whitepaper 1 - bcmy walletwhitepaper 1.0 2 introduction 3 summary 3 product overview 3 the project...
TRANSCRIPT
Whitepaper 1.0
2
INTRODUCTION 3
Summary 3
Product Overview 3
THE PROJECT MISSION 4
Versatile 4
Secure 4
User-friendly 4
OUR VISION 5
WHY IS BLOCKCHAINS.MY DIFFERENT? 6
TARGET AUDIENCES 7
Expatriates & Travellers 7
Cryptocurrency Owners 7
Business Entities 7
Unbanked Population 7
PRODUCT FEATURES 8
User Management 8
Multi-asset Management 9
Trading Platform 10
NFC Card Integration 10
Visa Debit Card 11
Marketplace 12
Peer-to-Peer Function 13
Instant Messaging 13
TECHNOLOGY 15
Architecture 15
The Mobile App 15
Ethereum Public Blockchain 16
Near-Field Communication (NFC) 17
SECURITY 18
Face Verification 18
Data Encryption 18
Login Security Measure 18
THE ICO 20
The Pre-ICO 20
The ICO 20
DEVELOPMENT 21
Timeline 21
CONCLUSION 22
TABLE OF CONTENTS
3
INTRODUCTION
Summary
Blockchains.My is an invention of a futuristic prototype for
financial services which is developed using Blockchain
technology, mobile devices and advanced security of
biometric identification systems. The team prefer
implementation of cryptofinancing (Initial Coin Offering) to
ensure capital growth instead of depending solely on the
conventional venture capital and shareholders.
We are targeting on the worldwide cryptocurrency owners,
especially those who own more than one type of assets.
Not only serving the needs of this powerful group of people,
we will also be able to indirectly reach a market of around 2
billion workers around the globe who do not utilise formal
financial services. Statistic from the World Bank tells that
73% of the world population do not have any bank account.
This number is significantly huge and we aim to build a
solution for them by expanding their financial access and
simplifying life.
Through Blockchains.My, we strongly believe in the ability
to close the gaps between these two groups of populations
by providing financial instruments to increase
entrepreneurship standards and creating various
possibilities in the digital economy across the world.
Blockchains.My is a combination of Blockchain technology
and biometric identification system as well as a single
portable tool to manage multiple types of crypto assets.
Our goal is to provide consumers with as much flexibility in
their digital currency needs as possible.
Product Overview
Blockchains.My is a decentralized mobile wallet. It is a
platform that simplifies the process of making payments, as
well as trading and exchanging digital currencies and gold
among users with real-time price monitoring facility.
Blockchains.My currently supports five top currencies in the
market; Dinarcoin, Bitcoin, Ethereum, Zcash and GSC.
These currencies are directly connected to their
blockchain system from our wallet. Users will be able to
utilise these currencies in their daily activities as a customer
or merchant through the integration with NFC Smart Card,
VISA Debit Card and payment gateway platform.
4
THE PROJECT
MISSION
While we are building a digital financial platform to serve
everyone around the globe, we also focus on our users’
satisfactions towards our service. For that reason, we
provide an extremely seamless cryptocurrency wallet to be
used by everyone in the world. All we want for our users is for
them to be able to relax and enjoy success in the
cryptocurrency world.
Versatile
Blockchains.My is in the light for being a versatile tool for its
users’ financial needs. Possessing this wallet means having
a one stop solution for users to shop, make payment, trade,
save money and chit-chat. It allows users to have not only
one but multiple types of digital currencies on a single
device with only one app.
Secure
Blockchains.My is taking the consumers’ security concerns
into account. Many of them fear of their personal data
transmission and asset storage not being safe when
circulating in the wide network all over the globe. To
guarantee that everyone is constantly relax when using the
app, we adopt the reliable and durable blockchain
technology. It’s using a decentralized network, making it
impossible to be hacked. Moreover, all transactions are
completely crystal clear and rigid. Nobody, including us, will
be able to modify existing transactions.
We are also adopting the biometric identification for users
to login to the app. The implementation of users’ face
recognition on login will make it impossible for their wallet to
be accessed by other individuals.
User-friendly
We provide an easy and simple app for users’ satisfaction.
It’s going to be so effortless for the beginners and a breeze
for the more advanced IT savvy users. Using
Blockchains.My is so sleek that you will not want to look
back to having conventional payment or other financial
services tools.
5
OUR VISION
We are aiming to become one of the best cryptocurrency
wallets in the world. That means that we will become a gold
standard for other wallets available in the market by
providing the best services and support for the
cryptocurrency community.
Our goal is to popularize this trend in Malaysia and the
South-East Asia region by showcasing that cryptocurrency
is a legitimate alternative to fiat money. We will achieve this
by putting great care into user satisfaction, education, and
the creation of a safe and friendly environment for
cryptocurrency usage.
We plan to deliver a step-function improvement in
consumer’s propositions. We will deliver an unrivalled
customer values towards individuals, business entities and
partners in order to ensure vast participants and
acceptance of this app and the technology that built it.
6
WHY IS
BLOCKCHAINS
.MY
DIFFERENT?
We are different because we solved the problem that
cannot be solved by any other wallets or cryptocurrencies
in the market. We offer features that are not offered by
them.
Until today, a lot of countries do not have any infrastructure
to trade cryptocurrencies eventhough it has taken place for
more than 8 years. For that reason, we equipped
Blockchains.My with a function that allows peer-to-peer
interactions so that crypto-user can easily buy and sell
cryptotokens among them.
Besides that, in some countries, the number of digital tokens
in circulation is deficient to ensure significant daily revenue.
To overcome this situation, Blockchains.My introduce a
fairer emission mechanism where every user is allowed to
mint only a limited amount of coins.
In term of security, every user may need to undergo a
number of 4 layers’ identity verifications during registration
and login. This is to prevent disguised identity of
cryptocurrencies, which has currently receiving high
concern from the society and triggering legal issues. The
requirement for every user to pass face recognition will
prevent anonymity. The transparency of blockchain
technology used by Blockchains.My will make it impossible
for financing any illegal activity.
Finally, we at Blockchains.My are providing expertise to
spread awareness about the innovation of payment
systems, especially the one that we bring. The reasons that
some people are left behind in the financial technology
growth are language difficulties, technical complexity and
the lack of financial incentive. We are vanishing all these
factors by appointing representatives among enthusiasts in
many countries who will take the responsibilities to educate
people about Blockchains.My and our innovation.
7
TARGET
AUDIENCES
Expatriates & Travellers
Transferring money to or from their own countries between
banks is a common challenge faced by expats and
travellers. There is a wide range of choices available.
However, they often require long process that involve a
number of intermediaries where all of them charges
commissions along the way and making it quite pricey. All
existing money transfer methods usually reduced the
amount of money that actually landed in the recipients’
accounts. Utilising a secure and inexpensive money
transfer service can easily save time and cost spent by
foreigners and travellers.
Cryptocurrency Owners
Be it amateurs, enthusiasts or devotees, we are providing a
single solution for all. With this app, users will be able to
manage multiple currencies on one platform in a simple
and quick manner. Blockchains.My will be a reliable
platform for safe trading, exchanging, and spending of their
cryptocurrencies.
Business Entities
Freelancers and entrepreneurs, big or small will find
Blockchains.My a perfect solution for their business. As
more retailers signed in to accept digital currencies in their
business transactions, more are currently at the edge
asking what incentives are there for them to accept these
currencies? Vendors always look for an alternative with
lower processing cost and high security. While they see
digital currencies as the perfect choice, there is currently no
platform for them use them in trading. This app comes with
a marketplace for everyone to trade items easily using
cryptotokens.
Unbanked Population
More than a third of the worldwide adult populations hardly
or never use the formal financial services1. Most of them are
in the low- to middle-income markets. They are in need of a
financial service and solution which is within their reach,
which offers appropriate products in an attractive
environment and ecosystem to utilise. We believe
Blockchains.My will be able to reach them, with the aid of
the expanding internet usage across the world.
1 https://www.accenture.com/us-en/insight-billion-reasons-
bank-inclusively
8
PRODUCT
FEATURES
User Management
User registration is a swift. This correspond with our mission
to make an app that not only compliment users from
professional background but also beginners who do not
have intense knowledge in computer and IT. To register,
users just need to begin by entering their personal data into
the installed mobile app. The app only requires their full
name, country of residence, email address, phone number
and preferred password.
The system will automatically send two different codes
separately to the registered email address and phone
number. Upon receiving this, user is required to key in these
codes into the app for first level activation.
For second level activation, users are required to provide
their biometric identification by submitting their front face
photo for face recognition which will be reviewed and
verified by the system administrations. The mobile app is
adopting a third-party face recognition API for user
verification to login.
Users can move up to third level activation by providing
their formal national/ international identity documentation
(e.g..: national identification card or international passport)
in order for the system administration to verify their address
and location.
Each activation level of the app has different transaction
limits allowed to the user. It increases as the level goes up.
9
Multi-asset Management
Blockcains.My currently supports five main crypto-assets.
They are Dinarcoin (DNC), Bitcoin (BTC), Ethereum (ETH),
Zcash and Gold Smart Contract (GSC). All these assets
are directly linked to their blockchains. Blockchains.My is
utilising a simplified payment verification process for all
these assets, hence, resulted in a more space-efficient
proofs of ownership.
Users will be able to manage any assets that they possess
on separate dashboard readily provided in the app
anywhere and anytime. They can send, request, receive,
withdraw and mint any asset just with a single login.
The system used in the app is integrated with the liquidity
center. This in turn results in minimum exchange rate and
commission of conversion. The time taken for conversion
and fund transfer will also be reduced.
Bitcoin (BTC)
Gold Smart Contract
(GSC)
Ethereum (ETH)
Zcash (ZEC)
DinarCoin (DNC)
10
Trading Platform
Blockchains.My will be a seamless platform for trading and
exchanging cryptotokens among users, be it professionals
or amateurs. All data from users trade and exchange
activities will be stored on blockchain ledger and updated
in real-time. These data are accessible anytime by
anyone, with the aid of transparency feature provided by
blockchain technology.
The built-in trading tools in the mobile app is simple and
easy to use to simplify users’ experience as well as to
promote pleasure when fulfilling their passion. Trading can
be done by scanning QR code of the receiving accounts.
NFC Card Integration
Users can purchase the Blockchains.My NFC card which
can be used to make payments by simply tapping the card
against an NFC terminal at any merchants or retail outlets
that accept digital currencies. This will provide an
opportunity to enhance users experience in their daily
financial activities.
To begin using the NFC card, users need to register their
cards in the app. Users will then be able to transfer their
assets from Blockchains.My through the app by simply
tapping the card against their smartphone.
11
Technical details on the NFC Smart Card will be
elaborated further in “Tehcology” section of this paper.
Visa Debit Card
Blockchains.My is fully integrated with international
payment system via VISA Debit Card. The card is
connected to the users’ account in the app which will allow
user to make payment and exchange currencies in real
time at any merchant that accept VISA, which is well-known
to be widely accepted worldwide. By having VISA Debit
Card integrated with the wallet, we create association
between the conventional financial service and
cryptocurrency market. Users can make online and in-
store purchase with minimum commission.
12
Marketplace
Blockchains.My provides a user-friendly platform for
business and trading. Any user can sell any item on the
platform as long as they are legal. Merchants who own
physical stores, can provide their location to be illustrated
on the map integrated with the app. This allows other users
to see them when they are browsing through the app for
merchants that accept digital currencies.
By being a merchant in Blockchains.My, business entities
will be able to reduce costs in terms of commission for
payment methods. Unlike the conventional fiat currencies,
merchants present low commission and may have an array
of supported cryptocurrencies for payment. This will
expose them to a wider target market. Merchants can
automatically convert the cryptocurrencies received from
customers to be transferred to their bank account with
minimum exchange rate.
13
Peer-to-Peer Function
By turning on their smartphones’ GPS location, users will be
able to look for anyone within their desired radius who sells
digital coins that they wish to buy.
Instant Messaging
Blockchains.My is equipped with a protected
decentralized instant messaging facility to provide
confidentiality to the users. With this tool, users can have
secure communication among them to do online trading,
making appointments or exchanging updates and news.
In the Blockchains.My chat facility, everytime a user sent a
message to a recipient, the message will go through
encoding process which use the public key of the recipient.
The encoded message will then be transmitted to the other
peers. At this stage, if the message contains text, the ‘5-
handshake rule’ applies. Every peer will choose a peer
randomly every second which will then transmit all
messages to the current peer and listed as ‘unverifiable’,
which means they will not be added to the blockchain. On
the other hand, if the message contains a payment
transaction, the peer will generate a block and the
transactions become verified and it will be added to the
blockchain. This will then be spread to other peers.
Finally, the recipient’s peer will receive the sent message
and will be sent to the recipient’s mobile. On the device, the
message is decoded and displayed in the chat facility of
the mobile wallet app.
This process is illustrated on the next page.
14
User
Recipient
Message
Encoder
Decoder
Message
User’s
Peer
Recipient’s
Peer
PEERS
NETWORK
15
TECHNOLOGY
Architecture
The implementation of Blockchains.My requires a number
of items. They include:
1) Mobile app which acts as the medium between
users and the system.
2) Biometric identification/ authentication software. At
Blockchains.My we are using the a third party face
recognition API to verify users’ identity during
registration and login.
3) Encryption of users’ personal data.
4) A secure consensus algorithm. In our project, we are
adopting the Ethereum Public Blockchain which will
be explained further in the next topic.
The Mobile App
This is the mobile wallet we developed and named
Blockchains.My. It runs on users’ smartphones with Android
or iOS (soon). By login to this mobile app, users will be able
to access their account info and do transactions. The
mobile app is equipped with software to collect users’
biometric identities. It also includes other API to allow users
to access their account and make transactions.
User
Mobile
Wallet
User management
Transaction signing
Wallet API
Biometric ID
collection
Transaction
API Biometric ID
API
DNC
GSC
ETH
ZEC
BTC
Third-party Face
Recognition API
Send code &
BioID
Send made
transaction
Pass transaction
info
Pass other
info
Server
Blockchain
16
Ethereum Public Blockchain
Blockchains.My adopts the Ethereum Public Blockchain in
the system which provide access to a wide-spread of
audience, network nodes, currencies and markets. Public
blockchain can be read by anyone anywhere in the world.
They can see all valid transactions added on the
blockchain and participate in the consensus process of
determining the blocks to be added to the chain and its
current state.
The public blockchain is fully-decentralized and is secured
by cryptoeconomics that combines economic incentives
and cryptographic verification using a number of
mechanisms. They include the proof of work or proof of
stake, following a general principle that the degree to which
someone can have an influence in the consensus process
is proportional to the quantity of economic resources that
they can bring to bear2.
At Blockchains.My, the Ethereum blockchain acts as a
public ledger that records all cryptocurrencies transactions
executed in the wallet. All recent transactions are recorded
on a block before being added into the blockchain as
permanent database upon completion. Following this, a
new block is built. Blocks are linked to each other in a
proper linear, chronological order, like a chain. Every block
contains a hash of the previous block. It is like a full record
of transaction history.
2 http://ethdocs.org/en/latest/
17
Near-Field Communication (NFC)
NFC is a technology that allows two local devices which are
equipped with NFC chips to share data and information
when brought closely in contact. It operates at 13.56 MHz
and transfers data at the maximum rate of 424 kb/second.
The NFC card integrated with Blockchains.My is a solution
to protect users from theft and fraud. Nowadays, the
number of merchants having NFC-based contactless pay
terminals in their store has increase. They are using the
standard ISO/IEC 14443 communication protocol.
Users can transfer any amount into their NFC cards by
tapping the card to their smartphones and then use the
cards to make purchase at any stores that accept
cryptotokens.
Everytime an NFC card is tap against an NFC terminal, data
will be sent to Blockchains.My server to retrieve information
about the users’ account integrated with the card.
18
SECURITY
Face Verification
Our Blockchains.My wallet verifies the users face before
allowing them to login to the system. We use Google
Mobile VIsion API, a cloud-based service that provides the
most advanced face algorithms for face recognition and
verification. The Face API verification performs
authentication of the users’ real-time face photo at login
against their face photo provided during registration. It
works well for frontal and near-frontal faces.
Data Encryption
We use one of the most popular and effective data security
methods called data encryption. Data encryption
transform data or plaintext into a form of codes called
ciphertext by using unique encryption algorithms. By
implementing data encryption, users’ data confidentiality
stored and transmitted in our system and other networks will
be protected.
3
Login Security Measure
To login to the mobile app, users have two primary options:
1) Using their registered email and password.
2) Using their purchased NFC card.
Following the primary login step, users have to provide their
real-time face photo for second layer verification.
Upon face photo verification, a One-Time Password (OTP)
will be sent to the users’ registered phone number via SMS
to be entered in the app to finally login to the system.
3 https://i-msdn.sec.s-msft.com/dynimg/IC168364.gif
19
User
Mobile Wallet
Key-in username
& password /
tap NFC card
Send data/info
for verification
Info verified
Request
face photo
Server
Send real-time
face photo
Send photo for
verification
Send
OTP
Photo
verified
Enter
OTP
Send
entered
OTP to be
approved
for login
20
THE ICO
Initial Coin Offering (ICO) can be described as putting the
power of creating new projects or digital tokens into the
hands of the public, rather than solely on the efforts of a
company. It enables people to invest in the development of
new digital currencies.
At Blockchains.My, instead of taking on venture capital, we
chose to provide equal opportunity for everyone to invest in
our project and become our shareholders. We are going to
have two stages for the crowdfunding which are the Pre-
ICO and the ICO.
The Pre-ICO
The Pre-ICO aims to create awareness and spread the
topic regarding our project. At this stage, we will attract
attentions from the main players in the industry as well as
raising funds to create public awareness through
promotion and media coverage. The Pre-ICO will start
around May 2017.
The ICO
Soon after, the ICO will be on stage around August 2017 for a
duration of 3 weeks. People are allowed to invest in our
project by using any cryptocurrency available in
Blockchains.My. There will be different bonus rates as an
incentive for those who invest earlier.
21
DEVELOPMENT
Our plan for the future is to integrate Blockchains.My and
our blockchain technology with universal ecosystem to add
the ability for every human on earth to get advantage from
what we bring.
Timeline
Launch of Blockchains.My wallet
Expand to Southeast Asia region
Launch of ICO program
Organise awareness events
Access blockchain values for financial assets
Expand into e-commerce
Launch Blockchains.My ATVM
Expand blockchain technology into academic eco-
system
- Build blockchain institute in Malaysia, Thailand,
Indonesia and Brunei
Leverage API to banks, financial institutes,
government agencies and corporate sector.
Global recognition as an international fintech
company/ solution that worth billions USD in 100
countries.
2017
2018
2019
2020
2021
22
CONCLUSION
The world is evolving with cryptocurrencies and blockchain
technology playing their role in providing optimum security,
cost and speed in financial services demanded by public
users, investors and business owners. With the most
advance technology and security system we are adopting
in Blockchains.My, it will be impossible for the wallet to be
hacked by unauthorised party.
With Blockchains.My, now everyone, from amateurs to
professionals, will be able to be in the cryptoeconomy
sector and get benefits from it. Cryptocurrencies is no
longer a game for big investors.
We are taking the challenge to educated people and
spread awareness about the benefits of cryptocurrency
and blockchain in order to allow people to adopt them in
their daily lives. When it is properly used and more people
have full control and knowledge about it, the system will
emerge and soon after the worldwide economic and
financial ecosystem will revamp.
23
CONTACTS
Website
http://blockchains.my/
https://www.facebook.cco/blockchains.my/
https://twitter.com/BlockBlockc_my
