EmergentX Digital Asset Outlook 2022 - Consilience
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INDT: First Ever Indian Rupee Pegged Stablecoin
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INDT token is a stablecoin that reflects the price of INR. We aim to lay a solid foundation for developing INR-based stablecoins in the cryptocurrency space. The INDT Token exists as a digital token built on top blockchains like Ethereum and BSC.
ADHERENCE TO ALL LEGAL AND REGULATORY STANDARDS
The purchase of any tokens involves a high degree of risk, including but not limited to the risks
described below. Before purchasing INDT Tokens, it is recommended that each participant carefully
weighs all the information and risks detailed in this White Paper, and, specifically, the following risk
Dependence on computer infrastructure
INDT dependence on the operation of software applications, computer hardware, and the internet
means that INDT cannot offer any guarantees that a system failure will not affect the use of its INDT
tokens. Despite the implementation of all reasonable network security measures by INDT, the servers
of the processing centre are susceptible to computer viruses, physical, or electronic intruders or other
interruptions of a similar nature that would restrict the use of INDT tokens.
Blockchain technology, including but not limited to the issue of tokens, may be a new concept in
some jurisdictions, which may then apply existing regulations or introduce new regulations regarding
Blockchain technology-based applications, and such regulations may conflict with the INDT Token
concept. This may result in substantial modifications but is not limited to its termination and the loss
of INDT Tokens as well as a suspension or termination of all INDT Token functions.
Token holders may be required to pay taxes related to INDT token transactions. It is the sole responsi-
bility of the token holder to comply with the tax laws of the respective jurisdictions and to pay any
INDT performance may be interrupted, suspended, or delayed due to force majeure circumstances.
For the purposes of this White Paper, force majeure shall mean extraordinary events and circumstanc-
es which could not be prevented by INDT and shall include: acts of nature, wars, armed conflicts, mass
civil disorders, industrial actions, epidemics, lockouts, slowdowns, prolonged shortage or other
failures of energy supplies or communication service, acts of municipal, state or federal governmental
agencies, other circumstances beyond INDT control, which were not in existence at the time of Token
In the last ten years, the demand for digital and cashless payments has exploded. Due to COVID 19,
social distancing rules were put in place to help reduce the spread of the coronavirus, and people
were more inclined to pay online or contactless than cash. The growth of cashless payments was
supported by the introduction of mobile contactless payment solutions such as Apple Pay, Google
Pay, Alipay, and a host of other innovative solutions.
The crypto economy leads to the development of an alternative financial and technological
infrastructure that is global, open-source, and accessible to all who have access to the
In 2021, the global cryptocurrency market has zoomed past €1.87 ($2.22) trillion in market capitaliza-
tion amid a surge in institutional demand. Bitcoin alone has contributed more than €0.84 ($1) trillion
after its price more than doubled in 2021 and is currently hovering around €48,068 ($57,000) per
digital coin. The cryptocurrency industry is expected to grow significantly due to increased invest-
ment in companies working on blockchain and cryptocurrencies. The companies are considering
cryptocurrencies and other similar digital assets as investments. As per the estimates by Triple-A in
2021, there are now more than 300 million cryptocurrency users across the world.
INDT is the first crypto asset whose price is intended to mimic the value of Indian Rupees. As a BSC-20
token built on Binance, INDT inherits the speed, security, transparency, and other desirable character-
istics of the Binance Blockchain. This combination of the Binance Blockchain and price stability
relative to Indian Rupees resulted in a digital asset that provides consumers with a stable store of
The main target customers of INDT are Indian cryptocurrency traders who want to access global
crypto exchanges. INDT Token might collaborate with third-party market makers or independent
traders in cryptocurrency exchanges to help ensure INDT price mimics Indian Rupees. Branding and
market education will also help in establishing market consensus among traders that the value of
INDT tracks Indian Rupees. However, the ultimate price of INDT Token in each cryptocurrency
exchange will depend solely on the market forces of supply and demand.
The purchase of any tokens involves a high degree of risk, including but not limited to the risks
described below. Before purchasing INDT Tokens, it is recommended that each participant careful-
ly weighs all the information and risks detailed in this White Paper, and, specifically, the following
Disclosure of information
Personal information received from INDT token holders, the information about the number of tokens
owned, the wallet addresses used, and any other relevant information may be disclosed to law
enforcement, government officials, and other third parties when INDT is required to disclose such
information by law, subpoena, or court order. INDT shall at no time be held responsible for such
Value of INDT Token
Once purchased, the value of INDT Token may significantly fluctuate due to various reasons. INDT
does not guarantee any specific value of the INDT Token over any specific period. INDT shall not be
held responsible for any change in the value of INDT Token. Assumptions with respect to the
foregoing involve, among other things, judgments about the future economic, competitive, and
market conditions and business decisions, most of which are beyond the control of the INDT team
and therefore difficult or impossible to accurately predict. Although the INDT team believes that the
assumptions underlying its forward-looking statements are reasonable, any of these may prove to be
inaccurate. As a result, the INDT team can offer no assurances that the forward-looking statements
contained in this White Paper will prove to be accurate. Considering the significant uncertainties
inherent in the forward-looking statements contained herein, the inclusion of such information may
not be interpreted as a warranty on the part of INDT or any other entity that the objectives and plans
of the INDT project will be successfully achieved.
DISCLAIMER OF LIABILITY
The purpose of this White Paper is to present INDT and INDT Token (INDT) to potential token holders
in connection with the proposed Token sale. The information set forth below may not be exhaustive
and does not imply any elements of a contractual relationship. Its sole purpose is to provide relevant
and reasonable information to potential token holders for them to determine whether to undertake a
thorough analysis of the company with the intent of purchasing INDT Tokens.
Nothing in this White Paper shall be deemed to constitute a prospectus of any sort or a solicitation for
investment, nor does it in any way pertain to an offering or a solicitation of an offer to buy any securi-
ties in any jurisdiction. This document is not composed in accordance with and is not subject to, laws
or regulations of any jurisdiction, which are designed to protect investors.
INDT Tokens is a utility token. This product is not a digital currency, security, commodity, or any other
kind of financial instrument and has not been registered under the Securities Act, the securities laws
of any state of the United States or the securities laws of any other country, including the securities
laws of any jurisdiction in which a potential token holder is a resident. INDT Tokens cannot be used for
any purposes other than those provided in the White Paper, including but not limited to, any invest-
ment, speculative or other financial purposes. INDT Tokens are not intended for sale or use in any
jurisdiction where the sale or use of digital tokens may be prohibited.
INDT Tokens confers no other rights in any form, including but not limited to any ownership, distribu-
tion (including but not limited to profit), redemption, liquidation, proprietary (including all forms of
intellectual property), or other financial or legal rights, other than those specifically described in the
White Paper. Certain statements, estimates and financial information contained in this White Paper .
constitute forward-looking statements or information. Such forward-looking statements or informa-
tion involve known and unknown risks and uncertainties, which may cause actual events or results to
differ materially from the estimates or the results implied or expressed in such forward-looking
statements. White Paper can be modified to provide more detailed information.
This English language White Paper is the primary official source of information about the INDT Tokens.
The information contained herein may from time to time be translated into other languages. During
such translation or communication, some of the information contained herein may be lost, corrupted,
The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts
or inconsistencies between such translations and communications and this official English language
White Paper, the provisions of this English language original document shall prevail.
Background and Historical Context
A Brief History of Money
Over the vast history of mankind, money has been a key invention that enables humans to effectively
cooperate in producing goods and services, which in turn propels the economy and civilization
forward. Before the existence of money, the people of early civilizations would barter goods (such as
livestock and agricultural produce) they had in surplus for the ones they lacked. This proved to be
cumbersome and inefficient, as the goods are perishable and there is no standard‘unit of value’. To
solve this issue, civilizations around the globe invented various forms of physical money.
As civilization and the global economic system advanced, mankind invented even more convenient
forms of money: paper money, credit/debit card, contactless payment card, and even various digital
forms of money.
Money in the 4.0 World
Blockchain as the future medium
Today, we live in a world of unprecedented change and innovation. For the last 20 years,
the rise of distributed computing networks called the internet has enabled billions of humans to
connect and share information instantly and securely, with zero consumer cost. The benefit is
immense and immeasurable. For example, the internet has enabled people from developing coun-
tries, such as India, to access high-quality educational materials such as Software Engineering Videos
on YouTube and Free online courses from Stanford University.
In the last 2 - 3 years, we have seen the rising adoption of QR Code-based payment systems in India.
These payment systems are operated by digital wallet providers such as Google Pay and PhonePe.
While these services bring tremendous convenience for Indians to transact locally, there are two
weaknesses of this approach. First, all the balance records and financial transactions that ever
happened on these platforms are stored in a centralized entity, meaning that a sophisticated,
malicious attacker could potentially infiltrate and manipulate those balances and transactions.
Secondly, as closed platforms, the money stored at any service provider can only be used by users
within the system, which prevents important use cases such as cross-application settlement,
cross-border remittances, and international transactions.
We believe that distributed ledger technology, or blockchain, will bring the next step in the
evolution of money. Just as the internet allowed for borderless and instantaneous movement of
information, blockchain technology will allow us to exchange value and transact with one another
in the same way: instantly, globally, securely and at low cost.
Digital assets such as Bitcoin are too volatile
We have seen that throughout history; money can take various forms and shapes. Every asset class
that can act as money needs to fulfil main functions:
as a means of exchange
as a standard unit of account
as a stable store of value
The Bitcoin boom and bust in the 2017 - 2018 period have shown us that the prices of noncollater-
alized crypto assets are notoriously volatile. Even today, we believe that for the foreseeable future,
Bitcoin and similar crypto assets are likely to remain more volatile than well-managed national
currencies or gold. Such volatility might be interesting for speculative investors and day traders, but
it makes the asset unable to be a stable store of value. For money to exist in the blockchain, we need
an alternative class of assets that can maintain a relatively stable value.
Designing Crypto that is suitable for Indians
INDT is the first crypto asset whose price is intended to mimic the value of Indian Rupees. As BSC-20
token, INDT combines the speed, security, transparency, and other desirable characteristics of the
INDT Token might collaborate with third-party market makers or independent traders in cryptocur-
rency exchanges to help ensure INDT trades at a value close to Indian Rupees. Branding and market
education will also help in establishing market consensus among traders that the value of INDT
tracks Indian Rupees. However, the ultimate price of INDT in each cryptocurrency exchange will
depend solely on the market forces of supply and demand.
Benefits and Strengths of INDT
INDT is built on the Binance blockchain, which gives it the inherent security and transaction
immutability of Binance.
INDT follows the BSC-20 token standard, which means it is very easy to integrate and inherently
compatible with many existing Binance-based applications.
All transactions are executed according to the rules of smart contracts, which eliminates human
Tradeoffs of INDT
As with all BSC-20 tokens, transaction confirmation follows the speed of Binance network (about 1 -
3 minutes). This is much faster than Bitcoin but still slower than the ideal user experience.
As part of the Binance blockchain protocol, all transactions in the Binance network require the
transaction initiator to pay“gas”fees in the form of Binance (BNB), the native crypto
asset of the Binance blockchain. This“gas”cannot be paid in INDT or any other BSC-20 tokens. How-
ever, this trade-off may one day be resolved with side chain/sharding technology, such as Plasma
and Raiden Network.
The gas fees required by the Binance blockchain network vary depending on the load/congestion of
the network. As a rough estimate, typical transfer costs around 0.0005 BNB, which is $1.5 USD or 120
Indian Rupees at the time of writing.
Use-case: Crypto-currency Trading
As with all BSC-20 tokens, INDT usage requires at least a basic familiarity with using Binance. Users
need to at least know how to use a BSC-20 compatible Binance wallet and hold at least a very small
amount of BNB to transact INDT. Because of that knowledge barrier, the ideal adopters of INDT
would be existing players in the cryptoasset industry.
The main purpose of INDT is to facilitate crypto-asset trading. Indian crypto traders need to
exchange their volatile digital assets for crypto with better price stability. With INDT, Indian traders
now have the option to convert their volatile crypto into a more stable token (INDT) with respect to
Indian Rupees. Not only that, but if INDT is accepted or listed on multiple exchanges, Indian traders
can trade between exchanges
Beyond cryptocurrency trading, there is a chance that INDT will enable a new class of
exciting applications from the developer community. We open-source our code to allow
developers to create new and exciting projects that can integrate easily with INDT. Developing a
common standard in an open way will spur developers to work with code that is not controlled by
any one party, and in the process raise the standard of security and diversity of developers/ applica-
tions being built with it. While we may not know what kind of application may emerge, we believe
INDT can be used in future Binance-based applications that want to target the Indian market as
Transparency and trust remain the core offering of the blockchain from day one.
We believe a future where existing financial players, blockchain native projects, and government
agencies can coexist to foster an open financial system that supports the frictionless and safe trans-
fer of value, both for consumers and businesses.
Detailed Technology and Operations
Binance and BSC-20 Token Standard Binance is a decentralized blockchain that allows software
programs, called Smart Contracts, to be written and executed on the blockchain. BSC-20 is a stan-
dard on the Binance blockchain that defines a common list of rules that all Binance tokens must
This section will outline the valuation methodology used to determine our token’s current and
future price and apply it to a series of assumptions in order to produce an estimate of the fair token
price (should those assumptions hold).
The quantity theory of money
The most widely used valuation methodology for utility tokens is the quantity theory of money and,
more precisely, the equation of exchange. Several models based on those principles have been
developed and widely accepted by the cryptocurrency community.
In a nutshell, the equation of exchange is:
M X V = P X T
I. M - is the amount of money in circulation within a specific system
II. V - is the velocity of money, or in other words: how often does money change hands
within a predefined period (most commonly - annually)?
III. P - is the price at which transactions are happening within the system?
IV. T - is the number of transactions for a predefined period (same period, as the velocity)
V. P - in this regard is essentially the total economic output of the system for the selected
period, sometimes referred to as GDP of the system.
The above formula is not directly applicable to cryptocurrencies (and a commonly encountered
error). In a token/cryptocurrency economy, the two sides of the above equation are denominated in
different units. When talking about the system's GDP, the expected Revenue is generally used; on
the other hand, the equation’s left-hand side is still denominated in the native token. We can solve
this by introducing an additional parameter representing the exchange rate between the token and
USD (or any other FIAT currency based on the denomination of the system’s GDP). The equation
his enables us to solve for and get the expected token exchange rate (or token
value), provided we can come up with adequate estimations for the other variables. We can
now solve for the token value as:
Here, we can represent the staked amount as a temporary reduction in the token supply,
denominated in USD (SUSD), converted to tokens, based on token price ( ET
/ USD ).
Then we can subtract this amount from the total supply, as follows:
/ USD X V = PUSD
/ USD =
USD X V =
Following the same transformations, we did previously; we can simplify this equation to:
In other terms - the USD equivalent of any staked token amount can be represented as an increase
in the GDP (or demand) for the token. This extra“demand”is not affected by velocity.
Security of INDT Tokens and Smart Contract
Binance Blockchain is tamper-proof
Similar to Bitcoin, past transactions in Binance are final and can never be altered. As of this writing,
there are currently more than 10,000 Binance nodes running worldwide. To“hack”and alter
data/state in the Binance network, a malicious actor needs to have more than 51% of the computing
power of those nodes, which is highly improbable.
Ownership of INDT Tokens is directly in users’hands
Unlike traditional e-wallet applications where the issuer holds the balance of each user inside the
issuer’s centralized system, we do not hold custody of users’INDT tokens. INDT tokens are owned by
users in their own wallets because users will control their own private keys (the‘password’that
signifies ownership of assets on blockchain). Multi-signature design reduces single point of failure
We only hire the best, trustworthy people, and we believe there are no malicious actor(s) inside our
company. However, we believe we still need to mitigate risk and ensure the security of our internal
operations by not allowing a single point of failure to exist. This is achieved using multi-sig smart
contract design. During INDT smart contract deployment to Binance blockchain, we established one
address as the Owner and three addresses as Administrators. These addresses are each controlled by
separate hardware wallets. Any critical operations require at least two signatures, as follows:
- ) X
X T + X V
Two signatures are required for minting up to 100 million INDT
Two signatures are required to burn INDT tokens at a pre-defined burn address (i.e., we
cannot burn tokens located outside of that specific address)
Two of three admins PLUS owner signatures are required for:
Minting above 100 million INDT in a single transaction.
Transferring the token management of the INDT BSC20.
Replace, add, or remove an admin.
Signature of transactions happen in an offline, air-gapped computer
To enhance the security of INDT operations even further, all transactions that interact with
INDT smart contract (such as minting, burning, etc.) are done in an offline, air-gapped
computer. We then use a separate device to broadcast/transmit the signed transaction to
the Binance blockchain. As such, the computer used to compose the signed transactions
are safe from external attacks.
We have presented and built the first crypto asset that mimics the Indian Rupees. By
leveraging the Binance network and advanced Smart Contract designs (such as multisignature
requirements and offline signing), INDT can act as a stable store of value for
Indians to be used in the exciting new era of the blockchain-based economy.