PAYMENT PLATFORM. All about Payment for Cryptocurrency. WHITE PAPER Ver.1.0

Transcription

1 PAYMENT PLATFORM All about Payment for Cryptocurrency WHITE PAPER Ver.1.0

2 Contents Abstract 3 1. Intro Summary 1.2 Background 1.3 Mission 2. Technology of EOScash 3. Ecosystem of EOScash Platform EOScash Coin EOScash Wallet EOScash POS System EOScash IC & Mobile Card EOScash ATM System 4. Activation Strategy of EOScash Platform Value Creation of EOScash Coin Using dapp Build EOScash e-mall Partnership with online contents Partnership with offline franchise Alliance with Mileage/Point 5. Blockchain Technology of EOScash Blockchain System based on EOS 5.2 EOScash Technology Architecture 6. Future Plan Token Issue Plan Coin Plan Token Allocation Funds Allocation Contents

3 Contents 7. Road Map Team Partners 23 Disclaimers 24 2 Contents

4 Abstract As cutting-edge technology and innovative ideas are fused into traditional financial system, international financial market has been faced with a big wave of changes triggered by FinTech. FinTech, a new financial technology, has been appearing as three Information and Communications Technologies(ICT) are fused into existing financial industry - blockchain technology; mobile internet environment with smartphones; and deep learning with artificial intelligence, social network service, and big data. FinTech is a collective term of the technologies that make financial system efficient, and means an industry composed of such technology-based companies. 1 Especially when Steve Jobs Apple had launched iphone in 2007, smart phones have come into wide use throughout the world and the young generation became accustomed to use facilitated financial service via mobile devices rather than to go to traditional financial institutions. Total FinTech transaction amount will reach from billion dollars in 2017 to 1, billion dollars in 2020, Digital Payment will be from billion dollar to 1,097.8 billion dollars, and Personal Finance would be from billion dollars to billion in the same period.2 In contrast to the rapidly changing global trend, many obstacles prohibit the development of Korean FinTech market such as complex financial regulations, concerns about security, and difficulties of big data use. Korea has emphasized the public nature of financial institutions because financial industry is the foundation of our economic system along with real economy and directly linked to the companies smooth investment and funding activities. Yes, it s true that Korea has strong public regulation on finance. These domestic environments have restricted the activation of startups planning to enter in FinTech service sectors such as crowd funding, P2P loan, international remittance, and blockchain. In this background, cryptocurrency payment market is going through a fast development despite its initial stage. Encrypted currencies are not only a payment method but also involve non-replicable and non-changeable blockchain technology. 1 Source : WHARTON FINTECH ( 2 Source : Statista, The Statistics Portal ( 3 Abstract

5 EOScash is a blockchain platform reducing transaction fees significantly in payment system and online transfer and facilitating its payment process and wire transfer. Furthermore, EOScash can be used in smart contract distribution, value exchange between dapps, and network use. EOScash platform includes several functions as follows: A. Offers a wallet service to secure private encrypted asset. B. Offers interface for dapp to be applied in various real environments. C. Aims to overcome the limitation of existing blockchain network- the transaction speed and transfer speed- and to conduct a real time transfer of the cryptocurrency. D. Lowers transaction fee and replaces the payment methods in online and physical stores with EOScash. E. Replaces mileages and points and builds an ecosystem to benefit into users and stores all together. F. Through the real time EOScash coin transfer, provides payment linked with traditional POS(Point Of Sale) in physical stores and interlocks with mileages and points. With rapid speed, distributed platform, electronic wallet, and powerful security system, EOScash platform aims to enormously reduce the rate of the transaction fee by integrating the traditional financial sector and crypto economics and to provide a free payment method in online and physical stores all over the world via distributed peer to peer asset transactions. 4 Abstract

6 1. Intro 1.1 Summary FinTech has been a common interest of both ITC and financial industries since FinTech, the compound word of financial and technology, has caused a huge stir not only in financial industry but also on the internet and mobile one. We should note the financial digitalizing infusion progressed by FinTech in the aspect of disruptive innovation by the existing financial business model and process. FinTech industry has been recently attracted because mobile infrastructure is under its formation as mobile traffics have dramatically increased with its rapid growth of financial transaction via mobile channels. Along with a fast expansion of mobile payment market, the importance of smartphone as a transfer and payment method is significantly increased and new relevant technologies and services are continuously unveiled. Moreover, Satoshi Nakamoto had published the nine-page paper titled Bitcoin : A Peer to Peer Electric Cash System on October 31st, 2008 and blockchain technology has been known to the public, allowing Bitcoin - which was coming from a simple - to emerge as an innovative technology to change the world for a decade. Blockchain, afterwards, has been evolved into 3.0 generation for the 10 years with shames and honors and it s still developing now. A commercial service based on blockchain hasn t been kicked off in the current global financial sector yet, a lot of global financial companies are actively reviewing its technology. One of them is to use cryptocurrencies based on blockchain as a payment system. EOScash platform aims to construct a cryptocurrency payment system to spread rapidly into the real economy through POS(Point Of Sale) payment infrastructure. POS(Point Of Sale) is an integrated system to manage the sales data and collect customer information at once in order to boost added values, and is defined as the place where the transaction and payment for products is completed Intro

7 EOScash platform puts its eyes on the POS market because it is defined as the place where the transaction and payment for products is completed. In this reason, EOScash platform thinks that POS system is the most optimistic platform for cryptocurrencies to have a payment function like the fiat. In this view, EOScash is a Payment Utility Coin which has realized the technology in order to play its role as a currency- namely, payment or real commodity purchase- and EOScash platform s goal is to develop a coin and a payment platform highly used in the real economy with the EOScash coin. 1.2 Background It s crazy that so many retailers don t accept bitcoin. Jonathan Johnson, Medici Ventures CEO, July 14th, 2017 The payment method currently used consists of 1.5% ~ 4.5% of franchise fees and 0.15% ~ 0.3% payment agency fees. Major 3 companies account for almost of Korean payment market occupying over 80%. And Payment Gateway(PG) connects with each credit card company in the payment market and takes 10% of fees separately from them. These fees are 2%~5% of the commodity or service price and are, in fact, the benefit for its users swindled by financial corporations. Therefore, it needs to have a solution with blockchain technology to return this benefit to both stores and users. Status of major simple payment service (unit: million people, billion won) Service name Corporation Launching date Members Cumulative transaction amount The number of affiliates Samsung pay Samsung Electronics Aug million 18,000 billion won Entire stores with Samsung payment devices Naver pay Naver Jun million 12,000 billion won* 180 thousand(online) Payco NHN Entertainment Aug million 3,500 billion won* 100 thousand (online)/ 130 thousand (offline) Kakao pay Kakao Sep million 2,500 billion won** 12.6 thousand 11 pay (Former syrup pay) SK planet Apr million 3,000 billion won 11Street.Co., Ltd *End of 2017, **Sep.2017 Source: Industry Comprehensive [Figure 1] On/Offline Payment Market in Korea 6 1. Intro

8 POS market scale has gradually increased throughout the world, and its Compound Annual Growth Rate(CAGR) over the next 5 years will be more than 14.5%, especially 19% in mobile POS market with the development of wireless communication technology. 3 Our daily life is getting closely related with POS due to the development of diverse POS systems and if we could take advantage of this environment and infuse cryptocurrencies into POS as a payment platform in the various real economies, the cryptocurrency value of the present and future could be combined with POS which is most closely connected our daily life via this platform. Status and prospect of world s POS market Global POS market, USD Billion, % 80 41% % 25% % % % % % 36% % 30% % 20% % % 10% 5% 2015 Fixed POS mpos % Rate [Figure 2] Global POS Market Size In contrast to its good intend to return the benefit to the users, the use of current mileages and points is limited to specific markets, has no function to exchange between points, and has rare point exchanges to convert them into vouchers. Some even charge fees when they change them into vouchers. Therefore, it s time to build a system to conduct an integrated management of mileages and points in the users position. 3 Source : The Global POS Terminals market research report by Market Study Report, Intro

9 1.3 Mission EOScash platform aims to create a sound, right and transparent ecosystem for cryptocurrency payment market with the infinite possibility of blockchain. The existing coins will have a function as easy and simple payment currencies beyond their restriction in use. EOScash platform will take the lead to expand blockchain technology and payment methods for cryptocurrencies and construct a Total Digital Payment platform to return its benefits to both users and affiliates by excluding unnecessary transaction systems and structures. IC CARD payment/settlement [Figure 3] Basic Concepts of EOScash Platform 8 1. Intro

10 2. Technology of EOScash There were many corporations that had proceeded a payment project based on the existing Ethereum ERC-20 blockchain, but there is no platform providing a practical service. EOScash platform is the first Payment Utility Coin developed on the basis of EOS Blockchain technology, not on the Ethereum blockchain. We chose EOS platform among many other blockchain technologies because 1) It guarantees the best TPS(Transaction Per Second) among other platforms by creating blocks with DPOS consensus. 2) High scalability with Parallel CPU. 3) Free transaction fee based on DPOS. 4) A platform dedicated to dapp to support thousands of commercial dapps. Operational status Mainnet(Jun.2018) 9 years 3 years Consensus algorithm DPoS PoW PoW(changing into PoS) Block time 0.5 sec. 10 min. 15 sec. consensus time 0.25 sec. 10 min. 15 sec. Maximum consensus time 1 sec. 1 h. (6 blocks) 1 min. (4 blocks) Transaction Per Second (TPS) 3500tps 4 tps 15 tps Transaction fee Not/Available Available Available [Figure 4] Compare Features of EOS Platforms We decided to develop EOScash because EOS has high scalability, high speed, and low fee and EOS offers a condition for commercial success through POS system we had developed to make full use of such a condition. EOScash will be in partnership with leading franchise corporations as a Payment Utility Coin and will be the sole Coin to make payment like cash everywhere in Korea for the future Technology of EOScash

11 3. Ecosystem of EOScash Platform EOScash platform builds a payment system to connect between cryptocurrencies and fiat. And it sets up API in online and physical stores for coin payment and develops an unconstrained payment system. Moreover, it manufactures and issues an exclusive IC card to use EOScash coin in online or physical stores. To support a smooth cryptocurrency payment, EOScash platform is composed of as follows. EOScash Platform Real time payment based on blockchain Seamless interlock between real economy and cryptocurrency EOScash Coin EOScash Wallet Supporting Various POS Offline payment/settlement Online simple payment Keeping EOScash Coin Payment in physical stores P2P transaction Keeping cryptocurrencies you have Tangible Real Economy Ecosystem EOScash Pay EOScash POS POS payment system Responding to the offline Value Chain IC Card and simple payment Responding to the online Value Chain EOS Blockchain Rapid transaction speed based on DPoS Zero transaction fee Supporting diverse commercial dapps [Figure 5] Ecosystem of EOScash Platform Ecosystem of EOScash Platform

12 3.1 EOScash Coin EOScash Coin is a Utility Coin used in the EOScash platform ecosystem and is developed on the EOS based technology playing a role as a payment method in a wide variety of POS systems. Coin name EOScash Coin Coin symbol EOSC Server reward POW(Proof-of-Work) changes into POS after 70% of total is mined Algorithm Lyla2Re Block time reward 30 per minute Block time difference 60 sec. 1st half-time period 1 year 7m Total coin issue amount 3,300,000,000 [Figure 6] EOScash Coin Info 3.2 EOScash Wallet EOS Wallet is an app to make a payment with EOScash coin in physical stores and assures the anonymity in cryptocurrency transactions when it is used as a basic wallet application. EOScash Wallet offers a standard interface to install easily various dapps using EOScash network, not just for that of EOScash Coin; stores a lot of digital virtual currencies such as Bitcoin, Ethereum, and so on; and can be used to check these coins market prices. And finally, it provides a user-interface to conduct a total management of converting mileages/points into EOScash coins. It is a Win-Win platform for users and affiliates by overcoming the traditional mileage and point system limitation. [Figure 7] EOScash Wallet (Prototype) Ecosystem of EOScash Platform

13 3.3 EOScash POS System EOScash POS is a POS(Point Of Sale) App for physical stores to settle a payment with EOScash coin. When a user scans the QR code with EOScash wallet, EOScash POS is linked and the payment is settled in real time. EOScash POS module is set in the traditional POS devices in the store and allows for a user to pay directly as a cryptocurrency. EOScash POS also uses traditional payment tools and support a wide range of methods including UnionPay, Visa/Master Card, Wechat, Alipay and so on. EOScash App, which allows people to pay via smartphones, is under a discussion with Korean franchise corporations to offer a payment service and proceeds partnership with the top domestic POS companies for cryptocurrency payment. For the affiliates requiring to introduce a separate POS system, EOScash module can be equipped in Landi APOS device. APOS system - an all-in-one integrated POS system - has been spread to Asia and middle east areas more than 5 million devices. EOScash POS module can be installed in this system so that it recognizes QR code, Bluetooth, NFC; reads IC cards; prints out receipts; and users can pay with EOScash coin. Coin payment for products Creating payment DATA Sending, settlement EOScash POS App POS SYSTEM Accumulating mileages and points Entire affiliates [Figure 8] EOScash POS System Ecosystem of EOScash Platform

14 3.4 EOScash IC & Mobile Card EOScash coin and points can be accumulated in IC or mobile cards without its wallet and be used in many other facilities. And EOScash coin will have its appreciation as a substitute for cash. The payment fee of EOScash card is up to 1.5% and very low while that of Visa and Master is 3%~5%. Moreover, all payment system is interlocked in real time and we can enjoy faster economic activities. Users can use EOScash card for 24 hours, maintain their assets as cryptocurrencies, and pay for the commodities or service like cash. And they also can convert EOScash Coin into cash and withdraw it in the affiliated ATMs making it possible to utilize as a practical payment method. Not only the users but also the affiliates can use its payment function conveniently through EOScash POS system. Credit Card transaction fee 0%~1.5% Available in any EOScash affiliates in the world Credit Card Real time payment and available for 24 hours Function for mobile devices [Figure 9] Features of EOScash IC Card Ecosystem of EOScash Platform

15 3.5 EOScash ATM System According to an article in news.bitcoin.com(cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide: Nov. 12th, 2018), BTC ATM has been continuously increasing all over the world. Approximately 5,000 BTC ATMs will be installed around the world this year and there is one in Korea now(as of August). EOScash platform is looking for leading domestic and international ATM corporations to go into partnership so that users can withdraw their EOScash Coins from an ATM as cash. If EOScash makes an agreement with ATM corporations, users will be able to withdraw EOScash Coin from 4,000 ATMs and it will produce a virtuous circle of 50 billion won. Withdrawal [Figure 10] EOScash ATM System Ecosystem of EOScash Platform

16 4. Activation Strategy of EOScash Platform 4.1 Value Creation of EOScash Coin Using dapp EOScash platform develops a dapp applied to the actual daily life. It forks not only a simple dapp but also EOScash platform and builds its private blockchain to exchange values. It finally provides a platform to expand the ecosystem for EOScash Coin distribution. 4.2 Build EOScash e-mall EOScash constructs its shopping mall and extends the distribution range of EOScash Coin. 4.3 Partnership with online contents EOScash affiliates with big video contents site, game producing companies, and open markets which are more easily applicable to cryptocurrencies - and circulates EOScash Coin in many other fields. 4.4 Partnership with offline franchise EOScash will be in partnership with big franchising corporations and expand its payment system from online to offline in order to broaden EOScash ecosystem. 4.5 Alliance with Mileage/Point EOScash provides its API to convert affiliate s mileages and points into EOScash. The converted mileages or points will be sent to the user s electronic wallet and changed into EOScash Coins. Partnership with offline franchises Constructing its shopping mall Partnership with online contents dapp development Mileage/Points [Figure 11] Activation Strategy of EOScash Platform Activation Strategy of EOScash Platform

17 5. Blockchain Technology of EOScash 5.1 Blockchain System based on EOS EOScash platform focuses on rapid development to build a smooth service environment. It takes advantage of EOS.IO based blockchain technology. We chose EOS.IO because it has high scalability with parallel CPU, fast transaction speed, and zero transaction fee on the basis of DPOS. The cost of blockchain is given to the developing companies that uses EOS.IO. Developers spend no other cost except their coin deposit cost. EOScash uses EOS.IO blockchain to boost the users benefit from decentralized web. The goal of EOScash platform is to decentralize every service area. To make it come true, it is indispensable to build a decentralized server system. EOScash developers had reviewed the online/offline POS payment technology using decentralized server. EOScash platform adopts a decentralized server system called IPFS(Inter Planetary File System) in order to send payment files. IPFS connects computers to the identical file system. While the traditional web can be maintained only by its centralized server, IPFS enables its web to keep decentralized without any remote centralized server. EOS.IO selected IPFS to realize its decentralized storage. That s why EOScash platform adopts EOS.IO. EOScash platform will gradually advance its system according to the development stage of EOS.IO Blockchain Technology of EOScash

18 5.2 EOScash Technology Architecture EOScash platform has 4 classes. 1) Blockchain tool : the basic architecture including database, network, block forms, consensus algorithm, and etc. 2) EOScash core : total authentication, coin system, reward engine, electronic wallet and etc. 3) EOScash open platform : platform API with total payment contents, user, information management, networks and etc. 4) Application : dapp created by a developer in the EOScash platform. dapp development EOScash Open Platform Payment contents User management Information management Network EOScash Core Electronic wallet Coin system Total authentication Reward engine Blockchain tool Algorithm Database Network [Figure 12] EOScash Technology Architecture Blockchain Technology of EOScash

19 6. Future Plan 6.1 Token Issue Plan Token symbol : EOSC Cryptocurrencies to buy with : EOS, BTC, ETH Total Token Supply : 3,300,000,000 EOSC The schedule or rate of token issue may be changed according the condition 6.2 Coin Plan(By KST-Korean Standard Time-) Issuing EOScash Coin Listing EOScash Coin IOU 6.3 Token Allocation Strategic Partners 7% Team & Advisor Token Circulation 15% 13% Ecosystem Activation 15% Token Allocation 50% Reserve Future Plan

20 The number of tokens circulated by the participants is 15% of 3,300,000,000(total supply). The profit of EOScash platform returns to the token owners and there is no other fee for the system. Thus, 50% of the total supply is owned by EOScash corporation for a reliable service; 15% is used for its service activation and marketing; 13% is distributed to its developers and advisors; and 7% is allocated to its strategic partners. 6.4 Funds Allocation Expansion Biz Development 5% 12% Operation Expense Development 7% Funds Allocation 44% 32% Marketing & Strategy For its fund operation, 44% will be spent for system development and operating cost, 32% for marketing and strategic partnership to activate the service, 12% for business development, 7% for legal review and operating cost, and 5% for the reserve. With the characteristics of decentralization, security, speed, scalability, and transparency, blockchain has started its journey to innovate the traditional industrial structure and suggest new economic and social view of the world. However, its great philosophy has begun changing as it is at the center of the attention by numerous conglomerates and capitalists with vested rights. Although it has tried to focus on decentralization of capital and reduce the harmful consequences for its centralization, it is today s situation that we see exactly the opposite scenes in the blockchain market Future Plan

21 Cryptocurrency exchanges are now eaten into by huge capital and concentrate only on transaction fees. The fund collected by ICOs for project developments has entered directly into the development teams and this centralization of capital often leads into the investors financial loss. Therefore, we illuminate blockchain s original philosophy again and develop EOScash POS system for general investors to easily participate in. We attempt to promote the advance of blockchain ecosystem and make a Block Pia to secure successful components for the entire blockchain ecosystem. In sum, we are creating the coexisting structure, which is the basic concept of blockchain. EOScash establishes a consultative group from blockchain corporations in the world and allows this group to use Smart Contract in controlling the investment fund for the new project teams. This consultative group is a kind of Block Pia composed of many blockchain corporations and reviews each new project as a helper and an advisor to lead it to take part in EOScash POS system. It features that the consultative group compensates for the investors financial loss as a guarantor if a reviewed project goes wrong. In this way, project teams can be dedicated to their projects by getting a reliable fund for their development and the investors also acquire secure magnets for new investments. This is a sound system to achieve a success together. The consultative group always manages, supervises, and monitors project teams and controls the way and period to distribute the investment as a fund carrier. All of those are disclosed transparently to everyone. If an ecosystem for the true Block Pia is fostered after this process, we plan to establish a financial cryptocurrency bank consortium to create cryptocurrency fund; find new projects to support the fund; and operate financial derivatives such as a Coin mortgage Future Plan

22 7. Road Map Jun Lining up EOScash Project Team Jan Developing EOScash Coin Developing and testing its wallet Starting domestic and international marketing Nov Listing in domestic exchanges Jun Writing white paper version 1.0 Building the homepage Developing service protocol Starting to create EOScash ecosystem Dec Launching EOScash platform version 1.0 Acquiring domestic affiliates Q EOScash POS payment module porting and testing Proceeding domestic EPOS marketing (increasing domestic affiliates) Additional listing in domestic and international exchanges Q Q Increasing marketing on EPOS in Asia Entering in Vietnam, Cambodia, and Laos Upgrade EOScash platform into version 2.0 EOScash ATM affiliation Expansion of payment market in cooperation with POS company Q Increasing marketing on EPOS into Europe and U.S. Acquiring global affiliates Road Map

23 8. Team 22 Denis Ivanov 5. noni George Remington CEO CTO Director Oleg Ferens Shirley Bergeron Oleh Shyshka Node Developer UI & UX Designer Core Eos Developer Emily Conaway Margery Key Dev Kayles UI Designer Core Eos Developer Marketing Director 8. Team

24 9. Partners Partners

25 Disclaimers This white paper is written as a reference to provide information regarding EOScash platform that EOScash team is planning on and can be revised or replaced at anytime. EOScash team should not guarantee its accuracy and should not be legally liable for it. This white paper and all its relevant documents include statements concerning the expectations of the future in the meaning of Article 27 (A) of Securities Act, and Article 21 (E) of the Securities and Exchange Act. Those statements should be the reflection of the expectations and could be modified by the result of token funding or other environmental factors. EOScash corporation should not have the duty of fulfillment and disclosure as to the modifications. Any decision-makings and the results based on or referred to this white paper belong to personal judgments. Namely, even if a use of this white paper caused any personal loss, damage, or debt, EOScash team should not compensate for or not be liable for such results. EOScash team informs that purchase of tokens involves an element of risk and a token buyer must take all the responsibilities for such a loss, damage or debt. ICO funding abides by the regulations and laws in each country. The residents of U.S. Japan, China, Singapore could not be guaranteed on ICO projects, and must take their own responsibilities in case of legal problems. The statement or assurance regarding token purchase and its contract conclusion is not applicable to citizens or permanent residents of U.S., or residents of Puerto Rico, U.S. Virgin Islands, or other regions in U.S. 24 Disclaimers