R

Distributed Cashback Service
Own, multiply and use cryptocurrency at zero risk
Completely new value-add services
Maximise your disposable income

Version 1.15 / 2020.04.30
Copyrights © Makers Farm Pte. Ltd.

DISCLAIMER
THIS WHITEPAPER SEEKS ONLY TO INTRODUCE A SUMMARY AND DESCRIPTION OF
PROPOSED PRODUCTS, SERVICES, AND TOKEN ECOSYSTEM. THE WHITEPAPER DOES NOTCONSTITUTE LEGAL, FINANCIAL, OR ANY OTHER TYPE OF ADVICE. WE ENCOURAGE YOU TOSEEK YOUR OWN PROFESSIONAL LEGAL, FINANCIAL, AND TAX ADVICE.
This whitepaper (“the Whitepaper’) is made available for informational purposes only.
To the fullest extent permitted by any applicable law, in no event shall Makers Farm Pte. Ltd. (“theCompany”), its affiliates, directors, agents, employees, suppliers or licensors be liable for any indirect,
incidental, special, consequential or other loss, including without limitation damages for full loss ofinvestments, profits, income, revenue, data or any other tangible or intangible losses, arising out of or
relating to the use of, or inability to use, the Whitepaper.
Nothing in the Whitepaper shall constitute an offer to sell, nor shall it constitute a solicitation of an
offer to buy in any jurisdiction in which such offer or solicitation would be unlawful or to any person towhom it is unlawful to make such offer or solicitation. It is the responsibility of the purchaser todetermine and ensure whether the purchase, use, sale, or transfer of any tokens is legal within theapplicable jurisdictions. It is the sole responsibility of the buyer to determine and assess any potential
tax implication of the participation in the crowd sale, subsequent sales, purchasing, receiving, holding,use, or sale of the tokens in all relevant jurisdictions. If you are considering purchasing, receiving,holding, or transacting tokens you should consult an independent, third-party expert opinion before
taking any action.
The regulatory status of tokens and distributed ledger technology is unclear or unsettled in many
jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation
with respect to such technology and its applications, including the COINCOME Platform (“thePlatform”) and CIM tokens (“the Tokens”, “CIM”). It is likewise difficult to predict how or whether
legislatures or regulatory agencies may implement changes to laws and regulations affecting
distributed ledger technology and its applications, including the Platform and CIM tokens. Regulatory
actions could negatively affect the Platform in various ways, including, for purposes of illustration only,
through a determination that the purchase, sale, and delivery of CIM constitutes unlawful activity orthat Tokens are a regulated instrument that requires registration or the licensing of some or all of theparties involved in the purchase, sale, and delivery thereof. The Platform may cease operations in ajurisdiction in the event that regulatory actions, or changes to laws or regulations, make it illegal tooperate in such jurisdiction or commercially undesirable to obtain the necessary regulatory approval(s)to operate in such jurisdiction.
The Whitepaper shall not bind the Company, its directors, officers, employees, and associates, who shallnot warrant or assume any legal liability arising out of or related to the accuracy, reliability, orcompleteness of any transaction.
1Any “forward-looking information”, including “future oriented financial information”, do not constituteany guarantee of future performance and reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and uncertainties, which may cause actual
performance and financial results in future periods to differ materially from any projections of future
performance or result expressed or implied by such forward-looking statements. The Company
undertakes no obligation to update forward-looking statements if circumstances or management’s
estimates or opinions should change.
The Whitepaper may be updated or altered, with the latest version of the Whitepaper prevailing overprevious versions. The Company is not obliged to provide notice of the fact or content of any changes.
The Whitepaper is originally written in Japanese. The Whitepaper may be translated into languages
other any English. Should a conflict or inconsistency arise between the Japanese-language version anda foreign-language version, the Japanese-language version of the Document shall govern and prevail.
Neither the delivery of this Whitepaper nor any sale made hereunder shall, under any circumstances,
create an implication that there as has been no change in the affairs of the Company since the datehereof. The Whitepaper does not represent any commitment by the company to follow through withthe contents of the Whitepaper, and it is likely that plans and circumstances will change along the
proposed roadmap as new information and knowledge are acquired.
As CIM tokens are based on the Ethereum protocol, any malfunction, breakdown, or abandonment of
the Ethereum protocol may have a material adverse effect on CIM tokens. Moreover, advances incryptography or technical advances, could present risks to CIM tokens and the Platform, including theutility of CIM by rendering ineffective the cryptographic consensus mechanism that underpins the
Ethereum protocol. As with other decentralised cryptographic tokens based on the Ethereum protocol,
CIM tokens are susceptible to attacks by miners in the course of validating COINCOME transactions on
the Ethereum blockchain, including, but not limited to, double-spend attacks, majority mining power
attacks, and selfish-mining attacks. Any successful attacks present a risk to the Platform and CIM
tokens, including but not limited to, accurate execution and recording of transactions involving CIM
tokens.
This whitepaper may not be reproduced in whole or in part. The use of this private placement
memorandum for any purpose other than an investment in the Shares described herein is not
authorised and is prohibited.

2

CONTENTSDISCLAIMER .......................................................................................................................................................................... 1
CONTENTS ............................................................................................................................................................................. 3
GLOSSARIES .......................................................................................................................................................................... 4
INTRODUCTION................................................................................................................................................................... 5
VISION AND MISSION ........................................................................................................................................................ 7
MARKET OVERVIEW .......................................................................................................................................................... 8
PROBLEM AND OPPORTUNITY .................................................................................................................................... 10
Problems and Opportunities within the Cashback Services Market .............................................................................................. 10
Problems and Opportunities with Digital Marketing ........................................................................................................................ 10
Problems and Opportunities with Cryptographic Assets ................................................................................................................. 11

WHAT IS COINCOME? ..................................................................................................................................................... 12
WHAT IS CIM?..................................................................................................................................................................... 14
BUSINESS MODEL OVERVIEW ...................................................................................................................................... 16
OUR VALUE PROPOSITION ............................................................................................................................................ 18
COINCOME - CIM ECOSYSTEM .................................................................................................................................... 20
The flow of CIM ...................................................................................................................................................................................... 20
Value of CIM and the symbiotic relationship with COINCOME ..................................................................................................... 21
Decentralised Cashback Service .......................................................................................................................................................... 22

BLOCKCHAIN BASED DAPPS ........................................................................................................................................ 24
Cashback Ledger Management System .............................................................................................................................................. 24
Tracking System ..................................................................................................................................................................................... 24

SERVICE’S MARKETING STRATEGY ............................................................................................................................. 28
BUSINESS PLAN.................................................................................................................................................................. 29
ROADMAP............................................................................................................................................................................ 30
ALLIANCE PARTNERS ....................................................................................................................................................... 32
THE TEAM AND ADVISOR .............................................................................................................................................. 33
CIM GRANT RATIO AND FUNDING PURPOSE ......................................................................................................... 35
SALE DETAILS, USE OF PROCEEDS, TOKEN DISTRIBUTION ............................................................................... 36
MEET US ON........................................................................................................................................................................ 37
SOURCE AND SUPPLEMENTS ....................................................................................................................................... 37

3

GLOSSARIESCOINCOMEThe cashback service provided by this project. Users can receive CIM credits by clicking through the links on
the website and completing required actions.
CIM
The unique ERC-20 token distributed by COINCOME. It is in the form of credits on COINCOME services,and can be exchanged as CIM tokens when transferred to a digital wallet, according to the prevailing market
rate.
Cashback Service
Often referred to as Cashback Site, a Cashback Service is a platform that rewards its customers forpurchases by paying them back a percentage of the purchase. In Japan, it may also be referred to as a Point
Site, Point Media, Point Mall, Reward Site, or Rebate Site.
Merchant
The general term used to refer to COINCOME tie-up partners. It refers to the advertisers who provide
shops, brands and services that pay advertising fees for customers sent from COINCOME.

ActionThe general term used to refer to the criteria required for CIM credit acquisition on COINCOME. Purchasemade from selected shops, account registration of services, etc. The criteria may vary according to deals.

4

INTRODUCTION
The members of the COINCOME board have deep experience developing Japanese internet companies
and e-commerce platforms. The COINCOME executive team and partners have achieved success inscaling up start-up companies for public listing. In addition, they were appointed group representatives
and/or board members of the publicly listed companies, continuing to support the growth anddevelopment of the enterprises.
COINCOME’s CEO and Founder Yoshihiro Kanemitsu, and CFO Kazuto Higashimoto were appointed
respectively as COO (since 2011) and CFO (since 2010) of Japan’s largest cashback service provided by
REALWORLD -- Gendama, which has more than 10 million members, and they have dedicated theirefforts to the business expansion of the service regarding various operations and financial matters.
At that time, the services provided by REALWORLD were uncommon among cashback platforms, as theservice provided information about rewards for activities in addition to cashback, including surveys,
and creation or review of content. Anybody, anywhere, at any time, could easily use his/her computeror smartphone to generate income. The success led to rapid business expansion, and the company was
listed publicly on Tokyo Stock Exchange ‘Mothers’ on September 2014.
The COINCOME cashback service allows users to earn rewards easily through their daily lives, and at
the same time, it offers a business model that provides a channel for user acquisition by sending many
active users to merchants. The cashback service will continue to grow together with the constant global
growth of the e-commerce market and digital marketing industry.
However, there are several structural issues within the cashback industry that prevent it from being
propelled into greater popularity.
This whitepaper explains in detail these challenges and how they will be resolved by COINCOME’s
solutions and its token CIM that can be earned by shopping and by participating in daily activities
through COINCOME-- the world’s first decentralised cashback service. With its own infrastructure andproprietary token exchange system, accounting system, and DApps tracking system, COINCOME
hopes to expand into global markets.
The structure and features of the tracking system are the same as those used commonly in the digitalmarketing field around the world, therefore they contain some challenges arising from structuralproblems.
Having developed cashback tracking systems over a span of more than 15 years and working as
company representatives for the leading digital marketing agencies listed in Japan, key executives in
COINCOME hope to combine the industry experience in the cashback space with its devotion to
innovation and development of technology that will vastly improve and revolutionise the cashback
industry.
5

The COINCOME tracking system is currently being verified on a private chain and will be published as
open source. On top of that, we share the vision that our tracking system will be the axis for theformation of a global digital marketing industry consortium.
In this way, the project is supported by board members who have accumulated experience anddelivered results in various markets, with a basis for proven execution. In addition, from May 2019
onwards, the Japan and Singapore Open Beta versions have integrated with more than 800 global
famous shops, brands, services and industries as tie-up partners, and have started to provide actual
cashback services to early adopters. We have very high confidence in the market opportunity for arevolutionary cashback model.

Adver=sing businessLedger Management
Distributed Cashback service

CryptoTracking
Token Exchange

Token

6

VISION AND MISSION
Our vision is a world where people around the world unites and generations are connected over the
future, where people will live an enriching life, and where mental and physical space is available in theirlifestyles.
Our mission, to realise this common and eternal vision, is to find, propose and provide to people in theworld, the means to get benefit through their daily life for maximising their disposal income, regardlessof nationality, race, gender, religion, or occupation, income level, personality due to preferences.
We will carry out this project with a focus on carrying out the mission.
First, our project members have accumulated experience in various domains, specialisations, andindustries to apply it on the expansion of cashback service, while realising the expansion of the ecosystem at the same time, have provided various services that are aligned with the mission mentioned.

7

MARKET OVERVIEWCOINCOME’s target market can be broken down as follows:

E-commerce market
The global retail e-commerce market has continually exceeded growth estimates. From USD $1.3
trillion in 2014 to a projected market size of USD $4.9 trillion by 2021.
Brick-and-mortar businesses are urgently digitising their offering, while e-commerce sales show nosigns of slowing. *1 *2

The Cashback Market
The cashback, coupon, and rewards industry has mainly grown alongside the Japan, US and UK ecommerce market, and now represents a roughly $100 billion USD market globally in 2015.
The market continues to grow by more than 20% year-on-year, and 64% of the E-commerce users get
rebates in the form of cashback or coupons.
Also, 71% of e-commerce users wish to have better cashback conditions, and a study showed thatnearly 50% of shoppers would be more likely to buy an item if they could combine a coupon andcashback offer.*3 *4

8

EC market+20%

Annual Gross
Merchandise
Volume ofgrowth Y-o-Y$90 billionover

6 million members

50
sites

over

20

Available in over
10 countries,
focused mainly on
the UK

over

35

over

sites

Inside Japan

35

sites

$15.2 billion
loyalty points market

sites

Singapore* Domestic Japanese market datafrom Yano Research InstituteLtd., 2016
* SHOPBACK data from their 2017
funding press release* EBATES data from 2017 Rakuten
financial materials* Other data for each country
calculated based on the 2015
Cashback Industry Global Report

SHOPBACK
Available in approx.
10 countries$400 million loyalty

overCashback amount
Approx. $5 million/year
1.56 million cases/year$9.7 billion/year

sites

Operating income of$64.4 million/year
Largest global player

points market, over20

100 services

sites

over

15

Handles approx.
$300 million/year

over

50

Handles over

over

sites

15
sites

Digital Marketing Industry
The global digital marketing growth is 13.8% (2018), 12.0% (2019) and 10.8% (2020), and is expected tocontinue double-digit growth.
In 2018, digital marketing took up 38.5% of the world’s total advertising spend, reached a roughly $240
billion USD, and for the first time, overtook television advertising spend of 35.4%, and this ratio is
expected to increase further to 41.4% in 2019 and 43.8% in 2020.
Note that within the projected targets for 59 countries and regions, in 2019, 26 countries and regions
including US, the world's leading advertising market, the ratio of digital as a ratio of advertising spend
by media categories is projected to be the largest. *5

9

PROBLEM AND OPPORTUNITY
Problems and Opportunities within the Cashback Services Market
The size of the cashback market in 2015 is roughly $100 billion globally and increasing rapidly and is
one of the driving engines behind the growth of the e-commerce industry.
Currently, 64% of E-commerce users get rebates like cashback or coupons. However, the steadyprojected growth of the cashback business is susceptible to a few significant problems. The first is that
71% of users are unhappy about low cashback rates. The second is that more than 10% of cashback isfailed to be recognised due to the difficulty of reconciling cookies and user actions. (*6) Currently, HTTP
cookies are the sole method used by cashback sites to track user actions and determine whether a user
is eligible for cashback. However, this legacy method suffers from data inconsistency and data loss,
which in turn hampers the accuracy and reliability of tracking. The lack of an efficient tracking system
not only hurts advertiser ROI, but also limits the adoption and potential of cashback services.
COINCOME is a web service that does not require upfront investment yet offers CIM to everybody
through daily activities.
By utilizing the operational know-how cultivated from REALWORLD-- Japan's largest cashback service
company with more than 10M users (TYO:3691), and the unique management knowledge of
COINCOME, the aim is to realise five times higher rebates, on a monthly average basis, than othercashback sites.
On top of that, by providing various bonuses and benefits, users everyday lives will become gradually
be enriched with good value deals.
In addition, the COINCOME cashback service features are made available as DApps that arecompatible with other currencies, making it possible to provide cashback services in any currency.

Problems and Opportunities with Digital Marketing
The inaccuracy and unreliability of the cookie tracking system is also a major issue in the $240 billion
digital marketing market. Digital marketing is also subject to cookie-based effect measurements. (*5)
However, this method suffers from a difference in intent in terms of data, and is easily subject to
unexpected structural change, and this results in up to 20% of ad fraud worldwide.
As a manifestation of issues involving the cashback industry, two of the world's leading FMCG
companies announced in 2017 the decision to dramatically reduce their digital marketing budget; P&G
by 41% and Unilever by 59%. *6

10

Furthermore, Apple has taken steps to eliminate the cookie-based tracking ability in view of personal
information protection, and GDPR adoption adds another frosty layer to the storage and collection of
personally identifiable information stored in cookies.
In view of these recent developments, we believe that this reaffirms the opportunity for us to disrupt
the cookie-based tracking technology and redefine digital-marketing.
We are developing a tracking system on our unique blockchain infrastructure. By storing the cookie
information and the transaction ID (TxID) on the blockchain network as ad performance data, thetracking accuracy is improved, and a high level of trust can be established. At the same time, transaction
data can be prevented from tampering and managed in a highly transparent environment.
This highly accurate tracking technology that is based on reasonable and a collection of open-sourced
technologies will be released publicly as blockchain-based DApps, and we are designing the protocols
to be versatile and easy to implement, so as to allow adoption by merchants and the greater digitalmarketing industry.

Problems and Opportunities with Cryptographic Assets
There is no existing cryptographic asset that is owned by the majority of the population in the world
and widely used in various places.
One of the factors that cripples the expansion of the ownership and adoption of the token economy is
the investment risk derived from extreme volatility.
The second reason is that there is no self-issued cryptographic asset wallet that is compatible with fiat
currency ready, or payment card issued, or the integration with POS systems in retail shops.
With the various payment methods currently in use, through COINCOME, you will be able to simply
top-up or exchange CIM now. There is no need for new methods or integration for users and shops.
We aim to make CIM available for mutual exchange with other digital currencies and tokens, fiat
currency, digital money, and points, so that it becomes a currency that is convenient in everyday life andhas practical benefits according to the amount of CIM possessed.
CIM credits acquired (In this whitepaper, “CIM credits acquisition” or “CIM credits acquired”
hereinafter refers to the CIM received from the operating entity at no cost and does not include CIM
purchased in the market.) will be the same as points pegged to the legal currency of respective
countries until it is transferred to a digital wallet, and hence there is no risk exposure due to CIM pricefluctuations. (The legal currency pegged to will be according to the service location of the website. For
example, Japanese Yen for the Japan version, and Singapore Dollar for the Singapore version. There isno risk of price fluctuations in the general case that Japan residents are users of the Japan version. )11

WHAT IS COINCOME?
“COINCOME” -- Decentralised Cashback Service

By simply doing online shopping through COINCOME, as usual, you can receive CIM.
We have over 800 shops and climbing as tie-up partners featured on our Japan and Singapore sites.
We are currently continuing to add more shops in real-time.

There are over800

shops & se rvicesof tie-up partne rs

12

Other than this, there are many ways of earning CIM, including account registration for web services on
COINCOME, member registration or application installs; opening a new account at a bank, securities
company, foreign exchange services, or crypto exchange; or information request, completion ofsurveys, simple tasks which can be done online, or friend referral.

Shop via COINCOME

Open accounts or carry outtransactions of cryptocurrency or FX

Register to service / Install apps /Introduce friends

Provide your personal information,
answer surveys, etc.

Respond to offers

Cooperate with research

最⼤
+100%

Get bonus based on the amountof CIM acquiredGet bonus based on the amountof CIM held

On top of that, bonuses can be received for engagement, including COINCOME usage frequency andthe amount of CIM held. A user may gain more CIM by simply holding their CIM in their wallet.
This bonus reward system will be explained in the later sections of the whitepaper.

13

WHAT IS CIM?
High liquidity “CIM” cointhat can be practically used in everyday life.
CIM can be used in various ways, including digital money, to top-up debit cards, or exchanged forpoints. Other various clever ways of usage provided from here on include payment for mobile internet
fees, sending to friends, etc.*7
In this way, CIM will be useful for various practical situations, and become the gateway to create highliquidity in cryptographic assets, blockchain-related services.

Top up digital cash or cards

Redeem for points or gifts

Send and receive payments
between individuals

Participate in projects

Cryptocurrency and FX
transactions

Use in blockchain games

COINCOME Japan is already providing various options for exchanging CIM, including
digital money, miles, gift cards, points and more.

Since cash back in the form of CIM is stored as an equivalent value of legal currency until the point
where it is transferred at any time to a wallet registered at COINCOME or exchanged as digital money,
etc, there is no worry about the risk of change in exchange rates.

14

CASE EXAMPLE
1. Shop via COINCOME

2. Acquire CIM points( equivalent to at currency )Buy 50 SGD item via COINCOME( e.g. 10% Cashback )Get 5 SGD equivalent CIM points

O -Chain

3. Transfer CIM points to Wallet

Exchange for 250 CIMs
1 CIM = 0.02 SGD* (at prevailing exchange rate)

On-Chain( Blockchain Network )* The CIM exchange rate displayed above is just an
illustration and not reflective of actual market rates.

According to the legal advice received from the project’s legal counsel and the local legal counsel fromSingapore -- where CIM is issued, on Singapore's laws and regulations, in particular the Securities andFutures Act (“SFA Act”) and on January 14, 2019 the jurisdiction of the Payment Services Act(hereinafter referred to as the “PSA Act”) that has been passed by the Parliament (not yet effective as ofJuly 30, 2019), there is a low probability that CIM will be the subject of the financial regulations under
the purview of Monetary Authority of Singapore (hereinafter referred to as “MAS”). We have submitted
a legal opinion to MAS and received a reply that there was no objection to the content.
In cases where CIM is judged as "Digital Payment Token" after the PSA Act is enforced, we plan toobtain the standard payment institution licence or the major payment institution licence depending on
the transaction scale.
Since CIM can be considered as 'virtual currency' in the Payment Services Act of the Japanese law andalso a utility token, various transactions such as issuing or trading CIM can be exempt from the
Financial Instruments and Exchange Act.
Besides, COINCOME intends to provide Japanese residents with opportunities to exchange CIM toother crypto- or fiat currencies only through the cryptocurrency exchange service providers.
Granting CIM to user on the COINCOME service shall not be deemed to fall under the Virtual Currency
Exchange Service, and also the use of CIM (in Japan) as referred to above does not fall under the
category of Prepaid Payment Instruments and Funds Transfer Services, thus COINCOME is operated
according to the legal advice that its service does not fall under the Payment Services Act.

15

BUSINESS MODEL OVERVIEW
By having collaborative services with merchants, online shops and brands, a portion of the advertising
revenue received from sending users to them will be returned as cashback in the form of CIM.

1 Place an ad

2

4 Transfer users

Merchants

Introduce shops
and services

3

Use shops andservices

Users

Cashback site

The Business

5 Ad fees

6 Compensation

7 Use CIM

8 Hold CIM· Exchange to legal
currency / Top up
debit card

Promoteaccount opening· Exchange for digitalmoney or otherloyalty points

Promote use of
payment· Convert to anothercryptocurrency

Promote trading
at exchanges· Send and receive
payments amongindividual users

Provide digitalwalletEarn a bonus rate, AirDrop perks, etc.
based on the amount of CIM acquiredor held

UP
9 Increase CIM

CIM credits acquired by users can be exchanged into various digital money, points, etc, and can beexchanged through an exchange for cryptographic assets or fiat currency after it is listed.
In the beta version that has gone live, only CIM credits for the state prior to being transferred to adigital wallet, can be exchanged.
When the full version is released, CIM credits will be available for exchange to CIM token (digitalmoney) or other points.

16

The exchange rates for the above will be based on the prevailing market rates offered by exchanges
selected by the COINCOME service.
Note that during the exchange of digital money, points, etc, the exchange fees incurred are also part of
the revenue and will be allocated as bonus back to the user.
This cashback business model is clearly beneficial to merchants for new user acquisition and reviving
the interest of existing users, and also mainly because it is a performance marketing tool that has norisk regarding cost of performance, and this is a major reason for the progress of tie-up with many
shops, brands, services.

17

OUR VALUE PROPOSITION
As mentioned in the MARKET OVERVIEW section, the cashback service market is steadily growing
globally, but 71% of users are unhappy about low cashback rates according to the survey results.

The reasons behind this are:(1) The low value of cashback(2) Cashback is not valid despite having fulfilled the criteria
Regarding (1), for cashback services in the global market, the average monthly cashback received byusers is 10 USD, and this amount does not provide satisfaction for users; regarding (2), tracking when,
who, where, what, how much is the purchase, and what is used, is the basis of the cashback service asmentioned previously, and the loss in tracking due to structural issues in tracking system causes the
problem.
Regarding (1), the realisation of a monthly average of around 3000 JPY was possible based on thevarious past various operating know-how of Japan's largest cashback service company.

On top of that regarding (2) , by offering the solution of our unique tracking system, the cashback
service is not one that COINCOME is only a part of, but because of the revenue and financial resourcesthat is provided by COINCOME, the average monthly cashback of over 50 USD for each user can berealised.

Conventional cashback sites
Returning a portion of the advertising revenue
Aﬃliates' income, mainly fromchanneling customers to shops

About $10/mo. (average)

strive for 5-foldincrease or higher

Income from trading platform& customer attraction
CIM rate marginfunding
Research data income· Many avenues for monetizing,
which means high returns for users· Best earning opportunities will beoﬀered based on our operational
know-how

Wide range of aﬃliate income
and display income, including
issuing payment cards.

$50 (or more)/mo. (average)

18

The structural flaws of the cashback industry have caused several issues that affect both users andindustry players.
The issue that is easiest to understand is the expiry of cashback or loyalty points. This issue is closely
related from the point of view of industry players and easily relatable to the various users of cashback
service, point services, and coupons.
Industry players that provide users with cashback and points need to treat these costs as liability andthis is reflected on the balance sheet, and from the viewpoint of accounting principles, the expiry dateof the liability must be stated.
Due to this, there are restrictions on reward service provided to users both in terms of reward volume
and time horizon.
In reality, there is a minimum withdrawal limit with cashback services, be it in the form of cashback orpoints, and can only benefit users with a certain usage pattern, and cases where the cashback or points
expire is not rare.
On one hand, COINCOME’s CIM can be cashed out in small amounts once it is listed at a
cryptocurrency exchange.
Other than that, the overall competitive advantages of COINCOME’s service over current cashback
services are listed below.

Users

Businesses

Cryptocurrency
Blockchain· No cash back deadlines and no expired
points· Relieved from management pressurecaused by debt reserves· Expected price gains for tokens owned· Expansion of earnings opportunities· Minimize unauthorized actions with robust
security, without compromising usability· Eliminate ledger managementinconsistencies; boost operating efficiency· Eliminate tracking issues (accuracy, speed)Company effort& know-how· Best rate of return· Deliver opportunities and avenues forearning greater rewards· Proven track record of Japan's largest
service operation with 10 million members· Building alliances with top-notch players

19COINCOME - CIM ECOSYSTEM
The flow of CIM
As explained before, through COINCOME, users can receive CIM when they have taken the actions
that satisfy the criteria for cashback.
Users can choose whether to transfer CIM they acquired to wallet or exchange digital money or points.
During this time, as mentioned in the previous section, before the CIM is exchanged, CIM will be pegged
to a fiat currency, for example, it will be retained as xx JPY equivalent of CIM.
As explained in the section “WHAT IS CIM?”, a CIM credit held in the COINCOME service is just likeloyalty points off-chain. When it is moved into a wallet, and/or digital money or exchanged as points,
the prevailing CIM exchange rates offered by external exchange selected by COINCOME service will
apply, with no risk borne until CIM exchange is conducted by the user. There is no involvement of CIM
until the time of exchange for digital money, points, etc, and hence has no effect on the liquidity of themarket.

Buy CIM

Buy CIM

Exchanges

Buy CIM

Pay Ad Fees
In CIM or Fiat

Grant CIM

Top-up Payment cards orDigital cash in fiat equivalent

The amount of the CIM held, together with the frequency of COINCOME service usage, will increase
the cashback rates and the opportunities to receive higher bonuses. (*7)
Thus, in addition to acquiring CIMs from COINCOME, users will be able to maximise their benefits bysourcing CIMs from the market.
In addition, as the operating entity continues to grant CIMs to users through COINCOME, the amountof CIMs held by the operating entity will decrease in inverse proportion according to the passage oftime and the expansion of the service.
Therefore, in order to make up for the decrease, the operating entity also creates liquidity in the market
according to the amount of CIM in the market.
20

Finally, merchants as business partners can also pay for advertising through CIM. Paying with CIM
provides benefits such as advertising fee discounts and access to marketing data.
Therefore, merchants can also enjoy the benefits of maximizing CIM by voluntarily procuring themfrom the market, which produces a positive impact on liquidity.
CIM offers incentives for all stakeholders to procure, and we will do our best to focus on maximisingliquidity by providing various benefits from holding CIM.
While you can fully enjoy the benefits of CIM by using the cryptocurrency exchanges, as you can see,CIM can be obtained by anyone without investment risk through COINCOME, including those without
investment experience, especially those with no prior exposure to cryptographic assets can now feel
free to own some of these assets, and this brings about a positive impact on the cryptocurrency market
and related businesses and services.

Value of CIM and the symbiotic relationship with COINCOME
COINCOME, as mentioned above, has the same business model as existing cashback services.
Currently, the cashback market continues to grow at YoY + 20%, and as the market expands, the scaleof the users will increase.
Furthermore, by securing a competitive advantage over other cash back services, the inflow of users
from existing cash back services is also expected, and growth beyond the market growth rate can beprojected.
Also, the scale of COINCOME-CIM ecosystem. As mentioned in the previous sections, with the growthand expansion of COINCOME, that leads to an increase in demand for CIM, CIM's market value willrise correspondingly.
In addition, when merchants join the ecosystem as users, the value of CIM will be further enhanced.

Total number of issued
CIM is fixed to 25 billion

Fixed number of
CIM

CIM

Cashback value in fiat
increases with the
expansion in scale

CIM value rises

Fiat

21

Decentralised Cashback Service
COINCOME has developed a blockchain-based ledger management system, tracking system and token
exchange system, and a beta implementation is live.
More details will be described later, but the source code, protocols, and DApps will be open-sourced
and will be helpful as COINCOME globalise and expand, provide a wide range of cashback andimplement loyalty marketing to various segments of the society, regardless of service (B2C or C2C),
membership, companies with a traffic base, or individuals who own various types of coins or tokens andwant to take advantage of the incentive function.

Token exchangesystemBlockchain platform
ledger management
systemBlockchain platform
tracking system

Open source

Token exchange
DApp

Cashback tracking
DApps

Economic scope of
CIM expands

22

For example, as shown in the figure below, COINCOME's cashback DApps can be used to easily
introduce services that use BTC, ETH, XRP, or other coin or tokens as rewards.

Examplemall
1

Visit mall2

Shop as usual
via mall3

Get XRP(Other currencies are
selectable)

4

Use XRP

Pay at shops available

etc…

Shopping

Exchange XRP forother coins

Reservation

Tie-up / Cooperation

Blockchain platformLedger management
system DApp

Cashback
Tracking System DApp
COINCOME Cashback DApps

This makes it possible for anyone to get the target currency and can also contribute to the further
improvement to the recognition, liquidity and value of the currency.
In this way, the COINCOME-CIM ecosystem will provide functions that are common in daily life
globally, providing complementary and highly attractive value to the ever-expanding e-commerce
users, shops, brands and online services. We are confident that we can achieve dramatic expansion by
providing this value.

23

BLOCKCHAIN BASED DAPPSCOINCOME will redefine the cashback system, which is positively correlated with the development
and growth of the global e-commerce market that is currently valued at 2.8 trillion USD, and thetracking system that forms the centre of digital marketing with a market size of 240 billion USD.

Cashback Ledger Management System
We will accelerate the development of the above-mentioned distributed cashback service by
combining the ledger management system and token exchange system that make up the blockchainbased cashback service as a DApps package.
In existing cashback service ledger management system, many data transactions are constantly
occurring along with various unauthorised attacks. Data inconsistency is a frequent occurrence due tooperation process such as complex processes and setting and becomes a major obstacle to improving
the efficiency of operations.
In our ledger management system, not only the inconsistencies are resolved, but unauthorised login
and unauthorised actions are also prevented, while a proof of concept of an open-sourced cashback
system with an increasing number of partners and a faster rate of cashback recognition is in progress.

Tracking System
As mentioned in the section PROBLEM AND OPPORTUNITY, as a response to data tracking being amajor factor in the structural issues facing the digital marketing market, we will build a completely new
open-sourced tracking system that does not only rely on cookies and deploy it globally. We will solve
the following issues.
¨

Seize opportunities as a result of asymmetrical data and rights on global platforms, for example,
FAMGA

¨

Compliance with the GDPR Act in terms of personal information protection, solution in response
to ITP¨

Tracking accuracy and data inconsistencies caused by tag management over-layering

The existing cashback service uses cookie-based tracking system to measure if the user meets the
cashback condition. Furthermore, in the field of digital marketing, it is based on cookie-based
measurement of performance.
However, that method is prone to intentional differences, unexpected structural changes and pure
tracking data leaks, and it also causes up to 20% advertising fraud worldwide.

24

As a manifestation of the shocking problem, P & G, and Unilever -- two of the world's leading consumer
goods manufacturers, announced in 2017 that the former will reduce digital advertising expenses by
41%, while the latter by 59%.
Furthermore, cookie tracking has been strictly excluded by Apple in view of personal information
protection and has become increasingly difficult in recent years due to the introduction of GDPR.
The advertising performance information managed by this system, for the purpose of fulfilling thecontracted advertising performance expected by the merchants, makes the assurance of the accuracy
to both merchants and media who use this system is a very important requirement.
In the past, the security of such accuracy was highly confidential information, which is premised on thesystem management company managing independently.
Based on these assumptions, we will use the blockchain network as a highly transparent platform andwill prevent malicious third parties from producing fraudulent results (ad fraud).
The actual results realised by this tracking system:¨Realisation of prevention of tampering with transaction data by storing results in highly
irreversible blockchain network¨

Realisation of management in a highly transparent environment without arbitrarily concealing
stored information by using blockchain network¨

Improved accuracy in acquiring information from cookies and transaction ID (TxID) and storingcollated advertising results with high reliability and accuracy in blockchain network¨

Based on highly accurate measurement technology, it will be integrated as a reasonable andversatile technical specification, and released as open source blockchain technology in the
futureCurrently, there are many cases of performance-based advertising where it is impossible to measureadvertising performance that was previously possible, due to ITP introduced to the browser of Apple
Inc. In particular, this damage cannot be neglected in Japan where the iOS share ratio exceeds 60%.*8
Furthermore, with the release of ITP 2.2 which further tightens personal information protection, may
be strengthened in the future. COINCOME as a solution to this problem, uses blockchain to realise ourunique response to the abolition of the usage of Third-Party Cookie which is used to measureadvertising performance. This method realises the performance measurement using First Party Cookie
in connection with the performance measurement with the advertiser site and realises themeasurement method with API connectivity using transaction ID (TxID) as a response to the further
evolution of ITP correspondence.

25

In addition, we can realise more accurate conversion measurement by storing advertisement
performance information obtained by using Cookie and transaction ID (TxID) together in highly
transparent blockchain network and performing crosscheck.

Compatible with cross-check using AI
First Party Cookie support
ITP (Intelligent Tracking Prevention) installed by Apple in
Safari 11.0 makes it impossible to perform various advertisement measurements using third-party cookies.
Our system makes it possible to avoid the ITP and perform
advertisement measurements using first-party cookies.

C o ok i e & T x I D

Blockchain

Advertiser

By saving the cookie and transaction ID (TxID) in the blockchain and conducting a cross-check using AI,
a more accurate conversion measurement is realized.

COINCOME

ASP

TxID

Redirect & Cookie Check《+》TxID

Redirect & Cookie Check

Conversion Cookie Check

Conversion Cookie Check

MEDIA《 Link Click 》

LP
TxID

TxID

Conversion

By storing and expanding various data on a blockchain infrastructure, we can construct data structuresthat are unlikely to cause unexpected structural changes, including intentional passive actions such asad fraud, and aim to merge portable data provided by COINCOME users to improve the value andconvenience of data.

cookiesPreventing missed tracking

High Precisiontransaction

ID
More valuable data

High Reliability

This tracking system is currently under proof of concept validation, to improve various functions,
including monitoring and improvements, adding functions, and sharing as DApps with the ledger
management system mentioned above, promoting the entry of various players, more sound and active
support of the global expansion of digital marketing. At that time, a consortium with existing data
management platform vendors, ad network operators, tracking system providers, etc. is also assumed
to be formed.

26

Use case / partnership opportunities¨

ASP (Affiliate Service Provider)¨

DSP (Demand Side Platform) / SSP (Supply Side Platform)¨

Ad Networks / Ad Exchange¨

DMP (Data Management Platform)¨

OMO (Online Merges with Offline) Marketing¨

Media / SNS service providers and users

The current system that COINCOME is built on and actively used blockchain system is Ethereum, andfrom the viewpoint of speed, capacity and cost, first of all in the field of digital marketing where
especially the viewpoint of ROI is the most important metric for conversion, the system’s capability is
focused on the action taken with respect to cashback services, and the improvement of offline tracking
accuracy for smart devices. After that, the ability to solve the above-mentioned problems of speed,
capacity and cost, the adoption of proprietary development other platforms, or other data types wheremore transactions occur simultaneously and frequently, together with various merged data and usageof marketing data under the consent of the user and the expansion of the scope and further
development of digital marketing, will offer new value based on the incentive scheme for users who
have provided the data.

27

SERVICE’S MARKETING STRATEGY
We have launched our services in Japan and Singapore; In Japan we have established the highest
certainty in operating results together with actual business expansion. Singapore, where the domestic
environment has been prepared and the cross-border e-commerce business has widely spreaded, ishighly compatible with COINCOME and allows us to conduct demonstration experiments with highaccuracy because of the large size of the country, diverse races and cultures.
The channels that are most efficient in achieving actual results for active users acquisition for the
cashback service operation are mainly influencers, an invitation system centred on bloggers, theaffiliate system including lifetime commission, as these channels will be the axis of promotion for bothin Japan and Singapore.
In addition, there will be a two-prong approach in Singapore for user base expansion; through theincrease in awareness of the dormant audience in offline users utilizing highly effective transportation
advertisements, and approach to the existing digital audience.
After expansion in Japan and Singapore, there are plans for expansion to various countries, includingIndonesia and other Southeast Asian countries that have demonstrated strong e-commerce and digitalmarketing growth. Other countries, including South Korea and other East Asian countries, that havedisplayed an affinity to rewards and loyalty programs, are also under consideration.
In addition, the selection criteria of target countries and regions will be judged comprehensively fromthe following five items, in order of priority.
¨

Have explicit and potential growth potential in the e-commerce market¨

With promotion of cashless payments or is currently popular¨

Have shown a broad positive attitude as a nation and a government towards cryptographic
assets and blockchain technology¨

With a legal system established in a culture that is considered to be highly compatible withrewards and loyalty marketing¨With existing strong partners or partners who can be acquired locallyIn addition to these expansion, COINCOME continues to provide various products and services with
CIM as the backbone, aims to maximise the disposable income of users.

28

BUSINESS PLAN
From August 2019 onwards, COINCOME will generate a total of US $1.4 billion in EC distribution over
3 years.
The number of members is expected to reach 400,000 by the end of July 2020 (Japan: 200,000,
Southeast Asia 200,000), increase to 1,23 million by the end of July 2021 (Japan: 540,000, Southeast
Asia: 690,000) and 2.07 million (Japan: 910,000, Southeast Asia: 1,16 million) by the end of July 2022.
Total number of COINCOME members
Acquire over 2 million members over 3 yrs( Units: Million people )2.5

End of July 2022
2.07 million people

JP
ASEAN

2.0

End of July 2021
1.23 million people

1.5

1,164,750
690,250

203,336

FY

20
20
FY

20
21

214,740

0

20
22

0.5

541,071

End of July 2020
0.41 million people

FY

1.0

913,837

Total EC business through COINCOME
Generate a total of $1.4 billion over 3 yrs(Units: Million dollers)$20 00End of July 2022
1,450 million USD$1500

End of July 2021
590 million USD$10 00$500

End of July 2020
36 million USD

20
22
FY

20
21
FY

FY

20
20

¥0

* converted at 1 USD = 110 JPY

29

ROADMAP
This project was kicked off in March 2018. As we focused on technical development to get to market
faster, rather than channelling efforts to promotion and marketing activities, we were able to launch
our Open Beta version in May 2019, with an actual product that can generate revenue.. This has
allowed us to conduct quick iterations according to the market demand.
Other than that, our partnership with other key players in the market is proceeding smoothly asplanned, as we continue to provide more services and features to maximise the business value.

2018.10Begin token sale2018.12

Launch of closed beta of MVP in Singapore
2019.01

Expand the partnerships
with shops and services

2019.05

Launch of open beta in Singapore
Mid of 2019

Exchange listing& market launch preparation
Fall of 2019

Official launch of COINCOME in Singapore
Bonus reward available for CIM holders
Launch of CIM holders ranking system

2019.05

Launch of open beta in JapanMid of 2019

Expand & enhance CIM payments
and support crypto-backed debit cards
Fall of 2019

Official launch of COINCOME in Japan
Bonus reward available for CIM holders
Launch of CIM holders ranking system

Spring of 2020

Further expansion of cashback services
to other markets
Begin DApps cashback service
Mid of 2020

Enhance bonus rewardwith personalised score

Mid of 2020

Enhance bonus rewardwith personalised score

Fall of 2020

Launch of unique DApp tracking system

GLOBAL

JAPAN30

From now, there will be enhancement of the three points below:¨

To maximise the disposable income of users from COINCOME, by creating various ways ofearning CIM.

¨

To improve the quality of our service to maximise the opportunities and expand the number oftie-up partners.

¨

To expand the users and ecosystem, including providing COINCOME services and DApps toother countries.

First, within 2019, we plan to offer a bonus to users according to the amount of CIM possessed and thefrequency of usage of COINCOME, provide a status system to improve the cash back rate, and provide
users with a cryptocurrency wallet.
At the same time, we will work to improve on service quality, improve the cashback amount, andexpand our network of tie-up partners with the objective of increasing reward choices.
From 2020 onwards, COINCOME services will expand to other countries, together with the availabilityof DApps, and reach a phase of rapid expansion of the ecosystem.
Furthermore, user score function will be added based on the tracking system, hence redefining thedigital marketing market, with the introduction of an innovative incentive system based on personal
information, and the scale will be further expanded to include offline activities.
Due to the nature of the value provided, and in view of the trend of laws and regulations in various
countries, COINCOME is considering to acquire various licenses such as banking business, agent
services including digital payment service, funds transfer services, and cryptocurrency exchange
business.

31

ALLIANCE PARTNERS

We have already established a partnership with Liquid Global (A major global exchange where CIM islisted), along with other partners.

32

THE TEAM AND ADVISOR

Yoshihiro Kanemitsu

Kazuto Higashimoto

CEO / FounderManaging Director of Makers Farm Japan

Former Board of Director of REALWORLD,inc.
(TYO: 3691), former Marketing Director at
Foreland Forex (currently Rakuten Securities)

Former Board of Director of REALWORLD,inc. (TYO:3691), Macromill, Inc. (TYO: 3978), CAPCOM CO.,LTD. (TYO: 9697), Executive Officer of UNITED, Inc.
(TYO: 2497), SEPTENI CO.,LTD (TYO: 4293)

Tyrell Systems Inc.

TOMOSIA VIET NAM Co., Ltd.

Product

Product

Eikyufumetsu.com (CREDIT SAISON Rewardsmall), TREASURE DATA development

Software Development Firm specializing in web,application, data scraping, etc. that is based in
Hanoi and Danang, Vietnam

Mitsutaka Hamada

Ko Hanamizu

Partner and Advisor

Legal Advisor

Principal of OPT Ventures,Inc.

Representative of Anderson Mori & Tomotsune(Singapore) LLP

33

Kazutaka Mori
Auditor of Makers Farm Japan

Ikue Saito

Product Management
Executive Director of Makers Farm Japan

Head Fintech & ICO team of ONE ASIALAWYERS, Lawer

Former Rakuten Reseach (currently Rakuten
Insite, Inc.), former Product Manager of Istyle,Inc.(TYO: 3660)

Shoji Amamiya

Chiyomi Iwamoto

Marketing & Sales

Design & PR

Former REALWORLD,inc. (TYO: 3691), former
head of loyalty markething & CBEC of EC media
company

Former public relation officer of broadcasting
trading company

34

CIM GRANT RATIO AND FUNDING PURPOSE
CIM grant ratio
COINCOME
Cashback pool *1
12,500,000,000

Team, Partner & Advisor
6,500,000,000

26 %
50 %

20 %
4%

Denomination : CIM

Marketing pool
5,000,000,000

Token sales
1,000,000,000* 1 : Mainly used as cashback by COINCOME. Trading according to operations will not be
conducted. Also, depending on market conditions, there is a possibility that token burnmay be conducted to a portion of CIM.

* The token sale stated above is conducted in Singapore.
* More than half of the cashback pool is held by the operating entity and will not be sold or used for any
other purposes.

35

SALE DETAILS, USE OF PROCEEDS, TOKEN
DISTRIBUTION* The token sale stated above is conducted in Singapore.

36

MEET US ON
Project :https://cimcome.io/

Services :https://cimcome.jp/ (for Japan)
https://cimcome.sg/ (for Singapore)

Blog :

https://blog.cimcome.io/

Twitter :https://twitter.com/cimcome_japan (for Japan)
https://twitter.com/cimcome (for global)

Telegram :https://t.me/cimcome (Official Channel)
https://t.me/cimcome_official (Official Group)

Facebook:

https://www.facebook.com/cimcome

SOURCE AND SUPPLEMENTS*1 "The impact of e-commerce on international trade and employment"*2 "Worldwide Retail and Ecommerce Sales: eMarketer's Updated Forecast and New Mcommerce Estimates for 2016—2021"*3 "The State of Cashback Offers"*4 "2015 Cashback Industry Report"*5 DENTSU AEGIS Network AD Spend Report (2018-2020)*6 World’s largest advertisers are sounding alarm bells, what should Japanese marketers do?
*7 According to the current MAS and DTO guidelines, CIM is unlikely to be considered a security token or a digital payment
token, and we operate the services based on the legal opinion by a legal counsel, that CIM can be considered as a utility token.
*8 Smartphone・PC Share Data BOOK

37