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 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 email@example.com:3000) or the Tagcash Fiat Chain (multichaind firstname.lastname@example.org:9000).
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)
- User and merchant accounts
- Merchants membership management
- Multi currency digital wallets (Managed)
- Deposit and Withdrawal via 7-Eleven, Banks, Bitcoin, agents
- Buy Airtime Load & Pay Bills
- Buy Bitcoin / Sell Bitcoin
- Voucher creation and redemption
- Token Creation, permission control and usage
- Codes creation and sales (for games etc)
- Disbursements to banks from wallet
- RFIDs/NFC and QR codes for easy payments
- Home Services
- Goferbike Delivery Services
- Proof of Existence
Modules under development:
- Hierarchical Deterministic (HD) Wallet for any asset
- Token and Cryptocurency Exchange
- Peer to peer lending
- Charity giving and spend tracking.
- Invoicing (to replace Original Receipts, paper based systems)
- Ticket creation, sales and redemption
- Rewards (Coupons, Loyalty Stamps and Gift Cards)
The Tagcash Wallet app is available on Android, iOS and web. However, all are currently being redeveloped using Fusetools (for faster cross platform mobile development), and Angular 4 JS as a web wallet.
Physical assets soon to be added to the chain for trading include Building Sand, scrap copper and recycled steel to be followed up by 100 different similar asset types. However, most usage cases are for creation of rewards points, private currencies, game points etc.
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.
Other projects in development include the following, all of which will use either Fiat Tokens issued on the Tagcash Blockchain, or Tagcash Tokens (TAG) directly:-
KYC (Know your customer) - A Tagcash API and blockchain open to regulated partners to post KYC status for users and companies, without sharing any private data. Partners or any other apps and websites can check KYC status to see if a check has already been made, saving time and money. Used in conjunction with Fiat Wallets for regulation purposes or where any company needs to verify identity of a customer.
Triple Ledger - A blockchain ledger to store hashes of transactions made via accounting software. One of the first uses will be to offer a solution to the current Paper Original Receipt system in the Philippines, used manually or within apps and software, but can be used by any POS system.
Notary Public Services - A digital system to replace paper based notarization.
Voting - A project to offer decentralized digital voting, without making customer data public.
Coin Burn & Add - There are many cryptocurrencies that have been created over the last 7 years, some of which have been abandoned by the creators - TAG will offer a service wherein the coins are burned to a specific address, and the transaction ID from that used to issue a matching currency created on the Tagcash Blockchain. This way, a community can continue with the use of that coin, and it can be traded against any other asset created on the Tagcash Blockchain.
Other companies and partners are coming onboard to issue and manage their own currencies, including some created for upcoming ICO Token Sales of their own. For example an elearning token will be launched on the Tagcash Blockchain for VTC.com, in business since 1996, which currently offers over 100,000 IT training videos.
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.
All 100 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 presale will be 5 Pesos (10 cents) until end of December 2017, raised to 10 pesos (20 cents) until the start of the ICO in late January and will then be 15 Pesos (30 cents) for the duration of the ICO which will last 60 days over February and March 2018. 6% will be given as referral fees to help in marketing the Token Sale. The money raised will be spent on development or investment into wallets and other apps/apis that build on the Tagcash Blockchain. Funds received will be managed via multisignature wallets.
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.
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 email@example.com, 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.
Comparable companies / products
Waves is probably the nearest comparable product, building a platform that integrates Fiat and tokens. Waves token sale in 2016 raised $16m and Waves token is now priced around USD$5, with marketcap currently at USD 500m. NEM is a permissioned chain priced around 19 US cents, marketcap at USD 1.7bn. Another product that is similar is Simple Token
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.
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.