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Last Update
Feb 11, 2019
The S-PAY Coin becomes the main payment instrument in the S-PAY ecosystem. S-PAY Coins can then be purchased on market exchanges or be earned via mining. They can be used for example to pay for fees and acquire credit cards.
Due to the underlying PoS protocol, the S-PAY Coin can not only be used by every user worldwide as a method of payment, discount or participation in the S-PAY ecosystem but in addition every S-PAY Coin owner can “stake” (“save”) his S-PAY Coins and thereby earn up to 10% interest per year. For this reason it pays off twice to own S-PAY Coins.
With the “new” S-PAY, we will completely change the way people work with cryptocurrencies. Instead of using a large number of different platforms, S-PAY enables all relevant services to be accessed from one account with one registration. Our customers will make cryptocurrency payments just as simply as they are already used to with FIAT currencies like the Euro and the Dollar.
Our customers can trade cryptocurrencies within the system, make payments in real time, swap directly into FIAT currencies or withdraw cash at an ATM. Even payments to people who do not have a Cryptocurrency wallet or an S-PAY account are possible.
Merchants can receive payment for their goods and services in Cryptocurrencies or FIAT currencies and eliminate exchange rate risk through the automatic conversion.
Companies can use the S-PAY client management system to create their own payment system with their own account models, fees and commission structures, for example to promote the development of an investment or even offer a precious metals deposit account system to their clients. The use cases are limitless and each company can utilize their own corporate identity.
A comprehensive API enables automated bulk payments – allowing direct integration into a company’s own systems.
An own debit card, which will be provided for all merchants and business partners (white-label, if they wish, is making the whole S-PAY service complete.
Within the proof of stake (PoS) algorithms, an inequality is created/modified depending on the credit of a user's specific PoS cryptocurrency and not on the basis of block properties or calculations. Consider a user with address A and a balance of bal(A). Widely used PoS algorithms are based on these values using the following condition:
hash(hash(Bprev); A; t) ⩽ bal(A)M/D
where,
Unlike PoW (proof of work), the only variable that the user can change/influence is the time stamp t in the left half of the equation above. The credit of the active address is blocked by the protocol; e.g. The protocol can calculate the balance based on the deposits on this account that were not moved/transferred for one day. Alternatively, a PoS cryptocurrency may use undelivered transaction outputs, similar to Bitcoin; in this case the credit will be automatically blocked. A PoS protocol limits the possible values t can take. For example, if t is not allowed to deviate from the UTC time on the network nodes for more than 1 hour, a user cannot test more than 7200 possible values of t. Therefore compared to Proof of Work (PoW), no resource-intensive computing power is required.
Together with a valid address A and a sufficient time stamp t, the user must provide evidence of ownership to this address A. To accomplish this, the user can sign a newly generated block with his digital signature; in order to create a valid digital signature the user must own the address A private key.
The time to find a block for address A is exponentially distributed at the rate bal(A)/D. It follows that the use of Proof of Stake (PoS) is fair: the probability of producing a valid block equals the share of the user's credit in the total amount of coins in circulation. The time to find a block for the entire network is distributed at the rate ∑abal(a)/D.
Therefore, if the amount of available coins ∑abal(a) is fixed or increases at a predictable rate, the difficulty D should be known in advance:
where Tex represents the expected time between blocks. In practice, D must be adjusted based on the last blocks since not all users/ coin owners participate in block mining.
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