White Paper
IMPORTANT NOTICE
This notice is intended to address all readers and potential participants who view or access this information on any communication platform or channel. This document, alongside any material and information presented below is strictly for educational or informational purposes only. Under no circumstances shall any part of this whitepaper serve, be relied upon, or treated as a solicitation to participate in any investment process or as an offer of sale, transfer or exchange of securities, howsoever defined in any jurisdiction worldwide. None of the information contained herein is intended to form the basis of any financial advice or inducement to engage in any type of investment activity. Please note that OSLO CRYPTO is an ongoing project and subject to change. The participant acknowledges and agrees that OSLO CRYPTO retains the right to modify this whitepaper over time to include the evolution of use-case implementation and other general modifications as needed. Please seek out independent advice from your professional advisors, including but not limited to lawyers, financial advisors, and tax accountants if you have any uncertainty in regards to the information set out below. Participants are strongly encouraged to read and familiarize themselves with the entire whitepaper including this disclaimer.
EXECUTIVE SUMMARY
Introduction
The inspiration behind OSLO Crypto Exchange is one we all have. To build a world that explores the bounds of technological advancement, to push forward into prosperity for all and to finally reach a worldwide balance of peace and happiness. This is the embodiment of OSLO Crypto.
OSLO was born as a direct response to the multitude of world conflicts that affect numerous countries every day. These conflicts, whether involving political governance or catastrophic militarized events have resulted in the suffering of large mass populations. The displacement of millions of people plagued by war and poverty has caused the destruction of multiple generations, and continues to be economically disastrous for all countries involved. Many refugees usually leave everything they own behind and run away from wars just to save their lives; but upon arrival to their asylum, find greater challenges ahead both personally and financially. While the solution for these conflicts is usually difficult in nature, we discovered that the one major problem is the lack of stable currency that these affected populations can utilize and access no matter their location. In efforts of trying to rebuild lives, financial stability is undoubtedly the most essential matter at hand. These affected populations need a currency they can depend on to ease the damage of loss and displacement. People need to be able to pick back up and move forward with their lives. The ability to maintain access to a stable currency is exactly what OSLO Crypto delivers.
The name OSLO was inspired by the capital of the Scandinavian country Norway. To represent peace, prosperity, happiness and stability for all. With the introduction to a secure utility currency that retains stable value, is affordable for destitute populations, and is easily available to be accepted abroad, OSLO Crypto supplies a currency that solves the problem of financial instability on a global scale.
Overview
OSLO is a Stable Crypto currency that is universal, easy to exchange, versatile and stable in value. OSLO is supported via advanced BlockChain technology to achieve high level financial security and world wide availability. Our project utilized current BlockChain technology, progressing the operability and adding designated features to directly support the purpose that powers OSLO. We have successfully built a High Performance BlockChain Network (HPB) that operates as Ethereum Virtual Machine (EVM) because it’s completely free to exchange among many people simultaneously. With simple, but versatile code, OSLO uses minimum energy to process exchanges and authenticates transactions. The BlockChain technology behind OSLO is linked to the US Dollar to achieve stability, and provides full transparency with access to an open source network of nodes so that anyone can view and verify transaction data.
WHY OSLO CRYPTO
Mission
Spearheading international financial interconnectivity, OSLO will become the new universal decentralized currency to exchange value and store wealth accumulation privately and securely. OSLO Crypto aims to provide an easy exchange of digital monies among people without the need of a third party interference. People in developing countries that suffer from corrupt and unstable financial institutions or local currency will benefit from having access to an alternative currency that is volatility-free with stable valuations for simple exchange.
Vision
OSLO Crypto will completely shift the way global commerce takes place, enabling users and investors to send and receive stable currency backed by USD. OSLO Crypto will provide easy access and exposure to the rapidly developing digital asset class that revolves around global financial inclusion to displaced and disempowered people of economically challenged countries. The impact OSLO Crypto will have on price stability for underdeveloped countries will be immediate, and with a free exchange people can securely buy, sell and trade for goods and services with instant processing and end to end authentication.
INTRODUCTION TO BLOCKCHAIN
In the simplest of terms, BlockChain is a chain of data blocks on a digital ledger or network that cannot be altered, edited, duplicated, or relocated. These data blocks are used to track and record everything that has happened on the BlockChain network, with stable Cryptocurrency exchange amongst the most vital in our use-case for OSLO Crypto. The BlockChain system is also decentralized, meaning both users and investors alike have total control by simply being in possession of the OSLO Cryptocurrency that the network produces. There is no central governing authority on the OSLO Crypto Exchange. OSLO Crypto utilizes open source code for an open network of nodes, meaning transactions are continuously public and transparent for all users. This allows for the large scale preservation of transaction data, digital asset acquisition, and OSLO trading that is not only transferable to an independent Cryptocurrency wallet but also holds consistent equitable value outside of the BlockChain ecosystem as it is backed by USD. BlockChain technology is what allows decentralized financial networks to thrive and advance in this modern technological age, thus allowing OSLO Crypto to flourish, and reach new heights of global currency inclusivity.
INTRODUCTION TO DECENTRALIZED FINANCE
DeFi, abbreviated for decentralized finance, is easily described as peer-to-peer financial transactions relying on smart contracts on the blockchain instead of the traditional banks, and other corporate monetary authorities. In contrast to centralized exchanges, decentralized exchanges often don’t require any form of KYC (know-your-customer, the regulatory requirement to verify customers identity for financial exchange) thereby preserving the privacy of all users on the blockchain. The use of this decentralized status allows OSLO new degrees of security and privacy previously unavailable through standard centralized banking and exchange practices. This creates an open platform with trust based automations where users control their identities and protect their private data and assets autonomously. This means a more secure, transparent, and efficient means of access to stable financial services and resources especially for countries that have continuously unstable currency.
The Global Virtual Assets Market
Challenges of Global Currency Exchange
The global virtual assets market is a space where digital representation of value can be traded or transacted, and functions as both a storage of value and medium of exchange. The global virtual assets market has been one of the largest global growth markets in recent years with an expectancy to reach 9.3B by 2030. The emergence of global currencies’ into the international monetary system has spawned unprecedented global economic development across the world via the internet, but the rise in digital coins, tokens and currencies with constant inflation of their value still represents a major problem in universal access, exchange and transfer of digital monies. Currently the two most recognized and circulated cryptocurrencies, Bitcoin and Ethereum both sit high in valuation with Bitcoin . The everyday person, let alone a person in an underdeveloped country, cannot afford even one coin. And even in purchasing a partial coin, high network fees and complicated fraction based calculations cause further difficulty with transfer and exchange management. Among the many other digital coins available, there is lack of consistent social adoption, lack of cross-exchange compatibility and lack of consistent valuation causing true access and wealth accumulation for all to be extremely limited.
There is often no liquid market for the exchange of local fiat currency to the target fiat currency. The local fiat currency must often be swapped to more widely used fiat currencies like the US dollar or the Euro, and then exchanged back into the target currency. This procedure will be upgraded with the implementation of OSLO Crypto, solving the problem of international commerce participation without the requirement of a traditional bank account. Individuals and investors can benefit from OSLO cryptocurrencies by being able to facilitate everything from large-scale international trades, to local commerce exchanges all through one consistent modality of payment and storage. OSLO crypto assists all people in gaining access to the global digital market, particularly when they are looking to expand their access to more flexible financial resources. Large businesses overseas can therefore pay businesses from other countries in OSLO Cryptocurrency, even if the businesses do not have a bank account with an international identification number. A website developer in a poor country, for example, can be hired for business from other countries and earn OSLO without expensive transfer fees or high exchange rates.
Because international money transactions now have significant costs, a reduction in transaction costs boosts the feasibility of OSLO Crypto. The elimination of these expenses would greatly expand international financial opportunities. Individuals in more affluent countries can send money transfers to those in developing countries using OSLO currency for free. Even borrowing and repaying microfinancial transactions are now expensive since transaction fees are almost as large as the payment itself sometimes. However, if transaction costs are removed entirely, additional financial resources like loans and financing options may become available to more disenfranchised people because of the adoption of OSLO Crypto.
OSLO Crypto Exchange is built to address the following shortfalls of the current global Cryptocurrency Exchange protocols.
Volatility: The values of many cryptocurrencies have been unstable and unreliable to provide stable representations of wealth for the people that store and utilize them. As a stable coin the value of OSLO will remain constant.
High Transaction Fees: The use of BlockChain is costly over time which hinders the practicality of volatile cryptocurrencies to become a sustainable currency that is suitable for mass adoption and exchange. OSLO is free to send and receive on the exchange.
Availability: Obtaining access to different cryptocurrencies is a complex and confusing process having to go through multiple exchanges from fiat to the designated currency. OSLO will maintain market fluidity with easy user-experience and no market cap.
Risk Mitigation: Many countries prohibit and suppress the use of Cryptocurrency due to fraud and security compliance issues. OSLO is completely secure on the BlockChain, and the open node network provides complete financial transparency for all involved while maintaining the ultimate privacy for users as well.
INTRODUCTION TO OSLO CRYPTO
Coin Valuation
OSLO Crpto is linked to the most stable and global currency in the market today which is the US Dollar. Since poor countries and their populations use their local currency that’s typically valued at a fraction of USD, OSLO Crypto will be valued at (1 CENT) $0.01 to make it easier for common people to transact without complex calculations. For example, if a loaf of bread in a third world country cost $0.05 then it will be valued at (5 OSLOs).
Coin Liquidity & Market Capitalization
There will be no market cap for OSLO. To ensure stable value a Reserve Wallet will balance the circulating supplies of OSLO on the network. As the adoption of the coin increases, more circulating supplies will be released from the Reserve Wallet.
The Reserve Wallet will operate as a source of OSLO dispensing storage to ensure the balanced and stable value of the OSLO currency. When demand increases, the Reserve Wallet releases more OSLO onto the network, and when demand decreases the Reserve Wallet buys back the excess in circulation.
The Reserve Fund will operate as a direct link of value to USD. At all times, the OSLO circulation volume on the network will equal the total value of the Reserve Fund.
OSLO eWallets
People with access to OSLO Crypto Exchange will be able to create an eWallet that serves as a personal account with the capability to exchange OSLO through peer-to-peer transactions where there is no need for a third party payment service or traditional banking institution involvement. The eWallet is also a means of storage for the accumulation of digital assets and wealth, allowing users to capitalize off of zero transaction fees and increased market liquidity through having access to a stable currency. Transactions on the exchange are powered by a network of nodes that create the Commercial Account which serves two main functions on the network. The Commercial Account will be an eWallet with storage capabilities and it will process all transactions on the exchange. OSLO crypto will function as a versatile daily currency for users in third world countries, and can serve as a mean of investment or to store value for other users on the platform as well. To exchange OSLO for local fiat currencies, partnerships with local banking institutions will be implemented as the adoption and expansion of OSLO Crypto progresses. In the matter of exchange of OSLO for fiat currency, transaction fees cannot be prevented.
The Solutions of OSLO Crypto
OSLO Crypto fills the gap in global Cryptocurrency exchange by providing a truly universal and stable currency for all. The inadequacies of traditional financial systems in developing nations and third world countries make them a fertile ground for OSLO adoption. OSLO Crypto has the potential to help people escape poverty by overcoming the lack of currency stability abroad and increases access to decentralized financial services all around the world. Universal stable cryptocurrencies have the potential to speed up growth in a variety of commercial industries, boosting economic stability and financial prosperity for all users. OSLO can be used to support the growth of developing countries by increasing financial inclusion, improving financial fluidity, and assisting people’s deepest economic need, financial accessibility. The most major and developed benefit of OSLO for global populations is the enhancement of financial inclusion; OSLO is built to withstand volatility, eliminate transaction fees, increase financial availability, and provide secure access to and storage of digital assets.
Competitive Advantages of OSLO Crypto
Secure Exchange
OSLO is built with BlockChain technology and runs on a BlockChain network with a large number of nodes. Each node processes transactions for security and transparency. Since there is no central authority for OSLO, this preserves the integrity of the BlockChain exchange which prevents any interferences or manipulations of the distribution of the coin or its determined value. As the adoption of OSLO Crypto grows, the number of nodes on the BlockChain will increase, which will continuously enhance the financial transparency of the exchange.
Privacy and Transparency
The first stage of development with OSLO is focused on privacy as our target users are the general public of poor and underdeveloped countries. OSLO eWallets will be completely anonymous, giving users total financial privacy and security. In the instance of day to day transactions, both individuals and commercial enterprises need the utmost privacy and OSLO Crypto delivers.
The second stage of development with OSLO is focused on creation of a new type of eWallet that is completely public and identifiable by the user entity. All the transactions that take place on public eWallets will be reported and available for audit. In this instance, when government or international enterprises decide to fund large public projects, a new eWallet can be created with funds deposited directly into it, and tracked from start to completion to ensure proper fund allocation to fight fraud and corruption at high levels.
Zero Transaction Fee
In OSLO’s current transaction model, the exchange requires many merchant wallet to operate as a network node, passively participating in processing other transactions on the network simultaneously. This eliminates the cost of any transactions fees, so there is no loss of assets through currency exchange. In comparison to many other Cryptocurrency exchanges, there will always be a result of asset loss through currency exchange, but not with OSLO. OSLO Crypto is committed to financial sustainability for everyone, and users will be able to move their own money around for free creating a win-win environment for both users and investors.
Stable Value
OSLO Crypto is a fiat-collateralized stable coin, meaning it will maintain a fiat currency reserve as collateral to issue the suitable number of coins out onto the BlockChain network to be in circulation. To avoid volatility, the value is directly linked to the US Dollar the most stable currency in the world.
Availability and Scalability
To ensure the availability and scalability of OSLO, the Reserve Wallet will contain a substantial amount of coins held on reserve, so the greater the adoption of OSLO, the more coins are released into circulation on the network. The Reserve Wallet will then always be required to purchase any excess circulating supplies of OSLO for the fixed price of 1 CENT.
The Reserve Wallet will be directly linked to a Reserve Fund equal in value to the circulating supplies of OSLO. The compounding interest from the Reserve Fund will be used to pay the expenses of business operations for the OSLO Project.
Versatile Use
OSLO Crypto will have an everyday functionality, as it was built to be used as a daily currency to provide financial stability through stable currency for the average user. OSLO can be used to send and receive payments, buy and sell products or services, and as value storage or wealth accumulation banking tool.
Challenges of OSLO Crypto
Open explorer
One of the defacto disadvantage of the Cryptocurrency in general, is the fact that anybody can search any account and trace transactions, even though each wallet is a mere code consists of numbers and letters, a person can identify accounts that he/she transacted with and can trace them. People will start knowing other peoples’ personal wealth and transactions.
OSLO is working on a mechanism to make it difficult for people to do so by applying a mechanism of requiring identification to access OSLO Explorer, doing so, there will be an audit to each search done by an individual or an entity followed by notification to the searched wallet to the details each search has been done including a date and time stamp followed by the person/entity performed the search.
Anti-Money Laundry
Criminal activities are reality that needed to be faced by any financial entity. OSLO pay special attention to this matter to help financial institutions manage the risk and fight money laundry. OSLO has no Initial Coin Offering (ICO) , no inflation, and each coin is backed by the UDS that is obtained and maintained within the traditional banks.
While KYC (Know Your Customer) cannot be implemented, financial institution have full access to all transactions on the network.
No POW reward
Unlike other BlockChain Cryptocurrency , OSLO nodes operators receive no reward for running nodes. OSLO came with a creative solution by replacing financial reward with reputation reward.
By partnering with thousands of businesses and entities, OSLO will offer a Verified Account Name (VAN) to brands who are willing to offer operating nodes.
OSLO Crypto Technical Structures:
OsloCrypto is a BlockChain network built on the Substrate framework, providing a robust and flexible platform for decentralized applications. With integrated EVM compatibility. OslyCrypto allows developers to deploy and execute Solidity Smart Contracts, offering Ethereum-like functionality with enhanced capabilities.
Architectures and Features:
OsloCrypto leverages the Substrate framework to create a modular and customizable blockchain network. The architecture of OsloCrypto enables developers to plug and play various components, including consensus algorithms, transaction execution engines, and governance models. This modular approach empowers developers to tailor the network to specific use cases and requirements.
EVM Compatibility and Smart Contracts:
The integration of EVM compatibility into OsloCrypto enables developers to deploy and execute Solidity smart contracts on the blockchain. Additionally, OsloCryptos supports Ink!, a Rust-based smart contract language, providing developers with a choice of languages of contract development. This functionality allows for the creation of complex decentralized applications (DApps) with smart contract capabilities.
Governance and On-Chain Decision-Making:
OsloCrypto provides built-in mechanisms for on-chain governance, allowing stakeholders to participate in decision-making processes such as protocol upgrades and parameter adjustments. This governance model ensures decentralization and community involvement in the evolution of the blockchain network.
Scalability and Performance:
Designed for scalability, OsloCrypto offers high-performance blockchain capabilities, capable of processing thousands of transactions per second. The network’s architecture and consensus mechanisms are optimized for efficiency, ensuring fast and reliable transaction processing.
Asset Tokenization:
OsloCrypto supports asset tokenization, enabling the creation, issuance, and management of digital assets and tokens on the blockchain. This functionality provides users with the ability to tokenize real-world assets, create fungible and non-fungible token (NFT), and facilitate various token-based transaction.
Validator Node Connectivity:
To connect as a validator node, users must add the RPC endpoint https://rpc.oslocrypto.com with the chainID 1998. Validator nodes are synchronized through a peer-to-peer (P2P) network, ensuring consistency and integrity across the network.
Explorer and Transaction Details:
OsloCrypto provides and explorer interface https://explorer.oslocrypto.com for users to explore the blockchain and view transaction details. The explorer is connected to an archive node via a WebSocket endpoint https://websocket.oslocrypto.com allowing users to verify solidity smart contracts, check daily transaction numbers, deployed contracts, deployed tokens, and retrieve NFT details against a contract.
Light Clients and State Proofs:
OsloCrypto provides support for light client protocols and state proofs, allowing lightweight clients to verify the integrity of the blockchain without storing the entire state. This feature enhances scalability and enables broader participation in the network.
Runtime Upgradability:
OsloCrypto’s architecture supports runtime upgradability, allowing developers to seamlessly deploy upgrades and improvement to the blockchain’s runtime logic without requiring a hard fork. This feature enhances the network’s adaptability and facilitates continuous innovation.
Cross-Platform Development:
OsloCrypto supports cross-platform development, enabling developers to build blockchain applications using familiar programming languages such as Rust. Additionally, with the upgrade to a parachain, OsloCrypto aims to enhance its interoperability with other blockchain networks, facilitating seamless communication and asset transfer between disparate ecosystems.
Project Roadmap
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Cloning Nano open source technology with modifications aiming at fixing the value “Stable Coin” and simplified use of wallet.
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Simplifying the wallet and Point Of Sale interfaces.
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Testing phase: Including real life testing with 1000 users.
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Translation of wallet to other major languages including Spanish, Creole, French, Portuguese, Ukrainian, Russian, Polish, Arabic, Dutch, Urdu and Hindi.
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Building the security infrastructures and proof testing resilience to hacking.
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Establishing the business entity and link to fiat financial institutions.
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Building the social media venues to promote and introduce OSLO.
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Establishing partnerships with Governmental, NGOs and Financial institutions.
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Lunching to small communities including Haitian, Cuban and Mexican communities.
CONCLUSION
OSLO is a digital payment protocol designed to be universally accessible, with a focus on removing the current cost and accessibility inefficiencies that live on other Cryptocurrency networks. OSLO is ideal for everyday banking with its ultrafast transaction speeds, zero network fees, and end to end node authentication on a secure, decentralized network that uses less energy consumption than most other mainstream Cryptocurrency exchanges. Not only can OSLO be used for remittances, micro-transactions like purchases and payments, storage, banking infrastructure, trading and wealth accumulation; but it also closes the gaps for all people utilizing Cryptocurrency: granting the ability to maintain access to a true stable currency for all people. OSLO is free exchange all people can use to securely buy, sell and trade for goods and services with personal digital wallets that can accommodate their everyday financial needs. People using OSLO will save time, money from fees, and support a more sustainable and eco-friendly solution to digital currency transfer. A practical and financially inclusive alternative to other complex cryptocurrencies with unstable values, high network fees and rising transfer fees, OSLO answers the world’s deepest economic need for a universal and stable Cryptocurrency. OSLO will shift the world into a new age of financial inclusivity, interconnectivity, and technological advancement.
Social Media and Contacts
