The growth of the virtual product market over the last 10 years has been remarkable. People like to collect "stuff" in the real world (eg: Paintings, Cabbage Path Dolls, Beanie Babies etc), and this has translated over to the virtual world as well. For whatever reason people collect virtual world items, be it bragging rights, status, signaling, or actual use, the market for it is growing steadily. However, the items collected are usually limited to the environment where it is acquired. Blockchain Distributed technology changes this, so that items can be “owned” by the customer and not the platform issuing it. These items can then be used across multiple games or apps and can build real world value.
Tagcash intends to create and support a market for different sets of Non Fungible Tokens (NFTs), starting with Virtualized Real Estate.
Bring on the Blockchain
Many people are familiar with the idea of Bitcoin - a digital currency that is anonymous, where value can be transferred within seconds using alphanumerical addresses that users own to receive and pay others, with no centralized control.
Now Non Fungible Tokens (NFTs) can be created and moved around in exactly the same way Tagcash already operates a tokenizing platform where anything of value can be created as tokens (money, rewards, securities etc). Now Tagcash will offer the ability to create sets of Tokenized Non Fungible Tokens (NFTs), the first of which will represent Virtual Real Estate.
How it works in practice
Tagcash uses open source Multichain Blockchain Software, which enables creation of unique assets within the same chain. Each NFT is created with an issuance of 1 unit, non divisible and has its own reference ID. When this unit is transferred to another address, the sender then no longer has that asset. There can only be ONE asset owned by one address at any time.
So given the above, Tagcash is creating NFTs that represent a given GPS Location anywhere in the world, and once you own it, no one else can have property within 50m of it. These are acquired through various means, and can then be used in multiple games, sold or auctioned as decided by the owner
How does Tagcash build value?
Tagcash also operates a game called Tagwild, which has been running for the last year, and was built in preparation for usage with Tagcash. The app is available on iOS, and Android and allows users to create or visit geoTAGs around the world (using the app if you are in that location). Each time a player using the game comes within 20m of a geoTAG, they have a chance to win WILD tokens, stamps, coupons and prizes given by Tagcash or other merchants. This can be done every 24 hours for each geoTAG a player visits. Each visit also has an accompanying advert which is paid for using WILD tokens earned in the game. The more popular the geoTAG, the more visits it gets, earning more WILD tokens for the owner. The geoTAG owner can also add their own coupons, offers etc on a geoTAG or feature those from partner merchants.
Currently geoTAGs can be suggested and approved to appear on the map for players to visit, but they are not owned. Alternatively, the player can pay to own a geoTAG which costs 500 WILD tokens. This will not change and allows users to get in early on the action…
The NFT Sale…
There are currently 1.4 million locations marked on the map and these will be available for auction. Each geoTAG auction will last 5 days and the winner is issued with the NFT for that location and can start earning from the geoTAG in Tagwild or in any game that is created incorporating the NFTs
There are a lot more locations not yet placed, so users have the option of adding a location (as long as it is 50m away from another geoTAG) and paying instantly for it at USD $5, payable in BTC, ETH, or TAG. This can be done within Tagcash in the NFT Section.
An auction area can be utilized to sell NFTs you own, or you wish to bid on.
The sale will start on July 1, 2018 with no end date. The first entrants will get prime locations. However, before that date, NFTs can be acquired by playing Tagwild, and earning the WILD tokens so they can get their location of choice. The auction site will also be running before July 1 so NFTs can be acquired that way as well.
How we intend to use proceeds
The proceeds of the NFT sales will be used to improve the games and software using NFTs, supporting game development to create more value for them. The existing 1.4m geoTAG locations are reserved for Tagcash, and any auctions or sales of these tokens will be used by Tagcash for its own development on Tagwild etc. However, the proceeds for all other tokens created and sold will go into a central fund managed by Tagcash, and voted on by NFT holders as to which projects they should be spent on. This is transparent and everyone will know who is voting for which project. The projects will benefit the NFT owners.
Building apps on Tagcash Chain
Tagcash uses open source software Multichain, blockchain software forked from Bitcoin core in 2015. Tagcash is a both a partner and developer of Multichain.
Connections to the chain can be made by installing multichain, and connecting to the Tagcash Blockchain using command line:
It will ask you to get permission with the address shown, which you can do within the Tagcash Wallet Blockchain Section. The blockchain explorer is also shown there, also accessible at explorer.tagcash.com
The Tagcash Blockchain uses bitcoin format addresses, so many of the existing Bitcoin Libraries can be used with very little modification. Public/Private keys can be created within your node (using command createkeypairs), or you can import addresses created elsewhere. Sending NFTs (or any token actually) is by a simple command (sendasset <toaddress> NFTCODE 1, or sendassetfrom <fromaddress> <toaddress> NFTCODE 1) Your own apps or websites can use RPC/JSON to connect to your node. From there the only limit is your imagination.
Tagcash was founded in 2014, and operates from Philippines and Singapore. It tokenizes and provides services for anything of value, including real money, other cryptocurrencies, rewards, securities, and other assets. It is government supervised by the Banco Central Philippines, the Philippines SEC and Singapore Monetary Authority
The founder and owner, is tech entrepreneur Mark Vernon, a British National residing in Philippines since 2012. He has been involved with IT since 1988, creating vtc.com in 1995 as the worlds first video IT elearning platform which is still running today. He is Vice Chairman of the Fintech Philippines Association (FPA) and Board Member of the Philippines Association for Digital Commerce and Decentralized Industries (PADCDI).
Tagcash employs a staff of 20 in Manila, Philippines and a further 15 in Kochi, India.