THAT - Putting the Currency in Crypto

OVERVIEW

THAT is a plain-vanilla, general-purpose crypto asset that exists solely as a token on public blockchain infrastructure. It is intended to function in the same way as other widely used digital assets such as bitcoin (BTC), ether (ETH) and SOL.

Like those assets, THAT can be transferred directly on-chain between blockchain addresses controlled by different parties using compatible wallet software or browser-based interfaces, without going through a financial institution or intermediary. These transfers are standard on-chain transactions executed and settled by the underlying blockchain networks themselves, not by the Company. Non-custodial tools such as the THAT app simply help users construct and broadcast transactions from their own devices; they do not receive or hold users’ assets and do not act as a custodian, counterparty or central operator in relation to these transfers.

This whitepaper therefore focuses less on the token itself and more on how digital assets, including THAT, may be used in everyday life and how the tools we build are intended to support that.

It is useful to outline some commonly recognized characteristics and potential benefits of digital assets on public blockchains. For a crypto asset like THAT, these can include:

• a quantifiable, fixed maximum supply defined in the token contract

• no chargeback mechanism at protocol level

• the ability for users to self-custody their assets

• high network uptime relative to many legacy systems

• increased transparency and verifiability of on-chain activity

For many of these and other potential benefits to fully manifest, there would need to be wider acceptance of open digital asset networks, rather than exclusive reliance on traditional, centralized payment rails. As Satoshi Nakamoto famously wrote: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

Over time, some independent merchants may choose, at their own discretion, to accept THAT (alongside other digital assets) as consideration for goods and services. Where this occurs, arrangements are made directly between customers and those merchants on public blockchains, using whatever tools or wallets they choose. Any transfers of THAT or other digital assets in these arrangements occur directly between the customer’s and merchant’s blockchain addresses on public networks, not through any account, stored-value balance or payment facility operated by the Company.

The Company is on a mission to help people, businesses, organizations and, where appropriate, government entities benefit from the use of digital assets in real-world contexts. Informally, our goal is often described as moving digital assets closer to being practically usable in everyday life, echoing the vision set out in the opening of the Bitcoin whitepaper: “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” In practice, this vision can be pursued using open, public blockchain networks and general-purpose digital assets such as THAT, for users who independently choose to interact with them. The Company is deliberate in avoiding hype, unrealistic narratives or promises, and does not promote THAT as an investment product.

Context: Bitcoin and Electronic Cash

Bitcoin was originally described as “a peer-to-peer electronic cash system” for online payments. Over time, it has more often been used as “digital gold” or a long-term store of value, rather than for frequent, small payments. Its fixed maximum supply (21 million coins) and relatively limited throughput have contributed to that pattern of use. While bitcoin can technically be used to transfer value between parties, transaction fees and confirmation times on the base Bitcoin network can make small, time-sensitive transactions less practical.

Newer blockchain networks can support faster finality and higher throughput with lower average transaction costs. THAT is a standard token issued on such infrastructure. For users and merchants who independently choose to do so, it may therefore be more practical to use THAT in contexts similar to those originally contemplated for peer-to-peer “electronic cash”.

What THAT is not

THAT does not provide:

• any right to redeem tokens at a fixed or “par” value (as seen in some stablecoins)

• any entitlement to dividends, yield, income or other distributions

• any governance, voting or control rights over a pooled enterprise or related entity

• any interest in, or right to share in profits of, a pooled enterprise, fund or scheme

• any right to be repaid capital or to receive any particular return

THAT may, non-exclusively, be accepted alongside other digital assets by independent, crypto-friendly merchants. Acceptance is at the discretion of each merchant. THAT does not operate in a closed-loop payment scheme, is not guaranteed to be accepted by any merchant, and the token issuer does not intermediate, clear or settle transactions between users and merchants.

The creator of THAT does not make any representation, assurance or promise about:

• future price performance of THAT

• the achievement of any particular level of adoption or usage, or

• the generation of returns for token holders

The value of THAT is determined purely by the market, based on the normal interplay of supply and demand. There is no inherent or guaranteed value that can be attributed to THAT using traditional financial modeling, and no assurance that the token will retain or increase its value over time.

For the avoidance of doubt, neither THAT nor the THAT app is designed to establish any account, stored-value balance or standing arrangement with the Company under which it receives, holds, transfers or settles funds or digital assets between users or merchants. When independent merchants choose to accept THAT or other digital assets, any transfers occur directly between the customer’s and merchant’s blockchain addresses on public networks, using whatever compatible wallets or tools they select. In these arrangements between customer and merchant, users interact directly with public blockchain infrastructure using their own self-custodied wallets, and the Company is not a party to, or intermediary in, those transfers.

Design Philosophy

The Company behind THAT does not intend to promote THAT through hype-driven narratives, unrealistic promises, meme-coin tactics or exaggerated claims. Accordingly, this whitepaper is deliberately conservative in tone. Its purpose is to describe the technical and functional aspects of THAT and the Company’s vision for how digital assets may be used, not to market THAT as an investment or to invite any person to acquire THAT with an expectation of profit.

Unlike many digital assets that are promoted primarily for speculation, THAT is designed as a general-purpose digital asset with a focus on clear technical function and practical use by people who independently choose to transact on public blockchains. The THAT contract specifies a capped token supply. The market independently determines the price of THAT at any point in time. Holding THAT does not represent any claim on, or promise of, returns, stability or preservation of value.

As interest in digital assets grows, THAT aims to provide infrastructure that allows people and businesses to choose how they engage with this technology. The Company does not control how individual users or merchants choose to use their digital assets. Our focus is on building accessible, self-custody tools that help people interact with public blockchains in a way that feels familiar and usable, while respecting the open, decentralized nature of crypto. The Company’s role is limited to developing and maintaining non-custodial software tooling that allows users to construct and sign transactions they choose to send on public blockchains, and it does not operate any exchange, payment system, clearing and settlement facility or managed investment scheme.