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Permissioned blockchains to create, use, and trade tokens representing fiat money, cryptocurrencies and other assets

Introduction

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.


Technology

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 tagcash@tagcash.com:3000) or the Tagcash Fiat Chain (multichaind php@tagcash.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 burn@tagcash.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.


Team

Mark Vernon

Mark Vernon

Philippines

British, Serial Entrepreneur (vtc.com, iplotz.com, tagcash.org, proofcore.com), Angel Investor and Chairman of Fintech Philippines Association. 30 years experience in IT industry, last 6 years in Fintech in SE Asia. Founder and owner of Tagcash. Also a Blockchain developer

Jayasurya Jayasinghe

Lead Mobile developer

India

Deepu Thomas

Lead API Developer

India

Bhavandeep Singh

Lead Angular 4 JS

India

Wei Zhou

Debian Developer, Senior System Admin

China

Jiang Liu

Founder & CEO of Everstar Education Technology Ltd.

China

Ayse de la Rosa

President Tagcash Ltd

Philippines

Chrystelle Villaneuva

Compliance Manager

Philippines

Louis Witteveen

Business Development

Thailand

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.


Roadmap

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.

Tagcash is also looking at development of PoS (Proof of Stake consensus), transaction privacy, and smart contracts built on the V8 open source javascript engine and stored on the Tagcash Blockchain.

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

Tagcash Wallet

Android     iOS     Website

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.

Tagcash NFC

Android    

Tag Wild

Android     iOS     Website

Tag Bond

Android     iOS     Website

Links


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)

Yes. The company has been self funded by Mark Vernon for the last 4 years. No other investments have been made into the company and it is 100% owned by Mark Vernon, who is the primary angel investor, having invested approximately USD $1.2 million over the last 4 years since the formation of Tagcash Ltd in January 2014.
The public sale is set for February 1 to 31 March 2018. There is a presale until that date while Tagcash builds the new web wallet, which will include the crowdfunding module needed to sell the tokens.
In Philippines, Tagcash Tokens can be purchased for Pesos only, using the Android Tagcash Wallet app, and will be cheaper than the public sale, increasing in price towards the final sale date. Pesos can be deposited via bank or 7-Eleven and used to buy Tagcash Tokens within the TAG Trader module. The presale is discounted to offer an incentive to buy early. Until end of 2017, price is set at 5 Pesos (10 US cents), for January it will be 10 Pesos (20 US cents) and for the public sale in Feb/March it is set at 15 pesos (30 US cents). Tagcash is also working with investors for private placement in China and Philippines and may well sell out of Tagcash Tokens before that time.
No, the Tagcash Token is not an investment-grade security of any kind. The Tagcash Token is a digital token for participation and use in Tagcash applications, blockchains and platform and does not confer ownership of a stake in the business. It is generally to be used by the partners, brands, vendors, and publishers who are a part of the Tagcash Network. Tagcash Tokens pass the Howey Test and are not a security.
Tagcash founder and owner, Mark Vernon, has a long history over the last 30 years in the IT business which can be checked online. He created VTC as an IT elearning site in 1995, which is still running today, having helped hundreds of thousands of people learn and get jobs. More recently he created TagCoin cryptocurrency in 2013 - there is a long thread of 150 pages of forum postings which show his opinions and thoughts on such things as pump and dump etc. He has a good reputation here in the Philippines, with Angel investments in various startups in the Philippines over the last 5 years. He is the Chairman of the Fintech Philippines Association recently created in August this year, and his views and goals on helping create a cashless Philippines, with all the efficiencies gained, are well known. Anyone buying Tokens should understand the ideas behind the token sale, ie: users need Tagcash Tokens to use the Tagcash Blockchain Platform for issuing, spending, sending and trading assets. In addition, people can meet and talk with Mark Vernon, chat to him online, chat to the Tagcash team, and make their own mind up if this is a good idea or not. Being government regulated will help as well..:-). Tagcash itself is registered in Singapore and Philippines and regulated in both.
Some funds will be converted to Philippines Pesos and deposited as term deposits at a reputable Philippine bank, as part of the issuance of PHP Fiat Tokens on the blockchain. Some of the funds (eg: Bitcoin or Ether) will be held in multisig accounts by Tagcash. 1 million Pesos per month (approx USD $20k) will be used each month by Tagcash, for the next 4 years, to help defray development costs of core products, and to maintain the chain(s). The remainder will be used to fund projects that are voted on by holders of Tagcash Tokens. Voting will use the blockchain itself along with apps and APIs developed for that purpose.
Any Tagcash Tokens not sold will be held in reserve, with the address publicly posted. This will be kept for further funding rounds in the future - the price of Tagcash Tokens in future rounds is likely to be higher than the first round, but then that would depend on the publicly traded price at that time.

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.

Tagcash is based in Singapore (HQ), Philippines (Sales & Admin) and India (Development), with a staff of over 30 full time employees.
Tagcash Tokens (TAG) can be bought during the presale using the Android Tagcash Wallet app, by depositing Pesos using bank, 7-Eleven or Bitcoin and buying from within the TAG Trader module in the app. Pricing is 5 Pesos (10 cents) till end of December, then 10 pesos (20 cents) till end of Jan, and then 15 pesos (30 cents) for 60 days of the public sale. The Tokens will be in the managed wallet, but can be sent to any wallet running Multichain connected to the Tagcash Blockchain, with your own private key. The Tagcash HD wallet is under development and will be available soon if buyers prefer to manage their own private keys. The new Tagcash Web Wallet will also have the crowdfunding module where Tokens can be purchased. Large purchases can be arranged directly with Tagcash.

Contact

About Us

Tagcash is a digital ewallet developer and provider, building blockchain solutions on Distributed Ledger Technology.

Our Contacts

21/F, 88 Corporate Center,
141 Valero Street,
Makati City, Philippines

+63 (02) 955 7081
+63 (02) 385 6797