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WHITE PAPER 1.0A DECENTRALIZED NETWORK FOR GLOBALLY TRADED COMMODITIES AND FINISHED GOODS WITH COMMUNITY ENHANCED FINANCINGContentsAbstract 01IntroductionCommodity Transation 02Commodity Agent 02Commodity Speculators 03Smart Contracts 03Community Enhanced Financial System 04Problems 05Effects 06Why TITA Model 07Applications 08The TITA EcoSystemThe TITA Center 09The TITA Exchange 10The TITA Token 11Token Distribution 12Use Of Funds 13Community Network Empowerment 14How we will Drive Adoption 14Road Map 15References 16Legal Disclaimer 17AbstractTITA means Buy-Sell in a Native African Dialect. The TITA Project is all about building a de-centralised ecosystem powered by Blockchain technology for the buying and selling of locally or globally traded commodities and finished goods thereby setting up pedestals that en-hance the financial systems of the communi-ties where these commodities are produced. A commodity is a basic good used in com-merce that is interchangeable with other commodities of the same type; commodities are most often used as s in the produc-tion of other goods or services. Commodity may differ slightly, but it is essentially uni across producers. When they are traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade. Some traditional examples of commodities include grains, gold, beef, oil and natural gas. More recently, the definition has expanded to include financial products, such as foreign currencies and inds.Technological advances have also led to new types of commodities being exchanged in the marketplace. For example, cell phone minutes and bandwidth.This project is designed to create a solid infra-structure that solves the basic and complicated issues with the trading of commodities and end user’s goods.We are focusing on commodities as we believe they are the basic s to the physical envi-ronment that we have to interact with in our daily lives.In this paper we present TITA, a system to facilitate primarily commodity trading from producers source to manufacturers / con-sumers end users and secondarily enhancing community financial systems. TITA uses a blockchain-based system to pro-vide tools for the coordination and incentivi-zation of participants engaged in buying and selling of commodities that eventually turn into end user’s goods, and to collaborate and support financial products for producing communities using the blockchain, by creating a standard token protocol which embeds de-fined requirements into the tokens themselves, these tokens can be purchased and traded among verified participants.Commodity trading is one of the oldest s of human activity. It is central to the global economy. Yet up to now there has been re-markably little research into this important area- Trafigura01IntroductionCommodity TransationCommodity AgentsVirtually all agricultural, energy, and industrial commodities must undergo a variety of processes to trans them into things that we can actually consume. These transations can be roughly grouped into three categories transations in space, transa-tions in time, and transations in . Spatial transations - involving the transportation of commodities from regions where they are produced supply regions to the plac-es they are consumed. Transation in space is necessary to bring commodities from where they are produced to where they are con-sumed. Transation in time - Just as the locations of commodity produc-tion and consumption typically do not align, the timing of commodity production and consumption is often disjoint as well. Transation in - commodities often must undergo transfor-mations in to be suitable for final consumption, or for use as an in a process further down the value chain. Though often over-looked, blending and mixing are important transations in .Commodity trading firms are vital agents in this transation process. The sale and purchase of commodities is usually carried out through futures contracts on exchanges that standardize the quantity and minimum quality of the commodity being traded. There are two types of traders that trade commodity futures. The first are buyers and producers of commodities that use commodity futures contracts for the hedging purposes for which they were originally intended. Theses traders actually make or take delivery of the actual commodity when the futures contract expires. 02Commodity SpeculatorsSmart ContractsThese are traders who trade in the commodities markets for the sole purpose of profiting from the volatile price movements. Theses trad-ers never intend to make or take delivery of the actual commodity when the futures contract expires. Many of the futures markets are very liquid and have a high degree of daily range and volatility, mak-ing them very tempting markets for intraday traders. Many of the index futures are used by brokerages and portfolio managers to offset risk. Also, since commodities do not typically trade in tandem with equity and bond markets, some commodities can also be used effec-tively to diversify an investment portfolio.Over the past few years, Turing-complete programming languages have been implemented into decentralized Blockchains. These systems use “smart contracts” software programs stored on-chain that are automatically implemented upon specific conditions being satisfied, to add and modify data algorithmically however a user designs it. The most widely used Turing-complete blockchain, Ethereum, grew out of a frustration with trying to implement complex logic on top of Bitcoin. Ethereum simplifies the task of implementing complex finan-cial logic on a blockchain. With only a few lines of code, smart contracts can transfer assets or establish escrow conditions to be cuted algorithmically, with all the benefits of blockchains as described earlier. There is no risk of payment on one side, and the failure to deliver on the other side. The smart contract can be designed to effect a transaction instantaneous-ly, or can be designed to effect upon future conditions begin met.03Whether they’re aware of it or not, whether they care about it or not, all financial institutions have a significant impact on com-munities. By directing the flow of credit in our economy, they decide the shape of our world – the houses we live in; the busi-nesses we work for and buy from; and the activities that protect or destroy our environment.Community considerations may be addressed through corpo-rate social responsibility statements or staff engagement pro-grammes, but, if concern for real-world impact isn’t at the heart of a bank’s business model, no amount of window-dressing will outweigh the damaging effects of its core activities. RBS, Barclays and HSBC all have sustainability policies, but are also the UK’s biggest bank lenders to the coal industry. HSBC also provides banking services to fracking company Cuadrilla, while Barclays is a major investor in Third Energy, which plans to frack in North Yorkshire.With financial institutions wielding this much power to affect our lives, the democratic control offered by the mutual model is an important mechanism for accountability and influence. Un-less we know and can control what our money is doing, we have no guarantee that profit is not being prioritised over people or planet.Thankfully, a growing number of alternative finance options of-fer not just disintermediation, but the opportunity to join a com-munity of investors with the same vision, such as a democratical-ly owned renewable energy system. Similarly, Ecology Building Society is not a geographical community, but a community of shared value our members believe in the power of money to build a more sustainable future, funding homes that respect the environment, low-impact lifestyles and resilient local economies.The existence of these national communities of interest suggests we also need to think about community impact on a larger scale. In a world of global financial interconnections and systemic environmental threats, it’s no longer credible to argue that a bank should only consider its impact within a fixed geographical boundaryCOMMUNITY ENHANCED FINANCIAL SYSTEM04ProblemsHere, we address some of the basic and pressing challenges of global commodity trade and how it affects the end products that we see today. These are the problems the TITA project is built to provide solutions to.052. Credit Lines3. LogisticsAccess to international markets becoming more constrained as a result of tighter credit lines of intermediaries in developed markets.Commodity traders know that a typical metals shipment is not just from mine to smelter or refiner to purchaser; rather, it can involve ships, trains, warehouses, and factories along the way. And even when that shipment sits in on a barge or vessel for a month or in a factory for a year, its ownership can change multiple times. 1. Cash SettlementThe main drawback in cash settlement is that the commodities spot wholesale market is not an organised one globally. Commodity prices vary from location to location and also in accordance with their quality characteristics, variety and preferred end-uses in different locations. There is no single unique cash price quotation for a commodity valid throughout the country at any given time.4. TechnologyThe commodities markets have often been laggard when it comes to in-novative and cutting-edge technology. Many commodities traders have invested heavily in their Commodities Trading and Risk Management CTRM technology. However, Many companies and individuals are not satisfied that they are unlocking the full benefits of their investment.EffectsOF BLOCKCHAIN TECHNOLOGY ON COMMODITY TRADINGExPEDITES CAPITAL ALLOCATION A Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.While it may or may not necessarily boost commodity prices, the innovation could offer a secure means of exchange of raw materials, open up channels of trade among buyers and sellers that had until now have been perceived as credit risks, and provide more transparency and liquidity to a market that has slowly lost favour among financial institutions. Blockchain could help commodity traders transcend conventional market barriers. It also ensures timely settlement, expedites capital allocation and provides proof of collateral. PROVIDES PROOF OF COLLATERALTRANSCEND CONVENTIONAL MARKET BARRIERSENSURES TIMELY SETTLEMENT06Why TITA ModelThe public ledger technology has begun to show promising solutions to financial trans-actions and services in a lot of industries and we have decided to apply this into the trading of commodities and finished goods. For example, what is the need of clearing houses if we can have the chance of automated post-trade “smart contracts” Because, trading hard or soft commodities requires besides market volatility, also management of supply chain and counterparty risk. So how best can all these processes be handled in a way that shows transparency, provides security, and brings the ease of doing businessThe TITA ecosystems are powered by the the Ethereum Blockchain due to its uniqueness of the “Smart contract”. This is because we have uniquely designed features linked by addresses which serve as activities within the ecosystem and are mapped out at the back end with series of smart contract codes which automatically come into function or ter-minate when certain conditions during transaction between two parties are met.The TITA Token is the common entity which moves between these addresses Activities and triggers the desired functions to automatically come into play or be terminated. The concept design has made it possible for the TITA Tokens to be built in a unique way and designed with functions to fit for tracking physical commodities and goods along the supply chain, where a lot of transnational procedures are still recorded on paper. On the TITA network you have the benefit of managing all the title transfers electronically through a distributed public ledger, certified by any counterparty of the supply chain, which would eventually increase trust between the market players and reduce counter-party risk and ease hedging processes due to elimination of clearing. The TITA Project has a strong value proposition to logistic companies, security companies providing services for commodity trade, clearing houses, agents, buyers and sellers who are not only incentivised for participating but have a trusted plat. We will create a unique space for our users by creating a multifunctional plat and that connects these markets, makes trading easier and gives them the ability to access a wide range of services not limited to logistics, tracking and security services. We have employed data analysis from surveys based on geographical locations to pro-vide real time solutions to address particular trade problems and give traders access to enhanced financial systems like credit lines after extensive verification to boost produc-tion and trade.07ApplicationsMichael, a Coffee brewer in Singapore initiates a transaction on TITA Center to buy 100 MT of Coffee from Blue Stone Ltd in Kenya. Blue Stone likes the offer, accepts it and an amount of Tita tokens are from Micheals personal account address on the Tita Network through a series of addresses guided by smart contract codes that serve as activ-ities for verification for the necessary paper work and then is validated by parties on the network. Maersk; a shipping and Logistics company handling the warehousing and transportation are also initiated in the transaction chain through the use the tita tokens and smart contract addresses acting as a tracker for both Michael and Blue Stone. As soon as goods reach Michael at the physical destination address, the entire transaction begins to terminate automatically, thereby initiating set-tlement of funds to the parties involved in the entire transaction. Blue stone receives Tita Token in their address as payment for goods sold which can be converted to fiat currency or offered in exchange for services such as micro-credit in the purchase of materials to boost their next production at discounted rates etc. 2Sam is an agent who is an intermediary for a big deal he found on the Tita Center Plat. He brings both parties to the Tita network where he initiates an agent contract, this enables him to provide privacy for both the buyer and the seller. All the necessary paper work will be eliminated using our trade compliance algorithm which requires the Tita Token for validation. The goods will have to be verified, insured and transported to
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