alternative names: ไทยเตอร์ เบี้ยคอยน์In search of stability, Cash is Cash. No Questions Asked.
Technical Specification Whitepaper (Draft)
Last Updated: Whenever™
THBт is a concept of Stablecoin for general purposes in Thailand, proposed to be the next Legal Tender for Republic of Thailand.
In layman's terms: Every THBт is always 100% backed by Thai Baht1 in our reserves and able to be deposited to your Bank Account or PromptPay/eWallet within 15 minutes
Fast, Reliable, Decentralized and Anonymous Transaction
Targeted TPS: Up to 5,000 Transactions per second, 300 seconds for token treasury actions
I would like to pioneer this stablecoin as working Specification to make this Digital Thai Baht as
equivalent medium of exchange.
If that comes true, you can say goodby to fake bills and ChengMenX paper
currency.
Proofing Algorithm: THBтNeT Modified DAG (PoW&PoS Validator with Hashing Algorithm TBA)
Mining: Distributed Directed Acyclic Graph
Address format: ฿T[INITIALISM]<0123456789112345678921234567893123> where [INITIALISM] is any word specified
by address owner.
Institutional, Coporate, Self-Employed or Freelancer can take advantage of DirTH Name Service (akin to Ethereum
Name Service) to register their address to <Name>.th for easily memorable names.
Block Explorer/฿TDAG Graph Explorer: THBтScan.THBт
Network Operator: Decentralized, Including SpaceX™ StarLink Interconnected Nodes
Account types:
Deposit are handled not only by transferring money to deposit address, but can also be done by using Thai QR Payment scheme. Whichever is your preference.
A collective of certified ATMs which is ฿TDAG-connected and can be accessed using QR authentication with PIN and Multi-Factor authorization. (Such as biometrics along with EMV Chip-Read)
The ATM also accepts Debit Card from other financial institutions. But will transfer the balance to THBт account first before you can make any withdrawals.
Using standard 3 digit bank code is still valid form of ฿TD recipient. But additional verification must be conducted and clear all pending deposit to the financial insitution.
Multiple blockchain chan be supported as deposit-withrawals method for depositing THBт and use it on multi chain
Contextures
Accepted Asset Collateral includes its own native-chain token and stablecoins, such as
THBт on Ethereum (ERC20) Contract address: 0x93ba4cc62dfa54bcaf54e2ed3ff39b6e09437099
THBт on Binance Smart Chain (BSC): 0x93ba4cc62dfa54bcaf54e2ed3ff39b6e09437099
Collateral: Free Float
THBт on Stellar (XLM) Contract address: (TBC)
If you want to transfer your assets cross-chain, you can use official THBтNeTBridge, which has 1:1 exchange rate (but you pay your own smaht contract interaction gas fees)
For large amounts of cash money, the customer can request the THBтNeT to come into your place and time to upload the money. The operatives will come and pick up the money from you, which they have right to refuse service if suspecting fraud or deferring the payment.
After the operative has met you, you may require to show proof of identity for your own wallet addresse to be deposited into
Withdrawals are mostly automated by withdrawal handling authority, including ExchangePoint™
For every conversion of THBт back to THB will going to be transferred by automated systems and after that happened, the THBт is removed from money supply and written into the block
Retail Level Withdrawals are subject to Identity verification (which also incluedes PromptpayID compatible identity)
Institutional level withdrawal operations are done manually. Which might require trusted indentity verification.
Due to withdrawal limits and banking operations which may be limited by standard PromptPay network limitations, withdrawal operation and limits are regulated by the THBт developer, and might causing gas fees, which you can pay later.
With fast, cheap transaction in mind, we offer lowest transaction cost and no platform usage fees.
That means you can have transaction cost to transfer as low as 10k฿T for 1⁄6400 baht.
We implements the system as a "gas" system, which include operational cost for THBтNeT and its operatives. The
system allows you to move your money from one to each other within respectable amount of privacy.
When you pay gas for transaction, the gas availability is depends on difficulty of obtaining the respective
collateral, which can range from standard bank transfer to obtaining the cash by our operatives and getting them
uploaded.
up to 100% of all online transactions
Concurrent Transactions are first come first debt and can be handled by sending payment command to gateway to request writing transaction to the blaockchain.
To ensure that sending address is submissive and readable, the recipent address can be generated offline. but have to connect to ฿TDAG network at least once to registry in order to make that address able to receive money.
Just like ThaiQR payment, we got a secure transaction QR code used for authentication, authorization and contract purpose.
Most of the time, static payment code are always link to a single wallet address, useful for offline based rahn pah 1000
The protocol supports recording other currency than the token itself, Can buy you borgers. Et centra. But only THB will supports the instant withdrawals, for other currencies, you will have to go to ExchangePoint™ in certain district area to cash out your foriegn currency
Some address can be designated as a smart contract, which will do specific commands when money being transfered into. Using ฿TCH network can provide both realtime gross settlement and batched settlement to API endpoints in the network.
Mining Contracts is the other thing. Which will sort of buying your hashing power along with staking for the coin.
Lending is permissible for fully KYC'd clients, both individual and coporate accounts. Which will requires some asset held custody by a smart contract as loan collateral. Which in this case can be any asset from physical ChengMenX paper currency to cryptoassets such as PAXG or Ethereum, as long as loan collateral value does not fall between
THBт Bonds are time-locked smart contract, and can be fully exchanged as it is ERC-1155 NFT to stake your
funds (that are not used for a long time) to earn %APY from your THBт which can have a better rate than
traditional financial institution, but the funds stored in the smart contract will be locked from
transferring until bond maturity date and time.
If you hot money for real, you can liquidate the contract partially or selling your contract on KrdLuXng. to
consider this cryptoasset as an investment, as the contract may lose value (if THB is weakened against the
dollar) and is not FDIC insured.
Allows you to see current block data and informatrics about an address or transaction detail in a block.
Privacy Payouts are available upon request after you have fully completed our KYC procedures.
Well-regulated militia, the ฿T token is unlike traditional commercial banking systems; which operates under fractional reserves. We will have at most 100% of every token in reserves, which including but will not limited to banknotes or cash in bank account, which those who wants to swap between paper and digital version can be done upon request.
฿T is stored digotally in ฿TDAG Decentralized ledger, allowing for near real-time issuance, redemption and transaction monitoring.
Other investments might includes having reserves in other types of precious metals or foreign currency, including cryptocurrency but of each not more than 30% of the portfolio investment.
Foreign Exchange Reserves will be held by a smaht contract. The issuance and redemption can be requested from liquidity provider. Multi-Chain Support is imminent.
฿T is guaranteed to able to withdraw to customer in as low as 2 token treasury block time. (Approve and Exchange)
THBт is not directly "tethered" to the Thai Baht. Instead, it is "tethered" to the International Monetary Fund's Special Drawing Rights (XDR), with a twist: the collateral can be anything, such as a volatile cryptocurrency or stablecoin, as long as the market cap when quoting against it gives more flexibility to other forex and/or stablecoins.
ExchangePoint is a coolective term for the exchange between fiat THB and the THBт token. (This may or may not include financial institutions like banks and THBт-connected ATMs, depending on the legality of this token with the SEC.)
ExchangePoint™ is important because it allows both Baht and THBт to flow. Unlike blockchains, directed acyclic graphs (DAGs) do not rely on blocks, miners, or the concept of a chain. Instead, a DAG is a network of transactions that are linked to each other in a tree-shaped network.
The locations of ExchangePoint™ can be observed from live map and anything that uses the /BTXP/ API.
Users who want to exchange their coins must have a functioning smartphone and an required identity document to use the ExchangePoint™ services.
We will never disclose the usage or identity of ExchangePoint™ users to anyone. Not without Raiding our servers first.
Our goal is to have ExchangePoint™ available in every tambon and muban in Thailand, with a focus on rural areas to ensure equal opportunity and access to development.
Attempting to deposit 功德 monery or counterfeit cash at ExchangePoint™, if caught, will result in the termination of all account services and the user will be forcibly removed from the property (personal safety not guaranteed). Upon account termination, all tokens left in the account will be seized by the treasury and subject to removal from circulation at the discretion of the multisig wallet.
In some circumstances when the funds cannot be seized, or cash deposited is identified as counterfeit, account blacklisting may occur. In this case, the associated account will be barred from sending THBт to other user and therefore, unable to be redeemed to fiat.
In order to make THBт functional up to tambon or moobahn level. Tis will require ATM with these specifications in mind.
An automated teller machine (ATM) with touch screen capability. Also consists of Triple DES keypad, NFC Reader (For Passport Reading), ATM Card Reader (Both Magnetic and EVM Chip Read, with additional support to read THNID card), Barcode Scanner (Optical/Prepetual Vision), Cash In/Out Tray (with builitin emone circulation and verification system)
The ATM can't and will never verify the source of money, only their authenticity.
Only foreign currency banknotes that the ATM accept is latest edition of 🇺🇸 Federal Reserve Notes, 🇯🇵 Japanese Yen, 🇬🇧 British Pound and 🇪🇺 Euro. User have the option to convert with a live exchange rate or deposit them as-is; Debit card can hold multiple currencies with a drawing preference written on dTAG.
The Most Basic Unit of the ATM Module is Network Interface Unit (NIU) which is a briefcase-sized cash currency stash box that can accomodate up to 30 types of currency at once. The module itself is GPS-Protected, LTE+5G Connected and NFC-Enabled IoT Device and as tamper protection as available in current-gen. The height of package is not greater than Standard 2Ux18 inch Standard server rack size and as transportable with standard mocyc pai kard unit. The device will have multisig enabled hardware wallet which will use to validate and issue THBт Token for which liquidity will be locked inside them.
Details on NIU Operation and coupling instructions will be provided later in the stack.
Attempting to tamper the ATM or NIU will result in inking of currency stored and shall be removed from circulation.
THBт Debit Card is a personalized Debit Card with little-to-none annual fee. You can use them to pay for
goods and service anywhere accepting THBт. And it'll also works with Google Pay, if I were able to.
In order to get a Debit Card, you'll require to go through standard KYC procedures (THNID/Passport
verification) first and set up a 4-6 digit PIN before card becomes issued to you.
A fully customizable debit card, issued for everyday usage purposes. Have No Expiration Date printed on the card.
Card Specification: EMV Debit Card with Secure Cryptoprocessor inside which store the address's private key.
| Description | Fee (Quoted in ฿T) |
|---|---|
| Issuance/Reissuance Fee | 40.00000 ฿T for Normal card 50.00000 ฿T for Customized card After you opened your account and paid the debit card issuance fee, you will get generic card for everyday use until your actual card which have your name as cardholder name will be sent later via mail. Replacement costs the same as issuing new card. |
| Annual Fee | None |
| Transaction Fee |
In-Network: 0.0000015625 (1 BiaT) per Transaction Out-Of-Network: 0.025%-1.3% Depending on Third Party The Network Txn Fees is required to reduce network spam and potential attacks. |
| Foreign Exchange Fee |
USDT/THBт Swap is possible, with reasonable time and costs Please Note that transaction that may settle for an amount different from the amount authorized is a transaction incurred in a currency different from the currency in which the card is denominated. The final, settled, transaction amount will be based on the exchange rate in effect on the settlement date. The Exchange Rate will use the one provided from SPKonsoleZ and most of the time, with less than 2% of Price Slippage |
| Account Maintenance Fee |
None |
THBт Treasury is the sole authority to mint new tokens, which will goes through initial auditng processes, such as checking if reserve balance is fully backed by asset stated in previos section
Token burning can comes in various reasons, such as the money supply is removed from reserves, Ergo, the token is burned and removed from circulation.
Issuance and Redemption to and for fiat value is solely done at ExchangePoint™ Operated Independently
Token is never minted at ExchangePoint™ but are issued as approved from the treasury as a fractional
reserve, which automatically adjust the reserves as the weighted average daily volume and capability of the
Liquidity provider.
The THBт Network may requires addtn'l security to make sure decentralized reserves is in check and away from Thai Government's intervention.
A well-regulated Millitia, Use of deadly force for asset protection is allowed, as long as the network integrity retains, if all else fails Assets that has been seized will be frozen.
Arbitraging is always permitted as long as users does not attempt to DDoS the network or Treasury from normal operations. Arbitrageur's capital is at their own risk and may lose value partially or in full. THBт is not responsible for any loss from arbitraging operations.
Validation is going to be run by some ExchangePoint™ trading post. Where you also have ability to stake the validation contracts.
Under any circumstances if any ExchangePoint™ trading post got raided by police or SEC, the team will investigate and may block any/all transactions that considered fraudulent or harmful due to network misuse.
Current official DApps supported at launch are:
The THBт project is not responsible for any investment decisions made by individual investors. THBт is not an investment product and may lose value partially or in full. The specification whitepaper is not financial advice. The developers of THBт are individuals, just like you. Remember: not your keys, not your crypto.
All transactions written to the blockchain฿TDAG are final and irreversible. The THBт developers and ExchangePoint™ operators will not be liable or responsible for any funds sent to the wrong address or for wrongful smart contract interactions. If funds remain unclaimed for 15 years of inactivity, we may dispose of the unclaimed funds.
There may be THBт tokens on the Bitkub Chain, but we are not associated with them. THBт runs on its own separate chain with its own proof of stake. The KUB chain is known to have reversible transactions, which nullifies the atomicity of the blockchain. We consider the KUB chain to be more like an SQL bet than a blockchain. THBт on the KUB chain is not transferable 1:1 to THBт on the THBт network, and is subject to market conditions. Transferring THBт from the KUB chain to the THBт network, or vice versa, will result in the total loss of funds. THBт Version 0.1 Alpha will be issued under ERC20 on the Arbitrum or XLM Network protocol standards, and will use the Arbitrum Chain and Lumens Network as a ledger. As the network grows, it will have its own blockchain network. (Sponsorship: Unknown)
Bahtcoin vs THBт: What's the Difference?
Bahtcoin is the proposed central bank digital currency (CBDC) of Thailand, which is currently being developed by the Thai government. It is not yet clear whether Bahtcoin will be implemented on a blockchain or as an SQL coin. One key difference between Bahtcoin and THBт, a Thai Baht stablecoin, is the use of fractional reserve. THBт is a multi-chain and smart contract-enabled stablecoin, which means that the developers cannot change what has occurred on the chain and are not able to seize funds from an address or cooperate with written AML policies. However, they will honor interactions made through smart contracts. The total value of THBт in its respective "Portal" is transparent and follows a collateral lending protocol that specifies the amount of Baht that can be lent out based on the collateral assets. This ensures that the real liquidity is known and the risks of overleveraging assets and being cut off from liquidity providers are minimized.
The LhKK auto deleveraging protocol ensures that underperforming assets can be removed from the market with the help of consensus among protocols.
Shutting down тCash = Forcibly Taking People's money from People.
And a fre
Note that тCash only accepts offshore THBт variant: TBTH
It is possible to speculate against a central bank digital currency (CBDC) in certain circumstances, although the specific details of how this could be done would depend on the design and features of the CBDC.
In general, speculation refers to the act of buying or selling an asset with the intention of profiting from changes in its price. If a CBDC is issued and traded on a market, it could potentially be bought or sold for a profit, depending on the demand for the CBDC and the perceived value of the underlying asset.
However, it's important to note that CBDCs are issued and managed by central banks, which have significant influence over the supply and demand for the currency. As a result, the price of a CBDC may be less susceptible to speculation than other assets, such as traditional currencies or commodities.
It's also worth noting that CBDCs are typically intended to serve as a means of exchange and a store of value, rather than a speculative asset. As such, the risks and potential consequences of speculating against a CBDC should be carefully considered before making any investment decisions.
As stated before in ExchangePoint™ definitions, every customer who wish to redeem token values is subject to
standard KYC procedures. Which we called: Abdul Asking. Abdul Ask you to prove identity; Abdul ask you what
you know. Abdul does Two Step authentication.
(Depositing may not subject to same restrictions, only withdrawal to fiat is subject to KYC)
Standard Procedures include:
You might not want to tackle with one big elephant one on one. But if power of the people comes it might.
— SinglePlayerZ. (@MoNoLidThZ) May 25, 2021
Please note that the current competitor for THBт Payments Network are Retail Banking and Business Banking, National IT/MX is included. But the major difference is THBт is neutral, not issued by or affiliated with the Royal Thai Government nor SEC can control the execution of the smart contract. Tis meaning that it is truly a people's money.
for offshore Thai Baht Tether Variant: TBTH will be included in white paper. It is also THB-Backed Stablecoin that runs on the THBтNet Chain. Offering Low Spreads to USDT to be used on the DirTH marketplace.
The Difference between THBт and TBTH is its cross-chain functionality, the THBт is operated with intent to use the in the domestic market, the TBTH is for exchanging in various blockchain platforms with interoperability for swapping with stablecoins. (For the Etherwise, I will have to wait til gas fees go down first)
TBTH will not be allowed to use or directly exchange for goods and services in DirTH, you can hold Thai Baht in TBTH but in order to redeem for cash or conversion to THBт will have to declare the intent at the ExchangePoint™ in advance before committing transactions or operations.
Here is an example of a service level agreement (SLA) for a THBтNeT:
Scope of Service:
The THBтNeT will provide the following services:
Performance Standards:
The THBтNeT will meet the following performance standards:
Responsibilities:
The THBтNeT will be responsible for:
The customer will be responsible for:
Terms of Service:
Additional Terms:
The THBтNeT Deposit Insurance Corporation (TDIC) is an independent THBтNeT agency that provides insurance to depositors in the event that their bank fails. The TDIC was created in 2023 in response to the widespread bank failures during the กลุ่มทุนจีนสีเทา Era. It is funded by premiums paid by THBтNeT users and savings institutions that are insured by the TDIC. The TDIC insures deposits up to 250,000 THBт per depositor, per bank. This means that if a bank fails and is unable to return deposits to its customers, the TDIC will pay out insurance to depositors up to this limit. The TDIC does not insure investments such as stocks, bonds, or mutual funds.
In Thailand, the regulatory authority for financial services is the Bank of Thailand (BOT). The BOT is responsible for issuing regulations and guidelines related to banking, insurance, and other financial activities. To create a system similar to the FDIC, TDIC will comply with these regulations and guidelines.
In addition to complying with the regulations of the BOT, TDIC also need to consider other laws and regulations that may be relevant to operating a business. TDIC will also comply with data protection laws, consumer protection laws, and other regulations related to financial services and insurance.
To navigate the regulatory framework and ensure compliance with relevant laws and regulations, TDIC will work closely with legal and financial advisors who have expertise in the financial services sector in Thailand.