I had watched a video on the internet and saw somebody purchase a cup of coffee with some bitcoin. I thought that this was really great and how they have implemented the Bitcoin network to make the purchase without having to wait for a longer time for the network to verify the transaction. My biggest concern with Bitcoin and most other crypto coins has always been regarding the actual reserves of cash. Being built mostly on top of trust with this open standard, opensource, and permissionless design with not so much insurance I slowly become part of the group that was not so open to this coin. My aim is to design a cryptocurrency that pegs itself to real tangible assets giving us the result that we will be sure that these reserves are indeed real.
What it does
Our organization will be responsible for the purchase of real minted gold and insurance. All digital coins' value will be deriving value from these reserves. Once reserves run out and there is more demand the purchase of more reserves will meet this demand. Our design is based partially on the libra blockchain by Facebook. The web application that we have designed will handle sending and receiving payments via PayPal but it is partially also intended to handle rest APIs requests from our partners' individual client endpoint that their customers can access through web, mobile, desktop/pc applications with a simple plug and play pay with arpeggio button. This mechanism will be especially ideal for POS systems online or in-store. Neither the merchant or the customer will require a live internet connection to make transactions in person.
How we built it
We started off by taking the Bitcoin design. We took out the pow algorithm since we are running a closed and permission-based network. We have opted to use an in-house Byzantine Fault Tolerant consensus approach instead. The blockchain network should be able to run autonomously once hosted and over a long period of time without disturbance even though our organization will be making periodic enhancements. We started off with a handful of well-written papers regarding decentralized architecture, cryptocurrency, and the blockchain then we slowly made our own efforts to write an innovative implementation of this technology in a paper titled ‘Arpeggio the whitepaper’.
Challenges we ran into
The lack of payment processors in my own continents means that we could not test the platform to full completion. Our project requires a feature named "marketplace" or "connect" which is a unique invite-only feature offered on selected online wallets that can reduce fees for merchants on our platform and is sadly not available in Africa at all however, luckily it is available in other counties. We have a strong urge to implement all the features from our ongoing whitepaper that is also subject to refinement in the near future.
Accomplishments that we're proud of
We have drafted a whitepaper that is worth reading.
What we learned
We have learned how to properly plan our work to make proceeding with completing our project easier. We now apply agile and proper project management.
What's next for TchiboPay on the Arpeggio blockchain
We are on our way to implementing the business and accounting side of our ledger so that we can be the most economic entity that we can possibly be to be running a solvent business whilst keeping investors driven and returns on investment continously rising.