Frequently Asked Question

1、What is CariNet?

The Caribbean Digital Finance and Free Trade System, initiated by the Caribbean Free Trade Zone, provides digital financial compliance licenses and attracts various blockchains by building blockchain-based payment facilities, digital financial infrastructure, and blockchain intelligent international trade platforms. The settlement of the industry will enable the Caribbean region to become a global digital financial center and free trade hub in the new era, creating new economic growth points for the Caribbean region.


2、What’s the road map of CariNet?

"CariNet completed the construction of the Caribbean digital finance and free trade system in three phases:

In the first stage, build a blockchain payment infrastructure in the Caribbean to solve the problem of weak local electronic payment infrastructure:

1) Complete CariNet main network and national data node construction;

2) CariCash, the official digital token of the Caribbean free trade zone, is released on the basis of CariNet.

3) Develop digital wallets, digital asset ATM machines and POS machines, and promote them in the Caribbean.

The second stage is to build the digital financial infrastructure of the Caribbean free trade zone with the core number of official figures in the Caribbean Free Trade Zone as the core:

1) Provide Caribbean digital financial compliance permits to attract the global blockchain industry;

2) Establish a blockchain cross-border payment system;

3) Carry out blockchain digital financial services based on CariCash and blockchain cross-border payment systems.

Phase 3: Build a blockchain smart international trade platform, create a free, fair and transparent international trade environment through blockchain and artificial intelligence technologies, provide digital financial industry chain services and blockchain cross-border payment systems for international trading companies , To attract more trading companies to enter the Caribbean free trade zone.

The project is now in the first stage. The first step is to complete the CariNet main network and the national data node on-line docking. The second step is based on the CariNet main network to issue the free trade zone official digital currency CariCash, the third step of the online wallet, the docking blockchain Atm machine And POS machines settled in the Caribbean Free Trade Zone."


3、What’s the relationship between this  project and the Caribbean FTA ?

"The Caribbean Free Trade Zone releases the official digital token CariCash based on CariNet. Its price is 1:1 anchored to the Eastern Caribbean, and it reserves the same value of the legal currency as its value proof, that is, for each issue of an official digital token, the issuer will specify The bank account is deposited with 1 East Caribbean Dollar.

The official digital token of the Caribbean Free Trade Zone is provided by the world blockchain organization, the Caribbean Institute of Blockchain Industry provides technical support, and the Caribbean Free Trade Zone member states provide credit endorsements, mainly applied to international trade, international settlement, international financing, International investment and other fields provide digital financial services, which are used as payment media in the blockchain cross-border payment system, and at the same time meet the electronic payment needs of various commercial activities within the member countries of the Caribbean Free Trade Zone."


4、Why the CariNet team  has  the confidence to establish digital financial infrastructure in the Caribbean ?

To build the digital financial infrastructure of the Caribbean Free Trade Zone with the core number of official figures of the Caribbean Free Trade Zone as the core:

1) Provide Caribbean digital financial compliance permits to attract the global blockchain industry;

2) Establish a blockchain cross-border payment system;

3) Carry out blockchain digital financial services based on CariCash and blockchain cross-border payment systems.


5、Have the project got the related licence?

CariNet's main operating company is located in the Caribbean Free Trade Zone and has obtained local operating licenses.


6、How could the CariCash become the official digital token in the Caribbean?

"The Caribbean Free Trade Zone releases the official digital token CariCash based on CariNet. Its price is 1:1 anchored to the Eastern Caribbean, and it reserves the same value of the legal currency as its value proof, that is, for each issue of an official digital token, the issuer will specify The bank account is deposited with 1 East Caribbean Dollar.

The official digital token of the Caribbean Free Trade Zone is provided by the world blockchain organization, the Caribbean Institute of Blockchain Industry provides technical support, and the Caribbean Free Trade Zone member states provide credit endorsements, mainly applied to international trade, international settlement, international financing, International investment and other fields provide digital financial services, which are used as payment media in the blockchain cross-border payment system, and at the same time meet the electronic payment needs of various commercial activities within the member countries of the Caribbean Free Trade Zone."


7、What’s the  role of Charles Xue and Frank Zheng in the CariNet project?

Charles Xue:Pre- Investor and Chairman

Frank Zheng:Pre- Investor and Advisor


8、Are there ATM machines and POS machines in the Caribbean now?

Business and technology connections are ongoing.


9、In what way will the CariNet cross-border payment system land in the Caribbean?

The regulatory mechanism is being established through commercial banks and third parties.


10、How many coorperaters are there now?

1.Caribbean Institute of BLockchain Industry

2.World Blockchain Organization

3.NAAI

4.Greeenfield Capital Group

5.World Congress of Free Trade Zones

6.Tai Silicon Valley Laboratory (Tai Lab)


11、What's the role of CariNet in the Caribbean digital finance and free trade system?

"The CariNet main network is a blockchain infrastructure developed for the Caribbean igital finance and free trade system. It specializes in the field of finance and trade, and users on the chain will carry out real name certification. The CariNet main network will have the following technical features:

Distributed storage: Data information is recorded by multiple nodes distributed in different places, and each node records complete data, thereby avoiding the possibility of a single node being controlled or bribed and recording false data.

Consensus mechanism: A consensus between all data storage nodes to determine the validity of a record is both a means of identification and a means to prevent tampering.

Smart contracts: Automate the contract processing process without the intervention of any third-party custodians, which improves the efficiency of contract execution and saves money. A party to any contract or contract cannot control or change the assets before the terms of the contract expire, thus guaranteeing the contract. The reliability and security.

Trust Mechanism: CariNet adopts a real-name system to solve the problem of trusted authentication, and ensures privacy through changing pseudonyms and access control. The identity authentication system such as eID or multidimensional authentication is used to authenticate the identity of the user.

CariNet will be responsible for the issuance of digital assets and record transaction transfer data information, and its side chain will serve as the main network of the Caribbean Pirates blockchain intelligent international trade platform. The above technical features are one of the foundations for guaranteeing the good operation of the official digital tokens of the Caribbean Free Trade Area, the electronic payment infrastructure in the Caribbean, the digital financial infrastructure, and the blockchain intelligent international trade platform."


12. How to guarantee the stability of the exchange rate?

The official digital token of the Caribbean Free Trade Area CariCash is based on the CariNet issue and is permanently pegged to the East Caribbean Dollar (XCD) price (1 CariCash = 1 East Caribbean Dollar). Users can use CariCash to exchange 1:1 with East Caribbean Dollars at any time. The Caribbean Free Trade Area strictly adheres to the 1:1 reserve guarantee. which is: 1) For each issued CariCash, its corresponding bank account will be deposited with 1 East Caribbean Dollar as a financial guarantee; 2) For each redemption of 1 CariCash, its reserve bank account will spend 1 East Caribbean Dollar. Users can search for reserves and CariCash information on the Caribbean Free Trade Zone platform to ensure transparency. The user can exchange CariCash by importing the East Caribbean Dollar into the corresponding bank account provided by the Caribbean free trade zone or through the Exchange; when redeeming the East Caribbean, reverse operations are sufficient.


13、In what way will CariCash ensure not to issue excess tokens?

CariCash will accept dual supervision at the same time to ensure that the CariCash that is circulated in the market and the issuer’s reserve in the bank. Reserve Supervision: The issuer’s reserve is stored in a Caribbean digital bank account, monitored by a third party and regularly publicized the balance of the reserve.re always equal. Digital token supervision: CariCash is a digital token issued on a blockchain. All users can query CariCash's release and destruction information via a blockchain browser.


14、What’s the characters of CariCash?

"Security: Based on the blockchain technology release, the security of digital tokens is ensured through technologies such as distributed ledgers, consen Liquidity: Easy to use, and can be converted with other digital assets.sus mechanisms, and encryption algorithms. Unmodifiable:The transaction data information and the transaction's objective history are absolutely consistent.

Traceability: A detailed record of the transaction can be seen by viewing the blockchain data information.

Controllability: to meet the needs of the implementation of macro-control, can accurately and timely issue and recovery of tokens.

Rigid payment: Rigid payment is the cornerstone of ensuring the safety of the assets. Therefore, the issuer must reserve 100% of the reserve fund in order to ensure that it can be rigorously cashed with the anchored fiat currency of 1:1.

Openness and transparency: In terms of issuance, new totes must be issued after a certain percentage of approvers have passed the examination and approval. At the redemption level, third-party accounting firms are used for audits to support the real-time query of the balance of the reserve account and to implement common supervision."


15、How will the CariNet digital ATM machine and POS machine work?

The digital asset POS is a multi-function device directly connected to the blockchain to meet the mobile payment needs of users. Users can use digital tokens to complete payment at various consumer locations, or conduct financial transactions at retail outlets, which will promote the Caribbean. Regional cashless payment environment construction. Digital assets ATM machines and POS machines can be widely used in people's daily life scenes, such as restaurants, cafes, bars and other places of consumption as well as shopping malls, office buildings, and other public areas.


16、Will the ATM machine and POS machine work in the developed mobile payment era?

The mobile Internet payment infrastructure in the Caribbean is weak. Most local residents lack the basic conditions for entering the banking industry. About 50% of Caribbean residents do not even have bank accounts. The establishment of an electronic payment system based on blockchain technology will provide Caribbean countries with viable opportunities to increase financial services and create new economic growth points. At the same time, the introduction of a blockchain electronic payment system in the tourism industry can also help Caribbean companies that are subject to U.S. restrictions to obtain foreign currency reserves based on the East Caribbean and U.S. dollars.


17、What is the Caribbean Special Economic Zone in the White Paper?

The Caribbean Free Trade Zone is developing a Caribbean blockchain special economic zone, and it will provide companies in the park with digital financial compliance licensing services to attract blockchain-related industries worldwide to settle in the Caribbean free trade zone. The characteristics of the Caribbean Blockchain Special Economic Zone are as follows: The most friendly blockchain society: The Caribbean Free Trade Area is assisting member countries in the implementation of blockchain legislation, the issuance of digital asset operating licenses, the issuance of digital asset exchange licenses, and the issuance of official digital tokens. The establishment of an official digital asset exchange aims to make the Caribbean Free Trade Area the world's best blockchain special economic zone. Blockchain projects and enterprise clusters: The CAFTA's adoption of digital asset operating licenses, blockchain ICO licenses, and zero-rate taxation policies have attracted dozens of blockchain projects and companies to establish global headquarters or funds in the Caribbean free trade zone. meeting. It is estimated that by the end of 2018, thousands of blockchain projects and companies will gather in the Caribbean Free Trade Zone to form the world's largest blockchain project and enterprise cluster. Digital Asset Exchange Cluster: The Caribbean Free Trade Area has attracted 12 digital asset exchanges to settle in the Caribbean free trade zone by issuing digital asset exchange licenses. It is expected that by the end of 2018, about 40 digital asset exchanges will gather in the Caribbean Free Trade Area, forming the largest cluster of digital asset exchanges in the world. Blockchain investment fund clusters: The Caribbean Free Trade Zone is the world’s largest offshore financial center, with tens of thousands of equity investment funds and venture capital funds clustered in the British Virgin Islands and the Cayman Islands in the Caribbean Free Trade Area. It is the largest blockchain investment fund cluster in the world.


18、What are the advantages of CariNet in the cross-border payment?

In CariNet's cross-border payment network, CariCash, the official digital token of the Caribbean Free Trade Zone, can be used as a payment medium. Any individual or institution can pay directly from point to point as long as it can connect to the network. It does not need to go through many intermediate links in the current payment system. Financial transactions The clearing and settlement process in China will be greatly simplified, making point-to-point cross-border payments possible.


19、What service will CariNet provide?

The Caribbean Free Trade Area will be based on the official digital token CariCash and blockchain cross-border payment systems to provide companies with digital financial services, including financing investment, savings, credit, settlement, commercial insurance and financial information consulting.


20、What are the advantages of CariNet's blockchain smart international trading platform ?

"CariNet's blockchain smart international trading platform utilizes blockchain and artificial intelligence as the underlying transaction matching and settlement system, which achieves compatibility with serial technologies, parallel performance, low latency, upgrade and maintenance, bug fixes, and low thresholds. , to achieve the upgrading of trade platform:

Intelligent transaction integration: Through tamper-proof data sharing across the entire network, artificial intelligence is used to achieve efficient matching of buyers and sellers, reduce the marketing cost of merchants, and increase the marginal benefits of buyers and sellers;

Intelligent transaction process: The use of smart contracts to complete business synergy between buyers and sellers, weakening the role of third-party intermediaries, and avoiding the credit risk between buyers and sellers in transaction execution;

The transaction information can be traced back: using distributed storage and consensus mechanisms to complete the storage and traceability of transaction data, prevent false trading in international trade, and achieve long-term benign development of the Caribbean international trade platform;

Realize instant cross-border payment: Use the official Caribbean digital currency to complete low-cost cross-border payments instantly."


21、What’s the role of CIT in the ecosystem of CariNet?

"The CIT is based on the CariNet distribution. Each CariCash transfer will consume a portion of the CPE as fuel; each CIT transfer also consumes a portion of the CIT as fuel.

Except for using CariCash to complete cross-border payments and electronic payments in the Caribbean at the payment link, all other services within the ecosystem (including Caribbean-based digital financial facilities and blockchain smart international trade platforms) are required to pay CIT tokens; CIT tokens At the same time, as the Caribbean digital finance and free trade system to build blockchain users credit system and integrity of the autonomous community an important tool to achieve credit certification, community arbitration, decision-making and other functions. In the whole ecosystem, the value of CPE is mainly reflected in the following aspects:

Platform services: Users pay CIT to fully enjoy the various services of the Caribbean digital financial infrastructure and blockchain international trade platform, and at the same time pay international trade platforms with a low level of trading commission; Credit Certification: users can pledge CIT on the platform In this way, as a proof of registered capital and proof of credit capital, early entry eco-vendors can enjoy lower-cost certificate of registered capital and proof of credit capital, especially for SMEs as users can get better credit certification; Node Rewards: in the block When signing a custom smart contract and recording important data on the chain, the user will pay the CIT to the data node holder to attract more data nodes to participate in the data verification link; Community building: In case of arbitration, the initiator can Use CIT as a reward to invite other users to participate in the arbitration; when users participate in major decision-making votes, the CIT will serve as the user's identity to have voting rights; use the above method to motivate all users on the platform to participate in community construction."

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