Permissioned blockchains to create, use, and trade tokens representing fiat money, cryptocurrencies and other assets
For the last 25 years great steps have been taken to enable transfer and dissemination of data. Now we are at the birth of a new era for the transfer of value.
With the creation of Bitcoin a new technology has emerged to enable value transfer in many different ways. Multiple cryptocurrencies have appeared over the last few years, but the volatility has meant they cannot really be used as a replacement for Fiat money. In addition, there is no control as to who can use them, which in many cases is needed.
Tagcash Ltd, a company created in 2014 in Philippines, builds apps, websites and APIs to allow easy creation, management, and usage of Fiat or private currencies for various uses such as payments, rewards or in app game currency. Tagcash uses open source, permissioned blockchain software (Multichain) as the underlying technology to make this possible. Anyone can connect a node and build their own products on top of this, from simply taking transaction free payments to creating fully fledged wallets for their own customers. Tagcash is one of the first companies in the world to issue a sovereign currency on its blockchain (Philippine Pesos) under government supervision and regulation.
Tagcash actively takes part in the open source development of Multichain, upon which the Tagcash Blockchain is built.
Tokens representing private currencies, cryptocurrencies, and virtual or physical assets can be created on the Tagcash Blockchain for easy integration into other apps and solutions, with or without using Tagcash APIs.
The Tagcash Blockchain offers usage, transfers, and decentralized and atomic trading, between any asset created, but under control of the issuer.
Tagcash believes that in the future money and value will be fragmented into currencies used for a specific purpose, be it rewards, private currencies, asset specific or cross border payments. Tagcash is set to be the intersect between many currencies, either created on the Tagcash platform or elsewhere.
Tagcash uses open source software Multichain, forked from Bitcoin Core in 2015, to create and manage Tagcash Blockchains. Permissions include admin, consensus validation (mining), connect, issue, activate, send and receive. The Tagcash Blockchain has been created with all permissions open except admin and mining which Tagcash controls for now, but these permissions will be shared in the future, with consensus for any changes set to 75% of all admins and miners. This and other rules are set in the genesis block and are publicly viewable via a blockchain explorer at http://tag.tagcash.com. .
Multichain uses Bitcoin Core Technology, so many of the software libraries built for Bitcoin will work with little or no changes. There are added advantages - more transactions per second ( more than 1000 per second vs Bitcoins 3 per second), asset creation and reissuance, larger data storage per transaction (up to 64MB) and ability to write data streams, which could include smart contracts.
More details on the technical capabilities of Multichain are available at http://multichain.com
Anyone can connect to the Tagcash Blockchain using terminal commands - Multichain software is installed from github (https://github.com/MultiChain) and connection can be made using the command (multichaind firstname.lastname@example.org:3000).
One of the advantages of using the Tagcash Blockchain, a cryptocurrency can be set up on tagcash as a tokenized version, and transferred to anyone using the Tagcash Blockchain, with no transaction fees. At any point, the cryptocurrency can be withdrawn by any user holding the tokens for it.
We work with the Mutichain open source community, and in some cases pay for features to be developed that we think are useful to Tagcash and to the community. For example, we paid to modify the permissions so that each individual asset created would have permissions controlled by the creator, which is essential for creating in house private currencies, tokens representing physical assets, or Fiat.
Projects built on Tagcash Blockchains
Tagcash has already produced, and continues to develop, applications that are now using the Tagcash blockchain platform.
Tagcash Wallet - (Android, iOS, Messenger chatbot and website) - Multicurrency, multi asset ewallet for users and merchants with various modules to spend, transfer and trade.
Philippine Pesos Currency is already added to the Wallet, running on the blockchain. Deposits/withdrawals can be made via 12 different banks, 7-Eleven, other agents and Bitcoin. It can also be sent to any of the 6 large remittance companies in the Philippines directly from the system or withdrawn via ATM using just a security PIN. Any remittance company can connect to the chain and obtain Peso tokens, to be sent anywhere their clients ask. All that is needed is a token address to send it to. This is completely transaction free and is set to revolutionise remittance for money sent to and within the Philippines.
Features of the Tagcash Wallet:
The core of the Wallet offers different ways to hold and transact different currencies, with the other main modules being Token Creation, Token Exchange, Crowdfunding and Services. Under the Services section, this is where Tagcash creates its own modules, or partners with other companies to leverage their own currencies without having to build the entire infrastructure first.
- User and merchant accounts
- Merchants membership management
- Multi currency digital wallets (Managed)
- Deposit and Withdrawal via 7-Eleven, Banks, Bitcoin, agents
- Biller Setup and Collections
- Buy Airtime Load & Pay Bills
- Red Envelopes (Gifting)
- Token Creation, permission control and usage
- Token Sales
- Mass Disbursements to wallets (employees etc)
- QR Codes for ID, payments, merchant payments
- Voucher creation and redemption
- Proof of Existence
Modules under development:
- Private/public key management (imported or created)
- Token and Cryptocurency Exchange
- Coin Burn and Add
- Tokenized Equity Crowdfunding & Exchange
- Crowd lending (Secured or non secured)
- Rewards (Tokens, Coupons, Loyalty Stamps and Vouchers)
- KYC Publishing and Checking
- Charity giving and tracking
- Invoicing (to replace Original Receipts, paper based systems)
- Ticket creation, sales and redemption
- Scratchcards and other simple games Non Fungible Token Creation, Import and Auctions
The Tagcash Wallet app is available on Android, iOS and web. However, these are currently being redeveloped using Fusetools (for faster cross platform mobile development), and Angular 4 JS as a web wallet. The beta site for the new tagcash web wallet can be seen and used at http://beta.tagcash.com - This is running live with modules as we create and publish them on a daily basis.
Most usage cases for Tagcash are for creation of rewards points, private currencies, game points, tokens representing physical assets and tokens used for ICO launches and utility.
Other apps already built, launched and running using the Tagcash Blockchain:
Tagcash NFC - Where internet connections are bad or non existent, this app enables tokens to be taken offline and transferred to the Android mobile phone app, and then credited to NFC bands or cards, or back to mobile devices and back onto the chain. This solution reduces pilferage, shrinkage etc.
Tagbond - Supply Chain and Provenance app, which is currently being updated to use Non Fungible Tokens (NFTs) to represent assets, and to post metadata and documents to the Blockchain.
Tagwild - Gamified Loyalty digital scavenger app, using WILD tokens generated on the Tagcash Blockchain for use as points, prizes and advertising currency. Non Fungible Tokens (NFTs) are used for Virtual Real Estate in the game, allowing locations to have real value, to be used in other games.
TagCoin Cryptocurrency (TAG)
10 Billion TagCoins (TAG) have been issued as a Stellar Token, and also tokenized within the Tagcash Blockchain (Issuer ID GBGREYLYP3GBIFDWIDQO4VYORP3FH33RVPNIUDN3QNJ4GUDRFSEXKJAC). These are Payment tokens, the "fuel" that enables exchange trading, asset issuance and usage, coupons, ticket, loyalty redemptions, writing data to the Tagcash chain and more. In addition, Tagcash Tokens can be used as payment of merchant fees charged within the wallet, as well as advertising micropayments in sites like vtc.com.
TagCoin can be bought within the Tagcash Wallet or via distributed Stellar exchanges. TagCoin can be sent to any Stellar wallet (see complete list at https://www.stellar.org/lumens/wallets/),simply by sending to a Stellar address. If receiving it into tagcash Wallet, you would specify the Stellar address of Tagcash and user/merchant ID in the memo so we know where it should be credited. There are no fees to send or receive.
More Information can be found at http://www.tagcash.com/tagcoin.php
Jayasurya JayasingheLead Mobile developer
Deepu ThomasLead API Developer
Bhavandeep SinghLead Angular 4 JS
Wei ZhouDebian Developer, Senior System Admin
Jiang LiuFounder & CEO of Everstar Education Technology Ltd.
Ayse de la RosaPresident Tagcash Ltd
Chrystelle VillaneuvaCompliance Manager
Louis WitteveenBusiness Development
Tagcash is based in Singapore (Tagcash Pte Ltd) and in Makati, Philippines (Tagcash Ltd, 100 million Peso paid up capital company) with a staff of 20, and an office in Kochi, India with 15 developers.
Regulations and Licenses
Tagcash works closely with the central bank in Philippines (BSP) and the SEC to follow regulations where they exist. Tagcash has an Electronic Money Issuer license (EMI), issued by the BSP.
Tagcash will either obtain licenses in other countries, or more likely, partner with existing regulated entities, to issue Fiat currency on the Tagcash Blockchain.
KYC and Anti Money Laundering (AML) are handled within the web app and mobile apps, with data stored offline, and a proof of KYC held on the Tagcash KYC private Blockchain. THis is also available for other govermnet regulated entities to publish and check KYC data for free.
As per EMI License regulation, for Fiat, we hold segregated customer funds equivalent to the balances issued to customers. In addition, Tagcash holds the majority of Bitcoin and other crypto currencies in multi signature Cold Storage Wallets.
Tagcash is a Multichain partner and developer, and will be contributing to the development of Multichain for the open source community.
For example, Tagcash commissioned the Multichain team to modify the source software to allow individual permissioned control of any issued asset.
As more regulated partners are added, more Fiat currencies will also be added around the world, for payments, remittances, and trading.
The main aim of Tagcash is to offer a central location to create, use and trade digital assets under one platform.
Mobile app downloads & Links
Associated links to information
[KYC On the TAG Blockchain](http://markvernon.org/kyc-on-the-blockchain)
FAQ(Frequently Asked Questions)
Tagacsh has an Electronic Money Issuer (EMI) License in the Philippines, putting it on par with GCash, Paymaya, True Money etc.
Tagcash is working with the SEC in Philippines on regulation for tokenized crowdfunding and exchange.