My Place X

The My Place X system makes use of 3 important technologies; smartphone technology, GPS and Blockchain technology. We will be implementing a type of blockchain that effectively is an unmutable distributed relational database. The user records the GPS co-ordinates using his smartphone. Since the accuracy of smartphone GPS is 6 m at best, the user also takes a photo of the residence. All this information, together with more traditional information, e.g. ID photo, name, surname, traditional address information (if available), is recorded and encrypted using the user’s private keys. More elaborate information, such KYC, ID number, etc are stored at a later date and linked to the original information block. When the user wants to retrieve the information, he submits to the network a list of the information fields he wants to provide to the end user, the network nodes and servers validate his request, they retrieve the information from the main blockchain and store the encrypted information on a sidechain for only a limited time period. The end user can then retrieve that information from the network within that time period and decrypt it using the users public key. The transaction is considered to be completed. (Naturally it is a lot more complicated, but is does explain the basic principles of the system) The My Place X system will accept existing cryptocoins to pay for the transaction fees. The MPXT tokens are purely there to determine the Proof of Stake. A wallet will be provided to trade these tokens.