解此类风险。特别是，预期购买者和/或投资者需注意：\n\n• HDO 和/或 HDO 积分不旨在成为证券或受监管的金融产品，且不得在根据适用法律构成证券或受监管金融产品的任何司法管辖区购买，因此不受此类法律的任何保护；\n\n• HDO 和/或 HDO 积分不是法定货币，也没有任何政府背书；\n\n• 积分只能在喜马拉雅交易所或喜马拉雅生态系统内使用，一旦购买，您无权自动就此类积分获取法定货币或加密资产。\n\n• 加密资产的性质可能导致欺诈或网络犯罪的风险增加；\n\n• 与加密资产相关的交易可能是不可逆的，因此，因欺诈或意外交易造成的损失可能无法挽回；\n\n• 加密资产价格的波动性和不可预测性以及由此产生的相应积分可能在短时间内导致重大损失；并且\n\n• 加密资产的投资者总体上必须愿意承担损失其全部投资资本的风险，并接受在未能获得任何加密资产的声称权利或收益、任何相关项目未能推进、或市场上的其他投资者不愿意将法定货币兑换为此类加密资产的情况下，他们可能无法获得追偿。关于特定加密资产的负面事件可能会对与该加密资产对应的任何积分产生相应的负面影响。\n\n白皮书\nHimalaya Coin（喜马拉雅币）\n\n2021年4月 | 版本 1.0\n让大众畅通无阻。真正的、开放的世界经济。属于每个人。\n喜马拉雅币\n\n版本 1.0\n\n让大众畅通无阻。\n开放的世界经济。\n每个人。\n喜马拉雅币。\n目录\n条款 页码\nHCN 发售\n我们的技术\n喜马拉雅交易所\n重要声明\n风险因素\n白皮书术语表。\n0-9\n3 因素身份验证 (3FA)\n\n三因素身份验证是一种三重安全措施。喜马拉雅交易所是唯一一家实施该措施的加密货币交易所。会员必须输入其凭证、密码和行为识别。\n\n（图片：_page_39_Picture_5.jpeg）\n\n高级持续性威胁 (APT)\n\n高级持续性威胁（APT）是指具有高水平专业知识和大量资源的对手，使其能够通过使用多种不同的攻击途径创造机会来实现其目标。\nAES-256 加密\n\n高级加密标准（Advanced Encryption Standard）的简称，是美国政府用于加密敏感数据的对称分组密码。\n反洗钱 (AML)\n\n一套旨在遏制犯罪组织或个人通过加密货币洗钱成现实世界现金的国际法律。\n\n（图片：_page_39_Picture_12.jpeg）\n缓冲区溢出\n\n当数据量超过内存缓冲区的存储容量时，就会发生缓冲区溢出。结果，尝试将数据写入缓冲区的程序会覆盖相邻的内存位置。\n\n（图片：_page_39_Picture_15.jpeg）\nCHECK 认证\n\nCHECK 是经英国国家网络安全中心（National Cyber Security Centre，NCSC）批准的渗透测试公司以及用于进行渗透测试的方法的总称。\n点击劫持攻击\n\n点击劫持是一种诱骗用户点击不可见或伪装成其他元素的网页元素的攻击。\n权威证明 (Clique PoA)\n\n权威证明意味着只有经批准的签名者才能对区块进行封印。\n注册道德安全测试人员委员会 (CREST)\n\nCREST 是一个代表并支持技术信息安全市场的国际非营利认可和认证机构。\n跨站脚本\n\n跨站脚本（XSS）是 Web 应用程序中发现的一种安全漏洞。XSS 攻击使攻击者能够将脚本注入他人查看的网页中。\n加密资产\n\n以数字形式出现且利用密码学的资产。\n网络基本原则 (Cyber Essentials)\n\n网络基本原则是一项由政府支持的简单但有效的计划，旨在帮助个人和组织防御全范围最常见的网络攻击。\n\nD\n拒绝服务攻击 (DDoS)\n\nDDoS（分布式拒绝服务）攻击是指针对服务器、服务、网站或网络发起的一种网络攻击，通过向其涌入大量互联网流量来实现。其目的是用超出服务器或网络所能承受的流量压垮该网站或服务。\n\nG\n通用填充预言机（GENERAL PADDING ORACLES）\n\n在密码学中，填充预言机攻击是一种利用加密消息的填充验证来解密密文的攻击方式。\n\nH\n硬件钱包（HARDWARE WALLETS，HWS）\n\n一种用于加密货币的物理设备，用于存储私钥，使用户能够安全地存储加密资产。\n\n硬件安全模型（HARDWARE SECURITY MODEL，HSM）\n\n一种专用的加密处理器，专为保护加密密钥生命周期而设计。\n\n哈希（HASH）\n\n哈希是一种对文件或消息等数据执行以生成称为哈希值的数字的算法。哈希用于验证数据未被修改、篡改或损坏。\n\nHCN分配额度（HCN ALLOCATION AMOUNT）\n\n指受邀会员有权购买的喜马拉雅币积分（Himalaya Coin Credits）的最大数额。\n\nHDO或HCN积分（HDO OR HCN CREDITS）\n\n指会员在喜马拉雅交易所（Himalaya Exchange）账户中与某一加密资产相对应的积分，该积分赋予会员在喜马拉雅交易所平台上进行交易的权利。\n\n心脏出血OpenSSL漏洞（HEARTBLEED OPEN SSL VULNERABILITY）\n\n心脏出血（Heartbleed）是OpenSSL（通过计算机网络进行安全通信的协议）中的一个安全漏洞，攻击者可借此窃取登录凭据、个人数据甚至解密密钥等敏感数据。\n\n喜马拉雅币（HIMALAYA COIN，HCN）\n\n由喜马拉雅国际金融集团（Himalaya International Financial Group）发行并管理的官方代币。\n\n喜马拉雅美元（HIMALAYA DOLLAR，HDO）\n\n旨在维持与美元固定价值的稳定币，由喜马拉雅国际储备有限公司（Himalaya International Reserves Limited）发行并管理。\n\n喜马拉雅生态系统（HIMALAYA ECOSYSTEM）\n\n可使用、持有、交易、转账或消费HDO积分、HCN积分和代币的网络。\n\n喜马拉雅交易所（HIMALAYA EXCHANGE）\n\n会员可在其中买卖和交易其加密资产的加密资产交易所。\n\n喜马拉雅交易所应用程序（HIMALAYA EXCHANGE APP）\n\n使会员能够访问喜马拉雅交易所平台、以便在移动中购买和交易加密货币的交易应用程序。\n\n喜马拉雅支付应用程序（HIMALAYA PAY APP）\n\n为喜马拉雅生态系统提供支持、连接商家与会员的支付解决方案应用程序。该生态系统的会员可以用其HDO和HCN兑换商品和服务。\n\nHSTS标头存在（HSTS HEADER PRESENCE）\n\n超文本传输协议安全传输（Hyper Text Transfer Protocol Strict Transport Security，HSTS）是一种网页标头，用于向浏览器传达详细信息以强制执行安全设置。\n\n初始发行（INITIAL ISSUANCE）\n\n指相关发行方对HCN的首次发行。\n\nISAE 3402\n\n《国际鉴证业务准则第3402号》（International Standard on Assurance Engagements 3402，ISAE 3402）是一项鉴证标准，用于报告服务机构向客户提供的风险管理、控制措施和服务。\n\nISO 27001\n\n国际标准化组织（International Organisation for Standardisation，ISO）27001是一项关于如何管理信息安全的信息安全国际标准。\n\n发行方（ISSUER）\n\n就HDO而言，指喜马拉雅国际储备有限公司（Himalaya International Reserves Ltd）；就HCN而言，指喜马拉雅国际金融集团有限公司（Himalaya International Financial Group Ltd）。\n白皮书术语表。\n\n了解你的客户（KNOW YOUR CUSTOMER，KYC）\n\n“了解你的客户”指金融机构根据反洗钱（AML）法律核实客户身份的义务。\n\n轻量级目录访问协议注入（LIGHTWEIGHT DIRECTORY ACCESS PROTOCOL INJECTION，LDAP）\n\n一种用于利用Web应用程序漏洞的代码注入技术，可能泄露敏感用户信息或修改LDAP数据存储中呈现的信息。\n\n流动性支持（LIQUIDITY SUPPORT）\n\n指储备金在需要时使用其资金提供流动性的能力。\n\n中间人攻击（MAN-IN-THE-MIDDLE ATTACKS）\n\n一种网络攻击，攻击者秘密中继并可能篡改双方之间的通信，而双方均认为他们正在直接与对方通信。\n\n会员（MEMBERS）\n\n该术语指在喜马拉雅交易所注册并创建账户的个人或实体。\n\n商家（MERCHANTS）\n\n经喜马拉雅支付（Himalaya Pay）批准、接受HDO积分或HCN积分作为商品或服务支付方式的任何零售商。\n\n支付卡行业数据安全标准（PAYMENT CARD INDUSTRY DATA SECURITY STANDARD，PCI DSS）\n\nPCI DSS是一套阐明在接受付款时如何保护机构和客户的要求。\n\n销售点（POINT OF SALES，POS）\n\n指客户购买物品的物理或虚拟位置，或实际的物理销售点设备。\n\n私募发行（PRIVATE OFFERING）\n\n喜马拉雅币的非公开发售，仅向喜马拉雅交易所的特定会员以邀请方式提供。\n\n私募参与者（PRIVATE PLACEMENT PARTICIPANTS）\n\n指收到喜马拉雅交易所正式通知、受邀通过购买最高限额的喜马拉雅币积分来参与喜马拉雅币初始销售的所有个人。\n\n采购订单（PURCHASE ORDERS）\n\n会员提交的在喜马拉雅交易所购买HDO积分的订单。\n\n快速响应码（QUICK RESPONSE CODE，QR）\n\n二维码是一种方形条形码，允许会员即时访问有关产品或服务的信息。\n\nQUORUM\n\nQuorum是一个开源区块链协议，专门设计用于私有区块链网络或联盟区块链网络，其中多个成员各自拥有网络的一部分。它是喜马拉雅支付的骨干基础。\n\nR\nRAFT（可靠、复制、冗余和容错）\n\n一种旨在易于理解的共识算法。\n\n远程操作系统命令注入（REMOTE OS COMMAND INJECTION）\n\n这是一种注入攻击，攻击者可通过该攻击经由应用程序在宿主操作系统上执行任何恶意命令。\n\n储备金（RESERVE）\n\n由HDO发行方管理的资产池，用以维持HDO的价值。\n\n受限管辖区（RESTRICTED JURISDICTION）\n\n指对加密投资或其他加密交易受到任何形式限制的任何国家。\n\n限制期（RESTRICTED PERIOD）\n\n喜马拉雅生态系统之外的交易受到限制的时期。\n\n稳定币（STABLECOIN）\n\n指旨在与美元保持1比1价值结构的喜马拉雅美元。\n\n后续发行（SUBSEQUENT ISSUANCES）\n\n在初始发行之后发生的任何发行。\n\nTLS 1.3加密（TLS 1.3 ENCRYPTION）\n\n互联网上部署最广泛的安全协议的最新版本，该协议对数据进行加密以在两个端点之间提供安全通信通道。\n\n效用（UTILITY）\n\n这是喜马拉雅美元的商业价值主张。\n\n用户（USERS）\n\n访问或使用喜马拉雅交易所应用程序或喜马拉雅支付应用程序的任何人。\n\n白名单（WHITELISTED）\n\n已在喜马拉雅交易所或发行方验证并注册的以太坊地址或其他区块链地址。\n重大问题。\n\n当今的加密货币和其他数字资产生态仍在不断发展，带来了许多令人兴奋的机遇，同时也伴随着挑战。缺乏流动性和认知教育、安全性差、客户支持不足、高波动性以及不良的用户准入基础设施等因素，让普通消费者充满了恐惧、不确定性和怀疑（FUD）。\n\n许多加密货币交易所都是为理解钱包安全细节和加密货币复杂性的资深投资者构建的。这些交易所也面临着安全问题，主要是由于未充分利用“冷热存储”策略以及编写不良的软件，使其大多数用户容易受到网络攻击，并在复杂的用户界面和设计中挣扎，从而造成不良的用户体验。\n\n这些因素加上加密领域缺乏透明度和适当监管，正在推迟公众更广泛地采纳该技术。这概述了加密货币交易者在当前可用交易所中观察到的一些最大问题。\n\n以下统计数据显示了截至2020年4月全球交易者认为加密货币交易所存在的最重大问题。（© Statista 2021）\n\n以下统计数据显示了截至2018年全球交易者注册的加密货币交易所数量。在该年度，69%的受访者注册了3家或更多交易所（© Statista 2019）。\n百分比 交易所使用情况\n56% 的参与者使用3家以上交易所进行交易\n14% 的参与者使用2家交易所进行交易\n12% 的参与者使用3家交易所进行交易\n18% 的参与者使用1家交易所进行交易\n\n资金被盗是一个重大问题\n\n对于所有加密资产参与者而言，信息技术安全仍然是一个主要风险因素。加密资产持有者是黑客和犯罪分子的明显目标，因为一旦加密资产离开中介机构，区块链交易通常是不可逆转的。\n\n已查明的导致资金损失的安全漏洞\n\n交易所和存储提供商（不包括去中心化应用程序DAPPs）\n\n损失的加密资产资金\n标签 数值\n18亿美元 18\n16亿美元 16\n14亿美元 14\n12亿美元 12\n10亿美元 10\n8亿美元 8\n6亿美元 6\n4亿美元 4\n2亿美元 2\n0美元 0\n年份 损失的加密资产资金 漏洞数量\n2016年 1.52亿美元 4\n2017年 2.66亿美元 6\n2018年 9.50亿美元 12\n2019年 3.707亿美元 6，5\n2020年 5.13亿美元 10，10\n喜马拉雅币：面向数字时代的交易与支付解决方案。\n\n本文件提供了拟发行的喜马拉雅币（一种新型加密货币）的详细信息。喜马拉雅币由喜马拉雅国际金融集团（“发行方”）发行，其设计旨在提供先进的交易解决方案并结合支付解决方案，其结构旨在消除我们认为阻碍大规模采纳的一些关键障碍。\n\n其开发目的是在旨在实现低成本、快速和安全的支付与交易选项的基础设施内运行，其交易平台的开发目标是实现更强的流动性和高度的安全性。\n\n我们相信它代表了面向新数字时代的革命性金融解决方案。\n\n使命\n\n让世界上每个人都能掌控自己的财务自由。\n\n利用区块链技术创建最佳的数字金融系统，以提供负担得起、安全、高效和便捷的产品与服务。\n\n请阅读本白皮书末尾题为“重要通知”的部分以及题为“风险因素”的部分。\n\n本白皮书包含基于和/或获取自我们认为可靠的第三方公开来源的信息。虽然此类信息已在本文件中准确复制，但我们在未经独立核实的情况下信赖并假定了此类信息的准确性和完整性，且不保证其准确性、完整性、公允性，亦不应将其作为依据。基于和/或获取自第三方来源的信息已连同此类信息的来源一并注明。\n喜马拉雅币解决方案。\n概述\n\n喜马拉雅币（“HCN”或“喜马拉雅币”）旨在开发用于同时提供支付处理和交易解决方案的基础设施内运行，其设计目标是解决我们认为许多现有产品固有的某些关键缺陷，从而促进更广泛的采纳。\n\n参与喜马拉雅币的发行仅向喜马拉雅交易所的特定会员开放，喜马拉雅交易所是一个新的数字资产交易所，也是我们创建新数字金融系统使命的核心（“喜马拉雅交易所”）。喜马拉雅交易所及相关应用程序和基础设施的运营将通过使用“积分”来实现。系统内的积分将对应于特定类型的加密资产。有关积分的进一步说明，请参阅下文题为“结构考量”的部分。\n\nHCN（喜马拉雅币）的首次发行（下称“首次发行”）以及相应 HCN 积分（HCN Credits）的销售系以私募方式进行，且仅向私募参与者（Private Placement Participants）开放（如下文进一步详述）。HCN 的后续各次发行（各称一次“后续发行”）及相应 HCN 积分的销售，仅可根据 Himalaya Exchange（喜马拉雅交易所）就各次后续发行与销售所规定的条款，向一般会员或喜马拉雅交易所的特定会员开放。欲了解更多信息，请参阅下文题为“首次发行”的章节。\n\n在首次发行中，作为喜马拉雅交易所会员的私募参与者，以及就各次后续发行而言，符合适用于后续发行的条款的喜马拉雅交易所会员，将能够通过喜马拉雅交易所购买 HCN 积分来参与喜马拉雅币（Himalaya Coin）的发行。\n\n喜马拉雅交易所旨在为 HCN 积分以及平台上交易的对应其他加密资产的积分提供高水平的流动性。为实现最大程度的便利，会员将能够通过喜马拉雅交易所网站以及专用的 Himalaya Exchange App（喜马拉雅交易所应用程序，下称“喜马拉雅交易所应用程序”）访问喜马拉雅交易所，该应用程序将支持移动端访问喜马拉雅交易所。\n\n除交易解决方案优势外，HCN 积分还被设计为通过“Himalaya Pay App（喜马拉雅支付应用程序）”使用。喜马拉雅交易所应用程序将于第 3 阶段上线（如下文第 9 页推广计划所概述），并将允许会员使用 HCN 积分向在 Himalaya Ecosystem（喜马拉雅生态系统，下称“喜马拉雅生态系统”）内通过 Himalaya Pay（喜马拉雅支付）接受商品或服务付款的商家提供境内和跨境支付。会员还将能够把 HCN 积分从其喜马拉雅支付账户转账至其他会员的喜马拉雅支付账户。\n\n喜马拉雅生态系统正通过与预计将提供其产品和服务访问权限的企业建立合作关系来进行开发。创建和发展喜马拉雅生态系统旨在支持 HCN 和 HCN 积分的商业价值主张，激励采纳和使用。如果喜马拉雅生态系统的扩张导致二级市场对 HCN 积分或喜马拉雅生态系统外持有的 HCN 的需求增加，会员也将能够从任何此类需求增加中获益，例如 HCN 积分价格升值的潜力。\n\n综合成效在于打造了一种加密货币，其设计旨在通过低成本、安全且具有流动性的交易平台提供强有力的交易解决方案。喜马拉雅生态系统提供了一种支付处理解决方案，旨在提供接入商家、商品和服务的途径，从而实现效用最大化。\n喜马拉雅币解决方案。\n\n喜马拉雅币肩负着革新区块链支付行业的使命。驱动 HCN 的理念是帮助缓解加密行业内当前存在的问题。通过建立一个具有流动性的市场，喜马拉雅币将：\n\n- 减少资本锁定，并通过提高资本周转速度来盘活资本；\n- 向由机构和个人组成的更广泛的全球投资者群体开放不同的资产类别；\n- 提高私募资本行业的透明度和竞争力；以及\n- 由此提高创业者获取资本的便利性。\n\n借助二级市场的流动性，喜马拉雅币正在引入一种全新的“数字资产类别”。与传统有限合伙人模式下对初创企业或风险投资基金的直接投资相比，这一先进类别具有更优的风险与收益特征。\n\n推广计划\n\nHDO 的首次推出以及相关产品和服务的推广计划按以下阶段分步进行：\n\n* 在第 3 阶段开始之前，喜马拉雅交易所将仅向预先通知的人士（“私募参与者”）开放。第 1 阶段期限可在喜马拉雅交易所予以延长。凡阶段期限延长的，第 2 阶段和第 3 阶段的开始日期将顺延相同期限。喜马拉雅交易所或任何其他方若判定因 SARS-CoV-2 的持续影响及/或对其发售的巨大需求而有必要推迟，则任何阶段的任何部分的推出时间均可予以推迟。\n结构性考量\n\n喜马拉雅交易所、生态系统及相关应用程序和基础设施的运营将通过使用“积分”来推进。喜马拉雅生态系统内的积分将对应特定类型的加密资产。\n\n会员最初将能够使用美元从喜马拉雅交易所购买喜马拉雅美元积分（Himalaya Dollar Credits），并可通过将相应的加密资产转入喜马拉雅交易所钱包，购买与喜马拉雅交易所支持的特定类型加密资产相对应的积分。\n\n积分仅可在喜马拉雅交易所或喜马拉雅生态系统内使用，代表参与喜马拉雅交易所交易的权利，且不附带任何要求将其兑换为法定货币或加密资产的权利。会员可向喜马拉雅交易所提出请求，以兑换其账户上的积分，并将相应的加密资产转账至其外部钱包地址。\n\n此外，会员可向喜马拉雅交易所提出请求，接受转让对应于喜马拉雅美元（由 Himalaya International Reserves Limited（喜马拉雅国际储备有限公司，下称“HDO 发行人”）发行的美元稳定币，“HDO”或“喜马拉雅美元”）的喜马拉雅美元积分，以换取支付至该会员银行账户的等额美元款项。然而，此类兑换由喜马拉雅交易所全权酌定，且喜马拉雅交易所无义务满足任何此类请求。本文件中提及的在喜马拉雅交易所账户中或通过喜马拉雅支付应用程序持有的 HCN、HDO 或任何其他类型的资产，均指对应于该资产的积分。\n\n拟加入的会员须注意，会员不得在喜马拉雅生态系统内持有加密资产或法定货币，且喜马拉雅生态系统不提供任何类型的托管或其他安排以便利此项操作，喜马拉雅交易所或喜马拉雅生态系统内的任何其他实体亦未持有提供该等安排所需的任何牌照或授权。喜马拉雅交易所拟以自身名义并为其自身账户持有加密资产，并可选择应会员请求使用该等加密资产来完成会员积分与相应加密资产的兑换；且 HDO 发行人拟维持以现金和现金等价物（如政府证券）形式持有的美元或其他货币储备，当会员的该等请求获得喜马拉雅交易所批准时，该等储备可用于完成会员 HDO 积分与美元的兑换。会员对 HDO 发行人不享有任何直接或间接的索赔权。\n首次发行\n\nHCN 的首次发行将以私募方式向喜马拉雅交易所会员开放，具体如下：\n\n• 所有在第 1 阶段开始之前或期间收到喜马拉雅交易所正式通知，获准在通知中指定的最高额度（下称“分配额度”）内参与首次发行的各人士（各称一名“私募参与者”）。\n\n• 私募参与者作为首次发行的一部分可购买 HCN 积分的有效期限，将于第 3 阶段开始之日届满。\n喜马拉雅交易所对 HCN 积分的私募销售仅限于喜马拉雅交易所会员，不构成面向公众的发售。\n\n有关首次发行条款的更多详情，请参阅下文题为“喜马拉雅币发行”的章节。\n\n重要提示：拟购买者应注意，HCN 及 HCN 积分目前不构成且无意构成其发售所在司法管辖区的受监管产品或金融工具。\nHCN 发售。\n\n喜马拉雅币是一种基于以太坊的 ERC-1404 代币，向下兼容 ERC-20 标准，由在英属维尔京群岛注册成立的 Himalaya International Financial Group Limited（喜马拉雅国际金融集团有限公司）发行。\n\nHCN 的开发旨在多层面的基础设施内运行，其设计意图是在确保成本与交易效率以及高水平安全性的同时，实现效用最大化。HCN 积分将通过喜马拉雅交易所销售，并在第 3 阶段上线交易功能后完全可交易。\n\n在首次发行中，作为喜马拉雅交易所会员的私募参与者，以及就各次后续发行而言，根据该等后续发行条款具备资格的喜马拉雅交易所会员，将能够通过其喜马拉雅交易所账户使用喜马拉雅美元积分或美元购买 HCN 积分来参与发售。在喜马拉雅交易所及喜马拉雅交易所应用程序上线交易后，HCN 积分将可在喜马拉雅交易所通过喜马拉雅交易所网站或使用专用移动应用程序——喜马拉雅交易所应用程序在移动中自由交易，以换取对应于其他加密资产的积分。\n\nHCN 积分可在首次发行或后续发行中作为其一部分使用 HDO 积分或使用美元购买。购买 HCN 积分而非使用美元的会员将享受免收购买相关费用的优惠。\n\n此外，在喜马拉雅支付应用程序上线后，所有会员将能够使用 HCN 积分向通过喜马拉雅支付应用程序接受商品和服务付款的商家进行支付，或将 HCN 积分从其喜马拉雅支付账户转账至其他会员的喜马拉雅支付账户。当计划中的以太坊与 Quorum 混合区块链平台基础设施升级完成时，我们相信喜马拉雅支付应用程序将相比同类产品提供显著优势，并代表一种高度可扩展的解决方案。\n主要功能\n在喜马拉雅交易所交易\n\n在喜马拉雅交易所上，HCN 积分将通过喜马拉雅交易所发行并完全可转让，使会员能够自由地将 HCN 积分交易为喜马拉雅交易所上可用的其他加密货币积分。\n喜马拉雅支付应用程序\n\n会员可以使用专用的移动支付应用程序喜马拉雅支付应用程序，使用 HCN 积分向喜马拉雅生态系统内的商家（包括预计将向 HCN 积分持有者提供产品和服务获取途径的新兴及知名品牌）进行快速且安全的购买。\n\n喜马拉雅交易所网站及应用程序\n\n通过喜马拉雅交易所应用程序，会员将能够访问喜马拉雅交易所交易平台，以购买、兑换和交易 HCN 积分。\n主要优势\n低成本、快速且安全\n\n采用混合区块链技术的发售，提供全天候（24/7）低成本、快速且安全的转账、支付和结算。\n法定货币支付的替代方案\n\n接入通过喜马拉雅支付接受付款的商家生态系统，预计将向 HCN 积分持有者提供产品和服务的获取途径。\n价格价值保护\n\n设有发行上限，并对进一步发行的频率、规模和价格进行限制，以维护价值并支持价格升值。\n\n透明度与安全性\n\n得益于稳健安全平台的透明资产。\n流动性\n\n获得一个具有与一系列数字资产相对应的积分的流动性市场。\n\n转让限制与遵守法律\n\n在第3阶段推出启动后，会员将能够申请将其Himalaya Exchange（喜马拉雅交易所）账户中的积分兑换为相应的加密资产，经喜马拉雅交易所批准后，该等资产将被转移至会员的外部钱包地址。\n\n法律和监管的发展以及监管机构的处理方式对不同类型加密资产的存续构成了生死攸关的威胁，并且在过去曾对某些类别的现有加密资产产生重大负面影响。\n\n在某些情况下，法律或监管方式的变化导致特定司法管辖区内的某些资产类型突然丧失可行性，给持有者带来重大的负面后果。在其他情况下，监管调查的公布导致资产价值和效用迅速大幅下降，并被全球范围内的交易所下架。\n\n我们致力于开发经得起时间考验的、安全、可持续且稳定的产品。为了实现HCN（喜币/Himalaya Coin）的长期存续并保护会员价值，HCN在开发中加入了时间锁功能，自HCN转移至任何外部钱包地址之日起366天内，将自动限制其从该地址转出，除非相关地址已由发行方或发行方授权的第三方进行验证并列入“白名单”。\n\n该功能旨在防止未经授权使用客户钱包资金，并避免因疏忽而违反某些证券法，开创了一种面向未来以应对动态全球监管环境的方法。\n\n有关该功能的更多信息，请参阅下文题为“遵守法律与限制期”的章节。\n\n此外，为了避免违反现有或新的法律法规，可能有必要不时在HCN智能合约中实施限制措施。我们将始终尽商业上合理的努力，就智能合约提供事先通知，并通过官方渠道告知HCN持有者。\n\n\nHimalaya Coin（喜币）发行。\n初始发行\n\n初始发行以私募方式进行，且仅向已在喜马拉雅交易所开立账户的私募参与者开放。\n\n希望参与初始发行的私募参与者必须完成注册与验证程序，并在喜马拉雅交易所开立账户。开户后，参与者可通过向喜马拉雅交易所的银行账户付款来购买HDO（喜美元/Himalaya Dollar）积分。\n\n在第2阶段启动后但在第3阶段开始前，私募参与者可通过其在喜马拉雅交易所的账户下达购买HCN积分的订单，并可选择以美元或使用其交易所账户上的HDO积分进行支付。若要使用HDO积分购买HCN积分，私募参与者必须在下达HCN积分订单前先用美元购买HDO积分。选择使用美元而非HDO积分购买HCN积分的私募参与者将产生额外费用，该费用可在喜马拉雅交易所网站上的费用表中查阅。订单金额不得超过其分配额度。\n\n初始发行有效期限\n\n第2阶段结束后，初始发行即告完成，作为初始发行的一部分，将不再提供从喜马拉雅交易所购买HCN积分的服务。\n\n购买订单 - 初始发行\n\n在初始发行中购买HCN积分的订单只能在初始发行日或之后下达。要参与其中，私募参与者：\n\n· 必须是拥有喜马拉雅交易所账户的注册会员，并已完成喜马拉雅交易所要求的所有必要KYC/AML（了解你的客户/反洗钱）程序；\n以及\n\n或者\n\n· 若其选择使用HDO积分支付，则其喜马拉雅交易所账户中必须有足额的HDO积分以支付购买HCN积分的费用；\n\n· 若其选择使用美元支付，则必须以美元支付购买价款，外加支付适用费用所需的金额。\n\n\n代币创建与初始发行：\n\n有关初始发行的更多详细信息将在喜马拉雅交易所网站上提供，网址为 http\n审计与评估：\n\nERC-1404代币向下兼容ERC-20标准。我们的智能合约已成功通过CertiK（Certik）的审计。\n\n代币名称\n\n代币代码\n\n发行方司法管辖区\n\n初始发行日期\n\n初始发行价格\n\n接受的付款方式\n\nHCN初始发行总量\nHIMALAYA COIN（喜币）\n\n\n\nBRITISH VIRGIN ISLANDS（英属维尔京群岛）\n\n2021年4月26日\n\n0.10 喜美元积分 = 0.10 美元\n\n仅限美元或喜美元积分 \\*\n1,000,000,000 枚代币\n\n\\* 不适用于美利坚合众国境内人士或美国公民。\n\n\n\n\n\n\n\n后续发行\n\n在初始发行完成之后以及随着喜马拉雅生态系统的扩展，发行方可能会发行更多的HCN，喜马拉雅交易所可能会通过喜马拉雅交易所向会员或特定的会员群体出售相应的积分。发行更多HCN及出售相应HCN积分的能力，旨在随着客户和商家需求的增加促进增长，支持我们实现大规模采用的目标，同时通过由此带来的效用、价值和流动性的提升，增强HCN及相应HCN积分给会员带来的利益。\n\n为了在喜马拉雅生态系统和喜马拉雅交易所平台扩展且需求增加时维持市场对HCN及相应积分的需求并支持其价值增值，可发行的HCN最大数量上限为100,000,000,000枚（“发行上限”），每年最多发行4次，且在任何12个月期间内允许发行的年度最高上限为1,000,000,000枚（加上往年未发行的任何额度）。\n\n只有在我们认为为了实现本文件开头所述的愿景和使命而有必要或可取时，才会对发行上限进行未来的任何提高。有关提高发行上限的任何未来决定，都将在咨询独立顾问后作出，以保护所有会员并使其受益。\n\n为了在后续发行时维护已在流通中的HCN及相应积分的价值，未来每次发行的发行价将按如下方式确定：\n\n(a) 未来每次发行的发行价格（“发行价”）将以美元计算，依据是在公布进一步发行HCN之日前紧随其后的30天内，在喜马拉雅交易所结算的所有HCN积分交易中每HCN积分支付的加权平均价格（“加权平均价”）。用于计算加权平均价的每笔交易的美元价格，将根据在相关交易执行时或前后在喜马拉雅交易所将用于交易HCN积分的积分类型兑换为HDO积分的即期汇率计算，且每1个HDO积分的价值被视为等于1美元。\n\n(b) 每HCN积分的发行价将由发行方设定，但须符合下文第(c)款的规定，且不得高于加权平均价的115%，亦不得低于加权平均价的85%。\n\n(c) 尽管有上述第(b)款的规定，如果发行方依其完全且绝对的酌处权判定，按照前述规定切实无法计算发行价，或者如此计算出的发行价不构成公允市场价格，则其有权对发行价的计算作出其认为必要的调整，以达到其认为属于公允市场价格的发行价。在作出该等判定时，发行方可考虑其认为相关的所有信息，包括但不限于是否发生了一笔或一系列重大交易，其中每HCN积分支付的价格与用于计算加权平均价的其他交易所支付的价格存在实质性差异。\n\n会员应注意，HCN积分的价值独立于任何其他资产的价值，包括HCN代币。\n\n\n\n\n\n有关任何后续发行的更多详细信息将在喜马拉雅交易所及喜马拉雅交易所应用程序上提供。\n\n\\* 喜马拉雅交易所可自行决定允许使用其他积分类型购买HCN积分。\n\n喜马拉雅交易所对HCN积分的私募发售仅限于喜马拉雅交易所会员，不构成向公众的公开发行。\n我们的技术。\nQUORUM区块链\n\n区块链是一种确保交易数据完整性的组织方法，也是加密货币的核心组成部分。该技术用于维护所有已发生交易的在线账本，从而为账本提供一种高度安全的数据结构，可供共享以达成共识。账本的副本由整个网络或单个节点的计算机维护。生成的每个新区块在确认前都必须经过各个节点的验证，这使得伪造交易历史记录几乎成为不可能。此外，每个区块链网络都可以具有独特的特征和算法，并且可以根据谁有权访问该网络而分类为公有链、私有链或联盟链。\n\n遗憾的是，在Ethereum（ETH，以太坊）或Bitcoin（BTC，比特币）上验证交易所需的计算资源相当庞大。不可篡改性伴随着代价。公有区块链的交易时间有时很慢，而且众所周知交易费用可能会暴涨并变得过高。在Himalaya Pay（喜支付）应用程序进行基础设施升级后，喜马拉雅生态系统将使用结合了以太坊和Quorum区块链的混合区块链。这种混合模式为生态系统会员实现了低费用的交易。\n\nQuorum是一种先进的区块链技术，是最初由JP Morgan（摩根大通）开发的面向企业的以太坊版本。通过使用Quorum许可区块链，该技术以极低的费用提供了高吞吐量的交易能力。Quorum是一种基于以太坊的分布式账本协议，旨在为各行业提供一种支持交易和合约隐私的以太坊许可实现方案。它是一个开源区块链平台，结合了公共以太坊社区的支持与满足企业需求的增强功能。\n\n它可以：\n\n• 实现强大的交易隐私性；\n\n• 提供共识算法选择（RAFT、IBFT或Clique PoA）；\n\n• 通过使用Quorum基于智能合约权限的模型，灵活定义如何接纳实体和用户加入网络；\n\n• 能够与已知参与者组成的许可群体一起，对私密交易进行高速、高吞吐量的处理；\n\n• 允许任何企业通过Quorum云在不同的云环境中轻松部署Quorum；以及\n\n• 在一个通用、可扩展的平台上提供部署配置。\n\n我们的 Quorum 区块链框架将通过 Himalaya Pay 网络使用 HCN Credits（喜币积分）支持即时买入、卖出和转账请求。在 Himalaya Pay 账户之间低成本进行 HCN Credits 对手方转账是通过一条许可链实现的。该机密联盟采用军工级网络安全协议进行加密，以确保数字资产保护并维护会员隐私。\n\nHimalaya Pay App 的恢复功能将让会员放心，即使其移动设备丢失或损坏，他们也可以凭密码在新设备上轻松访问其账户。\nQUORUM 深受领先机构信赖：\n\nJ.P.Morgan（摩根大通）\n\nSouth African reserves Can（南非储备银行）\n\nQuorum 是一个基于 Ethereum（以太坊）专为金融领域设计的区块链平台。金融业是区块链技术的主要受益者之一。然而，金融领域在转向区块链和数字资产领域方面一直进展缓慢。监管环境问题、缺乏了解、大众普及度不足以及信任缺失，是导致金融领域在整合方面犹豫不决的部分关键因素。我们生态系统的基础设施在设计时就以解决这些问题为目标。\n\n很少有其他区块链网络的运行量和规模能达到以太坊网络的水平。我们采用 Quorum 与以太坊的混合模型，旨在满足全球推广应用的严苛要求。会员的私人信息绝不会向 Himalaya Exchange（喜马拉雅交易所）、Himalaya Pay App 或 Himalaya Exchange App 会员进行广播。私人数据将被加密，且仅直接与交易涉及的当事方共享。\n\n我们 Himalaya Pay 区块链网络的分布式架构和共识机制将促进比纸质和中心化金融系统更高效的数据协同。它建立在以太坊的基础代码“Go Ethereum”之上。对以太坊进行的四项重大改进使 Quorum 成为机构级框架的首选。\n\n首先，Quorum 是一条许可区块链。该网络并不对所有人开放。我们的许可链仅在预先批准的参与者之间可用。由于所有参与者均经过验证，这提供了一层额外的安全性和透明度。其次，我们的区块链解决方案确保了数据机密性，这是与金融机构合作的关键因素。除了其许可性质外，它还可以在链上执行公开和私密交易。这些交易类似于以太坊网络上的交易，而私密交易的细节则不会向公众暴露。\n\n使 Quorum 区别于其他区块链技术的另一个关键方面是 Constellation。Constellation 机制将特定消息加密在受保护的隔离区内，并存储有关先前交易的信息。绝大部分密码学重负都是在 Constellation 隔离区内完成的，该隔离区实质上是一个与其他组件隔离的“虚拟 HSM（硬件安全模块）”，使其安全可靠。Quorum 交易包括全局交易哈希（Global Transaction Hash）、公共状态根哈希（Public State Root Hash）以及出块者的签名。\n\n最后，我们相信使用 Himalaya Pay App 区块链生态系统的一个显著优势在于其高性能。Himalaya Pay 生态系统的设计目标是实现远高于 Bitcoin（比特币）和以太坊的吞吐量。这些更高速度背后的创新在于共识机制的设计。\n\n以跨链互操作性为目标，喜马拉雅生态系统已做好准备提升我们的金融技术能力，同时我们坚定不移地发展我们的全球生态系统。\n\n\nHimalaya Exchange。\n\nHimalaya Exchange 是一家数字资产交易所。在 Himalaya Exchange 上将通过使用对应于加密资产的 Credits 进行的交易产品预计将包括稳定币、代币和其他加密货币。未来支持的资产范围可能会扩大至包括其他加密资产。支持的资产将不包括证券代币或任何形式的衍生品。\n\nHimalaya Exchange 致力于在多个司法管辖区保持合规，旨在成为全球数字资产服务提供商。它采用机构级系统架构设计，旨在应对当今金融市场中普遍存在的不断演变的安全风险。\n\nHimalaya Exchange 是旨在简化和加速加密货币普及进程、同时提供强大的安全性与流动性特性的生态系统的一部分。Himalaya Exchange 的基石是先进的安全实践、高级硬件和软件基础设施、全天候监控、对我们客户的持续支持以及我们员工和社区的不断发展的结合体。\n\n在 Himalaya Exchange 上交易的对应于 Credits 的高比例数字资产（例如 HDO、HCN、ETH 和 BTC）将保存在我们的离线钱包系统（冷存储）中，以及信誉良好的流动性提供商和加密货币托管商处。离线钱包系统（冷存储）提供了防范黑客攻击、盗窃或损失的必要安全措施。从 Himalaya Exchange 转移资产需要多名员工的操作。所有私钥均被分片并存储在保险箱和地理分布的库房中。\n\n\n技术层级安全。\n\n除了确保其加密资产的安全可靠之外，Himalaya Exchange 还采取一切必要防范措施以保护其会员的个人信息和数字交易的安全。Himalaya Exchange 将采用高标准的网络安全，同时资产保存在高级别安全环境中，未来将为所有会员及其操作引入 3FA（三因素身份验证）。\n\n我们正在与世界领先的技术合作伙伴合作，以确保基于智能的身份验证通过结合跨设备、位置和行为数据得出的深度学习洞察以及个性化和情境化的客户旅程来识别会员，这使我们能够抵御中间人攻击、通用填充预言机攻击和远程操作系统命令注入，并成为首家实施 3FA 的加密交易所。\n\n所有创建、存储和处理数据的 Himalaya Exchange 环境均受到至少 AES 256 级别加密的保护。应用程序组件托管在私有子网中，外部通信通过防火墙和白名单进行控制。传输中的数据受到 TLS1.3 加密的保护。强化服务器托管应用程序软件，仅启用了用于内部通信的必要端口。\n\n由世界知名合作伙伴提供的高级注册和验证技术也将有助于防止对我们系统和服务的未经授权访问。\n\n针对 Himalaya Exchange 持续进行的 CHECK 和 CREST 认证的行业领先第三方渗透测试提供了不断的压力测试。Himalaya Exchange 的私有钱包密钥绝不存储在平台上的软件或数据库中。对我们钱包的访问受到多层方法的管辖，没有任何单一实体拥有完全访问权限。\n\n\nHimalaya Exchange 政策与系统层级安全。\n\nHimalaya Exchange 将对应用程序、IT 基础设施和相关服务进行定期的独立安全审计和测试。我们投入资源进行个人安全方面的培训和意识提升，从我们的执行管理团队最高层开始，一直延伸到我们的其余员工。我们制定了健全的网络安全和事件响应控制、政策及计划。\n\n我们的数据库经过加密并备有备份以确保高可用性。针对该机构的反网络钓鱼系统也已实施。\n\nAPI 调用采用 SSL 加密封装并带有密码学签名以防止任何网络钓鱼攻击。已引入 HWS 冷存储和热存储用于管理 Himalaya Exchange 资产。\n\n利用反 APT（高级持续性威胁）解决方案来改进安全框架。频繁对平台和钱包基础设施进行第三方安全审计，同时由第三方顾问进行内部操作程序审计，这提供了另一层保护。\n\n我们所有的系统均符合行业领先的标准和法规，例如 ISO27001、Cyber Essential、PCI DSS、GDPR 和 ISA3402E 以及其他合规要求。\n\n\nHimalaya Exchange APP。\n\n随时随地灵活访问 Himalaya Exchange 市场以购买、兑换和交易 HCN Credits 及其他加密资产 Credits，是提供具有最大实用性的灵活且用户友好的产品的关键。在第 3 阶段开始后，Himalaya Exchange App 将为会员提供专门的移动应用程序，以便随时随地访问 Himalaya Exchange。\n\n同样，会员将能够通过 Himalaya Exchange App 访问 Himalaya Exchange 交易平台，以购买、兑换和交易 HCN Credits 及其他加密资产 Credits。\n\nHimalaya Exchange App 将与 Himalaya Pay 集成，允许会员在其 Himalaya Exchange 账户与其 Himalaya Pay 账户之间转移喜币积分和喜美元积分。\n\n\nHimalaya Pay APP。\n\n通过移动设备保护、管理和消费数字资产应当是简单、直观、低成本且安全的，但对于比特币、以太坊等许多加密货币以及建立在以太坊和其他协议之上的其他代币而言，情况往往并非如此。\n现状\n\n许多现有加密货币的用户经常需要支付高昂且波动的费用，这些费用随着时间的推移一直在增加。下表显示了截至 2021年1月12日 以太坊网络上的交易费用，该图表展示了随着时间的推移价格面临的上行压力，以及成本波动性的显著增加。\n\nmonman III haddhi\n\n\n\nStures Ethersen - 以太坊网络，交易费用图表，显示为以太坊网络支付的作为交易费用的以太币历史总数量，\n数据截至 2021年1月13日\n解决方案\n\n现有问题 商家 客户\n图片：齿轮图标 基础设施不足 | 混合以太坊（Ethereum）与 Quorum 区块链技术。 | · 大额交易处理能力\n· 低手续费\n· 强大的交易隐私保护\n· 无缝且快速的支付 | |\n图片：重叠圆圈图标 透明度与结构完整性 | 经过验证的会员市场以及健全的平台交易规则。 | · 会员的信任与信心\n· 为全球监管机构提供安心与确定性\n· 降低交易对手风险 | |\n图片：地球图标 生态系统 生态系统 结合了众多商家的生态系统，提供产品和服务的获取途径。 | · 全球市场\n· 为零售商和投资者创造独立价值\n· 独家产品与服务 |\n图片：锁图标 监管与安全 | 军工级网络安全协议，双重交易技术确保账本准确且稳健。 | · 数字资产保护\n· 生态系统内的无缝资产追回\n· 保障会员私密数据 | |\n2020年，区块链欺诈行为继续大幅超过黑客攻击和盗窃。\n\n除了与公链交易成本相关的负面影响外，用户还面临因被盗或丢失钱包而损失资产的问题。在2020年前5个月期间，据估计加密货币盗窃、黑客攻击和欺诈总额达 13 亿美元 [1]。\n\n预计到2022年，加密货币用户将从2.5亿增长到4亿。目前水平为1.06亿人。预计到2022年，数字支付领域的总额将超过 5 万亿美元，其中加密货币支付可能占总支付额的2-3%。\n\n\n数字支付领域的总交易额\n\n\nHIMALAYA PAY APP（喜马拉雅支付应用程序）解决方案\n\nHimalaya Pay App（喜马拉雅支付应用程序）旨在解决这些问题。Himalaya Pay App 计划在所有其他产品和服务推出后上线，是一款专用的移动支付应用程序，旨在通过 iOS 或 Android App 使用 Himalaya Coin Credits（喜马拉雅币积分）和 Himalaya Dollar Credits（喜马拉雅美元积分）进行快速且安全的购买和转账，同时解决传统上限制加密货币商业化应用的复杂性。\n\n通过利用旨在实现无缝、安全和具有成本效益的交易基础设施，Himalaya Pay App 成为一项支付和转账解决方案，旨在满足不断扩大的健全生态系统的大额交易需求。\n\n\n\n轻松转入其 Himalaya Pay 账户，反之亦然。用户界面的设计考虑了简单性和易用性。它包括快速响应（「QR」，即二维码）码和销售点（「POS」）功能，允许会员使用智能手机进行购物。应付金额等信息可自动插入至 Himalaya Pay App 中。\n\n该应用程序将允许会员使用 HCN Credits（喜马拉雅币积分）在喜马拉雅生态系统内的合作商家进行国内和跨境支付，并在极低手续费的情况下，全天24小时向其他会员的 Himalaya Pay 账户转账 HCN Credits。\n\nG\n我们相信，Himalaya Pay App 为会员带来的一个重大好处是其安全性。该系统构建有军工级安全控制，旨在保障会员的资产。其创新的混合区块链解决方案旨在解决许多现有产品中通常被认为是固有的某些安全问题。\n\n我们认为相比许多现有产品，其优势包括以下几点：\n\n· 对于大多数加密钱包，如果装有钱包的智能手机丢失或被盗，很容易损失所有资产。Himalaya Pay 不存在这个问题，因为任何会员都可以获取一部新智能手机，只需使用其凭据（用户ID和密码）即可访问其资产；\n\n· 所有 Himalaya Pay App 会员（包括个人和商家）均经过验证。这旨在促进安全性和透明度；\n\n· 如果会员的智能手机遭到入侵，并且其 Himalaya Pay 账户上的积分被访问，向喜马拉雅生态系统之外的地址转账相应资产的操作只能通过 Himalaya Exchange（喜马拉雅交易所）完成；以及\n\n· 在基础设施升级后，Himalaya Pay 上的交易将使用 Quorum 区块链技术来推进。该技术旨在实现具备低手续费和强大交易隐私保护的大额交易能力。\n\n位于澳大利亚和香港的会员须知：Himalaya Pay App 及相关服务目前在澳大利亚和香港不可用。\n\n有关这些安全功能的更多详细信息，请参阅上述「喜马拉雅交易所政策与系统级安全」部分。\n「我们正在实现全球范围内人与企业之间的交易。这就是 Himalaya Pay。」\n商家 客户\n成本 低交易手续费 能够以低手续费在我们的商家处消费 HCN/HDO |\n流量 新的高价值客户群体 激励购买知名品牌的精选产品和服务 |\n体验 易于集成到现有系统中，商家控制面板用于跟踪交易 | 使用 Himalaya Pay App 进行流畅的二维码移动支付 |\n速度 即时交易结算 即时支付确认\n\n- 客户在商家平台的结账页面上选择「Himalaya Pay」，使用 Himalaya Coin 或 Himalaya Dollar 进行支付。\n- 向客户展示二维码，客户使用 Himalaya Pay App 扫码支付。\n- 客户账户被扣款。商家在其企业账户中即时收到付款。\n\n\n喜马拉雅生态系统。\n\nHimalaya Exchange（喜马拉雅交易所）正与世界领先品牌合作，打造超越并冲破平流层、达到令人兴奋的新高度的全新支付格局。喜马拉雅生态系统是一个创新的网络，使您能够进行支付、安全购物、转账以及兑换加密货币。我们的数字货币与众不同，因为它为我们的会员同时提供了价值和实用性。\n\n我们的支付处理解决方案旨在提供直接进入全球市场的途径，同时支持商业和区块链交互。与传统支付方式相比，Himalaya Pay 简化了买卖流程。我们的生态系统为即时安全性提供了平台，同时让我们的会员能够接触全球商家。Himalaya Pay 为具有前瞻性思维的企业配备了扩展业务和保持紧跟时代所需的技术。\n\nHimalaya Pay 是一种快速且安全的解决方案，用于为您的产品或服务接收加密货币付款。我们的应用程序为喜马拉雅生态系统商家提供健全的在线支付基础设施，该基础设施旨在轻松集成到您的业务中，并提供令人愉悦且灵活的客户体验。\n即将推出\n\nHimalaya Coin 允许您在全球零售商处在线购物，寻找独特且精选的产品，并实现无缝简单的结账，只需添加到您的购物车并使用 HCN 支付。\n\n在喜马拉雅生态系统内，您可以购买食品杂货，或者在您最喜欢的餐厅款待自己和朋友。使用您的 HCN 结账。Himalaya Pay App 旨在为日常消费提供便利。\n\nHCN 是购买机票、酒店和度假活动的便捷支付选项，无需在每次度假时兑换货币。Himalaya Coin 跨越国界并打破壁垒。\n\n借助 Himalaya Coin，我们的平台旨在使企业主能够简化流程并即时结算发票。所有交易均在所有商家均可访问的控制面板上进行监控和跟踪。\n\n专为支持您的数字生活而构建的数字生态系统。充值您的手机话费，购买 VPN，或在喜马拉雅商家之一购买最新的潮流科技产品，并使用 Himalaya Coin 为您的数字活动提供资金。\n喜马拉雅生态系统\n喜马拉雅生态系统。\n\n在提升价值和实用性的同时，实现任何加密货币的大规模接受、采用和可持续性的一个关键组成部分，是开发一个足以赋予货币内在价值并激励采用和使用的生态系统。发行人及其关联方正致力于通过与企业建立伙伴关系来开发喜马拉雅生态系统，并旨在随着时间的推移对此进行扩展。\n\n通过建立和发展喜马拉雅生态系统，其目标是引入知名品牌和大额业务合作伙伴，并在生态系统内促进初创企业的发展。\n\n已对销售点硬件进行了投资，最终目标是允许商家以低手续费和即时结算处理系统在全球范围内接受我们的积分。\n\n由初始合作伙伴和关联方组成的喜马拉雅生态系统目前计划在所有其他产品和服务推出后上线，会员将提前收到上线日期的通知。喜马拉雅生态系统将使符合条件的会员能够接触到我们的全球商家。\n\n\n\n数字所有权\n另类金融\n支付\n商家\n去中心化公用事业\n\n喜马拉雅生态系统\n\n实用代币\n储备\n可编程货币\n隐私\n价值储存\n稳定币\n\n市场 主页 交易\n\n米兰市\n\nHIMALAYA DOLLAR（喜马拉雅美元）\n即将推出\nHIMALAYA COIN（喜马拉雅币）\n\n此处接受：\nCAFFEE TULLANO\n意大利，米兰\n\n「就像互联网彻底改变了我们的生活和工作方式一样，像 Himalaya Coin 和 Himalaya Dollar 这样的加密货币有潜力改变人们参与全球市场的方式。」\n\n遵守法律与限制期。\n限制期\n\n围绕数字资产的法律尚处于起步阶段、复杂、瞬息万变且因司法管辖区而异。向法律禁止或限制转让、购买或使用此类资产的国家的公民或居民进行转让，可能会产生潜在的法律责任。美国是对向其公民和居民转让各类数字资产施加限制的一个司法管辖区。为了防范潜在的法律责任，HCN 在开发中包含了一项革命性的时间锁功能，该功能将自动限制从任何非白名单以太坊地址转让 HCN，期限为自该地址收到之日起的 366 天（「限制期」），除非相关以太坊地址已通过验证并被「列入白名单」。\n地址白名单化\n\n• 会员可以通过向发行人或另一家获授权的实体注册其以太坊地址，申请解除限制期限制。一旦注册，该注册地址收到的任何 HCN 或 HDO 将不受限制期的约束。只有在确定此类注册及随后的转让不会违反适用法律的情况下，发行人或 HDO 发行人（视情况而定）或由发行人或 HDO 发行人授权的第三方，方可酌情接受地址注册。\n\n• 将通过发行人网站提供简单的白名单程序（身份及以太坊地址验证）。每次列入白名单将收取微量费用。\n\n• 一旦列入白名单，受限期（Restricted Period）功能将不再适用于该白名单地址。\n例外情况\n\n• 受限期功能不适用于在 Himalaya Exchange（喜马拉雅交易所）或 Himalaya Pay（喜马拉雅支付）网络内进行的 HCN Credits（HCN 积分）转账。受限期仅适用于 Himalaya Ecosystem（喜马拉雅生态系统）之外未经白名单批准的 Ethereum（以太坊）地址之间的转账。\n\n• 受限期功能仅适用于 Himalaya Dollar（喜马拉雅美元）和 Himalaya Coin（喜马拉雅币），不适用于您以太坊地址中的任何其他代币。\n条款与条件\n\nHCN、HCN Credits 以及喜马拉雅交易所、Himalaya Pay App 及其他相关功能、产品和服务的使用，均受条款与条件以及使用条款的约束，相关条款将在相关产品或服务上线之日前在喜马拉雅交易所网站上公布。\n重要通知。\n美国\n\n喜马拉雅币未曾且将不会根据经修订的 United States Securities Act of 1933（《1933年美国证券法》）（下称“《证券法》”）进行注册，亦未在美利坚合众国任何州或其他管辖区的任何证券监管机构进行注册。因此，喜马拉雅币或喜马拉雅币积分均不得在美国境内或受美国管辖的任何领地、属地或区域内，或向任何美国人士（如《证券法》项下 S 条例所定义的人士）、任何美国公民（如 8 U.S.C. Subchapter III 所定义）或任何美国人士（如 17 C.F.R. § 230.902(k) 所定义），或为该等人士的账户或利益进行要约、出售、转让、质押、交付或转移。\n\n喜马拉雅交易所并非根据 United States Securities Exchange Act of 1934（《1934年美国证券交易法》）第 6 条注册的交易所，亦非出于美国证券交易委员会关于另类交易系统要求的 ATS 条例（下称“Regulation ATS”）之目的获得 United States Securities and Exchange Commission（美国证券交易委员会，即 SEC）批准的另类交易系统，且并不免受 Regulation ATS 的要求或任何其他监管在美国境内或受美国管辖的任何领地、属地或区域内设立或运营交易所或另类交易系统的适用豁免。发行人及喜马拉雅交易所均未在美国注册为经纪商/交易商。因此，不得在美国境内或受美国管辖的任何领地、属地或区域内，或由任何美国人士（如《证券法》项下 S 条例所定义的人士）、任何美国公民（如 8 U.S.C. Subchapter III 所定义）或任何美国人士（如 17 C.F.R. § 230.902(k) 所定义），或为其账户或利益访问或使用喜马拉雅交易所。\n香港\n\n本文件的内容未经 Hong Kong Securities and Futures Commission（香港证券及期货事务监察委员会）审阅或批准，亦未经香港任何其他监管机构审阅或批准。建议您保持审慎；如果您对本文件的任何内容有任何疑问，应获取独立专业意见。\n中华人民共和国\n\n在中华人民共和国（不包括香港、澳门和台湾）（下称“中国”）境内，明确禁止加密货币（或任何类似产品）的营销或销售。因此，不得违反任何适用的中国法律，在中华人民共和国境内直接或间接向任何人要约、出售或交付 HCN 及 HCN Credits，亦不得为再次要约、转售或重新交付而向任何人要约、出售或交付。您声明、确认并同意：(1) 您在访问或交易 HCN 或 HCN Credits 时，住所不在且人不在中国境内；(2) 任何相关的交易活动（包括通过喜马拉雅交易所 App 进行的交易）均不得在中国境内进行；以及 (3) 不得为任何其他目的在中华人民共和国境内复制或重新分发本文件或任何其他相关营销材料。\n阿拉伯联合酋长国\n\n产品和服务的发售未经 United Arab Emirates Central Bank（阿拉伯联合酋长国中央银行）、UAE Securities and Commodities Authority（阿联酋证券和商品管理局，下称“SCA”）或 United Arab Emirates（阿拉伯联合酋长国，下称“阿联酋”）任何其他相关许可机构的批准或许可，因此根据关于商业公司的经修订的 2015 年第 2 号联邦法律《商业公司法》以及关于推广和推介组织的 2017 年 SCA 第 3/R.M. 号决议或其他规定，不构成在阿联酋公开发售包括证券在内的金融产品和服务。因此，国际金融产品和服务不得在阿联酋向公众发售。\n\n本文件项下的产品和服务发售纯属私人和机密性质，仅向有限数量的客户发布：(A) 应其要求，并经其确认其理解国际金融产品和服务未经阿联酋央行、SCA 或阿联酋任何其他相关许可机构或政府机构的批准、许可或注册；且 (B) 不得提供给原始接收人以外的任何人士，亦不得出于任何其他目的进行复制或使用。\n\n若 SCA 未批准加密资产在阿联酋的加密资产交易所上市，则该等加密资产在阿联酋的任何交易所均不可用，因此，该等加密资产在阿联酋不可交易和/或其在阿联酋的转售受到限制。\n瑞士\n\n本文件的内容未经 Swiss Financial Market Supervisory Authority（瑞士金融市场监督管理局，下称“FINMA”）审阅或批准，亦未经瑞士任何其他监管机构审阅或批准。建议您保持审慎；如果您对本文件的任何内容有任何疑问，应获取独立专业意见。\n\n发行人并非瑞士法下的受监管或受监督实体。发行人未作为银行、私人银行、证券公司、基金、受监管的金融市场基础设施、支付系统、集合投资计划管理人或分销商、金融中介机构、资产管理人或其他金融机构接受监管，既未获授权以此类身份行事，亦不受 FINMA 监控。\n\n本文件或与喜马拉雅币/积分/喜马拉雅美元相关的任何其他信息或资料均不得视为招股说明书，亦不得视为已向 FINMA 备案或获得 FINMA 批准。\n\n但如果在瑞士销售或营销 HCN 币或积分，将在适用时遵守《金融服务联邦法》（RS 950.1）及其条例（RS 950.11）项下的适用规则。\n\n根据 2018 年 2 月 16 日发布的《关于首次代币发行（ICOs）监管框架查询的 FINMA 指南》以及 2019 年 9 月 11 日发布的《关于首次代币发行（ICOs）监管框架查询指南的 FINMA 补充文件》，喜马拉雅美元和喜马拉雅币/积分均不构成证券/资产型代币。\n\n根据 2018 年 2 月 16 日发布的《关于首次代币发行（ICOs）监管框架查询的 FINMA 指南》以及 2019 年 9 月 11 日发布的《关于首次代币发行（ICOs）监管框架查询指南的 FINMA 补充文件》，喜马拉雅交易所不允许进行证券/资产型代币的交易。\n一般条款\n\n在某些管辖区，购买喜马拉雅币、喜马拉雅币积分，或以其他方式访问、购买或使用喜马拉雅交易所或任何相关产品和服务可能会受到法律限制，且会员的活动可能会受到法定投资法律法规的约束，或受到某些主管当局的审查或监管。在购买喜马拉雅币或喜马拉雅币积分，或以其他方式访问、购买或使用喜马拉雅交易所或任何相关产品或服务之前，您必须自行了解并遵守适用于您的任何限制。未能遵守适用限制可能构成您对您所在管辖区法律法规的违反。\n\n本文件并非针对居住或位于以下管辖区的任何个人或实体：在该管辖区购买喜马拉雅币或喜马拉雅币积分，或以其他方式访问或使用喜马拉雅交易所或任何相关产品或服务将违反适用法律或法规，或将使发行人、喜马拉雅交易所、任何关联或附属实体、或该等实体的任何高级管理人员、董事、雇员或承包商受到截至适用日期其尚未具备的任何注册、许可或其他类似要求的约束。\n\n本文件中的信息仅供参考。提供商提供任何产品或服务均属于提供商的管辖范围内（而非属于任何会员的管辖范围内）。本文件中的任何内容均不构成在任何管辖区内向公众进行的广告、要约邀请或招揽。喜马拉雅币或喜马拉雅币积分的潜在购买者应确保其理解此类购买的性质及相关风险。潜在购买者有责任确保其具备足够的知识、经验并获取专业建议，以便对购买喜马拉雅币或喜马拉雅币积分的收益及相关风险做出其自身的法律、财务、税务、会计及其他方面的评估。\n\n尽管本文件中的信息被认为是准确和可靠的，但发行人、喜马拉雅交易所或其代理人、顾问、董事、高级管理人员、雇员和股东均不对该等信息的准确性作出任何明示或暗示的陈述或保证，并明确声明免除可能基于该等信息或其错误或遗漏而产生的任何及所有责任。发行人和喜马拉雅交易所保留随时部分或全部修改或替换此处所含信息的权利，且不承担向接收人提供获取修改后信息的途径或将此通知接收人的义务。\n\n在法律允许的最大范围内，无论依据合同、侵权、信托还是其他法理，发行人、喜马拉雅交易所及其任何代表均不对任何人因使用本文件中的信息或因本文件中的信息遗漏而承担任何责任。此外，对于第三方就本文件讨论事项所作出的预期或声明，发行人和喜马拉雅交易所均不承担发表评论的义务。\n制裁\n\n喜马拉雅币和喜马拉雅币积分不得向受 Office of Foreign Assets Control of the U.S. Department of the Treasury（美国财政部外国资产控制办公室）管理的任何制裁管辖的任何国家，或受 US Department of State（美国国务院）、Australian Department of Foreign Affairs and Trade（澳大利亚外交贸易部）、European Union（欧洲联盟）、United Nations Security Council（联合国安全理事会）或 Her Majesty's Treasury（英国财政部）施加的任何类似制裁或措施管辖的任何国家境内或向该等国家进行要约、出售、转让、质押、交付或转移，且喜马拉雅交易所或相关产品或服务不得由该等国家境内或该等国家访问或使用，包括巴尔干地区、白俄罗斯、缅甸、科特迪瓦（象牙海岸）、古巴、刚果民主共和国、伊朗、伊拉克、利比里亚、朝鲜、苏丹、叙利亚和津巴布韦。\n证券\n\n本文件未经任何州或司法管辖区的任何监管机构或其他主管机关审查或批准。发行人、The Himalaya Exchange（喜马拉雅交易所）或任何其他人均未在任何州或司法管辖区采取任何行动，以允许在需要为此目的采取行动的任何国家或司法管辖区（“受限司法管辖区”）发售根据任何司法管辖区的证券法或同等法律所定义的证券或其他金融工具（“证券”），或持有或分发与此相关的任何发售材料。Himalaya Coin（喜马拉雅币）或 Himalaya Coin Credits（喜马拉雅币积分）均不构成且无意构成证券或其他金融产品（“证券”）。本文件或以任何形式或方式分发或提供的任何其他文件、警示、通知或通信中的任何内容……均不构成在受限司法管辖区出售任何证券的要约或购买任何证券的要约招揽。如果喜马拉雅币或喜马拉雅币积分在受限司法管辖区被视为证券，或者任何其他文件、警示、通知或通信根据受限司法管辖区的法律可能被视为构成在该受限司法管辖区内发售或出售证券，则本文件无意在该受限司法管辖区内分发，且喜马拉雅币或喜马拉雅币积分亦无意在该受限司法管辖区内出售，且本文件绝不得分发给该受限司法管辖区内的任何人或供其查阅，并且发行人、喜马拉雅交易所或任何其他人员均不得或被允许向该受限司法管辖区内的任何人进行喜马拉雅币或喜马拉雅币积分的任何要约、出售、质押、转让或让与，亦不得以任何形式或方式向该受限司法管辖区内的任何个人或实体分发、发送或以其他方式提供本文件或与其相关的任何材料。收到本文件的每个人均承认并同意，本文件未经任何州或司法管辖区的任何证券委员会或监管机构批准或不予批准。\n\n税务\n\n加密资产和积分的税务处理可能具有不确定性，并可能导致不利的税务后果。使用积分进行购买可能会使会员面临若使用法定货币购买则不会产生的税务后果，并且购买和使用加密货币及相应积分可能会产生不利的税务后果，包括预扣税、所得税和税务报告要求。会员必须自行寻求税务建议。\n\n私募发售\n\n喜马拉雅交易所进行的 HCN Credits（HCN 积分）私募发售仅限于喜马拉雅交易所的会员，并非向公众公开发售。\n\n前瞻性陈述\n\n本文件可能包含前瞻性陈述，包括关于喜马拉雅币、喜马拉雅币积分和喜马拉雅交易所的意图、信念或当前预期的陈述。提请读者注意，不要过度依赖这些前瞻性陈述。发行人或喜马拉雅交易所均不承担公开由对这些前瞻性陈述进行的任何修订所产生的结果以反映本文件日期之后的事件或情况或反映意外事件发生的任何义务。虽然在准备前瞻性陈述时已予以适当注意，但未来情况可能会发生重大有利或不利的变化。前瞻性陈述或预期的未来行动或发展受不确定性以及发行人和喜马拉雅交易所无法控制的意外情况的影响。\n\n确认\n\n查阅本文件即表示您陈述、保证/确认：\n\n- 您不在美国或任何其他受限司法管辖区境内；\n- 您不是 US Person（美国人，定义见《Securities Act（证券法）》Regulation S（S 规例）），亦非美国或任何其他受限司法管辖区的居民；\n- 您不是为了美国人或美国或任何其他受限司法管辖区居民的账户或利益进行投资或以其他方式行事；\n- 您在查阅或交易 HCN 或 HCN 积分时未在中国境内居住或位于中国境内；任何相关的交易活动（包括通过喜马拉雅交易所应用程序进行的交易）均不得在中国境内进行；本文件或任何其他相关的营销材料均不得为了任何其他目的在中国境内复制或重新分发；\n- 您陈述并保证，您查阅本文件仅出于获取信息的目的；\n- 本文件包含的信息可能会不时变更和更新，您有责任确保查阅本文件最新版本中包含的信息；\n- 如果您位于 Republic of Italy（意大利共和国），在查阅、购买或使用发行人或任何关联方提供的任何产品或服务之前，为了《Italian Civil Code（意大利民法典）》第 1341 条和第 1342 条的目的，您将专门审查并接受条款与条件附表 F（司法管辖区条件 - 意大利）中包含的条件。\n\n风险因素\n\n购买和投资 HCN 和/或 HCN 积分将涉及某些风险。HCN 和/或 HCN 积分的潜在购买者和/或投资者在作出任何相关决定之前了解此类风险至关重要。条款与条件附表 7“风险因素披露”（可在喜马拉雅交易所网站上找到）中列出了对某些关键风险的非详尽描述，任何潜在购买者和/或投资者在作出任何购买或投资决定或以其他方式查阅、使用或购买通过喜马拉雅交易所或 Himalaya Ecosystem（喜马拉雅生态系统）提供的任何产品或服务之前，均应阅读并理解该附表。潜在购买者在投资前应进行自己的尽职调查，如果对文件的任何条款未能完全理解，应咨询持牌财务顾问。通过购买和投资 HCN 和/或 HCN 积分或以其他方式使用相关产品或服务，您确认已阅读并理解此类风险。特别是，潜在购买者和/或投资者应注意：\n\n• HCN 和/或 HCN 积分并非旨在成为证券或受监管的金融产品，且不得在适用法律下构成证券或受监管金融产品的任何司法管辖区内购买，因此不受此类法律的任何保护；\n\n• HCN 和/或 HCN 积分不是法定货币，亦无任何政府背书；\n\n• 积分只能在喜马拉雅交易所或喜马拉雅生态系统内使用，一旦购买，您无权自动就此类积分获取法定货币或加密资产；\n\n• 加密资产的性质可能会导致欺诈或网络犯罪风险增加；\n\n• 与加密资产相关的交易可能是不可逆的，因此，因欺诈或意外交易造成的损失可能无法挽回；\n\n• 加密资产以及相应的积分价格的波动性和不可预测性可能导致在短时间内遭受重大损失；并且\n\n• 一般而言，加密资产的投资者必须愿意损失全部投资资本，并接受在未能获得任何加密资产的据称权利或利益、任何相关项目未推进、或市场上其他投资者不愿将法定货币兑换为此类加密资产的情况下，他们可能无法获得追索。针对特定加密资产的不利事件很可能会对对应于该加密资产的任何积分产生相应的负面影响。","key_entities":["Himalaya","Himalaya Exchange","CIPA","Je"],"ecf_references":[],"word_count":24857,"status":"published","published_at":"2024-04-09 00:00:00","created_at":"2024-04-09","updated_at":"2026-08-23 08:31:42"}