TOS Coin, a cryptocurrency aiming to become a payment method in commercial transactions
After the introduction of Bitcoin in 2009, the concept of blockchain and cryptocurrencies has become more familiar to most of people, and many Alt coins (Alternative Coin: cryptocurrencies created after Bitcoin) including Ethereum have emerged in the market. As many cryptocurrency exchanges have been built at home and abroad and the transaction volume is increasing, cryptocurrencies have become a major issue and some investors even move their asset to foreign exchanges for more active investment.
However, unlike their intended goal, most of cryptocurrencies are not being used outside cryptocurrency exchanges and simply being sold and bought in those exchanges because the value cannot be maintained in a stable manner. In addition, as hacking incidents and rapid drop of value make people feel more anxious, controversies over “whether it can be used as a currency” continue and people doubt whether cryptocurrencies would have some practical use-cases in real-life.
Against this backdrop, “TOS Coin” has been created aiming to be used in real-life for real commercial transaction. “TOS Coin” is unique in that it utilizes transparency and publicness of the public blockchain while adopting fast transaction speed of the private blockchain in the payment system.
“TOS Coin” is operated in the TOS payment system that consists of TOS wallet, merchants, and exchanges, following the process of payment-settlement-purchase-exchange. The biggest difference of TOS is that it has a separate cryptocurrency called TOSP in the internal process of the payment system.
TOS, which is in the public blockchain, can be traded in cryptocurrency exchanges, its ledgers are disclosed and its price is fluctuated. And the transaction speed is not fast enough to be used in the payment system.
In contrast, TOSP is traded within the private blockchain and has fast transaction speed, as well as a fixed value. TOSP is not traded in cryptocurrency exchanges and not available to those outside the private blockchain system, not minable and the ledger is not disclosed.
TOSP is used only in the internal process of the TOS payment system and not trade in the 3rd party exchanges so it is free from price fluctuation. Thus, customers can buy TOSP only in designated TOS exchanges in order to use the TOS payment system and merchants can convert TOSP into fiat or TOS coin only in designated exchanges.
If customers want to use TOSP in transaction, they need to convert TOS into TOSP. Customers can set the amount of TOS coin they want to exchange and can send the TOS coin to exchanges automatically through their wallet. And then the TOS coin is converted into TOSP based on the market price of TOS at the point of exchange and is sent to the user’s wallet.
If customers pay with TOPS at a store, the amount of TOSP they need to pay is sent to the wallet of the store and the payment is completed. Then the store sends the TOSP to designated exchanges and can convert it into fiat.
Offline stores can use Linux-based console, NFC module or panel, smartphone or tablet PC attached with a QR code sticker. If customers transfer TOSP as explained above, the store can check the payment within 5 seconds on the smartphone or tablet PC.
When customers want to use TOSP in online stores, they need to convert the expected amount of TOS into TOSP and send the TOSP from their wallet to the wallet address appeared on the online payment page. Then the online store can convert the TOSP into fiat in designated TOS exchanges.
Online stores that added API (Application Programming Interface), provided by TOS exchanges for payment automation, to their payment system can check the payment within 5 seconds.
“TOS Coin” has successfully ended its 5-day long FREE ICO event started from March 26th and is working on to be listed on global cryptocurrency exchanges from May. It is also carrying out various kinds of promotions and implementing diverse marketing strategies in order to attract more users and expand partnering merchants. Currently, it has signed MOU with KENTO’S Japan and Korea’s Federation of Professional Economic person Societies (FPS) and its official said “TOS Coin” is making a great effort to expand cooperation with more companies and groups.