Tokens can represent anything of value such as shares, rewards points, commodities, private currencies and so much more - they can even be used to represent other cryptocurrencies.
You control your own Token. Permissions can be set per address and include Admin, Issue, Activate, Send and Receive. On creation of a Token permissions can be open or closed - if closed then you specifically have to permission each address to be able to send and receive to each other, if open anyone can send and receive, but later an address can have that permission revoked if needed.
Your created token can be used by your customers within the Tagcash Wallet, featuring various Services such as Trading, Crowdfunding, Coupons, Vouchers and more. However, the option is there to install a blockchain node on your own network, with no dependencies on Tagcash. This allows more flexibility for integrations with your own software, but still lets users use the Tagcash Wallet if you allow it.
Custom Tokens can be created on Tagcash Blockchan by anyone - Create or login with a personal account and then create or switch to a merchant account. It takes only a few seconds to create a new merchant account. At the top of the Wallets section there is a button to create new tokens, or you can access it from the Services Menu.
There is a one time fee to create a Token (250 TAG Tokens, or 99 USD). The Tagcash API is free to let users manage tokens, but if you do not want Tagcash to handle customer details, you can use your own node. Tagcash can also work with you on creation of white label wallets similar to the web and mobile app wallets that Tagcash operates.
The address format of tokens is the same as Bitcoin, so any existing Bitcoin libraries can be used in conjunction with the Tagcash Blockchain. Private key/public key combinations can be created within the Tagcash wallet, or created via connected nodes without any reference to Tagcash.
If you have already created a cryptocurrency running on Ethereum (ERC20 tokens), you can add it to the Tagcash Wallet system in the same way. Users can now move your currency around within the walelt, or via tagcash nodes, can deposit and withdraw as they need. The advantage is faster transactions (1000+ per second), no transactions fees and the ability to use all the modules created by Tagcash and its partners.
Tagcash will be adding other platforms in the near future, including NEM, Waves, Stellar and others.
FAQ(Frequently Asked Questions)
Issue - issue more of your created asset, but only if reissue was enabled when Token was created.
Activate - enables others to grant other addresses send and receive permissions.
Send & Receive - each address can be given permissions to send or receive.
When using the command line, permissions can be granted or revoked like this:
grant addresshere admin, issue, activate, send, receive revoke addresshere admin, issue, activate, send, receive
Amongst other features, this enables creation of users within Tagcash, handling verification, sending of money to others, and charging users from within your apps or websites.
The second option is setup a wallet node by connecting to the Tagcash Blockchain (install multichain.com software, connected to the tagcash node (firstname.lastname@example.org:3000), and send RPC-JSON API commands to the node, such as sending money to others, creating new addresses and so on. Each address created would have to be granted with send and receive permissions, which can be done via Tagcash API. This option is only available for merchants, banks and other fintech providers.
An example of how you might send money using the command line or via a JSON RPC command sent from your app, would be "sendasset addresshere ASSETNAME 100". The command line will send the money to that address then return the tansaction ID. For all the commands that can be used within the Multichain API use "multichain-cli tagcash help".
Once you are connected to the Tagcash Blockchain, either personally using a Multichain Node Wallet, or via an application using the blockchain, you can send funds to anyone anywhere else using the same system, using public addresses to send to.