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The SAK Pay White Paper –For an Overall Ecosystem of Flow Pay

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Author: Tech-team, SAK Community

Version: SAK20141001.1

Manifesto: To set up an overall ecosystem of Flow Pay with sound, pragmatic and responsible attitude to technique.

Acknowledgement: Thanks for the support from all the community members, especially to Frank Brain, who gives us crucial guidance on the concept of Flow Pay.

Key words: SAK Pay, Flow Pay, Block chain, DAC

Summary

Bitcoin, a combination of internet technology and currency issue, brings us the block chain technology and the idea of DAC (Distributed Autonomous Corporation). Based on the technical principles of Bitcoin, SharkCoin (Abbr. SAK) is produced with more convenient payment at a higher speed. It takes only 20 seconds to confirm deals, which is much shorter than the time of 10 minutes by Bitcoin.

Since the issuance of Bitcoin, cryptocurrencies have presented a booming tendency of development all over the world. Technically, the four processes of mining, trading, payment and exchange serve to support each other, which provides a solid foundation for the applications. However, there’s no clear direction of further development for cryptocurrencies. Some consider cryptocurrencies as the substitute for the legal tender and as the major currency on internet in future. Some speculate cryptocurrencies round by round. Others even use cryptocurrencies as a tool to make a quick buck by misappropriating the speculators’ input and then vanish. For the current situation, members of SAK Community have reached a consensus: to take advantage of the cryptocurrency technology for solving the difficult problems that the legal tender is confronted with, and to make cryptocurrencies becoming the effective supplement to the legal tender in the applications on internet.

For now the SAK Community has set up an ecosystem involving the Tech-team, miners, traders, App developers and the exchange. After extended discussions and validations, SAK Community has acknowledged the way to set up the SAK Pay ecosystem based on the concept of Flow Pay for becoming the effective supplement to the legal tender payment system.

With sound, pragmatic and responsible attitude, the Tech-team of SAK Community works out the following three development strategies relied on the SAK Pay:

To keep up with the trend of mobile internet by offering technical solutions that closely serve people’s life, and to implement the preliminary application of Flow Pay based on the development of SAK Pay, for the purpose of ‘better technology, better life’.
To make full use of the block chain technology and the idea of DAC, and to manage to overcome the difficulties in the protection of intellectual property that cannot be dealt with by old technologies at present, for making efforts to spread the idea of respecting knowledge by human beings.
To integrate idle resources of computing, bandwidth and storage, and to solve the problems of HPC (high performance computing) by taking advantage of the idea of DAC, for making contribution to save the earth’s resources.


The Realistic Foundation of SAK Pay

The traditional payments relied on the legal tender, have the credible foundation to issue currencies, to pay and to settle accounts. The legal tender is issued by the endorsement of government credit, through the banking system authorized by the government. The processes of payment and settlement of accounts are based on personal or institutional credit, through a credible third party. The third party can be a bank or an institution with trusted authorization, for instance the Paypal. Credibility is the foundation of the legal tender payment. If any link in the payment goes wrong, the loop cannot be closed so that the payment cannot be completed even with bad debt. For example, an individual’s loss of credit can cause overdue repayment of his credit card and even bad debt. An institution’s loss of credit can cause overdue repayment of its loan and even payment shock. Naturally a government may lose its credit, while in current social environment it’s meaningless for us to consider the possibility. Being a social problem, we cannot solve it simply by technical methods. Furthermore, a government will definitely reserve the right to issue the legal tender that represents sovereignty. Rather than argue how to avoid the government loss of credit, we prefer to think over how to solve the problems of losing credit in the processing of legal tender payment with pragmatic attitude to technique.

The growth of internet brings out the demand for online payment. The early e-commerce of goods can easily settle accounts by online payment of legal tender, such as by the Paypal. It requires mutual trust between both sides of the transaction, and thus secured transactions are created in the payment. Here comes to the question of how to guarantee the credit of the sponsor.

Essentially different from the e-commerce of goods, distribution of online electronic publications is conducted in a benefit assignment system with multiparty participation. How to ensure each party’s benefit is now a dilemma before us. It needs technical innovation in the channels of distribution and also in the methods of benefit assignment.

The global development of various online computing terminals meets the great demand of online applications. What we ignored is that the computing terminals cause a huge waste of resources besides satisfying the needs of work, entertainment and consumption in people’s daily life. Technical innovation is called for making full use of the resources and for giving the contributors reasonable profit.

By using the cryptocurrency technology and the idea of Flow Pay, SAK Pay is devoting to solve the above problems emerged in the legal tender payment.

The block chain technology and the idea of DAC are the foundation of our innovation. Decentralized, unreliable and extensive participation are the features of DAC network. The block chain technology provides solutions of reliable payment to avoid duplicate and false payments in unreliable conditions. Moreover, to confirm identity labels and to be anonymous are possible in DAC network for simple and quick payments.

Proposed by SAK Community, Flow Pay is a real-time payment and settlement system with multiparty participation. The object is to bring each contributor real-time and reasonable return so that the system can get steady and sound development. Based on the idea of Flow Pay system, SAK Pay links with practical needs of payment in reality and makes use of cryptocurrency technology to distribute real-time and reasonable profit to each contributor. To the concept of Flow Pay, SAK Pay is a technology method and a practice on internet. It can accomplish payment and settlement, and label users with their identities at the same time.



The Application Trend of SAK Pay

To sum up the last chapter, legal tender had technical difficulties in practicing on internet, mainly about small high-frequency payment and users’ identity label.

Small high-frequency payment has been applied in our daily life. Let’s take a smart meter for example to see how it works. We deposit some amount of money in a power supply company and the company inputs the amount into our smart meter. When we use electric power, the smart meter automatically charges our account at the same time. Obviously, it’s a simple and one-way process of small high-frequency payment.

The demands for small high-frequency payment on internet are much more complicated than what a smart meter can do. How to pay tips on internet? How to assign benefit to multi parties in real-time in the distribution of electronic publications?

We used to pay tips on internet. During the payment we don’t know the other’s information of his bank account, either we expose our own account information on internet. Then what to do? SAK Pay can easily deal with it. Each user has a wallet address automatically assigned by the SAK Pay system. The address is open to all but anonymous. Anyone can remit to the address in real-time without validation by a third party. Thus the process of payment and settlement can be convenient, quick and anonymous.

Copyright protection has been a dilemma in the distribution of electronic publications. If real-time payment to multi parties can be conducted, then copyright can get protected to some extent. We’ll tell about how to make it in the next chapter.

The distribution of electronic publications has multi parties to assign benefit involving authors, publishers and channels etc. Together with the function of small high-frequency payment, SAK Pay can label each party with its identity as well. To be more specific, labeling is to define different groups with some unique features that apart from others. Credit cards are commonly used for labeling people. When we consume at some commercial sites, waiters may tell you that if you pay the bill by VISA you’ll get a discount. It’s a typical case of labeling with VISA identity. According to each party’s label, SAK Pay system can accomplish real-time and high-frequency payment in accordance with the plan of benefit assignment made in advance.

Just like credit cards, SAK Pay can label users with their identities in offline consumption. When you pay your bill online in real-time, you can get access to premium VIP service and the relevant discount as well.



The Performance of SAK Pay

Here we focus on the copyright protection of electronic publications to explain how SAK Pay performs. Electronic publications include not only books published by the press, films and television programs, but also articles, books and video works published online by the authors themselves.

The traditional technologies of intellectual property protection are limited to encrypting the electronic publications themselves, but not involving channels, real-time payment and real-time benefit assignment. SAK Pay makes specific efforts to improve the uncovered sections. Let’s illustrate how SAK Pay is applied in the distribution of an electronic publication.

Before an author distributes an electronic publication in the SAK Pay system, he should price it and set the distribution proportion for the disseminators. It can encourage more people to distribute the work. When people read the article or watch the video, they pay in real-time and correspondingly gain profit for the act of dissemination.

The task for the SAK Pay system is to slice and store the work under the necessity of dissemination at the time the author sets the distribution proportion. Then the work is stored in a distributed way among the disseminators. When people want the work, it can be restored and paid in real-time. During the process the author’s identity and the disseminators’ should be labeled, because many people may not only pay for the work but also gain profit from it as disseminators. We can imagine how interesting it is to pay for a video together with getting rewarded in real-time when enjoying it.



The Growth Strategies of SAK Pay

According to the technical progress and the actual demand, the Tech-team of SAK Community works out the following schedule for the SAK Pay with a pragmatic attitude.

Firstly, the Tech-team will support the App developer in China to launch the application of SAK Pay on mobile internet by the end of 2014.

It’s an O2O project connecting the high-end service industry with mobile internet. The APP will offer two editions for both Android and iOS users with the functions of social contact, sharing and payment. Much more interesting functions are embodied in the Flow Pay system based on the application of SAK Pay. For example, members can pay tips to each other at any time and transfer accounts in real-time. What’s more, male members must open their wallets for others to check, without worrying about the safety of the wallets.

The SAK Pay system labels members with their identities, which provides them the access to VIP services and the relevant discounts when they make purchases offline.

There are three groups defined in APP members: the introducers, the original and the disseminators. The APP sets the real-time reward system according to the contribution of the three groups, which shows the technical advantage of Flow Pay.

The introducers: When a member invites more than 100 individuals to use the APP via WeChat, micro-blog or other channels, he will become an introducer. The introducer and the invitees will get one-time bonus. The introducer will receive rebates in real-time when the invitees make purchases offline.

The original: The home page of the APP is considered as the page of a glossy magazine. When a member writes a good article after making his purchase offline, the article can be placed on the home page and the member is defined as an original. Besides one-time bonus, the original will receive rebates in real-time when other members make purchases offline at the same site because of reading his article.

The disseminators: When a member forwards an article in the glossy magazine page to his circle of friends, and any fans of his reads the article and relevantly makes purchase offline, the disseminator will receive rebates in real-time.

Besides, the APP has the function of investment platform with the concept of P2B, which is close to real life and brings people happiness and tangible benefits. Let’s look forward to such an interesting APP going online.

Secondly, in June 2015 the Tech-team will support the App developer in Europe to solve the difficulties in intellectual property protection that can be hardly dealt with by traditional technologies.

For now the application is at the stage of technical development. We’ll make use of the SAK Pay system and combine with the block chain technology and the idea of DAC, for accomplishing the online fragmented storage and restoration of electronic publications. Furthermore, we’ll integrate the resources of online storage and bandwidth transmission, and give the contributors reasonable profit relied on the concept of Flow Pay. Obviously, the application will show how the concept of Flow Pay being applied in the SAK Pay system in a further step. Let’s wait in hope for the coming application.

Finally, a valued application will come to conclusion by the end of 2015. By taking advantage of the SAK Pay system and the idea of DAC, we intend to integrate idle resources of computing, bandwidth and storage, and to solve the problems of HPC (high performance computing). It’ll be our contribution to save the earth’s resources. No matter what result comes, our Tech-team is making all the efforts to go further. And we warmly welcome the enthusiasts for internet technologies to join us.

http://www.sharkcoin.org/?p=100

Edited by sharkcoin (see edit history)

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With efforts from all the community members, an ecosystem involving the Tech-team, miners, traders, App developers and the exchanges has been set up since the launch of SharkCoin (Abbr. SAK). For consistently promoting the applications of SAK, our Tech-team has made discussions and drawn up the following technology roadmap of SAK.


  1. To keep on updating the code and the wallet program of SAK.
  2. To support the App developers for the design of the SAK wallet which is expected to go online by the end of November 2014.
  3. To support the App developers for the design of the SAK mobile wallet which is expected to go online by the end of 2014. It is to follow the trend of how cryptocurrency being applied on the mobile internet.
  4. To support the App developers for the technical validation and the fulfillment of SAK’s application on the protection of digital intellectual property. It will be a great step for SAK and is expected to go online in early June 2015.
  5. To study the feasibility of scientific computing being used in the output of SAK. It aims to run the scientific computing at the same time with mining by the technology integration of the both. When the conclusion can be drawn by the end of 2015, the value of SAK will be highly increased.
  6. To carry out more technical tasks for a long term.

On the basis of the above technology roadmap we’re going to make all the efforts to promote the further development of SAK community. We warmly welcome the enthusiasts for internet technology as well as for various applications to join us in the community for a coming bright future.


Edited by sharkcoin (see edit history)

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sharkcoin

SharkCoin,a wider and fairer distribution of the currency
SharkCoin decentralizes currency mining. While Bitcoin mining requires the use of expensive, specialized hardware, SharkCoins are efficiently mined on ordinary computer hardware like PCs and laptops. Anyone can download a program and start mining SharkCoin.
Decentralized mining ensures:

  • a wider and fairer distribution of the currency.
  • easier to obtain – anyone with a computer can do it.
  • participation for the economically marginalized – individuals don’t require an account with a bank or exchange – anyone can mine new coins with a PC by consuming electricity.

Twitter:https://twitter.com/SharkCoins
Blog:http://sharkcoin.tumblr.com/ 
Facebook:https://www.facebook.com/sharkcoin 
Google+:https://plus.google.com/u/0/b/111570324254357296738/111570324254357296738/posts …

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