Tagcoins & general token concepts

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Tagcoins & general token concepts

Post by TAGBOND » Wed Nov 06, 2013 11:30 am

A startup from the Philippines actually just released its own cryptocurrency. Check out the details here:

TagCoin, a cryptocurrency designed to fit right into a ready-market, recently enjoyed a successful launch last October 27. A first of its own, being both as the first universal rewards currency and as a product of a Philippine-based startup, TagCoin is currently making waves just a mere 4 hours after the official release.

Filipinos nowadays are familiar with points-centered loyalty programs. Mall Rewards Cards (SM Advantage), Gasoline Cashback Cards (Shell Cards) and even Coffeeshop Loyalty Cards (Starbucks and Swirl Cards) are commonly given out to customers, as a way to generate return business. The only problem is, a person’s points is limited only to the organization he/she is attached to.

On the other hand, cashless transactions using another point-focused system is also gaining traction in the public. Mobile Cash Remittances (GCash and SmartMoney) and Points Conversion to Cash Counterparts (SM Advantage and GCash) are fast, safe and easy ways for customers to make the most out of their money, by having everything stored digitally. But then again, the thought of having physical money stored as virtual numbers can prove to be a scary thought, especially for the majority of locals preferring to hold cold, hard cash.

In essence, TagCoin works both ways. It merges the best out of rewards and real cash programs. It is two sides of one coin, a loyalty program used to generate engagement, and as coin used as a medium of exchange.

What Makes TagCoin Special?

TagCoin, unlike any other cryptocurrency, has these factors:
  • Rewards-Centered – 10,000 coins will be given out as rewards coins for TagBond user referrals. These coins can readily be used as a cashout option, or for TagBond features (communities & Tagverts). Creating a TagBond account is free.

    Ready EcoSystem – TagCash will be used as the primary currency for TagBond (and other affiliate sites such as TagCash, a payment platform). This is entirely different from any other cryptocurrency in the world (cryptocurrencies are always being developed, with most having no ready/practical use yet). That said, bridging a TagBond Community with TagCoins can create a very unique and open way to reach out to any kind of market.

    Transparency – unlike BitCoin (considered to be the biggest and “mother” cryptocurrency), TagCoin founder, developers and/or staff can be contacted. Open conversation and discussion is promoted.

    Fairness – one earns cryptocurrencies either by mining (computer/s solving algorithms to get coins) or through trade. TagCoin makes sure that mining difficulty is set at a reasonable value, so that there would be no unfair advantage (difficulty also varies, depending on how many miners are working).
TagCoin offers a rewarding option to users who make use of it. Used as a rewards option, massive customer engagement is introduced, with TagCoins accepted on a myriad of communities. As a way to earn, TagCoin does not disappoint: one can always have the option to cashout (with the perk of prices rising, dependent on how many people make use – and create value – of the cryptocurrency).

Mark Vernon, TagCoin’s founder, first came up with the idea of creating a unique currency when working on his main project, TagBond. TagBond is mainly a conglomerate of ideas from Multiply, Google Adsense, Groupon and Paypal. Using marketing modules called Tagverts (coupons, prize draws, polls/surveys, mini shopping carts, loyalty cards, competitions and more), an easier way to connect and reward customers is introduced. RFID, NFC and QR code technology are integrated in the system, providing a seamless and alluring exchange of data. As a membership & rewards platform, TagCoin (and other cryptocurrencies) comes into the picture as a valuable medium of exchange, not just as a mere commodity.

Tagbond is registered with Fincen, and is working with the Bangko Sentral to become a licensed money issuer. Current banking partners are Standard Chartered Bank and UnionBank. Tagbond and Tagcash will work with other partners as needed for licensing in Europe, USA and other countries.

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Tagcoins & general token concepts

Post by Pattern_Juggled » Wed Nov 06, 2013 6:07 pm

TAGBOND wrote:Transparency – unlike BitCoin (considered to be the biggest and “mother” cryptocurrency), TagCoin founder, developers and/or staff can be contacted. Open conversation and discussion is promoted.
This seems a bit of a low-blow against the bitcoin team. It's famously true that "Satoshi" - author of the original bitcoin paper - is not an alias identified with anyone currently active on the project (which isn't the same as saying s/he isn't currently active on the project...). However, the current bitcoin development team is, afaik, not at all difficult to contact and is embroiled in just the sort of very-public, very-noisy, very-dramatic opensource development style discussions/debates that one would expect out of a project of this social and technological importance.

Which is to say: they're not exactly hiding, nor mysterious, nor refusing contact with the outside world.

That said, it's great to see a diverse ecosystem of cryptocurrencies coming into existence. There's nothing in economic theory to say that a unitary currency is Pareto optimal. Indeed, throughout human economic history there have been countless exchange media used, from highly portable objects to heavy, symbolically resonant tokens of exchange. I believe most all of these are discussed in Matt Ridley's The Rational Optimist along of course with a host of academic titles in the anthropology literature (the first amoungst equals being, perhaps, Graeber's monumental Debt: The First 5,000 Years).

Sometimes we refer to these exchange media, shorthand, as "scrip" - a decent term for everyday use :-)

To be clear: cryptostorm makes no claims that our tokens are any form of generalised exchange medium, nor intended as such. That's because, simply put, control over minting of new tokens is retained by the project team - not driven by mining or any other objective criteria. Thus, in theory, the team could flood the world with new tokens & debase all existing ones ("inflation"), although of course in practical terms that'd be silly when it comes to actual network access.

Down the road, we're actively working on a blockchain-style externalised authentication methodology for tokens as an adjunct to the distributed, mongoDB-based auth/synch mechanism currently in place. Which is just one of countless examples of how bitcoin-derived concepts and techniques are being used in all sorts of related and unrelated areas of technical work... a fascinating thing to watch, realtime.

In any case, thanks for bringing over the Tagcoin example - it's one I'd not seen before, personally, and we're glad to have as many parallel examples as we can so we can all learn from the most useful components of each.
...just a scatterbrained network topologist & crypto systems architect……… ҉҉҉

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