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 also working with Central Banks and Banks to issue Fiat currency (eg: Philippines Pesos) on permissioned blockchains. The Tagcash Wallet (for Philippine Pesos) is currently running live, viewable at http://php.tagcash.com.
In addition, 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 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 both Tagcash Fiat and Tagcash Token blockchains. Permissions include admin, consensus validation (mining), connect, issue, activate, send and receive. The Tagcash Token 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 chain explorer at http://tag.tagcash.com. The Tagcash Fiat blockchain is more restricted, with connection and send/receive permissions given based on KYC approval, which also runs on a separate blockchain.
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 or Fiat Blockchains now using the command line - Multichain software is installed from github (https://github.com/MultiChain) and connection can be made to the Tagcash Token Chain (multichaind firstname.lastname@example.org:3000) or the Tagcash Fiat Chain (multichaind email@example.com:9000).
For exchanges wanting to list Tokens created on Tagcash (including the TAG token), this is much easier than installing a different wallet for each currency. There will be thousands of assets running on Tagcash and only one installation of the wallet software.
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 the Philippines, (approximately 26 billion USD per year)
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
- Buy and Sell Bitcoin
- Token Creation, permission control and usage
- Codes creation and sales (for games etc)
- Mass Disbursements to wallets (employees etc)
- RFIDs/NFC, QR and Sonic codes for connections
- Voucher creation and redemption
- Proof of Existence
Modules under development:
- Hierarchical Deterministic (HD) Wallet for any asset
- Single private key/public key combination (imported or created)
- Token and Cryptocurency Exchange
- Coin Burn and Add
- Crowdfunding (mini ICOs included)
- Peer to peer lending
- Digital Notary and Signatures
- Rewards (Coupons, Loyalty Stamps and Gift Cards)
- Encryption and access control to data publishing on the Blockchain
- KYC Publishing and Checking
- Share Ledger (for places that allow it, like Delaware)
- Red Envelopes (Gifting)
- Charity giving and spend tracking
- Invoicing (to replace Original Receipts, paper based systems)
- Ticket creation, sales and redemption
- Scratchcards and other simple games
- Freelancer and job placements (especially for Philippines)
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.
Tagbond - Supply Chain and Provenance app, which is currently being updated to post metadata proof to a Blockchain which can also be used by any company. Micropayments to write data to the supply chain will be via Token issued on the Tagcash Blockchain.
Tagwild - Gamified Loyalty digital scavenger app, using WILD tokens generated on the Tagcash Blockchain for use as points, prizes and advertising currency.
Tagcash Tokens (TAG) Sale
100 million new Tagcash Tokens (TAG) have been issued on the Tagcash Blockchain. This is the "fuel" that enables decentralized trading, asset issuance and usage, and writing data streams to the chain. In addition, Tagcash Tokens will be used for micropayments for apps and software developed by Tagcash.
Over $1.2m USD has already been invested in Tagcash Ltd for the last 4 years. The burn rate is approx USD $300k per year, financed so far by Mark Vernon.
80 million Tagcash Tokens will be available for a Token Sale, the proceeds of which will be used to build more apps and APIs that use the Tagcash Blockchain. Pricing for the Tokens is on application via chat or email on the Tagcash website or in China by contacting the Chinese team directly. The public sale will be held in February / March 2018 but there will be private placements available before then.
Moving from TagCoin Cryptocurrency
TagCoin was created by Mark Vernon in late 2013 as a PoW / PoS cryptocurrency, used for Rewards and traded for the last few years, mostly in China. Pricing during 2017 rose from 2 cents to more than 80 cents but since the closure of exchanges in China, has dropped. There are approximately 6 million TagCoin in circulation, and about 130,000 produced per month. The software used is not conducive to building apps on the chain, and the PoS mining has proved problematic for transfers. With that in mind, rather than creating a hard fork, we decided to create a new TAG Token, and offer holders of TagCoin the opportunity to move their balances to Tagcash.
Tagcash is offering a burn and add facility for holders of Tagcoin. Coins should be burned by sending an amount to the burn address "TRCryptoLifeDotNetBurnAddrXXX6gvik" and the transaction ID emailed to firstname.lastname@example.org, together with the ID or email on Tagcash, or the address on the TAG Multichain wallet node. Until end of December 2017, a 3 for 1 exchange is offered, in January 2018, a 2 for 1 exchange is offered and finally in February and March 2018, 1 to 1 exchange is offered. After the end of March 2018, support for older Tagcoin will be dropped - the tagcoin.org website will redirect to tagcash.com and the github source code will be discontinued.
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 13 developers. Tagcash also works with partners in China, Thailand, Vietnam and Indonesia.
Regulations and Licenses
Tagcash is currently processing the Electronic Money Issuer (EMI) License needed to issue Fiat currency, as well as the Virtual Currency (VC) License to allow trading against Fiat currencies. We work closely with the Banco Sentral Philippines (BSP).
Tagcash plans to apply for an EMI License in Europe, and to work with central banks in different countries to issue Fiat currency on the blockchain, in the same way we have done in Philippines.
KYC and Anti Money Laundering (AML) is important to us, and we abide by rules set in regulations. For different levels of verification and account limits, we ask for email and SMS confirmation, a passport style picture, uploaded scan of Government ID, and a selfie of yourself holding your ID, plus a piece of paper with the name TAGCASH and today’s date. In some cases we ask for address verification, especially for customers outside of the Philippines and we reserve the right to ask more questions about sources of incoming funds if needed.
As per EMI License regulation, for Fiat, we hold segregated customer funds equivalent to the balances issued to customers. We will be publishing a monthly PDF file showing the monthly term deposits with banks. We hold the majority of Bitcoin and other currencies in Cold Storage Wallets - as we grow, these will become multisignature, with differing levels of control depending on employee level.
Tagcash is a Multichain partner and developer, and will be contributing to the development of Multichain for the open source community.
For example, Tagcash has 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 location to create, use and trade different Fiat and other assets under one platform.
Mobile app downloads & Links
Download mobile apps to access Wallets and services - Check balances, transactions, deposit and withdraw and send to others. User and Merchant accounts. Features include usage of QR codes and NFC.
Tagcash is busy working on new versions of the Wallet to include Hierarchical Deterministic (HD) wallets to add to the existing Managed Wallets.
Associated links to information
[KYC On the TAG Blockchain](http://markvernon.org/kyc-on-the-blockchain)
Interactive Mockup of the Tagcash Wallet
FAQ(Frequently Asked Questions)
Tagcash either obtains licenses in different countries or works with regulated entities who have them.
Tagcash Ltd has its applications for VC License and EMI (E-Money Issuer) in process at the Philippines Central Bank (BSP). The EMI license is needed to issue Fiat currency, and the VC License is needed to exchange Cryptocurrency to Fiat currency and vice versa. The BSP is open to discussions on the use of the blockchain, and Tagcash is currently operating in a Sandbox environment so operations can be supervised to see what kind of regulations apply.