Most people prefer to deal with the currency of their own country. Remittances should be done in the currency they recognise and use every day. But it should be as easy to transfer as Bitcoin, using the same distributed ledger technology, allowing for inexpensive use, better efficiency and new business models.
Tagcash has created a crypto fiat solution, where multiple types of tokens have been created to represent a digital version of cash, all running on one Permissioned Blockchain. Permissioning is done via integrated use of the Tagcash KYC Blockchain, so once a customer has been verified, they can create any number of private keys and addresses to manage and spend their money.
Each Fiat currency that is created and issued on the Tagcash Blockchain also has the physical amount stored in banks as term deposits earning interest for Tagcash. These term deposits are posted publicly every 30 days so it can be seen that total issued currency balances match the amounts in bank term deposits.
As more Fiat is deposited and issued on the Tagcash Fiat Blockchain, matching term deposits are also made. If many customers want to convert tokens back to cash, the tokens will be burned from the chain and money is then released from the term deposits.
Transactions on the Fiat Blockchain are completely free - NO Transaction Fees.
Tagcash uses modified Multichain.com open source software for the Fiat Blockchain, which uses Bitcoin Core. After ID verification, anyone can connect to the chain, create wallets, store, send and receive money, or create their own apps using standard RPC-JSON API calls to the wallet node. Standard Bitcoin software libraries can be used - the address formats are the same as Bitcoin.
Tagcash is regulated by the Philippines Central Bank (BSP), as well as via the MAS in Singapore, so customers can be assured that money is segregated and safeguarded. Tagcash is open to working with Central Banks around the world to digitize Fiat currencies
FAQ(Frequently Asked Questions)
The second option is create a wallet node by connecting to the Tagcash Fiat Blockhain, and send RPC-JSON commands, 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 is done by using the Tagcash API to check the KYC chain for the hash of users full name, date of birth and email or phone number. If returned with positive KYC results, then the address is permissioned.
Managed Wallet - Tagcash manages your balances, and you have 1 address to use for receiving funds. This is also what is used for exchange trading
HD Wallet - Hierarchical Deterministic wallets allow you to control your own funds, but you are responsible for your own private keys, which enable you to spend those funds. A set of 12 random words is created which should be backed up in case you lose your phone etc, and an optional passphrase can be used. If you forget or lose both of these then there is no way for Tagcash to retrieve the data since they are stored on your device not our servers. The advantages are that you can create as many addresses as you want for receiving funds, and you control your own funds.
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.