CCCU 61st Annual Conference “Blockchain and Digital Payments” Prepared by Bitt Inc. June 18, 2018 gabriel@bitt.com

What’s Blockchain, Simply Put? A blockchain is a secure and open digital ledger system that cannot be tampered with or changed at any time. This means that everyone on the ledger has access to all recorded entries within the blockchain at every moment in the lifespan of the transaction.

Benefits of a Blockchain It is ‘trustless’ and allows for ‘trust and verification’ for all transactions committed to the ledger. It operates through consensus and cannot be tampered with by a single individual or entity. It provides an immutable public record of transactions which add to transparency, accounting and compliance measures. It removes the risk of forgery and eliminates the ‘double-spend’ problem. It enables an interconnected financial ecosystems and global value transfer systems. It provides mathematical and digital representation of real world objects towards the “Internet of Things” Every single person can participate following the same rules

The Caribbean Systemic Financial Problems Lengthy Settlement Times Financial Inclusion and Unbanked Citizens Lack of Banking Infrastructure Fragmented Currencies Restrictive Barriers to Ecommerce and Innovation in Payments High Remittance Cost No Open Gateways and Open Payment Standards De-Risking

Generation 1: Digital Asset Exchange Objective: Introduce the world to www.bi.tt Build a digital asset exchange for the Caribbean market Allow consumers to use a push and pull matching engine to buy or sell digital assets for national currencies Empower consumers with the ability to move into and out of digital currencies Shortfall: Education and awareness towards blockchain technology was poor Encouraging digital adoption using blockchain proved to be complex and difficult for average consumers There was no conduit between users, their money and digital dollars. Generation 1: Digital Asset Exchange January 2014

Generation 2: Mobile Wallet Objective: Introduce Bitt.com to the world Provide users with a mobile wallet to manage their digital assets Provide consumers with a convenient way to send or receive digital assets Encourage adoption of the Bitt platform through the mobile market Shortfall: Limitations and management of physical cash Local currencies were illiquid and did not interface well between consumers and the mobile wallet Functionality of national dollars were limited to the physical world and were not conducive for the mobile application Risk associated with digital currencies like bitcoin created user uncertainty Generation 2: Mobile Wallet January 2015 Avatar Capital backs Bitt.com with up to $1.5M US in seed funding.

Generation 3: Digital Dollars Objective: Digitize a national dollar on the blockchain in collaboration with the monetary authorities Create the process and procedures for a Central Bank to securely issue Digital Dollars Integrate Digital Dollars into the Bitt Platform Provide consumers with a product that allowed them to interface with their national currency, digitally. Provide integrity, accountability and transparency to the money base Shortfall: Lacking legislation and legal frameworks to support digital dollars, mobile money or payment service providers An ecosystem to support Digital Dollars at every layer of the money base was non existent Generation 3: Digital Dollars February 2016 Overstock.com backs Bitt.com with up to $16M US in Series A funding.

Generation 4: Ecosystem Objective: Build the software required to provide digital dollar transaction services to all three layers of the money base Create utility for a consumer to accomplish a digital transaction anywhere physical cash transactions can occur Replicate a cash based society, digitally Shortfall: Absence of a regional settlement network for digital dollars Inability to trade with neighboring territories due to missing monetary union Generation 4: Ecosystem January 2018

The economy of the future is Digital Global rise in digital payments - in the US in 2017 - point of sale transactions made by using mobile devices account for 50 Billion dollars with 60million US users using one of the top 4 mobile apps at least once in 6 months. The caribbean must compete Tourist travelling from developed countries are very familiar with digital payments as a convenient, safe and cost effective method of payment Blockchain is cheaper and more secure, disintermediation, and immutability - in some cases it maybe faster.

Our technology seeks to solve the following problems: Lengthy Settlement Times Financial Inclusion and Unbanked Restrictive Barriers to Ecommerce and Innovation in Payments No Open Gateways and Open Payment Standards

Digital Currency The Barbados Digital Dollar is a digital representation of the fiat Barbados Dollar Will always remain on a 1:1 ratio with the Barbados Dollar Cash out whenever you want mMoney Mobile Wallet users can pay mMoney Merchants for goods and services or each other from the convenience of their smartphone.

mMoney Merchant App Point of sale application that facilitates Digital Dollar Transactions mMoney Merchant-Teller Management Panel Desktop version of the App that allows merchants to produce reports and monitor the growth of their business mMoney Wallet Consumer side of the solution that allows transactions to be made using Digital Dollars

How the customer uses the wallet

How the merchant uses the Point of Sale

Becoming an mMoney Merchant is easy

The value of Reduce the cost of entrepreneurs and micro, small and medium enterprises (MSMEs) to participate in the Digital Economy Provide a robust, efficient and paperless framework for funding disbursements Facilitate innovation with new payment rails for accelerated growth

mMoney Ecosystem

mMoney Ecosystem POS Integration Vendor/Supplier Payments E commerce Hardware-Native Peripheral Vendor/Supplier Payments Local International E commerce Payroll integration

The Ecosystem “3 Layers of The Money Base” LAYER 1: ISSUANCE Users: Central Bank Function: A platform and solution for monetary authorities to issue digital assets securely onto the blockchain DIGITAL DOLLAR STANDARD (Cryptographically secured Assets) LAYER 2: INTEGRATION Users: Financial Service Providers, Commercial Banks Function: Integration of digital dollars and blockchain technology into the legacy banking architecture BLOCKCHAIN (Distributed Ledger Technology) LAYER 3: INTERFACE Users: Consumers, Merchants Function: Ability to send, receive and process digital dollars to and from smartphones and mobile devices

Generation 5: The Caribbean Settlement Network 2019 Objective: Build a multilateral clearing and settlement facility for the Caribbean Region Build a synthetic monetary union through the use of national blockchain based digital dollars Design a smart contract to follow the rules of a trade-weighted effective exchange rate index utilizing Caribbean Digital Currencies. Ensure a multilateral exchange rate index is driven by an autonomous system where all monetary authorities participate via the same rules of engagement driven by accountability and transparency Introduce CaribCoin to the Caribbean and to the World Empower People Generation 5: The Caribbean Settlement Network

Questions? gabriel@bitt.com