Gibraltar Stock Exchange - a marketplace for utility tokens and di...

Introduction
GBX Limited, a subsidiary of GSX Limited -the Gibraltar Stock Exchange (“GSX”), is launching an initial token sale (“Token Sale”) for the Gibraltar Blockchain Exchange (“GBX”) utility token, the Rock Token (“RKT”). GBX –the first of its kind.

The GBX aims to be the world’s first licensed and regulated token sale platform and digital asset exchange, operated by a European Union (“EU”)regulated stock exchange. Using a sponsor and rules-based system, the GBX will apply to be licensed by the Gibraltar Financial Services Commission(“GFSC”) under the Financial Services (Distributed Ledger Technology Providers) Regulations 2017 (“DLT Regulations”), which came into operation on 1 January 2018 in Gibraltar.

More specifically, GBX is expected tobe:(a)a global listing and token sales spring board for utility tokens that have satisfied a strict due diligence process and admission process set out in the “GBX Rules”; and (b)a high-quality digital asset exchange, including a marketplace where issuers of utility tokens, traders and investors can participate with confidence and trust in a platform where the tokens listed have been subjected to an institutional grade approval process.

Commitment to digital assets The GSX intends to develop a fully tokenised stock exchange system that will aim to provide a pathway from listing and trading initial token sales through to accessing funding via the traditional bond market or equity issuance route. This should giveissuers an opportunity to issue token is ed securities to a wider capital base.

Why Rock Token matters

Rock Token is the proposed “currency of choice” for GBX and its supporting financial services and fintech ecosystem.
In designing the utility aspects of the Rock Token, GBX considered several questions:
•What is the core brand and value proposition of the GBX platform itself?
•Who are the intended users of the platform, and how are they likely to perceive RKT’s value?
•How can the token be used to incentivize ideal behavior, discourage misbehavior, and improve the overall user experience?
•What is the road map of the project, and how can Rock Token support that?

GBX’s aims in respect of the GBX Market,which consists ofthe token sale platform and digital asset exchange for utility tokens, fully integrated within a single user sign-on and consolidated in a single website and platform.

Token sale platform for utility tokens
To achieve its goals GBX will:
(a)create a platform that can list utility tokens;
(b)create a rules-based system;
(c)establish a network of firms to guide and advise token issuers through the listing process (“Sponsors”);
(d)establish a network of ancillary services(in-house and external); and
(e)establish a network of users.

GBX ECOSYSTEM
GBX envisages creating the GBX Ecosystem, a financial services and fintech ecosystem with multiple products and services.

The GBX Ecosystem is expected to consist of three divisions:
1)Exchange Division
2)Services Division
3)E-Money Division

It is intended that the entireGBX Ecosystem will make use of DLT, initially by both GBX and GSX, and thereafter by the other members of the GBX Ecosystem with an initial focus on AML/KYC, settlement and clearing.

GBX Blockchain Innovation Centre
GBX established the GBX Blockchain Innovation Centre on 18 September 2017. The GBX Blockchain Innovation Centre has been established with the aim of enabling Gibraltar to be the world’s most connected tech community, by bringing customers together with fast-growth tech companies and world-class talent whilst providing infrastructure support. The aim is to create a centre for the blockchain community in Gibraltar, providing a dynamic workspace, an active events calendar and world class facilities to help businesses achieve scale.

The vision for the GBX Blockchain Innovation Centre is to:
(a) promote and be a driving force for blockchain innovation;
(b) foster the creation of new applications for DLT / blockchain technology with the aim of helping people realise their ideas for new businesses;
(c) act as a centre for the development of new protocols, applications, and software related to DLT / blockchain technology; and
(d) welcome proposals and proofs of concept related to any aspect of functionality or area of the DLT industry. The GBX Blockchain Innovation Centre is expected to work closely with the GFSC and Gibraltar Finance Centre to ensure consistency of message in marketing Gibraltar as a friendly crypto-enabled jurisdiction.It is part of GBX’s commitment to the community to embrace and improve new technology and drive forward innovation and will promote collaboration and networking, build partnerships, facilitate sound investment and create employment.

Membership of the GBX Blockchain Innovation Centre is free of charge. Technology firms, developers, and investors are all welcome to join. The GBX Blockchain Innovation Centre is expected to host conferences, seminars, lectures, panels, meet-ups, hackathons, and competitions. The GBX Blockchain Innovation Centre hosted its first international event, the Blockathon, with the Broctagon Fintech Group’s innovation centre in Delhi, India, on 28 October 2017. Similar events are already being planned with partners in London, Hong Kong, South Korea, and Canada.

The GBX Blockchain Innovation Centre will also be a vehicle for engaging with technological
development at the multi-national corporate level.On 26 September 2017,the Gibraltar Stock Exchange joined the Linux Foundation’s Hyperledger project (Hyperledger”), followed by the Ethereum Enterprise Alliance during November 2017 and is also collaborating with the IOTA Foundation for research in conjunction with the GBX Blockchain Innovation Centre. Among st other things, Hyperledger aims to build an open source DLT framework and code base, allowing organizations to create specific applications, platforms, and hardware systems to help support industry specific business transactions. In the spirit of Hyperledger membership, the GBX Blockchain Innovation Centre is demonstrating a very early stage bond-trading platform atbond.bic.gi.

GBX intends to support technology development initiatives and values in its engagement with the wider community. It will allocate human and capital resources to the development of new technology at the GBX Blockchain Innovation Centre, invite engagement on guiding the governance of its platform via the GBX Alliance and the GBX Alliance Council, and work with the wider Gibraltar and international communities as the blockchain industry grows.

Rock Token issuance GBX will issue 900,000,000 Rock Tokens.