The AtCash Payment System is a policy-based transaction system designed to support financial or contractual transactions of arbitrary size and complexity. Client and server-side components integrate with conventional (pre-existing) financial systems, thus providing a smooth acceptance path for common transaction types such as credit card, debit card, wire transfer, and bill payment. AtCash further endeavors to extend the reach of its services to traditionally intractable user segments (e.g., unbanked and underbanked) through its high ease-of-use, its choice of deployment platform, and its ability to propagate policy-based incentives at local and global levels.
All transactions in the AtCash system are authenticated, auditable, and secure from unauthorized disclosure. The AtCash transaction log is self-verifying in the sense that every transaction has publicly provable ordinality, and every movement of assets through the system is visible to authorized parties. Unauthorized parties have no access to transaction details or user information; in particular, user privacy is protected with respect to counterparties in payment transactions, and every durable asset in the system (such as user credentials) is revocable and replaceable in case of loss or theft.
The system has the capability to support transactions on blockchain and cryptocurrency. Transaction logic is driven by policies set forth by the relevant blockchain participants. This ability allows the system to facilitate two key use cases. An end-to-end crypto fiat solution targeted towards consumers both banks and unbanked. This solution is led in principal by the sovereign authority within the country, namely the central bank. This use case is being referred to as the Retail / end consumer crypto currency.
Additionally, the system supports a second related but independent use case of settlement between banks within a country and banks between participating countries. This is being referred to as the wholesale settlement use case. Our system supports both these uses and subsequent variants of such use cases, many of which are yet to be defined.
T.I.M.E - Our Identity Management Solution
Trust and Identity Management Engine. This module is a private permissioned blockchain to manage Know Your Customer (KYC) attributes and digital identity. This module provides key input to the AtCash platform especially the wallet and authentication across the system. This module also has the ability to function independently and be a separate commercial product available to governments, financial institutions such as banks, exchange houses and credit agencies, businesses and individuals.
The goal is to create one identity: federated and digital for each citizen / participant with blockchain. Organizations can then use this validated identity to authenticate for their services.
W.I.N.D - Our National Wallet Solution
Wallet Identifier on National iDentity or W.I.N.D is a store or container of value within the AtCash Network. It allows users to access their crypto value within the system. The purpose of the wallet is to store and transfer value based on wallet authentication.
It is important to note that the AtCash system can be accessed through other wallets. For example third party wallet providers can integrate with the AtCash system and provide access to crypto values within the system. By providing the ability to have a national wallet, AtCash provides access to unbanked users who may not have access to any other wallet solutions.
Authentication to the wallet allows the users to perform many transactions upon authentication. The User can select the predefined policies that will define the operations of the wallet. The user can manage their profile, add or remove devices, and create dependent wallet. The central bank/ financial institution can define policy to set rules for their wallet owners to execute the transaction. Wallets have the ability to function in offline mode, if policy providers allow it. Wallets are on a permissioned blockchain.
F.I.R.E - Our Secure Value Blockchain
Federated Input Response Engine. This is the crypto heart of our system. FIRE operates on a permission based blockchain. Cryptocurrency is generated as a part of the retail or wholesale use case. Ideally, central banks drive all cryptocurrency generation. However, the system is capable of generating cryptocurrency against fiat for any organization.
As designed, the Central Bank will drive the policy level decision making. It will be the fiscal policy of the central bank which will guide the decision on how much Cryptocurrency should be pushed into the economy for usage or be stored as reserves.
The Central Bank further passes on the generated cryptocurrencies to the banks. Each bank will have a definite amount of cryptocurrency in his wallet. Banks will also keep some reserves as provisions to use cryptocurrency for unplanned activities, wholesale payments and other dedicated activities.
I.C.E - Our National Wallet Solution
Interoperable Convertor Engine is our settlement and switching engine. It enables wholesale settled on a permissioned blockchain between banks and the central bank.
Wholesale settlement is the type of settlement done between banks on a periodic basis. Banks will be on-boarded on the AtCash platform and interact through a predefined policy. Each bank will have an AtCash wallet with Operational and Reserve amounts.
All the settlement transaction will be done through the cryptocurrency kept under the reserve wallet. All participants share a single source of truth. The transactions are validated and settled in near real-time. Smart contracts enable smooth transfers and other operations.