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More than half of the world's populations have no physical address. This is something we, in the developed parts of the world, take for granted and spend very little time thinking about.
But, if you think about it, why is it so imprtant? If there is a medical emergency, where do you tell the ambulance to go? If you buy a cellphone, do you have to give proof of address? If you open a bank account, do you have to provide proof of address? If you order something online, where do they deliver the parcel? If you register a business, what address to you put on the form? If you have a business, where are your orders delivered to? How do you send out invoices with no address?
The above is just some of the examples that these people can not do, because they have no way of indicating or providing proof that they reside at a certain location.
The My Place X system makes use of 3 important technologies; smartphone technology, GPS and Blockchain technology. We will be implementing a type of blockchain that effectively is an unmutable distributed relational database.
The user records the GPS co-ordinates using his smartphone. Since the accuracy of smartphone GPS is 6 m at best, the user also takes a photo of the residence. All this information, together with more traditional information, e.g. ID photo, name, surname, traditional address information (if available), is recorded and encrypted using the user’s private keys. More elaborate information, such KYC, ID number, etc are stored at a later date and linked to the original information block.
When the user wants to retrieve the information, he submits to the network a list of the information fields he wants to provide to the end user, the network nodes and servers validate his request, they retrieve the information from the main blockchain and store the encrypted information on a sidechain for only a limited time period. The end user can then retrieve that information from the network within that time period and decrypt it using the users public key. The transaction is considered to be completed.
Unfortunately nothing is free. Neither is this nor is the postal services for that matter...... Infrastructure must be created, operated and maintained in order to run this system and this is where the business opportunity is. In return for providing this service, the node and server operators receive a fee per transaction. This fee is dependant on the amount of information the user requests to be made available and is paid by the user.
As per our white paper, the user is in full control of the secrecy of his data and what information he would make available. All data on the blockchain is encrypted with the users private key and the user will only provide decryption to the end user of the field he chose. If he so chooses, he can make only a single field available to the end user. The fee, or cost structure, is calculated on the amount of bytes of data to be retrieved and temporary stored. Please note that, in order to promote adoption, initial personal will be free.
The function of the nodes and servers is to retrieve that information from the blockchain, store it on the side chain and return the address of the data on the side chain to the user. All nodes and servers must store a copy of the blockchain, sidechain and all other files required to run the system, even if only single node is available. They also have to process the storage of new data, store additional data on blockchain, e.g. KYC validation, etc. The nodes and servers work in a “Pool of Requests” format and have to process all these requests, schedule and validate all submissions on a scheduled principle. This means ..... basically run the backbone of the system.
There is no mining involved and thus computer equipment is a lot more cost effective. We would prefer it if the nodes and servers are widely distributed across the world in order to improve service reaction time.
All node and server operators will vote on a fee structure on a yearly basis and determine the cost per kbyte. Naturally the fee, or cost of a transaction, has a big influence on the adoption of the My Place X system. 10% of all fees will be stored in a “community” wallet. All node and sever operators will be able to make suggestions on how these funds could be spend. They will then vote and the “community” funds will be spend on that project or not. However, initially focus should be on marketing and adoption increase.
Lets talk some number........... There are approximately 7 billion people on earth. Naturally, we would like to get all on board, but that might only happen over a long time. But lets assume we can get 1 billion people on board. (These numbers are not unrealistic, because Facebook has approximately that amount of users.) Lets assume that each basic transaction costs, in fiat money, $0.10. That would be $ 100 million in income should each user only do one transaction per year.
MyPlaceX's team members.
Founder, Software Developer & CEO