Page 4 - Himalaya Labs White Paper 3 June
P. 4

Table of Contents

            Table of Figures .............................................................................................................................................. 7

            Greetings from the CEO ..................................................................................................................................... 8
            Synopsis .......................................................................................................................................................... 10
            Prologue ......................................................................................................................................................... 13
               Economic Freedom ................................................................................................................................... 13

               Concentrated Power ................................................................................................................................ 14
               Closed Systems .......................................................................................................................................... 14
               Centralised Decision Making ................................................................................................................... 14
               Absolute Power ......................................................................................................................................... 15
            1.   Blockchain - An Antidote to Imperfect Markets & Agency Problems .......................................... 16

               1.1   The Platform Paradox .................................................................................................................. 17
               1.2   A Solution to the Platform Paradox ........................................................................................... 19
               1.3   Evolution of the role of intermediaries in Capital Markets ................................................... 20
                 1.3.1    Feeding the Wolves .............................................................................................................. 20

                 1.3.2    Continued Concentration .................................................................................................... 21
               1.4   A brief history of Cryptocurrencies ........................................................................................... 22
                 1.4.1    A brief history of smart contracts ...................................................................................... 22
                 1.4.2    Decentralisation of Capital Markets .................................................................................. 23
               1.5   The Origins of Smart Capital....................................................................................................... 25

               1.6   There is a better way ................................................................................................................... 25
            2.   Decentralisation of Capital Markets ................................................................................................. 26
               2.1   The New World .............................................................................................................................. 26
               2.2   The IPO Process demystified ...................................................................................................... 28

               2.3   What is wrong with the current IPO process in investment banks? ..................................... 30
                 2.3.1    The Pre-Issuance Phase: ...................................................................................................... 30
                 2.3.2    Managing the Price ............................................................................................................... 30
                 2.3.3    The Issuance Phase: ............................................................................................................. 31
                 2.3.4    The Post-Issuance Phase: .................................................................................................... 32

               2.4   A proposal for an electronic platform to disintermediate the current IPO process ......... 33
                 2.4.1    Determining Optimal Issue Price ........................................................................................ 33
                 2.4.2    Communication and access to investors ........................................................................... 34
                 2.4.3    It‟s time for easy access! .................................................................................................... 37

                 2.4.4    Testimony for Securities Tokens from Securities Exchange Commission, USA .......... 38
                 2.4.5    What about ICOs touting to be marketplaces for tokenised securities? ..................... 38
            3.   Unstoppable Capital - Our lofty mission! ......................................................................................... 39
               3.1   Our mission is Unstoppable Capital! ......................................................................................... 39
               3.2   Partnerships with big banks, the secret sauce of many a successful ICO? ......................... 39

               3.3   Democratisation of Capital Markets .......................................................................................... 40
               3.4   What is a Digital Asset? ................................................................................................................... 40

            http://dgcamp.io                   arifa@himalayalabs.com                                Page 4
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