 Well, first of all, thank you for starting so late and for the interest of time, I suppose we'll just go straight to the metro. Anyway, my name is Darvin and what I really want to discuss tonight is alternative structures of doing ICOs. And because we've seen many ICOs recently and many of us is getting concerned with it. Sorry, there's still a thing on the slides. So, just a bit about what we do. We're from Radow. Basically, what we're trying to do is we create digital assets or tokens that is backed by real estate. So, imagine if we can have a property, say, apartment A, you need 0101, and then we can have a token with a certain code that represents that property. And then by doing that, we're creating a programmable real estate. So, that is essentially what we're trying to do. This is traditional structures that we usually have when we're buying property. Now, this presents a problem with the mass market because in order to enter to a traditional real estate opportunity, you need a lot of financial commitment. That's usually the biggest problem. And usually right now, what we do to solve the problem is a lot of us comes together and buy the property together and record the traditional ownership in a traditional way. But the problem with this is that we kind of need to trust all the participants in this group. So, we experience that ourselves back then and we have been trying to look for a better way. So, by using the blockchain and tokenize it, this is actually the model that we're trying to achieve. So, if we can represent a particular real estate to a particular tokens or assets, we can then have a lot more people come together to buy the properties. So, this is the basic building block of what we are trying to do. We can now do an ICOs that actually has an actual real estate backing that tokens. And this is important for us. We wanted to achieve a certain level of publicity or public records because it deals with real estate. So, we're using and we're building on Ethereum blockchain for this purpose, which also means all the tokens, the property tokens that we create will be a standard of ERC20 if you're familiar. So, it is actually usable and transferable easily across Ethereum ecosystem. So, this is the model that we're building right now. In an ideal case, what we want to have is that there is a straight line. There is a straight line between the properties and the token holders. So, in the ideal case, we want to be able to say on the legal title that the owner of a certain real estate is a certain token holders. That's the ideal case. Unfortunately, as we know, our legal structures have not caught up yet to that stage. So, we want and we need to follow the existing structures. And right now, the established structures is trust. So, this is the model that we're working on right now. Basically, the property legally will be held under trust. And then we will act as the middleman in a way to issue this token to the users. And again, these tokens will be on Ethereum standard where users can transact easily. Left-hand side, this is the model that, again, we're building right now. It really simplifies matters because a single real estate now has half a single type of token representing it. But in the future, it's just a step forward to actually do multiple assets representing a single token. So, essentially, if you're familiar with read, this is basically a read on the blockchain. Now, when we mentioned about tokenization, many of us usually came to the first conclusions of the use case, which is property crowdfunding and investment. Of course, that is a valid use case and that's what we're building towards for now. But we would rather see it as a building block for a lot more other applications. So as soon as we tokenize a property and we can have a tokens that represent this property, these tokens then can be used in all other applications in Ethereum-based applications. One example, of course, the property crowdfunding, which is pretty straightforward, another applications, and the second one, property tokens card. When I show these to developers, this is usually what distracts them. Now, imagine if you're familiar with Ethereum, of course, they have an address and then they have a private key to access their address. Now, imagine this is a valid Ethereum address and then they have the private key hidden in a scratchable area, this part here. So imagine if this address, you know, we deposit property tokens and then we can create property tokens card, which basically opens up a new channel for property developers to sell their property. So instead of gifting, say, a Amazon gift card, we can actually now literally give properties away. So that's one example of how tokens can be used. The third one, smart contract based wheel writing, this is another use case that actually being brought up to us through our partners. So especially with the recent high-profile case regarding wheels, imagine if we can now write a wheel on the smart contract that will execute no matter what upon someone passing, we can now code in money as in cash in terms of Ether, for example. But if I have an asset, a real estate, I can't actually program it to the smart contract now. So if we are able to tokenize a property, we can then create a smart contract, wheel smart contract, that actually program my property. So upon someone passing, the smart contract will execute no matter what and the property ownership will be distributed programmatically through their tokens. So that's another area that we can build on. But I want to highlight on the fifth one, Crowdvilla, which is an example application, a real application on an ICO structure that not just banking on the ability to raise funds, but really try to create a structure that decentralizes the traditional company structure. Another use case that actually I want to highlight, this is a tennis card, just like Julian shared earlier. So this is also another use case that was highlighted to us in Singapore with the older individuals, they're usually asset rich but cash poor. So we were trying to solve this problem like reverse mortgage and lease buy back and all that. So far it didn't really work. Now imagine if you can actually tokenize their assets, properties, attach it to the application like this one and then actually spending your property bit by bit technically, it opens up new ways to actually create, solve their problem to solve the older individual problem. So this is a structure that I want to highlight. It's based on an idea that is already validated, shared holiday homes, nothing spectacular there. But what we want to highlight is the structures of how a new business startup can be formed. So the way we say it serves actually all these industries come together and of course the key of this business creations is democratization of capital. We don't have centralized model companies anymore. Rather we separate all the functions out and this is an overview of how we can achieve this. Like in the middle here, it's pretty straightforward. So subscribers transfer either and then the fund will give tokens so far so good. But imagine if this funds now is going to be used to purchase real assets that will be backing that tokens. So from the subscribers point of view they don't lose any value in a sense. The properties will then help by a trustee and we have a local managers to manage the property. So all these functions now is decentralized. We don't have a single company that is doing all these things. For legal reasons we can put in a fund manager there and then categorize it as a security. Fund manager will manage the funds with subscribers and send instructions to do whatever they need on the property. Now this is let's call this real estate crowd villa token, RZCV token. Now this is where it gets interesting. Now imagine they have the RZCV token. It is a new structure where imagine annually RZCV will produce let's call it red token real estate dollars. And then the real estate dollars will be used to actually stay in the property. So instead of pricing the properties now in fiat currency we can use this internal currency of red tokens. So if we see it from another point of view it's like the RZCV token it's backed by the assets in the portfolio. But the red token is backed by the utility or the time value of the property. So we can always put the dollar value on the red tokens. Now this is the model that we're proposing. We can base an idea for because in this model now when we generate the red tokens we immediately distribute it out to all the stakeholders. If we do it this way there is no distributions of income anymore. There is no profit distributions because it is being done on the token level. And this eliminates obviously a lot of issues when you're designing your ICO tokens. And usually the biggest issues is distributions of profits. If we do it this way the subscribers will immediately have access to the red tokens to utilize the properties. And if they don't have enough immediately all the holders of red tokens can create a market for the users to buy and stay in the properties. So again this is just reiterating. Suppose user A have RZCV token, RZCV token will create RZC token. User A can now then use the RZC token to stay at the property or if he doesn't want to use it he can put it up for sale. User B can buy it from the open market with great value to the red tokens and user B can stay to the properties. Pretty straightforward. And this is basically what is backing the RZCV token. So the portfolios combine with the ether that the fund structure will hold and the RZCV token that structure will hold. And then they probably have a fiat currency account on that too. So basically that's a fund failure. And if we divide it with token supply we have the face value. So if we do an ICO this way the participants of the RZCV token will hold RZCV tokens. They actually have something tangible to value their tokens for. Okay well it's pretty short I hope. If you have any questions I'll be happy to answer it. The legal part is put the fund manager as just mentioned security. Because in the end at legal wise you have to have put someone as the owner of the property. So I'm not sure that how it's going to work. Or you just create something like ground funding RBMB. Right. So obviously I didn't explain it enough. But the whole idea is that we have existing structures that everybody agrees that is working now which is REIT. So we can modify the REIT form right now and actually attach the tokens to it. But then rather than just distributing profit from REITs we can now use tokens or the blockchain to create an asset to utilize the REITs. So it is a hybrid, a new model that we're trying to propose. This is not perfect. Probably it won't apply to many of the use cases. But if you have an asset, an actual asset and plan to twice use this is probably one way you can look into it. So basically create a utilization token of the assets that you have. I hope that answers your questions. Yeah sorry. Yeah so the question is whether we need to create a new token that we tokenize. So at this stage for simplest reason we are tokenizing every property individually. So yes when we tokenize three properties for example we will have three tokens. Every token will represent one property and this is how we achieve the modularity to be programmable. Sorry can you repeat the question? So these are two models right? Where we are right now is really tokenizing one property to one token. But as my earlier slide show we can actually group an asset together and tokenize it. But we can also do it like the REIT way which is we raise the fund first and then give instructions say to the fund manager to buy properties in certain areas for examples. So we can actually reverse that path. At the end of the day the tokens that is released on the second model will still be backed by the portfolios that we have. Because all these assets will be held under the trust. And then we create a direct relationship between the tokens and the assets. I think that's the key part. There's no relationship. So that's the beautiful thing. What we're doing is we're creating the platform tokenization platform. But in the actual business model all the parties are separate. For example the local manager their interest is really just to manage the property. They don't try to make a huge profit for their shareholders. So likewise all the participants the trust company the fund manager they have their own role and there is no centralized company in the way. Yes. So for the right right but the relationship is loose. We not a single party has an interest to make the whole thing successful. I mean to put it bluntly they have a role that they need to fulfill. And as long as they fulfill that role they have basically they do their business right. In the event of liquidation does the token holder has the right over the property. Yes. So that is what we're trying to solve. So in this model because we can create a direct relationship we've been token and the properties. If the property is liquidated we can actually distribute it back to the token holders. So the answer is yes. Yeah. So your blockchain base reads right. Does your token give out dividends? In our model in the crowdfiller model we don't have dividends anymore because the dividends it's created in the form of rate tokens really. Okay. This is what I want to create. So in the traditional fund structure what we have is a fund that will operate and invest and tries to make money. And then they will minus their expenses right. And at the end of the day if there is any extra they will distribute it as dividends. That's the current model. But in this blockchain model the token itself will create a token utilization token for the property immediately. And the subscribers can actually monetize immediately. So it removes the needs of profit distributions. So when is your ICO? We don't have it yet. We're not announcing that yet. I think what we really want to show is an alternative of doing a safer ICOs in general. Okay. Thank you so much. Oh sorry. Right. So I may ask the first organizations that we reached out to where we started like one and a half years ago. And obviously we don't have you know the legal structures that support all these things. But to answer your questions STEM duties is applied for every paper based transactions. So when we first purchase the properties and put the properties on the trust we will pay the STEM duty. But after that the tokens part is actually separate from the STEM duties. But again this is only for Singapore. And every jurisdiction has its own uniqueness in terms of property regulations. So we're solving them one by one. Okay. Thank you so much. Thank you Dervin. All right. For those of you who.