Quasar by Quantoz

Blockchain based micropayment infrastructure

17th of Nov 2016

Basic facts

Quasar is an open-standards, distributed, permissioned blockchain-based electronic cash system with built-in rules to fulfil regulatory and compliance guidelines. It enables instant, irreversible digital cash payments between enterprises, people and devices in the Internet of Things, compliant with regulations. Quasar is based on Quantoz´ innovative multi-purpose wallet issuing model and can be applied for many use cases, such as extending legacy systems of financial services.

Quasar users have two types of accounts: blue accounts that are connected to a regulated service provider or bank, and red accounts that can be freely created.
Quasar nodes are run by regulated service providers or banks that operate two more types of accounts with additional compliance options: green for the providers and white for the system operator.
The different wallets have different rights regarding the creation and closure of wallets and balance limits.

Why Blockchain?

Like the Internet, QUASAR is designed as a network of servers (´nodes´) in multiple locations that power a distributed ledger. This ledger records every transaction in the system. A complete copy of the global ledger exists on each QUASAR server. White-listed entities (i.e. participating banks) can run servers. The network becomes more robust with more servers. The servers communicate with each other to verify transactions and sync the ledger every 2-5 seconds. This mechanism is known as consensus. The ledger records one´s money as credit which is issued by the system operator (issuing authority or bank). This system operator acts as a bridge between the traditional bank account and the QUASAR network (and has to be trusted to hold one´s money and honour withdrawals). In exchange for a deposit, credit is issued to one´s digital wallet. Issued credit can be sent and received between participants on the network. Source: Quasar website

Additional sources

http://allcoinsnews.com/2015/11/17/quantoz-makes-progress-on-blockchain-based-digital-cash-secure-payment-for-iot-devices/

http://allcoinsnews.com/2016/02/17/quantoz-newsletter-announces-achievements-and-events-for-2016/

Note

This site just shall give you a first impression of the depicted application. Please contact us, if you are interested in a detailed analysis of a specific use case or branch.