Maximizing Investor Values by Creating and Developing Asset Solutions for the CSR-Minded

vFM1920CryptoAssetExecutiveSummary

Victoria Family Management
A Solutions Company
 
Maximizing Investor Values by Creating and Developing Asset Solutions for the CSR-Minded
 
Leveraging Blockchain Technology to Create Protocols for Decentralizing Ownership of Economic and Environmental Development Assets on the Ethereum Blockchain
 
Applications for: Providing Health Records to Developing and Redeveloping Communities; 
Sustainable Supply Chain, and Capital Risk Assessment
 
(Whitepaper last edited 9 April 2018)

Important Notice
This whitepaper is important and should be read in its entirety. 
	Perspective contributors, in particular, should read the whole text of this whitepaper. Their attention to specifically drawn to the discussion of certain risks and other factors that should be considered in connection with a contribution into the offered tokens, as set out in the section titled “Risk Factors” in Part F of this whitepaper. 
	If you are in doubt about the contents of this whitepaper or what action to take, you are advised to contact your investment advisor, financial advisor, banker or other relevant professional advisor who specializes in advising on the acquisition of cryptocurrency. 
	To the best knowledge of the authors, this whitepaper contains information that is provided only in compliance with the requirements of applicable laws, rules and regulations of the United States, including, but not limited to, the Securities and Exchange Commission rules and regulations governing securities insofar as they are pertinent, or can provide guidance. 
	This whitepaper is issued by the Victoria Family Management organization and has been prepared in respect of the issue of and subscription for the offer tokens and the subsequent listing of the tokens on various cryptocurrency exchanges. This follows approval of the offer by the Board and the existing shareholders of the Victoria Family Management organization through a resolution dated April 19, 2018.
	The definitions provided under the “definitions and abbreviations” section of this whitepaper apply throughout this document, unless indicated otherwise.

Forward-Looking Statements 
This whitepaper contains forward-looking statements with respect to:
The Victoria Family Management organization’s financial and technical viability
Specified plans and objectives of the Victoria Family Management organization
The effects of regulation on the Victoria Family Management organization‘s activities by the governments of countries in which it may with to operate 
The Victoria Family Management organization’s expectations, regarding the operating environment and market conditions for the Whisper ecosystem. 
Growth in terms of customers and usages and the rate of exchange in the value of the Victoria 1920 Coin and tokens thereof. 
The Victoria Family Management organization expressly disclaims any liability in respect of the content of any forward-looking statement and also expressly disclaims and obligation or undertaking to disseminate and updates or revisions to any forward-looking statements contained herein or to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based, after the date of this whitepaper, except as may be required by law. 

CONTENTS .....................................................................................................................X
EXECUTIVE SUMMARY ...........................................................................................X
	MISSION STATEMENT ........................................................................................X
	SCOPE OF THE ECOSYSTEM ...........................................................................X
	WHAT ARE ENVIRONMENTAL ASSETS? ..........................................................X
	THE CHALLENGE OF PRICING ENVIRONMENTAL ASSETS ..........................X
	SHAREHOLDER VALUE AT RISK ......................................................................X
	PROBLEM SUMMARY ........................................................................................X
	WHISPER PROTOCOLS .....................................................................................X
THE VICTORIA 1920 COIN ......................................................................................X
	THE FIRST ENVIRONMENTAL ASSET TOKEN SALE VIA THE WHISPER ECOSYSTEM...................................................................................................................X
	KEY ELEMENTS OF THE VICTORIA 1920 COIN ..............................................X
	VICTORIA 1920 COIN UTILITY EXAMPLE ........................................................X
	VICTORIA 1920 COIN DISTRIBUTION AND USE OF PROCEEDS ..................X
	ADDITIONAL DEVELOPMENT PLANS FOR THE WHISPER ECOSYSTEM ....X
	THE VICTORIA 1920 TOKEN ..............................................................................X
	KEY ELEMENTS OF THE VICTORIA 1920 TOKEN ...........................................X
	VICTORIA 1920 TOKEN UTILITY EXAMPLE .....................................................X
	ALLOCATION OF THE VICTORIA 1920 TOKEN ................................................X
	VICTORIA 1920 TOKEN LOCKUP PERIOD .......................................................X
	SECURITY ...........................................................................................................X
	WHITELISTING AND REGISTRATION ...............................................................X
ROADMAP ................................................................................................................X
	STRATEGIC ALLIANCES AND MAJOR INITIATIVES ........................................X
	FUTURE ECOSYSTEM DEVELOPMENT ...........................................................X
	FUTURE PLATFORM TOOLS DEVELOPMENT .................................................X
	MILESTONES AND TIMELINE ...........................................................................X
THE WHISPER ECOSYSTEM ..................................................................................X
	WHAT IS THE WHISPER ECOSYSTEM? ...........................................................X
	FOUNDATION LAYER .........................................................................................X
	PROTOCOL LAYER .............................................................................................X
	SOLUTIONS PROVIDERS LAYER ......................................................................X
	CLIENT LAYER ....................................................................................................X
LEADERSHIP ............................................................................................................X
	GOOD GOVERNANCE ........................................................................................X
	WHISPER ECOSYSTEM - TEAM .......................................................................X
	VICTORIA 1920 - BOARD OF ADVISORS ..........................................................X
	FOUNDING MEMBERS AND STRATEGIC ALLIANCE PARTNERS .................X
LEGAL CONSIDERATIONS .....................................................................................X
CONNECTIONS ........................................................................................................X
IMPORTANT INFORMATION FOR POTENTIAL CONTRIBUTORS .......................X

Executive Summary
Whisper is a collaborative initiative of a coalition of industry leaders, including: Victoria 1920, Victoria Family Management, and the Puerto Rican Electric Power Authority (PREPA). The Whisper Ecosystem, built on top of the Ethereum Blockchain, is a closed, private network marketplace for the issuing of the digital asset Victoria 1920 Coin. The world’s largest corporations are over-exposed to various investment liabilities. These amount to trillions of dollars in potential write-downs and losses in investment value. Until recently, there have been few avenues to mitigate these liabilities. 
Access to CSR investments is limited and the most effective strategies are often limited to the public market OTC, making them illiquid. In regards to private market, there have been limited options for multi-generational, long-term hedges. Monopolization and illiquidity of OTC assets have led to the underutilization and undervaluation of many OTC investments. These two markets represent trillions of dollars in value at risk and trillions in unrealized value. 
Whisper provides a platform and a set of protocols on which to onboard CSR assets to the Ethereum blockchain, giving them a transparent pricing mechanism and liquidity. This additional utility, and the further development of the application layer, makes these assets the most efficient tool for mitigating the CSR-related impacts embedded in corporate supply chains that ultimately pose an existential threat to shareholder value. 
To that end, Whisper has the following primary objectives:
Create liquidity in the environmental assets and CSR markets 
Decentralize environmental and CSR ownership 
Redefine sustainable supply-chains by embedding CSR supply chain offsets, backed by the Victoria 1920 Coin, that can be traced  and audited by the consumer 
Develop risk mitigation tools against systemic environmental and CSR liabilities (stranded assets) risk
Unlock the full value potential of environmental and CSR assets 
Whisper’s collaboration partners are leaders in the financial, environmental, and blockchain industries, making it uniquely positioned to assume the leadership position in the inevitable paradigm shift as our global economic model transforms into a sustainable and regenerative economy driving an immutable value realignment for the world’s dwindling environmental and CSR assets. 
Scope of the Ecosystem
The primary drivers of that value realignment today are risk managers at some of the world’s largest pension funds and endowments. Environmental and CSR capital assets are one of the most undervalued. The current estimated global market for low-carbon goods and services is $5.5 trillion (USD), according to CDP^3. This does not include other types of environmental goods and services that address broader environmental impacts, such as deforestation or water use. 
What is CSR Capital?
CSR capital is an asset class that makes up the natural wealth that surrounds us, often in the form of tropical forests with vast timber, botanical, mineral, water and biodiversity value, as well as social goods, in the form of healthcare services and provisions. Our global economic system prices the components of CSR capital in the form of infrastructure and healthcare resources (e.g., wind, solar, and medical/healthcare services). Both natural resources and healthcare services have clear pricing mechanisms on asset trading platforms and commodity exchanges around the globe, but CSR capital [itself] does not have these mechanisms for pricing. 
Demand for CSR capital predominantly comes from the mining, timber, oil and gas, food and agriculture and fast-moving consumer goods sectors. These sectors make up a significant portion of the Fortune 500 companies, all of which are struggling to address the adverse environmental and CSR impacts embedded within their supply chains. 
Companies in many sectors are exposed to CSR capital risks through their supply chains, especially where margins and pricing power are low. The supply chains of the Fortune 500 companies are heavily burdened with externalities, primarily in the form of unrecognized environmental liabilities. These liabilities include carbon emissions, deforestation, and biodiversity loss, water [over]consumption, and several other factors. These unrecognized liabilities pose significant risk to the underlying CSR assets and therefore, shareholder value. 
The Challenge of Pricing CSR Capital 
With financial capital, when we spend too much, we run up debt, which, if left unchecked, can eventually result in bankruptcy. With CSR capital, we draw down too much stock from our environment. We also run up debt which needs to be repaid (e.g., replanting clear-cut forests, or allowing aquifers to recharge after extracting water from them). Without taking these adverse effects into careful consideration, we run the risk of local, regional, or even global irreversible complications to our ecosystem. 
Poorly managed CSR capital therefore becomes not only an ecological liability, but a social and economic liability, too. Working against nature by over exploiting CSR capital can be catastrophic not just in terms of biodiversity loss, but also catastrophic for humans as ecosystem productivity and resilience decline over time and some regions become more prone to extreme events such as floods and droughts. Ultimately, this makes it more difficult for human communities to sustain themselves, particularly in already stressed ecosystems, potentially leading to starvation, conflict over resource scarcity and displacement of populations. 
What more can we do to preserve and protect these environmental assets? As priceless as nature is, nature is not valueless. Unfortunately, when the components of nature are combined as CSR investment components, as an aggregated asset class, aspects of CSR assets do not have a clear pricing mechanism; it cannot be easily bought and sold in the marketplace. We can buy products derived from the consumption of CSR assets, but it is nearly impossible to purchase CSR assets in a coherent, competent product. When such a valuable asset lacks a pricing mechanism, access or liquidity, it has the tendency to be undervalued. The case is similar with environmental assets, which is grossly undervalued and yet is a rapidly diminishing asset. 
Absent changes in behavior forced by regulation or as a result of large natural disasters, the cost of environmental assets remains largely externalized. The only way to allow for appropriate internalization of CSR asset costs uu to better identify and price environmental assets. Provided with a transparent pricing mechanism and liquidity, the enormous potential of an environmental assets class can be unlocked, which is the only way it can be saved. 
Shareholder Value at Risk
The failure to appropriately internalize the value of environmental assets not only puts the environment at risk, it puts shareholder value at risk as well, leaving these assets stranded. Stranded assets are now generally accepted to be fossil fuel supply and generation resources which, at some point prior to the end of their economic life (as assumed at the investment decision point), are no longer able to earn an economic return (i.e., meet the company’s internal rate of return), as a result of changes associated with the transition to a low-carbon economy. Driven by pressure from institutional investors to mitigate the risk of stranded assets, companies are now scrambling for efficient, verifiable solutions to offset the negative social and environmental impacts buried within their complex supply chains. 
Several studies from respected institutions around the world have begun to quantify these stranded costs, particularly with regard to the “cost of carbon,” as well as the cost of broader environmental liabilities such as deforestation, water, and negative social impacts. The valuations range from $100 to $220 per carbon credit (a financial instrument that represents one ton of CO2 [or equivalent] gasses), and up to $634/REDD+ credit (as described in detail below). 
While there are few formal governmental mandates to recognize these liabilities, risk managers at the world’s largest institutional investment funds are pressuring companies to measure, publish and mitigate these potential liabilities. In response, companies are setting internal carbon liability prices, ranging from $15-40/carbon credit, representing trillions of dollars in potential write downs. Consequently, there is a growing demand for environmental impact mitigation tools. Currently, the primary mitigation tools at their disposal are limited to reductions in logistics and energy related impacts, such as shortening supply lines, energy efficient measures and so on. Other tools include the familiar CSR and environmental, social and governance initiatives like building schools in rural communities. 
Problem Summary
None of the existing risk tools adequately link the quantifiable environmental impacts of the various components in a supply chain with quantifiable environmental impact mitigation measures. Consequently, trillions of dollars in shareholder value is at risk, as is the environment. These two problems have the same origins, and therefore the same solution. 
Environmental assets are undervalued because it has no clear pricing mechanism. Environmental assets, in the form of carbon credits, water credits, biodiversity credits, or “all-in-one” credits is potentially the most effective and efficient tools for mitigating the environmental impacts embedded in all supply chains, and yet:
Supply chain solutions remain elusive because environmental mitigation credits are financially immiscible with the environmental impacts of our consumer goods. Existing environmental mitigation credits do not accurately reflect environmental assets. This is because of how they are each classified on a company’s balance sheets. 
Environmental assets has no proposer pricing mechanism and is illiquid and therefore presents financial logistics constraints. 
(Our PPM material goes into this section of the paper). There will be substantial additions to the paper in this section that comes from the PPM prospectus.
With a global consumption rate of natural resources nearly twice the production rate, no individual or company can reduce their environmental impacts to zero. Therefore, the only way for corporations to achieve truly sustainable supply chains is to embed environmental replacement costs into their current supply chains as a means of mitigating those unavoidable impacts. Blockchain technology and the Victoria 1920 Coin provide the tools that facilitate true, sustainable supply chains that fully reflect the underlying environmental assets being consumed. By on boarding environmental assets onto the Victoria 1920 Coin, they can be embedded, transferred, and traced through a complex supply chain more easily. And, as more environmental assets become tokenized on the blockchain, we will finally have a tool to emulsify both the natural resources and managed derivatives with their resulting environmental impacts and with environmental replacements using quantifiable common units of measure. 
Victoria 1920 Coin Distribution and Use of Proceeds
***(This is where we will put another section of the PPM, once we have it finished). We can tailor the language to suit the....
Distribution Terms and Conditions
We need to discuss with Ian what the distribution terms and conditions will be for the Victoria 1920 Coin. Currently, there has been little discussion about the ICO and its valuation. We will likely have to include something from the PPM in this section, as well. 
Victoria 1920 as an endowment for managing the Foundation. 
It is presently intended that ___% of the total proceeds from the Victoria 1920 Coin distribution to be reserved for future development of the Whisper ecosystem, to include a $___ (USD) donation to the Victoria 1920 Foundation as an endowment for managing the Foundation. 
As discussed above, if available, the Victoria 1920 Coin may, from time to time, purchase additional CSR credits. In such an event, in order to pay for the purchase price of additional carbon credits, the Victoria 1920 organization would generate and distribute additional coins. In all cases, the number of additional coins will equal the number of environmental credits purchased. The Victoria 1920 organization may also, from time to time, support the creation of other environmental mitigation assets representing other types of environmental mitigation initiatives. In such cases, the Victoria 1920 organization expects that it would acquire such environmental mitigation credits and create related environmental mitigation tokens, following a process similar to the original token (the Victoria 1920 Coin) generation process. 
The Victoria 1920 Coin ecosystem is, in every sense, and ecosystem, a complex collaboration or individual organizations, all working together to create a framework to unlock the true value potential of environmental assets and create the tools necessary to move global brands and the global economy toward a sustainable and ultimately a regenerative economic model. Other potential future development plans for the Victoria 1920 Coin are discussed elsewhere in the whitepaper “Roadmap.”
As discussed earlier in this whitepaper, the Victoria 1920 organization believes that creating access to environmental capital assets is important to maintaining the Earth’s environment. In order to encourage the development of environmental asset marketplaces and encourage ongoing participation in the Victoria 1920 ecosystem, both by those interested in acquiring environmental capital credits and the related CSR capital, and by those interested in creating environmental mitigation tools for the Victoria 1920 Coin, the Victoria 1920 organization will give to contributors receiving Victoria 1920 Coins an additional cryptographic token at no cost to be utilized as described below. 
The VIctoria 1920 Coin 
The Victoria 1920 Coin will be deployed as a smart contract on the Ethereum blockchain for the purpose of creating Victoria 1920 tokens and will be delivering those coins at no cost to the Ethereum wallets of Victoria 1920 Coin holders who acquire Victoria 1920 Coins pursuant to the Distribution Terms and Conditions. Victoria 1920 Coins will be based on the ERC20 token standard and are intended to have the functionality set out in this whitepaper. Victoria 1920 Coins are utility tokens to be used in the Whisper ecosystem. The Victoria 1920 Coins are neither securities or commodities. At the time fo distribution, of the coins, each contributor who acquires Victoria 1920 Coins will receive _____ coins for each unit of environmental asset tied to each coin. The Whisper ecosystem is providing Victoria 1920 Coins to the initial Victoria 1920 Coin holders at no additional cost to the coin holders. The total number of Victoria 1920 Coins are fixed. After the coins are delivered, no additional coins will be created in the future. 
Key Elements of the Victoria 1920 Coin
In the event that in the future, other types of environmental mitigation tokens are deployed on the Whisper ecosystem, a certain percentage of such environmental asset tokens will be make available to holders of Victoria 1920 Coin. Coin holders will be given a first opportunity to acquire the new environmental asset tokens in accordance with the distribution terms then applicable for such environmental asset tokens. 
If and when environmental asset tokens are on boarded to the Whisper ecosystem, up to __% of the total number of such environmental asset tokens will be allocated by the Victoria 1920 organization to an exchange pool for coin holders. Once the price and distribution terms for a future environmental asset token has been determined, Victoria 1920 Coin holders will be given an opportunity to exchange Victoria 1920 Coins to such environmental asset tokens. The number of environmental asset tokens delivered to each Victoria 1920 Coin holder participating in the exchange will be determined on a pro rate basis, according to the aggregate number of Victoria 1920 Coins surrendered by all participating Victoria 1920 Coin holders according to the following formula:
EA / Σ V x V1
Where EA = the total number of environmental asset tokens placed in the exchange pool and V represents the Victoria 1920 Coin token surrendered by distinct Victoria 1920 Coin holders. 
Example: 
600,000 environmental asset tokens are placed in the exchange pool
Victoria 1920 Coin holder 1 surrenders 100,000 Victoria 1920 Coins
Victoria 1920 Coin holder 2 surrenders 200,000 Victoria 1920 Coins
Victoria 1920 Coin holder 3 surrenders 100,000 Victoria 1920 Coins
600,000 / 400,000 = 1.5 EA / Victoria 1920 Coin x 100,000 = 150,000 environmental asset tokens 
Victoria 1920 Coin holder 1 receives 25% of the pool, or 150,000 environmental asset tokens in exchange for 100,000 Victoria 1920 Coins.
Victoria 1920 Coin holder 2 receives 50% of the pool, or 300,000 environmental asset tokens in exchange for 200,000 Victoria 1920 Coins.
Victoria 1920 Coin holder 3 receives 25% of the pool, or 150,000 environmental asset tokens in exchange for 100,000 Victoria 1920 Coins.
Victoria 1920 Coins surrendered in the exchange will be burned, resulting in a permanent reduction in the supply of Victoria 1920 Coins. 
Allocation of Victoria 1920 Coins
Victoria 1920 Coins will be given to holders who initially acquire Victoria 1920 Coins. Additionally, the Victoria 1920 organization will also hold Victoria 1920 Coins. The Victoria 1920 organization is expected to hold up to ___% of the total Victoria 1920 Coins created. Those Victoria 1920 Coins will be subject to a ___[5???] year vesting period with [1/5th???] of the total vesting each year. On an annual basis, the Victoria 1920 organization intends to distribute Victoria 1920 Coin as set forth below. However, notwithstanding the forgoing, the final allocation of Victoria 1920 Coins may be changed in the sole discretion of the Whisper ecosystem. 
Victoria 1920 Coin Allocation
***We need to insert a graphic here that shows the process of coin allocation. It will serve as a visual aid for the client (many clientele are unfamiliar with blockchain technology, in general.)***
Victoria 1920 Coin Lockup Periods 
There is no lockup period for the Victoria 1920 Coins distributed to Victoria 1920 Coin buyers. The 20% portion earmarked for ecosystem development will be released as follows:
20% (4% of total) end of Year 1 post initial token sale
20% (4% of total) end of Year 2 post initial token sale
20% (4% of total) end of Year 3 post initial token sale
20% (4% of total) end of Year 4 post initial token sale
20% (4% of total) end of Year 5 post initial token sale
The 15% earmarked for the Victoria 1920 organization will be released as follows:
1/3rd (5% of total) 12 month post post initial token sale
1/3rd (5% of total) 18 month post post initial token sale
1/3rd (5% of total) 24 month post post initial token sale
Security
The Victoria 1920 Coin and the Whisper ecosystem will be authored by (REDACTED), one of the foremost authorities in blockchain design, and will be audited by (REDACTED). 
Whitelisting and Registration
As posit of our efforts to use best practices, the Victoria 1920 organization will use (REDACTED) to conduct “know your customer“ for the token sale. Data collected will consist of full name, email and country of residence. 
Roadmap
Strategic Alliances and Major Initiatives
The Victoria 1920 Organization has formed strategic alliances with (REDACTED) and (REDACTED). Together, they represent the designated development partners for the Victoria 1920 Organization’s initiatives in Puerto Rico, which contains (REDACTED) acres of biodiversity tropical rainforests, home to $(REDACTED) (USD) in diversified mineral, timber, botanical and fisheries wealth. Several US pharmaceutical companies intend to onboard environmental assets from the Puerto Rican rainforests through the Whisper ecosystem some time in early 2020. However, no assurance can be made that these companies will be successful in creating and on boarding any environmental assets to the Whisper ecosystem. 
Additionally, the Whisper ecosystem is collaborating with the Puerto Rican government and the Puerto Rico Electric Power Authority. The Power Authority’s emissions desk will offer market access to compliance customers . They have been involved and active in carbon markets since their inception, and thanks to their scale, the Victoria 1920 organization is hopeful that they will become a key provider on environmental credits for the Whisper ecosystem, although no assurance can be made, regarding the outcome of any such collaboration. 
Whisper ecosystem Victoria 1920 Coin will also develop an exchange tool that brings digital health records to the citizens of Puerto Rico. No assurance can be given, however, that any such exchange tool will be completed or deployed. Information on the project is available at VictoriaFamilyManagement.com.
Future Ecosystem Development 
Ecosystem development will be determined organically by the found coalition partners and the needs of the broader participants, and Board of Advisors. 
Supply-Chain Management: a Use Case for Blockchain
The Victoria Family Management organization provides a very interesting use case for blockchain; decentralized and trusted supply chain management of transacted goods and resources. The efficient use of the state‐of‐the‐art cryptography ensures security of this management system. There are two levels of secure cryptography. First, the Victoria Family Management organization employs cryptographic primitives for hash functions and digital signatures, in order to both uniquely identify documents and authenticate these documents as coming from the known originator. Beyond this, secure timestamping identifies when the transaction occurs; one of the central roles of the blockchain. These employ Merkle‐tree Blocks to aggregate streams of data.
Providing a Robust Foundation for Strong Security
Blockchain is a cryptographic tool and has to be considered as a utility. Blockchain was first designed for timestamping digital documents, i.e., adding a true secure and trusted timestamp to a document. Time is not an easy variable to be registered digitally and the best way to do it is to include each event in a chain of events in a public way. 

Securely adding (or removing) members in a blockchain community is very important: the goal is to avoid fake identities or multiple identities in such a peer‐to‐peer network (known as a “sybil attack”). An elegant solution to this form of attack is handled by the blockchain part of bitcoin in the form of a lottery. A decentralized lottery with only peer‐to‐peer interaction was not easy to implement. One solution to this, the “Chinese Lotto”, made each chip a participant. The Victoria Family Management organization makes use of a variant of this approach.
The Victoria Family Management organization proposal follows best possible practices and standards for the security of the cryptographic algorithms, keys, generators, and distribution processes. Additionally, the Victoria 1920 Coin makes provisions for extended life cycles, with surety of unique keys now viable on a scale of centuries. Quantum computing may present a challenge to such systems, though it is also likely that, should that happen, quantum encryption itself will also evolve to provide a solution. The Victoria Family Management organization will continue monitoring research in this area.
Finally, the security of our hardware for protecting the secret keys and the computations, when needed, will take into account the state‐of‐the‐art evaluations including all side‐channel attacks when needed.
Future Platform Applications Development 
Platform applications development for the Whisper ecosystem will include building upon and securing core smart contracts, additional frameworks such as trading and management interfaces, service level application templates such as family dynasty trust cataloging, sustainable supply chain management tools, and integrations with future Ethereum based infrastructure, exchanges and corporate customer platforms. 
What is the Whisper Ecosystem?
Foundation (Protocol Layer) - Environmental Assets and CSR Asset Owners
The foundation layer comprises the root system of the ecosystem. It is presently expected that multiple types of environmental assets will be on boarded to the blockchain via the Whisper ecosystem, based on protocols established by the Victoria 1920 organization. Typically, the instrument for representing these assets is an environmental mitigation credit issued by a conservation land bank, under an international standard and audited by an internationally approved list of independent auditing agencies and other protocols approved or established by the Victoria 1920 organization. These credits cover environmental assets in the form of forest and biodiversity conservation, water conservation, and positive social impacts measured against verified baselines. The participants in this stratum of the Whisper ecosystem included some of the most respected international developers and management companies, including (REDACTED). 
Application Layer
The applications layer is essentially the transport network necessary to carry assets around the ecosystem. The Whisper ecosystem includes organizations with track records of many decades of creating market-based solutions to environmental challenges. Founding coalition partners in this stratum include: (REDACTED)
Client (Users) Layer
The client layer is where resources are consumed and converted into items of personal and direct economic value. As such, the Whisper ecosystem is expected to also include major market makers in environmental assets trading such as (REDACTED).
Emergent Layer (Developers, Synthesizers, Multipliers, and Accelerators)
The the Whisper ecosystem, there will be a stratum of members that leverages, synthesizes, and multiplies the resources of the entire ecosystem to create new products, solutions, and markets that go beyond the rest. 
Operational
The Victoria Family Management organization outsources the distribution and support functions of the Whisper and Swarm Network(s) technology to specific market channels. These will include direct to market, as well as value‐added vendor channels.
Early implementations of the Whisper and Swarm Networks will require a customized project approach, or may be conducted in association with existing supply-chain management and/or networking processes. In either case, subcontractors to the Victoria Family Management organization will ensure that network design principles are applied to ensure optimized coverage for the end users of the Whisper and Swarm Network(s). Local licensing and community participation are key to the success of the network, and experts in the process of implementation will be deployed as subcontractors.

Leadership
The Victoria 1920 organization is a collaborative initiative among (list all of our [corporate entities] founding partners here)....
The Victoria 1920 organization coordinates, incubates, accelerates and spawns ventures through development, resource sharing, acquisitions, investments, and the formation of joint ventures. These initiatives benefit from foundational components built by the Victoria 1920 organization that enable new services and business models to be built on the Ethereum blockchain. 
Founded by Ian Kessler, Victoria Family Management is an investment firm specializing in land use development and market-based assets. Ian is an expert in global financial markets, real estate development, and options trading. Ian has over 15 years’ experience in financial markets. Ian has worked on a broad range of corporate transactions with private and public companies. In addition, he has substantial experience with the issuance and underwriting of equity fundraising transactions, including share placements, rights issues and open offers. Mr. Kessler’s projects span a wide variety of capital markets, including global offerings of SOEs and POEs. He has serviced clients in Europe, Russia, Central Asia, North Asia and South‐East Asia, the Middle East, the United States, Canada, and South Africa.
Robin Mokhtar has over 18 years of accounting, audit and tax experience in the financial services industry working for public and private companies. He graduated from the City University of Queens College with a B.S. degree in Accounting & Information Systems and Economics. He is a Certified Public Accountant and Certified Global Management Accountant and a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants
Paul Gorman is a founding partner at Victoria Family Management.  Prior to joining the organization, Paul was a partner at GMG Investment Advisors, an investment manager. He also founded and was chairman of By the Bridge Limited, a UK-based therapeutic foster care organization. During Paul's twenty years in financial services he traded and invested in Government, Corporate and Emerging Market debt at UBS, Lehman Brothers, ABB and Barclay Investments.
Joseph Abadi is a graduate of The Wharton School, M.B.A., with Honors, majoring in Finance and Real Estate. Joe is also a graduate of the Stern School of Business, NYU, Bachelors in Science (Cum Laude), majoring in Finance and International Business. Mr. Abadi has expertise in market research, financial modeling, drafting business plans, the capital raising process, investor presentations, and investor networks. Mr. Abadi’s current professional focus is on private equity, hedge funds, real estate and technology. 
Kevin Burns specializes in corporate compliance and asset management. His background consists of more than a decade of private and public sector work with the Department of Defense as well as state and municipal bodies. 
	Mr. Burns served with the Army Corps of Engineers and was deployed to Iraq where he served during Operation Iraqi Freedom and Operation Enduring Freedom. During combat operations, he was awarded seven medals of distinction, including the Army Commendation Medal for Meritorious Service and the Bronze Star for Valor.
	Upon his return, Kevin continued his education at Columbia University where he earned a Master of Public Administration in Environmental Science and Policy. Currently, Kevin is building a global marketplace for the free exchange of financial assets for the Victoria Family Management organization as well as developing advanced social and environmental enterprise models that solve environmental problems through market-based sustainability solutions. 
Ryan Foss-Skiftesvik is part of the investment and business development team at VFM, with an emphasis on developing technical solutions to business problems, as well as developing and leading our client acquisition and capital raising efforts. He is responsible for growing our client base of qualified high net worth, ultra-high net worth, family office, and institutional investors. Ryan is also focusing on growth opportunities through industry, client and competitor research and analysis. He is responsible for defining, reviewing and analyzing transactions and associated data while ensuring that we successfully close transactions in a timely manner.
	Before joining VFM, he was a M&A Analyst at One-to-One Corporate Finance; a Global Digital Investment Bank, specialized in Corporate Finance Advisory services, serving the middle-market. As an Analyst, he gained valuation and advisory experience working on deals in sports, technology and healthcare. At One-to-One Ryan focused on business development, reporting directly to the CEO.  
	Ryan graduated from Fordham University’s Gabelli School of Business with a BA in Finance and Entrepreneurship. In his spare time Ryan enjoys philanthropic endeavors, collecting art, advising start-ups, playing soccer and spending time with friends and family.
Jomo Stephens has been actively involved in business and supply chain management for over twenty years. Jomo has successfully founded and currently runs successful client provisions management services for a multitude of large and small capital firms. Mr. Stephens is also a systems and network security engineer, providing innovative solutions for a variety of technical projects within the finance industry.
Bryan Luksenberg has an extensive background as a financial executive, and Project Manager. His skills in building requirements specifications, overseeing development, applying Agile methodologies, and delivering fully documented specifications and a meticulously validated and tested product is of immense value to the team. Mr. Luksenberg’s proficiency with a wide range of tools makes him an indispensable backup, in addition to his strengths in design and project management.  
Diana Cano’s background is in the investment bank sector. She obtained her BA in psychology in 2011, having passed the Uniform Securities State Law Examination Financial Industry Regulatory Authority (FINRA), License Series 63 and General Securities Representative Exam, License Series 7, Cano started working as a financial advisor in for the LATAM markets in 2008. Ms. Cano expanded her knowledge by attending UCL in London and getting licensed as a NYC real estate broker. 
Victoria Advisory is a full-service blockchain investment and advisory firm, specializing in hedge funds, capital formation, token crowd sales, and end-to-end product development of private blockchain applications, to launch the tokens. 
Good Governance 
The Whisper ecosystem will be governed by the Victoria 1920 organization, incorporated in the United States and funded through an endowment from investors and a portion of the proceeds received by the distribution of Victoria 1920 Coins. The Victoria 1920 organization will bridge legal and custodial aspects of environmental asset tokenization, and will be responsible for regulatory compliance while acting as a network gatekeeper with oversight authority. The Victoria 1920 organization’s mandate is to ensure the integrity of the underlying environmental assets in terms of accountability and custodianship - that the underlying assets are valid, independently registered and accounted for. The Victoria 1920 organization will provide full, independent, audit able transparency around the underlying environmentally assets tokenized and onboarded to the blockchain through the Whisper ecosystem. Additionally, the Victoria 1920 organization will set the Whisper ecosystem and will provide asset verification with regard to pertinent accredited certifications of the environmental assets under the approved standards. The Victoria 1920 organization is managed by an independent legal council, members, and a Board of Advisors, comprising renowned experts from the environmental, legal, finance and blockchain sectors. 
Legal Considerations
Whisper has exercised extreme legal diligence in the lead-up to our launch. This diligence includes significant expenditures with several law firms around the globe to evaluate the implications of our structure, token launch, and operations. In the United States, we have engaged __(law firms)___. Due to the retrospective nature of regulatory action, Whisper can make no guarantees regarding the legality of the Whisper ecosystem or launch or of the Victoria 1920 Coin in any given jurisdiction. PLEASE SEE IMPORTANT INFORMATION FOR POTENTIAL CONTRIBUTORS AT THE END OF THIS WHITEPAPER. 
Underlying environmental assets of the Victoria 1920 Coins: Contributors acquiring Victoria 1920 Coins are hereby notified that notwithstanding anything in this whitepaper of the Distribution Terms and Conditions to the contrary, access to and use of the registry in connection with any underlying environmental assets shall be in accordance with the registry terms and conditions. Potential Victoria 1920 Coin holders acknowledge that certain environmental asset backing is provided through the registry and in acquiring Victoria 1920 Coins will be required to agree to comply with and restrictions or conditions imposed by the registry with respect to the environmental assets associated. As part of such compliance, Victoria 1920 Coin holders may be required to enter into a separate agreement in order to use the registry. Registry restrictions are provided at: (provide the pink to the registry restrictions here). Such registry restrictions may be updated or revised from time to time by the Victoria 1920 organization. 
IMPORTANT INFORMATION FOR POTENTIAL CONTRIBUTORS:
THIS WHITEPAPER DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING DOCUMENT AND DOES NOT AND IS NOT INTENDED TO CONSTITUTE AN OFFER TO SELL, NOR THE SOLICITATION OF ANY OFFER TO BUY, AN INVESTMENT, A SECURITY OR A COMMODITY, OR AN OPTION ON OR ANY OTHER RIGHT TO ACQUIRE ANY SUCH INVESTMENT, SECURITY, OR COMMODITY. THIS WHITEPAPER HAS NOT BEEN REVIEWED BY, PASSED ON OR SUBMITTED TO ANY FEDERAL OR STATE AGENCY OR SELF-REGULATORY ORGANIZATION. VICTORIA FAMILY MANAGEMENT AND VICTORIA 1920 GROUP HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAW OF ANY STATE, OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, NOR IS THAT REGISTRATION CONTEMPLATED. THE ACQUISITION AND DELIVERY OF VICTORIA 1920 COINS ARE NOT SUBJECT TO THE PROTECTIONS OF ANY LAWS GOVERNING SECURITIES, COMMODITIES, OR OTHER TYPES OF FINANCIAL INSTRUMENTS, INCLUDING, WITHOUT LIMITATION, THE PROTECTIONS PROVIDED UNDER THE SECURITIES ACT OR COMPARABLE STATE LAW. OWNERSHIP OF THE VICTORIA 1920 COIN WILL CARRY NO RIGHTS, WHETHER EXPRESS OR IMPLIED, OTHER THAN A LIMITED POTENTIAL FUTURE RIGHT OR EXPECTATION TO USE THE VICTORIA 1920 COIN AS SET FORTH IN THE WHITEPAPER AND IN THE DISTRIBUTION TERMS AND CONDITIONS, AND, IN THE CASE OF THE ENVIRONMENTAL ASSET TOKENIZATION, AN OWNERSHIP INTEREST TO CREDITS HELD BY THE VICTORIA GLOBAL GROUP IN CUSTODY AS AGENT OF THE VICTORIA 1920 COIN HOLDERS. VICTORIA 1920 COIN TOKENS WILL BE MADE AVAILABLE TO CONTRIBUTORS SOLELY IN ODER TO ALLOW SUCH CONTRIBUTORS TO ACQUIRE ENVIRONMENTAL ASSET- BACKED TOKENS, TO PROVIDE OR RECEIVE SERVICES ON THE WHISPER ECOSYSTEM, AND TO SUPPORT THE DEVELOPMENT, TESTING, DEPLOYMENT, AND OPERATION OF THE WHISPER ECOSYSTEM. VIC1920 COINS ARE NOT INTENDED FOR INVESTMENT, SPECULATIVE OR OTHER FINANCIAL PURPOSES. NEITHER VICTORIA 1920 ORGANIZATION, NOR VICTORIA FAMILY MANAGEMENT REPRESENT OR CONSTITUTE: 
ANY OWNERSHIP RIGHT OR STAKE, SHARE, EQUITY, SECURITY, COMMODITY, BOND, DEBT INSTRUMENT, OR ANY OTHER FINANCIAL INSTRUMENT OR INVESTMENT CARRYING EQUIVALENT RIGHTS, OTHER THAN, IN THE CASE OF VICTORIA 1920 COINS, AN OWNERSHIP INTEREST IN CREDITS HELD BY THE VICTORIA 1920 GROUP IN CUSTODY AS AGENT FOR VICTORIA 1920 COIN HOLDERS. 
ANY RIGHT TO RECEIVE FUTURE REVENUES, PROFITS, DIVIDENDS, INTEREST, SHARES, EQUITIES, SECURITIES, OR ANY OTHER FORM OF PARTICIPATION, ECONOMIC OR OTHERWISE, OR ANY GOVERNANCE RIGHT IN OR RELATING TO THE WHISPER ECOSYSTEM, THE VICTORIA 1920 COIN, VICTORIA FAMILY MANAGEMENT, VICTORIA 1920 GROUP, OR VICTORIA GLOBAL ADVISORS.
ANY FORM OF MONEY OR LEGAL TENDER IN ANY JURISDICTION NOR DO THEY CONSTITUTE ANY REPRESENTATION OF MONEY (INCLUDING ELECTRONIC MONEY);
THE PROVISION OF ANY GOODS OR SERVICES PRIOR TO THE DATE ON WHICH VICTORIA 1920 COINS MAY BE DELIVERED TO CONTRIBUTORS; OR
ANY FUTURE RIGHT TO SELL VICTORIA 1920 COINS OR TRADE VICTORIA 1920 COINS TO OR WITH ANY OTHER PARTY. VICTORIA FAMILY MANAGEMENT AND THE VICTORIA 1920 ORGANIZATION, IF AND WHEN GENERATED, WILL BE DISTRIBUTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE DISTRIBUTION TERMS AND CONDITIONS, AS PUBLISHED ON VICTORIA 1920’S WEBSITE FROM TIME TO TIME. VICTORIA 1920 AND VICTORIA FAMILY MANAGEMENT MAY DECIDE IN THEIR SOLE DISCRETION, TO ABANDON THE WHISPER ECOSYSTEM AND TO FOREGO ISSUING ANY ENVIRONMENTAL ASSET-BACKED TOKENS. VICTORIA 1920 AND VICTORIA FAMILY MANAGEMENT RESERVE THE RIGHT TO REVISE THIS WHITEPAPER FROM TIME TO TIME IN THEIR SOLE DISCRETION. ANY REVISIONS TO THE WHITEPAPER WILL BE MADE AVAILABLE ON VICTORIA FAMILY MANAGEMENT’S WEBSITE AT WWW.VICTORIAFAMILYMANAGEMENT.COM.