Mcash Whitepaper by sihaosun

MCASH VALUE DISTRIBUTION SYSTEM WHITEPAPER

PROJECT OVERVIEW The MCash® ecosystem consists of a variety of physical and digital assets that can be purchased using MCash® token, a blockchain based digital voucher. Customers can utilize MCash® to purchase jewelry, automobiles, and much more. Consumers can also use MCash® to pay for services, such as dining, cleaning, home improvement, and many other services from local service providers within the MCash® ecosystem. MCash® is also usable in the virtual world of online gaming and entertainment. For example, MCash® could be utilized to purchase Downloadable Content (DLC) within a game or be used as chips when playing card games like Texas Hold’em. MCash® enables a more efficient value-system in the gaming and entertainment market and will enhance the economic value of the entertainment industry by streamlining the exchange between currency and digital assets. The MCash® ecosystem is built utilizing cutting-edge DAG technology making sure transactions get verified through Smart Contracts. In the process of exchanging physical and digital assets, the user’s data is secured and standardized. MCash® is developed by MicroChain Technology, Inc. and uses the proprietary Gitium Public Chain, formed on DAG technology, achieving an exceptionally high TPS payment function (2000+tps).

TABLE OF CONTENTS

01 02 03 04 05 06 07 08 09

The Origin of Blockchain Blockchain Features MPAY Ecosystem The Birth of MCASH MCASH CirculationwSystem MPAY Smart Contract MPAY Payment & E-commerce Platform MCASH Application in Gaming & Entertainment MPAY Underlying Technologyâ&#x20AC;&#x201C; Gitium Chain DAG

THE ORIGIN OF BLOCKCHAIN 01

In 2008 Satoshi Nakamoto wrote an article titled, ‘Bitcoin: A Peer-toPeer Electronic Cash System,’ that proposed bitcoin as a possibility, and that it would be a new type of electronic payment system. The bitcoin system, Nakamoto wrote, “is based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” Today, blockchain is known as a peer-to-peer ledger network where all transactions are recorded on “blocks.” All blocks are connected end to end, creating a chained structure that is published to all nodes on the network, and a consensus is formed between the nodes. Node members can look up relevant transaction records based on their privileges, but no single node can easily control, or change data across the entire network.

Decentralized No mediation needed from a third-party to achieve peer-to-peer transaction and interaction.

Immutable Data information cannot be changed once it is written into the block.

Transparent In a very short period of time, block information will be copied to all blocks in the network to achieve network-wide data synchronization.

BLOCKCHAIN FEATURES 04

Collective In the entire Internet system, both the suppliers and the borrowers can play the role of protectors; together, they maintain the reliability and safety of the entire Blockchain.

Reliable Because of the large number of participants in the system, the cost of mastering 51% of nodes cannot be achieved. This ensures data integrity, authenticity, and security.

Digital Assets

Jewelry Products

Clothing

Physical Assets

Bags

MPAY ECOSYSTEM 01

The MCash® Ecosystem includes three components: the circulation of digital assets, physical assets, and the value of data. MCash® works as an intermediary for consumption, transactions, voting, and trading within the MCash® Ecosystem.

Electronic products

Medical Treatment

Service

Travel Cleaning

Data Circulation on DAG

01 Decentralized Exchange Services Any digital currency, such as Bitcoin, Ethereum, etc., can be freely redeemed with MCash® to achieve sufficient circulation of the digital currency. Any individual or institution can be our agent in exchange services (KYC and AML required).

02 B2B integrated service MPAY® covers services such as cross-border tourism, business trips, real estate, medical care, and project management. This service strives to create a global presence as the leading B2B integrated service provider.

THE BIRTH OF MCASH

The basis of any trade is to establish mutual trust. Blockchain technology transforms the trust between peers to trust between people and technology, making it possible to decentralize the system. With blockchain technology, all the operations of the cashflow will be transparent, and payments will execute through smart contracts automatically. Given the anonymous and unchangeable nature of Blockchain technology, customers are free from fraud and risk.

03 MPAY PAYMENT and ECOMMERCE Platform MPAY® is an integrated payment and ecommerce application of MCash® ecosystem. The MPAY® multi-dimensional business model is complete with components that can fully support cross-border global trade in various service industries, languages, currencies, payment processing businesses, and other demands. MPAY® supports 19 languages and more than 60 currencies.

04 Online/Offline Gaming & Entertainment MCash® can be consumed in gaming & entertainment Apps. Through products and services of MCash®, gaming & entertainment business will benefit from the innovative Blockchain ecosystem.

Digital Assets Circulation Any digital currency, such as Bitcoin and Ethereum, can be freely exchanged with MCash® to achieve free flow between digital currencies. With the MPAY® OTC trading platform, users are allowed to purchase MCash® and other digital currencies through Smart Contracts with fiat currency (RMB, USD, etc.). Through the OTC trading platform, we introduce the NYSE’s franchise market which made it possible to allow multiple franchisees to provide liquidity for transactions and make simultaneous payments possible. The MCash® circulation system will regularly provide mobile rewards with the use of MCash®, based on the performance of the market makers. In order to facilitate rapid payment and transaction, we have introduced the NYSE Chartered Market Maker Mechanism. Since MPAY®’s circulation system does not charge any manual fees or transaction fees, multiple high-frequency trading market makers can be introduced to provide stable and substantial liquidity for payments and transactions. Users can also participate in OTC transactions and receive MCash® awards as a third party.

MACASH CIRCULATING SYSTEM

MCash® works as the exchange utility of the MPAY® Platform. Its functions include OTC currency/currency transactions, e-commerce shopping, QR code payments, and a point rewards system. MCash® not only grants intrinsic value as a form of currency, but it also exists in constant circulation and point rewards.

Physical Assets Circulation Circulation of physical assets includes online and offline forms. Online forms are processed through the MPAY® E-commerce DAPP circulation, and the offline forms are processed through the QR code payment circulation. MCash® has acquired a substantial degree of physical assets and resources worldwide, such as real estate, automobiles, jewelry, supermarkets, restaurants, and travel agencies. We will establish MCash®’s self-consistent digital currency-physical asset circulation system as the leader in promoting the circulation of digital currency.

Data Value Circulation The users’ personal consumption, transaction and other data records are of great value. MCash® will be used as a reward for collecting anonymous information from user-licensed circulation platforms. Without permission, MCash® and any DAPP in the system will not collect user information. The license agreement will be signed in the form of a Smart Contract, and the data value will be circulated on the distributed ledger.

MPAY SMART CONTRACT 05

In order to maintain the ecosystem, all activities such as subscription, payment, and authorization, will be implemented in Smart Contracts. The implementation of Smart Contracts provides security for our decentralized service. Automation of conditional execution is one of the key features of Smart Contracts that allows and ensures the anonymous execution of subscription activities. The content of the Smart Contract is immutable for each party. Once written, even MPAYÂŽ has no right, or access to change it. The terms of the Smart Contract will be forced into execution with no excuses. The Smart Contract endorses and ensures the transaction between counterparties, such as between store and customer, loan lender and borrower, supplier and recipient, etc. Trust is not necessary anymore between counterparties within the MPAYÂŽ ecosystem. They could remain anonymous.

MPAY PAYMENT & E-COMMERCE PLATFORM 01

1 MCash® is the main currency of the MPAY® circulation system DAPP, which integrates OTC currency/currency transactions, digital currency wallets, cross-border payments, cross-border e-commerce, QR code payment, social chat, live streaming, and red envelopes. The MPAY® payment function has achieved three challenges: cross-border, cross-currency, and cross-market transactions. All payments are decentralized which directly from people to people. Further, payments occur instantaneously within MPAY®. In order to facilitate users of other mainstream digital assets (BTC, ETC, etc.) to conveniently and quickly participate in the MPAY® platform’s activities, the exclusive wallet developed by MPAY® will integrate the digital assets exchange. With the transaction interface, the user can quickly interchange other tokens for MCash® according to the real-time exchange rate of the exchange.

Social modules support red envelopes, chat transfer and other functions. Mpay also designed chat group management for small businesses such as purchasing agents and micro merchants that can accommodate up to 2,000 people. Each main group can support the establishment of multiple subgroups to facilitate merchants for customer management. Red envelopes, transfers, and other functions support multiple legal currencies and MCASH.

The QR code supports scan code grabbing and other hardware facilities, providing facilities for collection of physical stores. QR code payment, in addition to multiple currency currencies, also supports MCASH payment. Mpay e-commerce supports transactions in 19 languages, 100+ countries, 60+ French currency, and 100+ digital currency

MPAY APPLICATIONS IN GAMING & ENTERTAINMENT 01

The goal of introducing MCash速 in gaming and entertainment industry is to land and cooperate with 80 countries and regions that are legal for gaming worldwide, to legalize licenses for the gaming industry, and to work closely with the local gaming industry. MCash速 ecosystem includes a full range of low-level network platforms and supports third-party access. It provides a series of components such as smart contract templates for all licensed casinos and game manufacturers around the world to reduce their online development barriers. For global gaming agents, MPAY速 will provide intelligent distribution systems that comply with local laws and regulations, including user profiles, downline management, commission setting, financial splits, etc. MCash速 cooperates with licensed casinos in the form of chip exchanges and joint ventures.

2 MPAY® liveshow allows users to reward and support presenters with MCash®. There will also be liveshow shopping using MCash®. One can communicate with their shoppers when purchase goods from another country. All payment will be processed by MPAY® smart contracts.

MCash® will circulate throughout the virtual world. It could be used for purchasing equipment, betting as chips, or simply feeding the slots. Users can also earn MCash® when finish specific missions in online games.

Consensus mechanism:

Ethereum POW’s consensus mechanism has very low efficiency and serious network congestion. It is not suitable to handle the daily payments and transactions of a large number of users. Gitium chain uses the FNQFS (Farthest-Node-Queue First) consensus mechanism in DAG directional acyclic graphs to ensure the high performance of the system. All transactions sent through the nodes constitute a DAG set. When a new transaction begins, it must authenticate the two previous transactions before it can verify its own transaction. The verification relationship is represented by a directed node connection if there are at least two direct connections from transaction A to B. Thus, transaction A is verified in transaction B. We assume that the nodes check whether there is a conflict in the authenticated transaction, and the node does not directly or indirectly authenticate the conflicting transaction. Currently, the Gitium public chain has entered the anti-hacking test phase. With only three common nodes, it has achieved consensus certification of 2,000 transactions per second, which is nearly 400 times faster than Bitcoin.

MPAY UNDERLYING TECHNOLOGY – GITIUM DAG 01

MCash® is based on the Gitium chain DAG’s directional non-cyclic graph architecture and contains the underlying Blockchain system of programming languages, virtual machines, and smart contracts. Gitium however solves the frequency issues of Blockchain technology in the process of informatization and decentralization from both technical and commercial perspectives.

Security mechanism:

In order to strictly protect user’s data privacy, all data generation, maintenance, contribution, and usage are encrypted by the system using a tri-ary algorithm, so that the security data cannot be used outside the platform. In the application scenarios with high security requirements, the signature algorithm we use is Winernitz One-time Signature (W-OTS), which is a post-quantum signature algorithm. The W-OTS algorithm is one-time use disposable, meaning the signature is destroyed once it is verified and cannot be reused. In addition, the hash index value is stored on the Gitium chain, and the specific data is encrypted and stored in IPFS (InterPlanetary File System). Once the data user obtains an authorization from the data owner, the encryption key is exchanged through the Oakley algorithm. The encrypted transmission of the authorization data will be performed using the Rijindael symmetric encryption algorithm.