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Oxford Dictionaries defines a cryptocurrency as “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” However, such a definition though widely regarded as accurate by the public, is misleading. This is because the definition overemphasises the function of cryptocurrencies as being a currency or money when nothing could not be further from the truth. The reason may be due to the fact that bitcoin (BTC) was the first and is the most dominant cryptocurrency with its main purpose to be a “peer-to-peer version of electronic cash”.

Cryptocurrencies are essentially digital programmable assets that can represent almost anything from shares in a company, vouchers, or even loyalty points. An example where a cryptocurrency is not created to be currency or money is ether (ETH), the second largest cryptocurrency at present. The main purpose of ether is to be fuel used to run smart contracts on the Ethereum blockchain.

Cryptocurrencies is an umbrella term that refers to both Tokens and Coins. Tokens are smart contracts (small pieces of code) that are running on top of a blockchain. Today, Ethereum is the most popular blockchain to build tokens on with most abiding by the ERC-20 Token Standard. Coins, on the other hand, are the cryptocurrencies of layer one blockchains. For example, ether is the native cryptocurrency of the layer one blockchain, Ethereum. Tokens are then built on top of the Ethereum blockchain.

A blockchain wallet is a software program that stores the public and private keys that are used to receive or send cryptocurrencies. We like to think of a blockchain wallet as a keychain. Generally, there are four kinds of blockchain wallets. They are exchange wallets, local software wallets, hardware wallet, and paper wallet. The tradeoff among the types of blockchain wallets will be between convenience and security. Exchange wallets are the most convenient but least secure while paper wallets are the least convenient but most secure.

If you are participating in an ICO, the main purpose of collecting your personal data is for us to run a background check on you as required by the Monetary Authority of Singapore (MAS). This will be done by two of our compliance partners, namely Jumio and Thomson Reuters. There are also other purposes for us to collect your personal data. To learn more, we strongly encourage you to refer to Ceito Data Protection Notice, specifically Clauses 4, 5, and 6 under “Collection, use and disclosure of personal data” where we describe the different purposes for collecting your personal data.

The types of data we collect are name, NRIC number, address, email address, telephone number, nationality, cryptocurrency addresses, and others. We strongly encourage you to refer to Ceito Data Protection Notice, specifically Clause 2 under “Personal data” to learn more about our policy on the types of personal data we collect.

Your personal data is stored in S3 bucket hosted on Amazon Web Services (AWS) which is one of the most reliable and secured cloud provider.

We may retain your personal data for as long as it is necessary to fulfil the purpose for which it was collected, or as required or permitted by applicable laws. We strongly encourage you to refer to Ceito Data Protection Notice, specifically Clauses 19 and 20 under “Retention of personal data” to learn more about our policy on retaining personal data.

We may disclose your personal data but under specific conditions. We strongly encourage you to refer to Ceito Data Protection Notice, specifically Clauses 7 and 8 under “Collection, use and disclosure of personal data” to learn more about these conditions.

Ceito Pte. Ltd. is both incorporated in and operating from the Republic of Singapore and thus is bound by Singapore laws.

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