Apart from XFER tokens, which are tradable on exchanges the XFER blockchain has two types of stable tokens pegged to the local fiat:
The pegged tokens are pegged to the local currency and is backed by an equivalent amount of fiat held in a reserve account in the respective countries. An example of a pegged token is SGDXFER or INRXFER, which is pegged to the Singaporean Dollar or the Indian Rupee respectively. These tokens are created when the fiat is exchanged for these tokens in the system.
Custom tokens are user-generated tokens. The value of these tokens are mapped to the pegged tokens in the respective countries. The purpose of the tokens might be loyalty, rewards, coupons etc. For example, if Baskin Robbins in Singapore wants to run its own loyalty program, they can generate a token called BRXFER which is equivalent to 1 SGDXFER. (Note: The user-generated tokens are not backed by fiat reserves.) Companies or entities who want to create custom tokens are governed by a rule engine through which these companies/entities can create, distribute and assign values to these tokens.
Easter Egg's XFER blockchain uses Delegated Proof-of-Stake (DPoS) as the consensus mechanism. An election system driven by the stakeholders will choose the delegates who would generate the blocks within the system. The chosen delegates are slotted randomly into specific slots before each round of consensus.
In each round, N delegates are chosen to forge by means of an election by the stakeholders. Each stakeholder may vote for up to N delegates, and the weight of the vote is directly proportional to the amount of XFERs held by the stakeholder. All active delegates in the round will earn a block-reward on forging a valid block. Apart from this, there will be a round fee which will be split, among all the active participants in that round. The round fee is the transaction fees distributed at the closure process.
A business rule engine allows non-programmers like business owners to add or change business logic in a Business Process Management (BPM) system. A business rule is a statement that describes a business policy or procedure. The XFER Rule Engine (XRE) helps our partners create business rules with an easy “if this, then that” interface for their custom tokens.
Following are two sample use cases:
Use Case 1
If an ice cream chain like Baskin Robbins comes up with it’s own loyalty program and offers loyalty points in the form of BRXFER, they can define the following business rules:
Use Case 2
If a corporate wants to instantly reward its employees based on a speed-of-task execution, the same can be implemented using the XRE. A simple example would be: complete a particular task in 3 days and get 100 SGDXFER! If the same task is completed in 5 days, the employee only gets 50 SGDXFER. And the employee does not get anything if he/she takes more than a week to complete the task. The rules are added to the system and rest of the transactions are automated on the XFER platform.
Most of the developing nations, from South America, Africa and Asia, are taking bold steps to move from a cash to a cashless society. The high penetration of mobile and internet in these nations are enabling the governments of these nations to closely work with fintech companies to help transition from a cash-based society to a digital-payments society.
Two big economies, India and the Philippines, have implemented a demonetisation programme, which would help their societies to leapfrog into a financial sector that will increasingly become technology-enabled. India has taken some bold steps in the last 3 years in areas of financial inclusion and digital payments completely backed by the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and the Government of India (GoI). All of these government organisations are working closely with each other to push the Digital India mandate.
Easter Egg Transfer is incorporated in Singapore, a globally recognised financial hub in the world. The Monetary Authority of Singapore that oversees all monetary and fintech policies is very forward-looking and breeds innovation in this space. And Singapore provides a great corridor to assist in business development and expansion across Europe and the Americas.
Easter Egg Transfer has been live as a mobile phone application called Easter Egg Gifting for the last six months and has about 300 partners across India and Singapore with a proven model in the gifting category. This has grown to 7000 users across 6 countries with a combined revenue of USD $30,000, achieved with very little marketing. The Easter Egg blockchain Proof-of-Concept is ready and additional functionality is being added. They are on schedule to be live with the beta product for remittance in October 2017. The first corridor to go live would be the Canada-India corridor. All necessary licences in Canada to operate as a money service business have been obtained and the remittance infrastructure is being tested currently.