Introducing PolyCash: a platform for asset & bond issuance, wallets and gaming

Happy New Year! I'm writing to introduce you to my new project. PolyCash is a creative protocol which allows anyone to issue redundant and secure financial assets on the blockchain. PolyCash enables any kind of ownership to be represented on the blockchain: not only equities, but also commodities, utility tokens, currencies and prepaid access. Polycash is an implementation of colored coins and is similar to Ethereum ERC-20, Rootstock, Counterparty, ColoredCoins.org and NEM. PolyCash also allows anyone to print and issue scratch off cards for promotional campaigns and prepaid access.

Who's on your team?

We're still building the PolyCash team and would love your help in finding people who can contribute to our mission.

Joseph Rich, CEO
joeyfrich@gmail.com

Joey is a software engineer who specializes in distributed ledger technologies. He is also a serial entrepreneur who founded the world’s first bitcoin exchange, BuyBitcoins.com and co-founded FanPay, a sports crowd funding platform.

What are the applications of this technology?

Polycash supports a wide range of functionality. Polycash is an open source codebase upon which proprietary and close-sourced modules can be written. One of polycash's existing free modules is a dynamic odds virtual sports betting game where players compete to win fantasycoins which inflate at around 15% per day. Polycash games are based on highly inflationary currencies in which players stake their coinage to win coins. To avoid problem gambling and to incentivize saving, Polycash only allows inflationary betting; players can only gamble a fixed percentage of their net worth every day. In polycash games, the daily betting limit is determined based on the funds that each player holds and by the inflation rate of the in-game currency. Polycash games do not rely on the concept of identity. Players can log in once in a while to stake their accrued unrealized gains, or they can choose to stake smaller amounts more frequently by employing a script to handle their staking decisions. Because manually researching and placing staking transactions is time consuming, an ecosystem must develop to allow players to share and coordinate staking strategies. Less involved players can choose to base their staking decisions on an individual trader or a voting pool. Right now, you can play polycash games with testnet money by visiting polycash.com. We don't have voting pools set up yet; for now you'll have to try staking manually.

Where do polycash assets get their value?

It depends. Polycash games can be launched with in-game currencies pegged to the currency of the underlying blockchain such as Bitcoin. In this case, players can deposit Bitcoins into the game's escrow; new in-game coins are then created and granted to the player once the deposit is confirmed. At the end of the game, escrowed funds are divided up and refunded to players in proportion to their final in-game balances. Games can also be designed where players deposit dollars or financial assets in a traditional account. For crypto-pegged assets, a multi-signature escrow address is recommended to hold escrow funds. In other games there is no escrow and buy-ins are prohibited, allowing the coins to recognize value according only to supply and demand. Asset issuers can add value to their coins by granting ownership of commodities to the owners of the tokens, by buying back and burning coins at the protocol level, or by paying dividends to token holders.

What about transaction fees?

Transaction fees are paid in the currency of the underlying blockchain.

Which blockchains is polycash compatible with?

Polycash aims to be blockchain agnostic. That means that you'll be able to create assets on top of any blockchain. Right now you can launch second layer tokens on any UTXO blockchain that uses the Bitcoin RPC calls; we're currently compatible with Bitcoin, Bitcoin Cash and Litecoin to name a few. We plan to support Ethereum as soon as possible.

How are polycash-protocol assets created and shared?

Polycash asset definitions can be created via GUI and are shared as JSON-formatted text files. To access an asset, you can install PolyCash, install any relevant blockchains and then import definitions for the assets that you wish to use. Asset definitions make it easy to launch and share crypto assets and meta-blockchains with your friends.

What is polycash's solution for password/account security?

Polycash is a multi-user piece of software; it allows node operators to maintain secure servers and to offer web wallets to less sophisticated users. Two factor authentication on a web wallet on a server run by a trusted computer security expert is the recommended solution for players to securely hold their coins. Users who don't want to entrust their private keys to a remote server can always choose to run their own node.

Is Polycash launching a custom blockchain or currency?

Yes. We're developing a custom SHA-256 blockchain to enable advanced functionality. Our priorities for this blockchain are fast blocks and low transaction fees. The custom blockchain will enable advanced functionality such as proof-of-burn, sidechains and trustless escrow.

How can I get involved?

We believe that polycash can be one of the top SHA256 chains in a short time frame. But we need your help to make this vision a reality. Please visit our homepage to see the games we have running right now and then join one of those games to receive free coins and to test out our gaming platform.

See all free games Read the Whitepaper BitcoinTalk thread Our Blog