White Paper (2017.

08)
Version 1.0
The Worlds First Financial Endowment
+ Trust Management + Blockchain

About CEF ICO Whitepaper

This ICO White Paper summarizes the principal ideas for the Proposed Initial Coin
Offering (ICO) of CEF Cryptokens and its related information.

Preface: The Blockchain Technology Revolution

The notion of an entirely digital form of money has captured the curiosity of econo-
mists, computer scientists, and philosophers alike from the time the computer was
still in its infancy stage. The emergence of the blockchain technology since then has
changed not just the nature of financial transactions but also the entire internet and
financial technological landcape.

Blockchain is a distributed, decentralized protocol that can safely store all kinds of
transactional data on a public ledger. The information that is stored in this public
ledger can neither be forged nor tampered with, and it can automatically execute
smart contracts without it being reviewed by any centralized organization. This pro-
cess is highly efficient and transparent, low cost and has a high level of data security.
Blockchain as a record for electronic information, combines computer algorithms to
execute irreversible trust-based automation in transaction, which is now commonly
known as the 'Smart Contract'.

In addition, it enables market participants for all crypto assets ownership and trans-
action records to be non-discriminatory as no one can eliminate the settlement and
custody of these transactions through intermediary links. This is the difference to
the centralized operation of traditional banks, insurance, and securities centres.

At present, the blockchain technology has set off a huge technological research
boom throughout the world. As a result of this, the World Blockchain Foundation
research team has also been undergoing a major fintech revolution, and has
announced significant progress in the testing of a new financial endowment and
trust management model based on the blockchain technology, which will be launched
as a blockchain-based fintech product called, "CEF".

1
CONTENT

About CEF ICO Whitepaper 1

Preface: The Blockchain Technology Revolution 1

1. Background of Project 3
1.1 Demand Analysis 3

1.2 Mission and Vision 4

2. CEF Introduction 5

3. Core Team 6
3.1 Strategic Endowment Planning Committee 6

3.2 Senior Advisors 7

3.3 Operations Management 8

3.4 Marketing Operations 9

4. CEF Features & Superiority 10

4.1 Why Now? 11

5.
Technological Overview 12
5.1 Tokens and Assets 12

5.2 Smart Contract 12

6. Operations 13
6.1 ICO Crowdfunding 13

6.2 CEF Crowdfunding and Launch Summary 14

6.3 Fund Management 15

6.4 Endowment Projects Analysis 16

6.5 Return of Investment 17

7. Audit Verification 18
7.1 Audit Committee 18

7.2 Audit Process 19

8. Risk Factors 20
Conclusion 21
Disclaimer 21
References 22

2
1 Background of Project

With the continued growth of Bitcoin in recent years, crypto assets has suddenly attracted the world's
attention where many has touted it as the next major revolution in technology after the internet. Yet,
compared to the traditional stock market, crypto assets participants and investments still pales in com-
parison. A common misconception of crypto assets is that it is something that cannot and shouldn't be
touched. It has often been viewed with disdain and suspicion, exarcebated by constant negative reports
in the press; ranging from raging money game scams, rampant fraud, foreign exchange crash and so
on.

Yet, crypto assets has been and is still regarded as a revolutionary discovery, especially blockchain,
which is the technology behind crypto assets like Bitcoin. This discovery has brought disruptive changes
in all sectors of the industry with unlimited prospects in the horizon. However, the problem we face as
crypto participants is finding the "right" crypto assets to participate in.

It is rather disappointing that the blockchain endowment market has yet to find a truly credible platform
that can provide crypto participants with trusted and professional market analysis. The current
platforms in the market lack professional cooperation, and are mainly based out of personal judgment
and individual's trust. Therefore, the current blockchain endowment field seems barbaric and disorgan-
ised, mingling good and evil, and is grey in many areas. As a result, crypto participants financial securi-
ty is not guaranteed.

1.1 Demand Analysis

In preparation for the upcoming CEF, the team working in collaboration with a group of small crypto
endowment analysts have identified several challenges in the industry:

Professional Endowment
Professional endowment means that the project manager must be very professional, and has extensive
experience participating in crypto assets. General particpants are given the choice of many types of
crypto assets and may not know which crypto assets to choose from. However, if the participants' funds
are well-managed by a team of experts, fund managers and professional analysts who knows how to
buy and sell these crypto assets, they will and can siginificantly help these participants maximize their
profits.

Speculative Mentality
Participanting in ICO-type crypto asset start-ups have been acknowledged as being a high-return model,
but also carries a high amount of high-risk as well. Many junior participants in the first participation into
crypto assets lost almost all their capital very early in their endowments. Smart crypto participants will
choose a more professional platform to participate, and not one with speculative mentality.

Asset Allocation
This involves the amount of assets which can be divided into investable assets and what the participa-
tion period is. Most personal crypto participants would only participate based on their own personal
insights and intuitions. As such, they may only play a wait-and-see approach. However, if there is a
professional endowment team that helps participants to do this, they will professionally choose the best
project to participate based on their expert market analysis, which then improves the rate of success
and lower the risk of failure. In addition to this, without the injection of a professional risk control mech-
anism, the prospect of a higher return is significantly lower for self-crypto-participants.

3
Information Asymmetry
Information asymmetry relates to how the CEF endowment team obtains and accesses their informa-
tion. For example, many companies will invite the CEF endowment team to participate in their ICO
pre-sale conference or attend exhibitions so that the CEF endowment team can have a better under-
standing of these business projects. At times, the CEF endowment team will attend the pre-sale confer-
ence, and network within the circle of angel investors, major trading platform leaders, project founders
and so on, in order to obtain a wider range of business contacts. The CEF endowment teams have an
advantage over individual participants, such as reaching out to corporate executives and analysts, and
grasp the development of blockchains more effectively as they would have a closer insight on the over-
all macroeconomic information at hand. In this regard, the CEF endowment team generally has an
advantage than individual self-crypto-participants.

Lack of Time To Take Care of Investment Projects

Because of the money involved, crypto particpants are more cautious in their investments and spend a
lot of time on pre-research. This can be a very time-consuming activity, diffifult, and requires a certain
amount of investment experience.

Psychological Factors
When participating in any forms of investments, risk tolerance and perceptions are a few of the import-
ant factors affecting its performance. Unfortunately, a small number of crypto participants are often
weak due to a lower psychological risk tolerance, affecting their judgment and investment decisions,
resulting in unnecessary losses or lower due profit.

Risk Tolerance
This ability is accummulated over time and experience, but it is highly unpreditable. In this era of infor-
mation explosion in the internet, crypto participants might choose to follow online news for their partici-
pation information, and this may likely fall into its psychological trap.

Strong Support Team

The CEF endowment team has a strong endowment strategic team comprising endowment analysts,
including professional accountants with highly reputable professors, researchers, entrepreneurs and an
elite team with doctoral degrees.

1.2 Mission and Vision

As a result of the challenges listed above, this has led to a group of people to initiate the idea of creating
a platform called the 'CEF' to maintain a blockchain ecosystem in research and development, so that
everyone can understand better the world of crypto assets in a healthier and safer environment.

The following are the CEF team's mission and vision:

To provide the most professional analysis to help small and medium crypto participants to make the right investment
decisions;

To build the most credible fund with the crypto assets;

To allow crypto participants of all ages, regardless of sex, qualifcation or education level to participate in the invest-
ment;

To achieve a win-win result Ideally for market analysts and crypto participants;

To create a new market analysis blockchain by changing its business model;

To allow each crypto participant to enjoy their due benefit through blockchain's open, transparent and trustworthy
features.

4
2 CEF Introduction

CEF is the world's first financial endowment + trust management + blockchain proj-
ect that truly reflects the power of a blockchain technology in the capital investment
management sector, while taking the potential of fintech to the extreme. All the
funds raised will be managed by a team of professionals and expert analysts. The
team is strong, with each member having extensive experience in the blockchain
investment field, with some committing to years of blockchain research projects,
whilst others featuring in major international investment stages, having won special
blockchain awards, and participating as angel investors and so on. With their valuable
and rich investment experiences, their professional analysis and judgment will be well
suited to manage CEF investment funds excellently.

5
3 Core Team

CEF team is divided into four teams, namely: Strategic Investment Planning Committee,
Senior Advisors, Operations Management and Marketing Operations.

3.1 Strategic Endowment Planning Committee

Lee Willson
CEF Advisor

Graduated from the Association of Chartered Certified Accountants (ACCA), Willson is a

well-known international business consultant. In 2004, he was invited to dialogue with State
Leaders by the Chinese State Council as a Special Representative for Overseas Chinese
Young Entrepreneurs which was held at the Great Hall of the People in Beijing, China. He is
also a dynamic lecturer, investor, traveler, theorist, and writer all rolled in one. Willson is also
the only investor in the world who has shared the stage with the world-reknowned Wall Street
investor Jim Rogers. He created the world's first crypto assets travel-documentary called
Bitcoin World Tour. He was also invited to speak at the Summit Forums around the world, and
published the popular "Bitcoinomics" Talk Show. Willson established himself as the global
ambassador for Bitcoins with production of the film, "The Man From Bitcoin", and currently
sits as the Permanent President of World Blockchain Foundation, which won the 2017 The
BrandLaureate world excellence brand award. Willson is a highly recognized world figure on
crypto assets and a prolific blockchain spokesperson.

JR
CEF Partner

An upcoming young and vibrant Malaysian Chinese entrepreneur born in the 80s, JR has
ventured into China's Shenzhen, as Partner and CEO of China's O2O Internet business Moxian
Inc, where he took the company to listing at the United States in 2013 before listing it to
Nasdaq in 2016. In 2015, he founded iTree Technology Ltd, focusing on the Southeast Asian
internet market, and introduced the GaGa consumer reward platform, and the Couldas restau-
rant SaaS system, whilst helping other small and medium enterprises to upgrade their internet
solutions. JR is a dynamic entrepreneur with a vibrant personality, and his acute understand-
ing and experience with start-ups enables him to spot more outstanding projects for CEF
which will further enhance the value of its endowments.

Derek Zhou
CEF Partner & Analyst

A Fudan University graduate, Derek is currently serving as a Senior Researcher for the World
Blockchain Foundation. He is also the Vice President of China's Dogecoin Association, a
distinguished lecturer of DACA & Tsinghua University iCenter, and a Joomla open source
system senior collaborator. Since 2003, Derek has participated in the collaboration of interna-
tional open source software projects, and by 2014, he completed the Chinese Dogecoin
association website and the Doge reward function. His in-depth insights into blockchain
applications and blockchain knowledge made him highly sought after resorce, where he was
engaged on several times as a blockchain project consultant. As a lecturer who has given
various speeches and lectures under DACA blockchain association, he has also writen a few
blockchain-related books, and also served as the editor of several multi-professional books.

6
 Dato Dr. Kelvin Cho
CEF Partner

Dato Dr Kelvin Cho is a dynamic entreprenuer who has served in various capacitieis both in
the private and public sector. He is currently the Chairman of the International FinTech
Foundation, Chairman of the Asia Pacific Outstanding Brand Ecommerce Consultant Group,
President of FinTech Headlines Magazine. He is also the media columnist for Special Weekly,
Chuangfu Tianxia, SME CONNECT and Worldwide Consumer Prestige Magazine, the research-
er for the new marketing magazine in Mainland China. His works include "Corporate Internet
Profit Maps", and the translator of New York bestseller, "The Adsense Code" and "Strategic
Internet Business Model". His foundation's business includes: online and offline FinTech
media, FinTech university business school and professional certificate courses, digital money
research center and related business, FinTech innovation and blockchain project angel
investor, YOURSPACE, Malaysias first small and medium enterprises cross-border e-com-
merce free zone and ecommerce business incubator accelerator platform.

3.2 Senior Advisors

Jack Liao
CEF Project Advisor

Jack is a senior blockchain expert and has been engaged in the Bitcoin blockchain industy for
more than 4 years. He is currently the CEO of Lightning Asic, a company that provides mixed-
services that covers the entire Bitcoin ecosystem: from mining equipments, chips, mining
pool, to Bitcoin ATM machines, wallets, exchanges and so on. He is also the founder of DACA
organization, IBERCOIN, AICOIN, automotive networking and also the founder of other innova-
tive blockchain projects.

Aurlien Menant
CEF Audit Advisor

Founder and CEO of Gatecoin, a regulated exchange platform for blochchain assets. Found-
ing member of the Bitcoin Association of Hong Kong, Aurlien has been invited to speak at
numerous events and conferences, such as Startup Asia, TechCrunch Beijing, Inside Bitcoins,
and many others. Founded in 2013, Gatecoin is a Money Service Operator licensed digital
currency exchange, benefiting from segregated client accounts. Under his leadership,
Gatecoin became the first bitcoin startup to be incubated by the Hong Kong Science and
Technology Parks Corporation (HKSTP). It is also incubated by the prestigious Tsinghua
University. Gatecoin has garnered many awards and recognitions. Aurlien is also working on
a charitable donation platform called CoinCharities, a project to facilitate donations to
charities and non-profits all around the world by using digital currencies.

Stephen DeMeulenaere
Marketing Strategy Advisor

Stephen DeMeulenaere is the co-founder of Coin Academy, one of the first education
platforms for digital currencies, one of the founding members of Bitcoins in Bali, a very active
group of over a thousand people who meet online and in person regularly. Through these
organizations he has trained hundreds of people to safely purchase, hold and spend a variety
of digital currencies, and through this process he has now assists groups of people to safely
invest and trade in digital currencies. He enjoys supporting innovative use cases for digital
currencies, and gives his time to support projects which benefit rural economic development.

7
3.3 Operations Management

William KC Chin
Technical Director

KC Chin has been a key figure in the World Blockchain Foundation since its inception in 2016,
serving as the pioneering Honorary Secretary, where he handles all of the Foundation's
operations and administrative matters. KC has also been instrumental in developing core
programmes and fundamental blockchain-based courses for WBF. He has also served as an
Analyst for a Securities firm, as well as an IT Consultant for SHELL IT prior to his involvement
with blockchain and crypto assets. A dedicated and passionate team member, KCs keen
insight and knowledge of IT processes and technologies makes him a valuable asset to any
organisation that intends to venture into the world of blockchain.

Jasz Toh
Trading Researcher

Jasz graduated with a Bachelor's Degree in Hospitality Management from Taylor's University
College and a Diploma in Business Administration from Inti University College. A keen
advocate of crypto assets and blockchain, Jasz has been instrumental in coordinating the
post production work of the world famous Bitcoin World Tour project by Mr Lee Willson that
culminated with the Tour being awarded the prestigious BrandLaurette World's BestBrands
Award for IT in 2017. Her experience as a Sales Coordinator for a 5-star hotel in Kuala
Lumpur has helped carve her niche as a key event coordinator and resource for the World
Blockchain Foundation, where she is also one of its pioneering member.

Jacinth Bok
VP

Graduated with a BSc (Hons) in Applied Accounting from Oxford Brookes University, UK, and
a former auditor with a world top 10 audit firm, Jacinth has served in various roles within the
Finance and Accounting division, from Senior Finance Executive to Managerial Position in an
MNC specializing in FMCG industries. Her deep desire to be an entrepreneur then led her to
run a successful six-digit online business, which also introduced her to the world of Bitcoin
and blockchain. During which she also encountered Mr Lee Willson, the world-renowned
Bitcoin Ambassador, who then offered her to be one of the pioneering members of the World
Blockchain Foundation. Her acute sense of business and understanding of crypto assets
makes her a valuable asset to the WBF team, where she provides administrative and research
services on blockchain-related matters.

8
3.4 Marketing Operations

Evan Ngow
Operations Director

Evan has had over 15 years of extensive experience in the training and development industry,
specialising in developing corporate leaders to navigate change and manage corporate
transformations. Being commonly engaged as an engagement specialist, Evan has worked
extensively with a wide range of clients in various industries from financial and banking institu-
tions, to global investment and fund managers, oil and gas, telecommunications and IT,
construction and many more. He has facilitated change programmes for numerous GLCs,
MNCs and local TTLCs, culminating in a session he moderated for Tun Dr Mahathir Mohamad
in 2016. He currently runs his own training consultancy with the aim of growing leaders and
enhancing human potential. His current involvement in the blockchain community since 2015
is a testament of his acute sense to the changing trends and needs of the global market. He
lends his expertise in human insights, public relations and communications as a pioneering
member of the World Blockchain Foundation.

David Lim
Marketing Director

David has more than 10 years of sales and marketing experience. In 2008, he was the Training
Instructor for Agape International Group, and helped hundreds of sales staff to complete
performance goals, driven by the company's performance growth. In 2011, he co-founded
"JWC", the first boutique cafe in Malaysia's JB, and opened more than 10 chain stores in 2
years before it was acquired by a public listed company in Malaysia in 2013. Together with JR
in 2015, they co-founded the Southeast Asia O2O life service platform, GaGa and served as
the Marketing Director. David is also very active in the community activities. In 2012, he
founded the JB Lions Club, and become its Charter President. David is currently the Director
of Business Development for the Central and Southern District of the International Youth
Chamber of Commerce.

9
 4 CEF Features & Superiority

The traditional trust and investment fund in the market currently has a mentality for
investment that is based on a "to share both bliss and difficulty together" ideology.
This investment ideology refers to a form of contract between the participants and
the company to undertake a potential uncertain and unequal amount of funds to form
a certain size of trust assets. This diversified investment portfolio of special invest-
ment institutions, coupled by the unequal income distribution and corresponding risk
bearing makes these investment models less than appealing.

Some of the known problems of these existing final investment products are like:
Lack of liquidity
Legal barriers
Opaque trading transactions

However, with the arrival of the blockchain era, the notion that "everyone can partici-
pate" is beginning to come to a conclusive reality. This unprecedented research and
development has also confirmed that the blockchain technology can indeed make an
assessment of the market in providing a complete analysis of data which cannot be
tampered with, so that we can see a more open, just, fair, and transparent financial
technology business model. In addition, the function of market analysis, allocation of
resources, financial statement and so on will also be expanded with the continuous
development of new technologies.

The elite endowment team will also analyze the data collected on the blockchain to
determine the next round of ICO's goals and focus on maximizing the benefits for all
project crypto participants.

In addition, CEF has an added advantage in that CEF endowment team can access to
the world's best blockchain projects and groups, through ICO pre-sales or even earlier
in financing by cooperating with these major project development team. This is bound
to achieve more advantage of the ICO pre-sales price to become the project's seed
endowment fund, which will further enhance the protection of CEF's crypto partici-
pants.

10
4.1 Why Now?

Putting the Worlds Money into Perspective

Total value of gold is 200x
the total value of Bitcoin

Bill Gatess net worth is 2x the entire

market capitalization of Bitcoin

Larry
Bill Bitcoin
Page
All Gates
Cryptocurrencies
Amazon
USD in Apple
Circulation
Gold
Market Cap $41B
Physical $41B
Stock Money 2 $86B

All 1 Markets $100B

$402B
Money $730B
$1.5T
$8.2T
$31T
$66.8T
$83.6T

SOURCES

Although the price of a Bitcoin is already more than three ounces of gold, but com-
pared to the traditional stock capital market, the overall market capitalization of
Bitcoin is still far lacking behind. But, as more and more new projects enter into the
ICO crowdsale fundraising through blockchain, it is a step closer to the goal of a capi-
tal market for the entire crypto assets market. In the coming days, more and more
companies will be moving towards the ICO way to launch their own tokens, when the
general public's confidence and attitudes towards blockchain improves. This could
potentially enhance and increase the flow of funds into the crypto market. The
growth and expansion of the crypto assets capital markets is beginning to confirm
this.

11
 5 Technological Overview

5.1 Tokens and Assets

CEF tokens are built on the Ethereum (ETH) blockchain, participants can buy CEF
tokens using BTC or ETH. Everything will be distributed with a Smart Contract. ETH
has grown since its introduction in 2014, which had since become the new standard
for Smart Contracts and the issuance of crypto tokens and Initial Coins Offerings (or
ICOs). ETH is designed to be more Turing Complete, scalable, and has the ability to
operate Smart Contracts.

5.2 Smart Contract

The 'Smart Contract', in essence is a "contract" + "arbitrator" fit. In the traditional con-
tract, only the provisions of the contract, and the rights and obligations stipulated in
the contract is protected by the law enforcement agencies. And because the Smart
Contract uses the code to ensure that the contract terms of the enforcement is
enforced; the Smart Contract combined with the blockchain technology will not allow
any third party to tamper or alter the contract once the terms of the contract been
set.

12
 6 Operations

This is the biggest advantage of the blockchain. Crypto participants only need to spend a few seconds
to invest funds to a project on a decentralized platform, which is much faster than most on a centralized
platform. Crypto participants who use Smart Contracts can use a simpler way to know the context of the
fund, and allow crypto participants to invest in a smaller portion of the fund. The Smart Contract also
distributes the endowment of the project to the crypto participants in a just and fair manner according
to the crypto participants' portion. Smart Contract has been touted to be the most innovate technologi-
cal breakthrough in this century; with a good pre-set blockchain procedures, no one can tamper with the
transaction records in a decentralized platform.

6.1 Initial Coin Offering

Initial Coin Offering, or ICO as it is popularly known, is adapted from the word 'Initial Public Offering' from
the securities industry, and is used as a method of financing to raise funds by start-up enterprises
through the creation of their own crypto assets. In essence, ICO is a "public offering", but the issuance
of the subject matter is derived from crypto assets. The value of the crypto assets of the blockchain
platform depends on the commercial potential of the project itself, the size of the developer community
size, the degree of user activity and the market acceptance, and the participant's choice of promising
project. With Bitcoin, for example, its market recognition can be traced back to 2010. At that time, a
Florida programmer successfully paid two pizzas with 10,000 Bitcoin. The transaction is known for its
first usage of Bitcoin in the real world, and is the first time that Bitcoin has established its own fair value.
Today, the market value of Bitcoin has been placed as high as $67 billion.

CEF, which is known for its blockchain-based Smart Contract platform, is used to create encrypted
digital money through crowdfunding platform to distribute its own "digital equity" to early supporters as
evidence of support for start-up companies. Its future development trends and values are also expected
to grow and expand in time.

Compared to the IPO, ICO is the use of digital tokens as a financing medium for a new form of financing.
Its regulation is more relaxed with no geographical restrictions. Through the form of ICO, participants
who hold the crypto assets also share the growth of the project, thus improving the liquidity and opera-
tional efficiency. Participants also get the crypto assets at the same time, whereby they can be trans-
ferred into the market at any time. Traditional investments however, take about 5 to 8 years from
Venture Capital to IPO.

13
6.2 CEF Crowdfunding and Launch Summary

CEF will be offered for sale based on the timetable below and the sale offering will
be open to the respected parties.

Seed Funding Pre-ICO ICO

1 ETH in 4,000 CEF 3,500 CEF 3,000 CEF

exchange of

Upper limit 100 ETH 1,000 ETH 8,900 ETH

Minimum
participation 10 ETH 10 ETH 10 ETH

From 29/8/2017, From 12/10/2017,

21:00 GMT(+8:00) 12:00 GMT(+8:00)

Date & Time
of Sale Sold out to to

9/9/2017, 10/11/2017,

23:59 GMT(+8:00) 23:59 GMT(+8:00)

Days of Sale Sold out 12 days 30 days

Date of CEF
distribution 17/11/2017* 17/11/2017* 17/11/2017

*60% no lock-in period, *60% no lock-in period,

Lock-in period 40% be unlocked 40% be unlocked No lock-in period.

30 days later on 30 days later on
16/12/2017. 16/12/2017.

Crowdsale 10,000 ETH

target

Website link http://cefund.io

Date of profit 7 days after audit result (refer to 7.2 Audit Process).
distribution

14
6.3 Fund Management

Crowdfunding

CEF
Participants CEF Team

100% 20%

All the ETH raised will be used 100% for CEF endowment projects.
Smart contract will produce additional 20% of CEF tokens for the team operation. The
current crowd-sale target and targeted issue volume is 10,000 ETH and 36,000,000
CEF respectively.

Taking an example:
During ICO, 1 ETH in exchange for 3,000 CEF. If a participant had invested 10 ETH,
so the 10 ETH can exchange for 30,000 CEF. Whereas CEF Team will receive 20%
from this crowd-sale volume, i.e. 6,000 CEF. This transaction has issued a total of
36,000 CEF.

The CEF tokens held by the team are based on the return on investment of the proj-
ect and the sharing of results with the excellent performance of the endowment proj-
ect, and mainly used to cover daily operating expenses such as platform development
and maintenance, marketing, advertising, media promotion, offices and manpower
cost.

In addition, participants do not have to pay any admin fee or management fee to the
CEF team, which is definitely a transparent and perfect distribution model.

15
6.4 Endowment Projects Analysis

Blockchain Endowment Projects

BTC, ETH,
and some
Others other
crypto assets
50% 50%

Proceeds from the crowdfunding will be allocated to the carefully selected portfolio
endowment among the vast majority projects based on the investment team's deci-
sion. Among which the 50% will be invested in BTC, ETH, and some other crypto
assets with steady growth and returns. And the remaining 50% will be on others
crypto endowment projects which is including the promising ICO projects with higher
returns. With the success of the project, raising more endowment fund, will greatly
enhance the bargaining power of the CEF team. As compared to the rest of market
players in general, to build a solid reputation in the field of blockchain endowment, is
bound to strengthen the position of CEF as the strategic endowment partner, this is
why we called it unity is strength.

16
6.5 Return of Investment

The CEF endowment cycle will be six months. Crypto participants will be able to clearl-
ly see the endowment allocation and performance of each project in our six-month /
half-yearly performance report.

Each report in the project, will be audited by the three authoritative representatives
of the field of blockchain prior to its release to every CEF crypto participant. Profits
will be distributed as follows:

Return of Investment

120%

100%

80%

60%

40%

20%

0%
Profit <10% Profit10%-50% Profit>50%
CEF Participants 90% 80% 70%
CEF Team 10% 20% 30%

The return to the crypto participants will be distributed accordingly as follows:

Profit Allocation & Usage

50% To distribute ETH to the participants (holding CEF until cut-off date)

50% Expand the capital to ensure that the endowment value will continue to grow

Generally on the traditional IPO market, participants will know the company's past
performance only after the annual financial review. Based on the advantages of the
blockchain, CEF can effectively set the financial cut-off date to a shorter period of 6
months. This means that crypto participants will be able to know the progress and
performance of the project more regularly and quickly, which is the result of the
decentralized and automation process.

17
 7 Audit Verification

7.1 Audit Committee

To ensure impartiality, CEF team has also appointed three external parties that will
act as the auditors and compliance manager of the CEF Program. Their roles are:

to ensure that the data on the blockchain and the statements released to the participants are
consistent to each other.

To ensure that these verification processes are properly recorded on the blockchain

All endowment data will be audited by the most impartial third-party audit commit-
tee, which includes:

WORLD BLOCKCHAIN FOUNDATION

World Blockchain Foundation (acronym WBF) is founded in mid 2016 by Mr Lee Willson (popularly known
as Bitcoin Ambassador) who embarked on the world's first documented Bitcoin World Tour and created
the world's most attended blockchain show, Bitcoinomics. WBF is a legal entity registered under the Soci-
ety's Act 1966 by the Government of Malaysia, allowing it to register members, accept donations and
operate in public interests relating to blockchain technology.

BITCOIN WORLDWIDE FOUNDATION

Founded in 2016, the Bitcoin Worldwide Foundation is a foundation organization accredited by the
Malaysian Ministry of Home Affairs, which is committed to creating wealth and public interest. Its vision
and purpose is through the use of Bitcoin and to promote on the borderless transactions and its conve-
niency, so that everyone can participate in Bitcoin, narrow the gap between the rich and poor, create
humanistic value, and the promotion of Bitcoin and blockchain related knowledge and technology.

INTERNATIONAL FINTECH FOUNDATION

International Fintech Foundation is the first nonprofit organization in Malaysia to focus on and promote
the development of financial technology (fintech). Its vision is to create a sound fintech environment in
the country through fintech innovation. International Fintech Foundation currently having 10 branches,
which are responsible for the development and promotion of different areas, while implementing the
"business to good" concept, for the market to cultivate more fintech personnel and projects.

At the end of each cycle, the Compliance Manager and the Auditor will submit their
respective reports and, once verified and approved, the report will be published at
http://cefund.io.

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7.2 Audit Process

CEF
STRATEGIC
INVESTMENT TEAM

1 3
CEF INVESTMENT 3RD PARTY
OPERATION DATA AUDITOR

2 4

BLOCKCHAIN

INVESTMENT COMPLIANCE
OBJECTIVE
6

Explanations on the steps:

1,2: On a half yearly basis (6-months) the CEF Operation Team will use the profit to
buy ETH and allocate to participants (holding CEF until cut-off date) based on the
capital participated portion and input the data on the decentralized blockchain which
is traceable.

3,4: 1st Level Verification - 7 days before the distribution of profit, the Auditor will
check on the endowment portfolio and its related information and compare it with the
blockchain data entered earlier by CEF Team. The Auditor will input the results of the
audit on the blockchain to effect signed off.

5,6: 2nd Level Verification - the Compliance Manager will compare the 2 data entered
by the CEF Operations Team and the Auditor and check that it is consistent with CEF
endowment objectives. On compliant, the Compliance Manager will approve it by put-
ting the data on the blockchain to effect approval signed off.

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 8 Risk Factors

The holding of CEF involves a high degree of risk, including but not limited to the risks
described below. Before acquiring CEF, it is recommended that each participant care-
fully weighs all the information and risks detailed in this ICO White Paper and specifi-
cally the following risk factors.

Regulatory Risks
The Blockchain technology, including but not limited to the issue of tokens, may be a
new concept in some jurisdictions, which may then apply existing regulations or intro-
duce new regulations regarding Blockchain technology-based applications, and such
regulations may conflict with the current CEF Smart Contract setup. This may result
in substantial modifications of the CEF Smart Contract, including not limited to its
termination and the loss of CEF.

Price of Ether (ETH)

CEF's profit for each cycle (six months) will be calculated based on ETH. During the
profit distribution date, the fluctuation of ETH pricing against the country currency
may affect the overall returns to the CEF holders.

Market Risks
Market risks here refer to factors such as overall market decline in the industry, if the
current competitive market environment is poor, industry development will be quickly
be replaced.

Value of CEF
Once purchased, the value of CEF may significantly fluctuate due to various reasons.
CEF Team does not guarantee any specific value of the CEF over any specific period
of time. CEF Team shall not be held responsible for any change in the value of CEF.

20
Conclusion
The world is bubbling every day because of the loss of good faith and moral decay. Our current social
environment lacks a contracted spirit, integrity and professional ethics. As such, how can we find an
entrepreneurial team that is trustworthy and reliable? Soon, investing in blockchain ICO projects will
become the mainstream development trend in the future. The nagging question that remains to many,
Will it be possible to maximize our returns on investment and make everyone a savvy investor?

At the time of writing this white paper, the market value of Bitcoin has been as high as $67 billion. CEF
aims to be known for its blockchain-based trust management crypto fund. These crypto assets are
expected to be used as a voucher for supporting start-up companies. Bitcoin is already a success proven
model, except that its technology doesn't allow its users to perform smart contracts and smart transac-
tions. So CEF is poised to repeat its success in a shorter time to achieve greater breakthroughs, or even
better than the previous Bitcoin's amazing results.

An investment with 10 times or even 100 times return on investment opportunities is achievable so long
as the investor is able to spot on the valuable digital assets with good growth potential. CEF, a powerful
version of crypto asset based on smart contract features and blockchain technology, will shake up the
digital asset market.

No one can specifically predict which new industries will be created, or which traditional challenges will
eventually be exceeded. But we can be sure, CEF has created waves in the world of blockchain technolo-
gy. More than any time in human history will the glorious door of the future of financial technology be at
the cusp of the "smart era. The future is already happening now.

Disclaimer
No legally binding obligations will be created by this White Paper to any reader.

The contents herein, is strictly from the available facts and figures at the time of its preparation. We
reserve the right to update, amend, delete and modify the contents herein until its official release.

This ICO White Paper does not constitute and is not intended to be a prospectus or offer document
of any sort and is not intended to constitute an offer of securities or a solicitation for investment in
securities in any jurisdiction.

This ICO White Paper is not a substitute for, and should not be regarded as, an independent evaluation
and analysis and does not purport to be all-inclusive. Each recipient should perform and is deemed to
have made its own independent investigation and analysis of all relevant matters and and each recipi-
ent should consult its own professional advisers.

This ICO White Paper, any part thereof and any copy thereof must not be taken or transmitted to any
country where distribution or dissemination of this ICO White Paper is prohibited or restricted.

21
References
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2017, from https://bitcoin.org/bitcoin.pdf

[2] World's 1st Cryptocurrency Webgazine. (n.d.). Retrieved August 16, 2017, from
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[3] The First Ever Blockchain Foundation In The World. (n.d.). Retrieved August 16,
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[14] Bitcoin Is Now Worth Nearly Three Times More Than An Ounce Of Gold. (Au-
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coin-is-now-worth-nearly-3-timesas-much-as-gold/

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