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TagCoin – The World’s First Rewards Coin – Release Today

tagcoinVery interesting new coin launching today: Tagbond is a startup trying to change a few things in the membership and rewards sector. As part of the TagBond idea, we wanted to create a universal rewards currency that could be used everywhere and by everyone, and is specifically created with the rewards market in mind. A coin that itself would earn rewards. So we have created TagCoin.

About Tagbond and TagCash

Tagbond itself is a mixture of ideas from Multiply, Google Adsense, Groupon and Paypal. Anyone can create a community, and add marketing modules to promote on Tagbond itself, or via Facebook and other sites. These modules are called tagverts, which include coupons, prize draws, polls/surveys, mini shopping carts, loyalty cards, competitions and more. They can include rewards for the customer such as membership upgrades, points, real cash and crypto currency, and can include affiliate payments to anyone who wants to share them. RFID, NFC and QR codes are used throughout the system. Tagbond will help crypto to be used as a currency not just a commodity.

Alongside Tagbond.com we are creating TagCash.com which will be a payment platform offering fiat and crypto currency, featuring ewallets, currency conversion, merchant processing, micro payments and escrow.

Mobile applications are under development for all parts of the system, and there is a full API for anyone to integrate with mobile apps and websites.

Finally, we will be launching Tagcash.net which is a crypto exchange. We will be taking in most major currencies, and enable fiat/crypto trading pairs in most of them, including TagCoin. There will be no charges within the system – fees are $15 to deposit wire transfers and $25 to transfer out.

About The Developer

http://www.crunchbase.com/person/mark-vernon-2

All of these companies operate from Makati, Philippines, which is a major finance center in Asia. They are wholly owned by Mark Vernon, a veteran of internet business, who owns vtc.com (online software video training since 1996 and currently valued at around $15m USD), iplotz.com and eduslide.com. He is both startup founder and angel investor and is investing approximately $5m USD into the enterprise. The aim of the entire company is to be open and transparent, while also working with banks and central authorities to make this work.

Tagbond is registered with Fincen, and is working with the Bangko Sentral to become a licensed money issuer (which requires $2.5m paid up capital). Banking partners are Standard Chartered Bank and Union Bank. Tagbond and Tagcash will work with other partners as needed for licensing in Europe, USA and other countries.

About TagCoin

TagCoin will be the primary currency used within Tagbond and TagCash. We designed TagCoin with the following objectives in mind:

Fairness – Difficulty will start out at a reasonable value so no one can get an unfair advantage
Sustainability – Parameters have been chosen such that TagCoin can survive well into the future
Services – Tagbond and TagCash are just the start of the ecosystem that will we be building around TagCoin
Transparency – Open Conversation and discussion with the founders and staff within Tagbond

 

Source and udpates: https://bitcointalk.org/index.php?topic=317408.0

 

More comments from the developer:

the full specs will be released on Sunday, not before. All I can say is that it will be a fair coin, with a new twist. We are not going to try and control it, but we do want some branding on it, which is the main reason for doing it.

We don’t need to fund further growth using the coin itself, but it is part of the overall plan for growing awareness of the TAG brand. We would like the coin to be used as a stable currency and not just for speculation, we have no plans to manipulate pricing or to control it. It is in our interest to make it grow, but not to the crazy extent that BitCoin has developed. Anyone who knows me, knows that I don’t do these things for the money, I do it to change things that I think could be done better. If they make a little profit as well, that just helps me create more.

Within the Tagbond rewards/ecommerce site we will be adding Bitcoin and TagCoin (and Fiat currencies), although in the TagCash payments system we will add any currency that we think is viable. That goes the same for the tagcash.net crypto exchange. You will then be able to trade and buy using Fiat currency against most Crypto stocks.

My original idea at start in February this year was to create a centralized rewards currency that could be shared and used everywhere, but that had several disadvantages – that was before I learned more about Crypto, and this seems to fit the bill much better. I could have used an existing currency, but nothing really suited what we needed, hence the creation of TagCoin.

It is a grand experiment, but our business model does not depend on it. The Tagbond model is based on Google Adsense and Groupon, and to make that work we need fluid use of currencies, with no friction, no credit cards no chargebacks etc. A business creates a marketing “tagvert” (coupon, loyalty card, tickets, shopping cart etc), which is free and then has an option to reward anyone for sharing that on facebook, blog sites, via email, in person etc, but ONLY when that is redeemed at the merchant. So it is in effect an affiliate system that is much fairer than paying for clicks. A business only pays on results, and we take 20% of that referral income. That’s the revenue model.
For example, with vtc.com, we created a coupon for 7 days free access, and if shared to others, you would earn 5c every time someone signed up to VTC to learn new software. VTC was working on a 2 to 3% conversion to paid accounts at $30 a month (or paid in Bitcoins/Tagcoins which will be offered shortly). We had the option to advertise on Facebook, but the per click rate was 80 cents to $1.30 PER CLICK. There is no ROI for us on that model, and I am sure that is the case for a lot of business out there.

I am open to supporting Bitcoin and other currencies as well as our own, and will build out the merchant system, rewards system, trading systems to help. If I build it, hopefully people will come (Wayne’s World or was it Field of Dreams…)

btw, the entire platform is quite new, so we add tweaks and developments every day. There is a beta site at beta.tagbond.com and this is the staging server for playing around, including interacting with the public API. Please feel free to try and break things find bugs and suggest new ideas so we can make it better, stronger, faster..

Posted in Announcement, Cryptocurrency, Information, TagCoin

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