The Tagcash Blockchain uses Multichain, open sourced permissioned blockchain software from multichain.com. Any number of assets can be created on the chain, and this is what we use to operate Philippines Pesos, rewards currencies and share tokens created for equity crowdfunding and trading. The Tagcash Blockchain Explorer is available for viewing at explorer.tagcash.com.
The blockchain has been running since early 2018, and nodes can be connected to it at any time, from anywhere. Consensus is by way of Round Robin, so each node takes it in turn to validate a block of transactions. Very little computing power is needed for this. 75% consensus is needed by any admin nodes, to make configuration changes.
At the moment, Tagcash retains the permission to create assets on the chain, and these assets have their own permissions set as well (Admin, Activate, Issue, Send and Receive). Asset permissions to receive and send can be set on creation, to be either restricted or open. If restricted, then each address must be permissioned with send and receive rights to be able to use that asset.
There are no transaction fees to transfer any asset on the chain and confirmations are within 60 seconds.
One of the advantages for Financial Technology companies, banks and merchants, is that settlement of real money can be done in real time, with the underlying monetary value held with banks as reserves to match the tokens. For example, a bank with no open customer facing APIs, would only need to spin up a node and start creating addresses to receive money from other banks with similar nodes. Then it is a simple matter of sending commands from the core banking system to the node to send money to another node, or take action on receiving funds. A simple notify-wallet script is used to detect incoming transactions, which trigger a banks system to credit a customer account. Each customer could be assigned an address created on the chain so that money can be routed to the correct place. Merchants can settle with each other just as easily, and build their own infrastructure on top of this. However, without Banking or EMI licenses, merchants cannot manage money on behalf of their customers.
So, how do you connect to the Tagcash Blockchain? Simply download multichain software from multichain.com and after installation, at the command line, type multichaind email@example.com:3000. It will ask you to authenticate an address which you can do from within the Tagcash Wallet left side navigation menu under Blockchain. The chain can now be run using the command multichaind tagcash -daemon. We do provide a demo blockchain, the connection would be firstname.lastname@example.org:3002.
To get to the command prompt for the chain, use command multichain-cli tagcash (or tagcash-beta) and that will let start typing commands to send money, create new addresses etc. For a full list of commands just type "help". The most common commands would be "getaddressmultibalance xxx" for checking balances of address, "getnewaddress" to create a new address and "sendasset address PHP 100" where you replace address with the one you want to send to. You can send RPC-JSON commands from your own system to the node (the RPC port is 3001 for tagcash, and 3003 for tagcash-beta).
For experimentation, go to developer.tagcash.com to fund your demo wallet with some funds (TAG, WILD and PHP). For assets other than PHP, it will then be easy to send from the tagcash wallet (demo.tagcash.com) to addresses you have created on your own node. For PHP, you would need to provision each address via the Tagcash.com website, although for regulated Fintechs and banks we can extend permission to authenticate addresses yourself. From there it is also easy to send to any other node on the network.
If you are in the Philippines, feel free to chat to us using the chatbox on the site, to arrange for free training or orientation for developers, in person or online.
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 (email@example.com: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.