axioma · the axioma project is developed within the real estate market. in particular, it is aimed...
TRANSCRIPT
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Axioma
_________________________________________________
2
Summary Abstract ..................................................................................................................................................................... 3
The context of reference .......................................................................................................................................... 4
The problem .......................................................................................................................................................... 5
Real estate auctions in Italy: main data ................................................................................................................. 5
The real estate market in Italy ............................................................................................................................... 6
The real estate market and the crypto-economy .................................................................................................... 7
The project ................................................................................................................................................................ 7
The operation ............................................................................................................................................................ 8
Main benefits ......................................................................................................................................................... 9
Possible evolutionary lines .................................................................................................................................. 10
Project Timeline ................................................................................................................................................... 11
Economic feasibility plan ........................................................................................................................................ 12
Initial hypotheses................................................................................................................................................. 12
Axioma Credits ..................................................................................................................................................... 13
Axioma Gains ....................................................................................................................................................... 14
Axioma Returns ................................................................................................................................................... 14
Yields from renting .............................................................................................................................................. 17
The total yield ...................................................................................................................................................... 18
Investment plan ................................................................................................................................................... 19
Project Feasibility Valuation ................................................................................................................................... 19
Methods of implementation .................................................................................................................................. 20
Modalities of participation .................................................................................................................................. 20
Nature of the token ................................................................................................................................................ 21
AXIOMA Token (AXT) ........................................................................................................................................... 21
The sale of the token ........................................................................................................................................... 22
Main features ...................................................................................................................................................... 23
Token distribution ............................................................................................................................................... 24
Disclaimer ................................................................................................................................................................ 24
Knowledge required ............................................................................................................................................ 24
Declaration of responsibility ................................................................................................................................ 25
Risks ..................................................................................................................................................................... 25
Arbitration ........................................................................................................................................................... 25
Business Advisor ..................................................................................................................................................... 25
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Abstract
The purpose of the White Paper is to present the functioning of the Axioma project.
In particular, we want to highlight the benefits achievable following the inclusion of Blockchain technology
within the real estate sector.
Potentially feasible on a global scale, the project will initially be implemented in Italy and then in other
countries.
After examining the main dynamics concerning the real estate sector, the document will show solutions and
advantages deriving from the integration of recent technological innovations within the sector under
consideration.
4
The context of reference
The Axioma project is developed within the real estate market. In particular, it is aimed at the auction sector and
related matters (attachment, seizure, expropriation procedures. ).
The implementation of the project will be able to broaden the audience of potential investors in the real estate
market. Through the purchase of the tokens of reference, it will be possible to take possession of portions of real
estate and benefit from the profitability of the same.
Up to now, it has been necessary to have a large amount of capital in order to invest in the sector in question;
from now on, thanks to Axioma, it will be possible to take advantage of the opportunities offered by the real estate
sector even with a limited amount of resources.
Real estate market
Axioma Project
€€€€€€€€
€€
€
5
The problem
The project is part of a growing market but characterized by significant problems that affect its operation. The
main ones are a consequence of the recent economic and financial crisis (2007-2008) and concern difficulties in
obtaining financing and low real estate valuations. In addition, there are complications encountered by
government structures and a lack of solutions to be used in a timely manner in the event of sudden market
deviations.
The problems of the real estate sector extend to other related sectors. As regards the auction market, which is an
essential part of this document, inefficiencies and weaknesses have been reported as a result of the events of
recent years and the absence of adequate measures. Important inefficiencies concerning the timing of operations
were noted, in particular with regard to operations carried out by the courts. In addition, psychological and
economic hardship has been caused to the families who own the seized properties and the auction houses.
Another important factor that aggravates the situation is the loss of value of properties sold in this way.
Given the importance of the reference sector1 for the proper functioning of a country's economy, the seriousness
of the situation emerges. Based on past events and previous ones regarding the functioning of the real estate
market, there are fears of similar consequences2.
The first phase: "Project Italy".
With the intention of developing the project in several phases, the Axioma team decided to take the first step in
Italy. The following White Paper focuses on the implementation of this first
phase: it emphasizes the potential reproducibility of the same, applying the
necessary changes based on the area of reference.
As the "Project Italy" document is concerned, the data and information
presented from now on will refer only to the country in question, unless
otherwise indicated.
Real estate auctions in Italy: main data3
The number of homes auctioned has increased dramatically in recent years. In 2018 there was an increase of more
than 4% compared to the previous year (from 235,673 to 245,100).
Currently there are 374,444 households with the auction house for a total of (about) 2,050,020 individuals. The
breakdown of annual data on a daily basis generates even more alarming results. Specifically, 640 properties are
auctioned every day and 27 every hour.
To trigger and sustain the negative <spiral> generated there are several elements connected to each other.
Starting from the time needed to complete an auction procedure, continuing with the amount of real estate that
continues to be foreclosed, the gap that separates the actual market value of the houses and the base price at
1 The real estate sector has a global economic value of more than $200 trillion.
2 This refers to what happened in the years 2007-2008 in the USA, when the crisis in the real estate market caused an
unprecedented economic and financial crisis, the repercussions of which are still visible.
3 Source: Auction report by Astasy Srl, a company that participates in the NPLs RE Solutions shareholding structure of the Gabetti Group.
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which they are auctioned is widening more and more. Given the amount of real estate auctioned and the
continuous increase in the number of auction procedures initiated, an important consequence concerns a real
devaluation of the real estate market of reference.
At the moment, the base price of all properties at auction is € 51,377,739,746.00 against their market value of €
128,444,349,360.00 with a gap of more than € 77 billion. The average price at which a property is sold at auction
is 60% lower than its market value.
In addition to the loss of value of the property, the inconvenience suffered by the individuals involved in the
attachment, the expenditure of resources due to the procrastination of the actions of the court, must also be
considered losses to the Treasury. The latter are due to the lower taxes collected due to the sale of the properties
at a lower price than their market value (3,082,664,284.00) and to the non-payment of taxes and duties by the
executing parties (2,670,000,000.00).
The situation generated makes it necessary and a priority to find a solution capable of:
• Restore the market value of foreclosed houses;
• Allow owners to return or stay in their homes without discomfort;
• To allow the auction market to function properly and to scale down in proportion to the size of the
country's economy.
The real estate market in Italy4
In the current year (2019) there has been an increase in sales in the real estate market. As a support and
consequence of the above, there was a further average decrease in house prices in Italy (with the exception of
Milan).
The difficulties of the real estate market are confirmed by the increase in sales and purchases made through the
intermediation of an agency: the need to use an intermediary derives from the inability to match supply and
demand, a typical feature of a market that does not work. Many of the properties arrive at the agency after an
attempt has been made to sell them privately.
4 Source: www.corriere.it and FIAIP (Federazione Italiana Agenti Immobiliari Professionali - Italian Federation of Professional Real Estate Agents) real estate report.
Perdita per il mercato immobiliare 77.066.609.614,00 € perdita al tempo attuale
Perdita per l'erario 5.752.664.284,00 € perdita annuale
Costi globali di giustizia 3.042.000.000,00 € annuali
istituti bancari coinvolti 387 al tempo attuale
Il mercato delle aste in Italia: numeri allarmanti Perdita per il mercato immobiliare 77.066.609.614,00 € perdita al tempo attuale
Perdita per l'erario 5.752.664.284,00 € perdita annuale
Costi globali di giustizia 3.042.000.000,00 € annuali
istituti bancari coinvolti 387 al tempo attuale
Il mercato delle aste in Italia: numeri allarmanti
settore residenziale -2,50%
Settore non residenziale uffici -4,70%
negozi -4,20%
capannoni -5,40%
Deprezzamento immobili (Italia, 2019)
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The real estate market and the crypto-economy The Axioma Project will be realized through a Securities Token Offering (STO) campaign characterized by the issue
and sale of <token> and the use of Blockchain technology. The association of a digital resource (the token) with a
purely physical asset (a real estate) is not an immediate process and (apparently) may not seem linear.
The mixing of technology and the real estate market is a process that has already begun and is characterised by a
great deal of potential. Crowdfunding platforms are one of the ways in which these sectors can cooperate with
each other. The use of blockchain applications also allows to obtain important synergies and advantages for the
participants: they allow the connection between the tokens and the buildings in a transparent, efficient and safe
way.
The tokenisation of the real estate market operates similarly to the well-known securitisation transactions. What
the two modes have in common concerns the capacity to generate immediate liquidity with reference to the
sector in question, which, for its peculiarity, is strongly illiquid (it is an important weak point and one of the reasons
why it is difficult to penetrate)5.
The main advantages provided by the use of Blockchain technology in the context of the real estate market and
more specifically within the Axioma project are as follows6:
• Traceability of the operations carried out;
• Correct execution of all transactions automatically and unchangeably;
• Transparency of operations;
• Immediate validation of data relating to operations carried out and consequently reduction of time and
overall costs of processes;
• Secure and permanent data retention: once data has been recorded on the platform, it will be impossible
to modify/manipulate it;
• Elimination/reduction of intermediaries operating within the market from the moment in which
transactions can be validated and verified through the platform;
• Greater efficiency in the sector and in the distribution of real estate profits.
The project The Axioma project aims to intervene in the real estate market and especially in the field of auctions, with the
intention of pursuing the objectives mentioned in the previous paragraph. In particular, it is proposed to:
1) Allow current owners of auction houses or foreclosures to stay inside their homes;
2) Enable real estate to maintain its market value without having to incur a write-down caused by the sale at
the auction price.
The first objective has a purely social purpose: it is aimed at individuals with a temporary but serious situation of
illiquidity, which prevents them from carrying out a major financial commitment. The interest of this type of
people in the Axioma project is certainly high because it allows them not to leave their homes and not to have to
run into bankruptcy procedures extremely expensive (temporally and economically) and also unpleasant from a
psychological point of view.
5 However, this is not a real securitisation in the sense that no real estate backed bonds are issued. 6 It should be noted that the technology in question will not only frame the project but will be a fundamental element for the start-up, development and operation of the same.
8
The second objective is a socio-economic one: since the real estate market is a fundamental determinant of a
country's economic performance, the aim is to recognise the real estate's actual market value (or at least an
approximately similar value). In particular, since the auction market is expanding, it is intended to go against this
trend, assigning the market in question a size proportionate to the economy of the country of reference.
The operation
The project aims to buy back a certain number of properties at the time of the auction or at one of the moments
preceding the actual auction, starting from the moment of the attachment.
The properties will be purchased at a lower price than their actual market value; this value will be equivalent to
the auction price or the foreclosure price obtained from the market value at which a series of "scraps" are made.
For the selection of properties to be included in the project, will be examined geographical characteristics and
related to the owner (or former owner) of the house. The latter must be in the situation of <temporary illiquidity>
i.e. it must demonstrate through appropriate analysis and testing that in the short to medium term it has a
financial flow capable of supporting the payment of a rent for the house in question.
The value of the dwelling for the Axioma project will be determined by the market value of the property from
which a cost is subtracted calculated as a percentage of risk based on the location of the building and the levels of
population density of the area. The value obtained will therefore be higher than the purchase cost (and
corresponding to the auction cost of the house) but will be lower than the market value:
The Axioma Value is obtained by adding to the purchase cost the risk calculated according to the established
terms:
Value Axioma = Purchase cost + Risk = Purchase cost + %Risk *Market value
It should be noted that, for dwellings which will be subject to renovation operations, the value in question will
include the added value provided by the carrying out of the operations themselves7.
Based on the Axioma Value, you will determine a credit (Axioma credit) for the former owner. As we can see in
the representation below8, this credit is obtained from the difference between the market value of the property
and the Axioma Value9.
7 E.g. interventions that allow a reclassification of energy structures. 8 CA= purchase cost; VA= Axioma value; VM= market value. 9 By replacing the Axioma Value with its components I obtain: Credit =VM - CA - %risk *VM. Following appropriate algebraic steps: Credit = VM (1 - % risk) - CA.
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The credit may be used by the former homeowner to repurchase the property at a later date. If he decides to
make the purchase, he can in fact discount the credit obtained from the market value of the property at that time.
Main benefits
The development of the project will allow for a better balance between the real estate market and the auction
market. As represented below, it is hoped that over time it will be possible to give the latter the appropriate size.
It is also proposed to return an appropriate market value to the selected basket of properties. In the longer term
(and in a broader sense), the aim is to encourage the recovery of the entire real estate sector in the selected
area10.
10 In the graphic representation it is possible to observe the modification of the trends characterizing the two markets following the introduction of the Axioma project.
Credit =VM - VA
10
Possible evolutionary lines
This section presents the functioning of the project according to the phases identified in the design.
In the selection phase, the focus will be on the selection of individuals and homes to be considered and involved
in the project. The selection tests will have a dual orientation:
1. Selection of individuals. As mentioned above, such persons must meet the requirement of <temporary
liquidity> : they must be in such a situation that at the present time they are not able to meet their
financial obligations but in the future of short-medium term yes.
2. Selection of dwellings: they must meet certain geographical and construction requirements.
The moments identified range from the time 0 (t=0) in which the selected individual decides to become part of
the project, to the time T (t=T) previously established and corresponding to the time when the subject in question
will begin to pay the months relating to the rent of the house.
As mentioned above, it is recalled that there is the possibility for the participants to use the credit obtained at
time t=0 and to be able to use it to buy the house at a price lower than the market value in the future.
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In this case it will not be necessary to determine in advance if and when to buy back the house: the former owner
will have the entire time of the lease to return in possession of the house.
Project Timeline
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Economic feasibility plan
The capital raised will be divided into the following percentages
• The 70% will be used for the purchase of homes at auction or during the phase of attachment and / or
removal;
• The 20% will be used to carry out management and renovation works aimed at the renewal and possible
compliance of the buildings;
• The 10% will be used to cover the costs of managing the project.
The percentage allocated to renovation and renovation costs is justified on the basis of the development of the
market for energy-efficient houses11. It is noted that two thirds of the homes sold in the yard belong to these
categories and meet certain energy requirements. Finally, it should be noted that, despite the fact that the real
estate market is still characterised by significant devaluations and a significant decrease in sales, the percentage
of homes sold as a result of renovation has tended to increase. These are the reasons that led to the allocation of
a restructuring percentage of this amount.
Initial hypotheses
On the basis of the amount of resources needed to start the project and the average cost of housing per Axioma,12
the amount of houses to be selected for this first phase is obtained13.
In order to identify the percentage of risk to be reduced to the market value of the dwellings for the determination
of the Axioma Value, analyses were carried out in terms of location and demographic density.
The graph below shows the estimated percentages of reductions:
11 Dwellings of classes A, A+ and B. 12 Determined by the auction cost and/or the value determined by the Institution (e.g. Bank) on the basis of the amount of the debt / write-off operation. 13 Once the project has started, it will be possible to increase the number of houses involved and, if necessary, also the area of action.
13
A growing percentage of risk has been attributed as we move from cities to rural and/or less frequented areas14.
The identification of the main reference range was also fundamental for determining the feasibility of the project
and for its implementation according to accurate and truthful estimates. According to the research conducted,
the most significant amount of auction houses belongs to the Range 2, characterized by dwellings consisting of a
range of square meters between 71 and 120. It should be noted, in this regard, that the reference sample was
built considering homes present in all regions of the peninsula, giving importance to areas where the auction
market seems to work best15.
To complete the considerations regarding the initial hypotheses, the (presumed) percentages concerning the
choices of the individuals after the start of the project are presented:
Axioma Credits
The determination of Axioma Credits is the result of the above assumptions.
Three types of Axioma Credits have been identified on the basis of the location of the houses.
The value of the credit therefore relates to two main variables:
• the type of risk related to the geographical location;
• the market value of the dwellings.
14 The percentage of risk to be deducted from the value of the property is inversely proportional to the demand for the purchase of housing for the area of reference. 15 more homes have been selected for areas where more homes are being auctioned off
Range intervallo Mq % case all'asta sul totale
Range 1 [0 -70 ] 20%
Range 2 [71 - 120] 36%
Range 3 [121 - 170 ] 33%
Range 4 [171 - over] 11%
Suddivisione proprietari % Valore medio Tipologia di Profitto per Axioma
Ri-acquisto immobile [10% - 20%] 15% Plusvalenza
Affitto [90% - 80%] 85% Rendita annuale
14
Axioma Gains
The determination of the Axioma Gains is linked to the estimated percentages of housing that are likely to be
bought back by former owners. With reference to time T, three scenarios regarding the evolution of the real estate
market were considered:
1. Scenario 1 is characterised by a 5% revaluation of the real estate market;
2. Scenario 2 foresees a stagnation of the real estate market and therefore a market value of the houses
corresponding to the value of the same at the time t=0;
3. Scenario 3 predicts a 5% devaluation of the real estate market;
The percentages of increase and decrease (scenarios 1 and 2) are contained because the time t=T is in the
short/medium term, a period of time in which no major changes should occur.
From the crossing of the three scenarios (1, 2, 3) listed above and the type of Axioma Credits as determined on
the basis of the percentage of risk to be reduced (A, B, C), nine hypothetical types of capital gains that can be
obtained following the resale of homes have been estimated. The results obtained were used to determine the
total performance of the project.
Axioma Returns
The components resulting from the possession and management of real estate are as follows:
1. Returns from rents obtained as monthly payments by former homeowners;
2. Capital gains from the resale of real estate if tenants decide to buy back their homes.
The macro-areas identified are directly influenced by the following variables:
a) Percentage of candidates who decide to buy the house back;
b) Performance of the real estate market (revaluation, devaluation and stagnation of the same);
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c) Trend in the rental market which is partly linked to the real estate market and partly retains a portion of
autonomy and hence the birth of the sub-variable i);
i) Independent component of the rental market from the real estate market.
As shown in the graph, we can observe the link between variable B and the portion of variable C that depends on
the performance of the real estate market (hereinafter referred to as C dependent) and the absence of a link
between variable B and the portion of C that is independent (i) of the market in question.
Based on the considerations made, two main components are determined:
Component 1: derives from the rents paid by the tenants of the dwellings. This is a certain component as it is
included in the project directives according to which the selected individuals will have to start paying the rent of
the houses at a previously agreed time T. Component 1 depends on variable C), i.e. the trend of the rental market
including both the part linked to the trend of the real estate market (variable B) and the autonomous part (sub-
variable i).
Component 2: The second component relates to capital gains from the resale of real estate. This is not an annuity
but a share received on the basis of those who decide to buy back the homes using the Axioma credit. It is
quantified as the difference between the presumed value of the real estate at the time of repurchase net of the
Axioma credit (equivalent to the price paid by the buyer) and the cost paid by Axioma for the purchase of the real
estate in question. It should be noted that this second component will depend on the variable A) understood as
the percentage of candidates who decide to buy back the house and the variable B) that is the trend of the real
estate market (which will be fundamental for the determination of the capital gain in question).
The following is a representation of the link between the two components and the main variables of the project:
Componente 1 : C
Componente 2 : A + B
B
i
16
To better understand the specificity of the components, reference can be made to the representation below16.
The blue component (No. 1) remains more or less stable as it is represented by the collection of rents. Component
2 will depend on the percentage of participants who decide to buy back the house17.
As regards the trend of variables, see the graph "VARIABLE PREVISION". Net of variable A, which cannot be
represented even on a provisional basis since it is a percentage share of the project participants and not a
performance value, a hypothetical scenario has been reported in relation to the other variables identified. As can
be seen, while employee Variables B and C are characterized by the same trend, the trend of variable i
(independent) is totally unrelated to the other two. The total variable C, being the sum of C dependent and i,
shows a trend similar to B but not perfectly corresponding.
Components related to variables B and C may change positively or negatively depending on market
developments18.
16 This is a simplified reproduction for easier understanding. 17 If there were more than one scheduled date to be able to buy back the houses, it would be a question of obtaining more than one type-two component at different times depending on the agreements and the economic possibilities of the candidates. 18 A devaluation of the real estate market may cause a decrease in housing rents or a reduction in the profits that can be made from resale.
17
Yields from renting
Three scenarios were considered for the determination of rental yields, concerning the type of dwelling and the
area of placement. In particular, high, medium and low yields were calculated. The rental instalments relating to
the different type of dwelling have been determined considering different price ranges in relation to the size of
the dwellings19.
The gross and net market return was determined by considering the values of the properties and the instalments
by price range. The net return was determined not on the basis of market value but on the basis of the purchase
cost of the houses initially paid for the start of the project. It is important to point out that the difference between
gross and net returns refers to expenses for maintenance, taxes, property management (etc.), while the difference
between project returns and market returns is to be found in the different denominator considered for their
calculation.
For the calculation of the average rental yield of the project, a hypothetical basket of dwellings was built to be
purchased in the start-up phase. In particular, nine different cases have been hypothesised, resulting from the
crossing of two variables:
• The value of the house;
• the corresponding rent.
The result of the intersection is shown below; different types of performance were obtained based on the
combination of <household value> and <corresponding rent>.
19 This remains within the reference range initially identified.
CASA/AFFITTO C dipendente (alto
affitto)
C dipendente (medio
affitto)
C dipendente
(basso affitto)
Valore alto medio rendimento medio/basso rendimento basso rendimento
Valore medio medio/alto rendimento medio rendimento basso rendimento
Valore basso alto rendimento alto rendimento medio rendimento
18
Considering an initial basket of one hundred dwellings, it was considered appropriate to subdivide them as follows:
to diversify and enhance the overall basket, you will buy more dwellings with <higher yield> and fewer dwellings
with lower yield.
Considering the net returns of Axioma as previously estimated, based on the basket of homes built here, we get
an average return of 9.47%, the result of the intersection of the various returns and the number of homes
included in the basket by type.
The composition of the basket under study is as follows20:
The total yield
On the basis of the considerations made, an estimate of the overall performance for the potential participants is
presented, given by the sum of the two components described above:
• the return on rent collection net of 10% for Axioma: 8.52%21;
• the return from the resale of the houses, estimated on the basis of the hypothesis of purchase at the end
of the fifth year from the start of the project and net of the percentage of 15% for Axioma: 1.04%22.
The total annual yield will be equal to the sum of the two components:
20 As mentioned above, efforts have been made to give more weight to high- and medium-yield homes, and less weight
to low-yield homes.
21 9.47% as before, calculated net of 10%. 22 For the calculation in question, the average cost of the dwelling as previously determined (94,000) and its market value were considered in the event of stagnation net of the credit to be granted to the former owners to finalize the operation as established. The resulting yield, referring to a time period of 5 years, was finally <converted> into annual yield.
n. case da
selezionare
C dipendente (alto
affitto)
C dipendente (medio
affitto)
C dipendente
(basso affitto)
valore alto 12 10 8
valore medio 10 12 8
valore basso 14 14 12
Paniere
omogeneo e
diversificato
19
It should be noted that the riskiest part of the result obtained concerns the resale of houses23, which accounts for
12% of the total yield.
Investment plan
For the implementation of the project, expenses were considered for the purchase of the buildings, for the
management of the same and for their restructuring/requalification.
On the basis of the analyses carried out, the average purchase cost for the properties was € 94,000. Considering
the composition of the initial basket and the average cost calculated, the investment plan will be structured as
follows:
On the basis of feasibility studies, this first phase of the project has been allocated €12,220,000.00 in investment
expenditure.
Project Feasibility Valuation The value attributed to the project is the result of several elements and analyses. For evaluation purposes, it is
essential to analyse and quantify the benefits that can be obtained from the entire implementation of the project,
which, translating into added value for society, are in themselves a source of significant value for the project itself.
23 While all selected individuals will be required to pay the rent, only a portion of them will choose to repurchase the dwelling.
Principali elementi Test Justification
Obiettivi del progetto Gli obiettivi identificati sono chiari e misurabili
Conoscenza del contesto Il progetto colma dei gap importanti riguardanti il mercato immobiliare
Timing Il momento per implementare il progetto è adeguato
Conoscenza del mercato Gli ideatori e sviluppatori conoscono il mercato in modo approfondito
Sostenibilità generale Valutazione di sostenibilità svolta tramite analisi di pre-fattibilità
Sostenibilità economica Valutazione di sostenibilità economica svolta tramite Cash Flow Evaluation
Potenzialità di crescita Potenzialità di crescita presenti ed ottenute tramite valutazione prospettica
Redditività Livello di redditività elevato ed analizzato tramite Business Plan
General
valuation
Economic
valuation
20
The identification of clear and measurable objectives is a necessary prerequisite for undertaking the subsequent
analyses, as well as the elaboration of an appropriate market analysis to identify the suitability of the project with
respect to the reference context.
Through the adequacy of the timing, the timing of the project was determined and validated and to complete this
first part, the skills of the developers in the sector analyzed were measured.
As regards the economic assessment, it was verified that the requirements concerning the main areas of study
were met with regard to the sustainability of the project and potential profitability. For more information, see the
section on Axioma Gains and Axioma Returns.
Methods of implementation
The Axioma project will be implemented through Security Token Offering (STO). This will be done using a special
token designed to support the STO campaign. The reasons that led to the choice of this method of implementation
concern:
• The potential of ICO/STO campaigns to 24 enable large-scale projects to be carried out (if they are
characterised by the necessary elements for their implementation);
• The versatility and adaptability of ICO/STO campaigns;
• The mixture that is being created between the crypto-economy and the real estate sector.
The advantages and potential of the Security Token Offering will be addressed in the section "Nature of the token".
Modalities of participation
24 Initial Coin Offereing e Security Token Offering
21
The realization of the project involves the emission of two different types of tokens. The Token A, issued to allow
the start of the project and the token B to allow the operation of the project. Once the A tokens have been
deposited in the selected properties, the participants will receive the B tokens to which the corresponding
participation certificates will be attached.
It should be noted that the processes involved in the emission and operation of both tokens will be managed
through the Blockchain technology.
Nature of the token
AXIOMA Token (AXT)
The financing for the development of the project and the implementation of the platform will be through the
creation of an STO - Security Token Offering and the issuance of a Security Token called Axioma Token (AXT Token).
TOKEN A
•Da acquistare per partecipare al progetto
•Possibile rivendita presso gli Exchange in cui Axioma
sarà listato
•Vendibili anche ad Axioma stesso (al prezzo nominale
di investimento)
TOKEN B
•Ricevuti dopo collocazione dei token A nell’immobile
selezionato
•Consentono di ricevere la quota di ricavo dagli affitti
(in valuta FIAT o cripto)
•Cedibili solo ad altri possessori di Token A
22
The choice of Security Token Offering is due to the numerous advantages of the same compared to other financing
methods alternative to banking, such as the lower costs necessary for the implementation of the campaign25.
The possibility to decentralize operations also allows the STO to be carried out without the use of intermediaries:
and it is this feature that allows the achievement of significant returns and higher than traditional investments
within the same sector.
In addition, the world of ICO/STO, through the use of Blockchain architecture requires lower costs in terms of
compliance and in general from the point of view of legislation is less challenging26.
Thanks to the Axioma token it will be possible to allow anyone to participate in real estate projects without having
to use large amounts of capital, an important barrier to entry in the market in question. The possibility to
participate using a reduced amount of money, as well as making the project accessible to everyone, broadening
the spectrum of potential participants can facilitate the raising of capital for the start up and operation of the
project.
The sale of AXT tokens opens the door to the real estate market by allowing participation even to those who
do not have high capital: to participate, it will be sufficient to use the established amount, whatever it may
be. This is possible because it will be possible to buy even just a share of the property without having to buy
and / or sell an entire property.
The sale of the token
As indicated in the section on investments, €13 million is required for the start of the project, including purchase,
management, renovation of housing and start-up costs (to be able to implement what is planned in accordance
with the deadlines set).
For the implementation of the project will be issued a total of 182,000,000 tokens worth 0.20 € each.
30% of the total tokens issued will be allocated to the team of founders and advisors (group share), while the
remaining 70% will be allocated to the sale.
The sales phases will be structured as follows:
25 Generally, the realization of an STO requires an expenditure of cost equal (on average) to 1/3 of the costs necessary for the listing on the stock exchange, even if the same vary from case to case. 26At the moment, the regulation regarding Security Token Offering is being implemented in most countries that have started to develop projects on Blockchain.
Allocation of issued tokens
Group share 30% 54.600.000
Private Halls 10% 18.200.000
Public Halls 60% 109.200.000
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1. Private Sale: to this first phase are reserved about 14% of tokens for sale27 (18,200,000 tokens) which
can be purchased with a 40% discount on the nominal value. To be able to buy tokens in private mode,
you must use a minimum amount equal to the equivalent of 1000 €. The proceeds will be used for
the creation of the company under Maltese law and to implement all the contracts necessary for the
start of the project.
2. Public Sale: the proceeds from the sale of tokens at this stage (86%) are intended for the
implementation of the project in its entire structure. The discount provided for tokens purchased in
this second phase corresponds to 20% of the nominal value.
Main features
The token created to finance the development of the platform (AXT Token), will be created on the blockchain of
Etheurem and will depend on the distributed computing capabilities of the blockchain itself. The tokens will be
sold to the public in the manner described above. The main features of the AXT Token are as follows:
27 10% of the total number of tokens issued.
Categoria % Nr. Token Sconto Market Cap
Private Sale 14% 18.200.000 40% € 2.184.000,00
Sale 86% 109.200.000 20% € 17.472.000,00
Totali 127.400.000 € 19.656.000,00
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Token distribution
Disclaimer
The Axioma project will be created in Maltese territory and will comply with all current and future legal regulations
of the State of Malta.
The Axioma project aims to improve the functionality of the real estate auctions market by bringing back the
selected homes to be valued according to their market value and not to suffer significant devaluations as often
happens within the market in question.
To finance the development of the Axioma Project, 182 million ETH tokens (later called Axioma Tokens or AXT
Tokens) will be created on the ETHEREUM blockchain to be sold to the public and assigned to the founding team.
The sale of Axioma Token is final and non-refundable. Axioma Tokens belong to the category of Asset Tokens or
Security Tokens.
Buyers of Axioma Token expressly acknowledge and acknowledge that they have carefully reviewed this white
paper and fully understand the risks, costs and benefits associated with the purchase.
Knowledge required
Simbolo Token XMT
n. token emessi 182.000.000
n. token venduti 127.400.000
Metodi di acquisto Web Platform
Controvalore di ciascun token 0,20 €
Token in Private Sale 18.200.000
Token in Public Sale 109.200.000
Token features
25
The buyer of Axioma Token is a person with adequate knowledge and experience in terms of crypto currency,
systems and blockchain services and fully understands the risks associated with crowdsale and the mechanism
related to the use of crypto currency. The founders of the Axioma project will not be liable for any loss related to
the AXT tokens or situations that make it impossible to access the tokens themselves, which may result from any
actions or omissions of the user or any person who agrees to purchase the Axioma tokens, as well as in the case
of attacks by hackers.
Declaration of responsibility
This white paper should not and cannot be considered an invitation to participate in an investment.
The white paper does not include or contain any information or indications that could be taken into account for:
• purchase the token where jurisdiction is prohibited, limited or subject to additional conditions of any kind;
• to use the crowdsale for any illegal activity, including but not limited to money laundering and terrorist financing;
• to acquire Axioma Token for the purpose of speculative or financial activities.
Risks
The purchase of Axioma Token involves certain risks to be taken into account when starting the project.
1. The project may not be started;
2. The regulation of token offers may be subject to change or interruption;
3. Some services and products that you intend to implement may not be developed.
Before purchasing Axioma Tokens, you should carefully assess the risks in relation to the possible benefits and, if necessary, get support from specialists in the field. If a person was not aware of the risks or was not in a position to accept them, he should avoid buying Axioma Tokens.
Arbitration
All disputes arising from published White Papers will be resolved by arbitration in accordance with Maltese
international arbitration rules in effect on the date on which the request for arbitration is submitted. The
arbitration shall consist of one arbitrator only. The place of arbitration shall be one of the official places of business
in the territory of Malta and in the English language.
Business Advisor
Assistance in the implementation of the STO is provided by:
26
STUDIO GAMBERA & PARTNERS SRLS
Via G. Agnini 47 - Mirandola (MO)
https: //www.studiogambera.it
Axioma