TUSC Network was designed with fast transaction speeds in mind to make it a viable option for retail payments.
Payment gateways are being developed for popular shopping cart software and point of sale systems.
Retailers are charged ZERO transaction fees for accepting TUSC. A small flat fee is paid by buyers to send TUSC.
Abstract:The goal of The Universal Settlement Coin (TUSC) is to create a cryptocurrency which can serve as a viable alternative payment solution for industries that have challenges with traditional banking. TUSC runson its own Graphene based blockchain, providingquick and inexpensive transactionswith consistent transaction fees.This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in The Universal Settlement Coin (TUSC) or any related or associated companyor software. Any such offer or solicitation will be made only by means of a confidential offering memorandum and in accordance with the terms of all applicable securities and other laws.BackgroundBitcoin was created to be a peer-to-peer decentralized digital currency on a blockchain with verifiable transactions without the use of intermediaries. The blockchain is not controlled by one person.Instead,it operates through a decentralized network ofcomputers, each storing a copy of the blockchain, eliminating a third-party intermediary.Despite the growing popularity of Bitcoin, blockchain technology, and cryptocurrency, we are still far from mass adoption of this revolutionary technology. Several factors including slow and highly variable transaction times, variable transaction fees, a steep learning curve, the limited number of payment gateways, and a lack of technical support in learning to accept cryptocurrency as payment has prevented mass adoption.TUSC Payment SolutionThe overall goal of TUSC is to create a digital payment solutionthat can be used in any industry as an alternative to traditional payment methods.Target CustomersWhile TUSC isavailable for use in any retail or wholesale application, TUSC’s target customers areretailers in industries that are experiencing challenges with traditional banking systems. Some of these challenges include refusing to process payments and limiting access to credit as banks and other service providers seek to manage social policy by replacing legislators and policy makers with their own corporate policies. TUSC isinitially targetinga single niche industry to gain market share, starting with online retailers. TUSC will strategically scale to include other industries and business types based on need and the prevailing political climate.Payment Gateway IntegrationThird parties are ableto integrate TUSCinto their applications, including new and existing payment gateways.Requirements for the TUSC BlockchainIn order to reach mass adoption, the TUSC blockchain hasthe following features:●Higher transaction rates than current payment solutions.●Consistent, non-fluctuating transaction fees.●Easy upgrades and bug fixes.●Flexibility to meet evolving needs in new industries.Consensus AlgorithmTUSC will use the Delegated Proof of Stake (DPoS) consensus system which uses a consensus algorithm and real-time voting system that selects block producerswho maintain and validate transactions on the blockchain. With DPoS, every coin holder has the ability to vote on the next elected block producer, andthese block producers maintain the blockchainand are rewarded for validating transactions.TUSC Coin ParametersTUSC isa Graphene based blockchain which is powered by the TUSCcoin.An initial total supply of 50 billion TUSC wascreated, and additional TUSC arecreated as block rewards. The maximum amount of block rewards available each year isset as a percentage of the total circulating supply of TUSC.Swap from OCC to TUSCThe genesis of TUSCgrew out of the Original Crypto Coin (OCC) project. Considerable community support for OCC developed after the initial free distribution of the OCC ERC-20 token through a faucetor “self-drop”which occurred between February and March 2018. This faucet distribution mechanismallowed interested parties to “claim” OCC anonymously without providing any form of payment or personal information. This was accomplished using a decentralized application or dApp. Use of the dApp did notrequire any specific action to be taken to promote the project to receive OCC, as was common in so-called cryptocurrency “bounties” at the time. OCC holders were provided the opportunity to swap OCC tokens for TUSC during a discreet, time-limited swap period in September 2019.AnewdAppfor swapping OCC to TUSC wascreatedwhich allowed OCC token holders to register a TUSC account name and swap their own OCC for TUSC ata ratioof2:1 (2 OCC = 1 TUSC).After the swap period closed, all support of OCC ceasedand all unclaimed TUSC were burned, returning them to the pool of TUSC available for the worker proposal fund.TUSC in the fund can be distributed to workers in a decentralized manner using an on-chain voting system.Transaction FeesTransaction fees on the TUSC blockchain will be paid by the sender/buyer, as is the norm in other cryptocurrencies.The TUSC transaction fee is initially fixed at 50 TUSC, and this chain parameter can be adjusted by a vote of the elected committee. Block RewardsIn addition to the transaction fee, elected block producers and alternates receive block rewards in the form of TUSC.GovernanceThe community of TUSC coin holders govern the blockchain through a voting mechanismwhich allocates 1 vote per TUSC coin. TUSC coin holdersvote to elect block producers as well as the committee members who areaccountable for any and all actions on the blockchain.Additionally, all TUSC coin holders can vote to approve worker proposals. The worker proposal mechanism allows distribution of TUSC to fund development or marketing activities by community members in a decentralized manner. TUSC coin holders can change their votes for any block producer, committee member, or active worker proposal at any time.ConclusionTUSC will serve as an avenue for cryptocurrency mass adoption by creating a blockchain based payment processing mechanism that will be fast, convenient, and secure.Transactions fees will be set at a low fixed rate, and chain parameters will be controlled via the on-chain vote of a committeeelected by TUSC coin holders.Important DisclaimersNot an Investment OfferThis white paper will not and cannot be considered as an offer to enter into an investment. It does not constitute or relate in any way,nor should it be considered as an offeringof securities in any jurisdiction. This document does not constitute an offer or an invitation to sell shares, securities or rights.The white paper does not include nor contain any information or indication that might be considered as a recommendation,or that might be used as a basis for any investment decision. TUSC is not intended to be used as an investment and is not for speculative purposes. TUSC on trading platforms are not a security and/or legal qualification.Given the lack of cryptocurrency qualifications in most countries, each party obtaining TUSC is strongly advised to carry out a legal and tax analysis concerning the purchase and ownership of TUSCaccording to their nationality and place of residence. No Tax or Legal AdviceTUSC does notprovide legal or tax advice, and the information herein is considered general and educational in nature. Tax laws and regulations are complex and subject to change, which can materially impact financial results. TUSC cannot guarantee that the information herein is accurate, complete, or timely. TUSC makes no warranties with regard to such information or results obtained by its use, and disclaim any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.No GuaranteesCryptocurrencies can be affected by adverse issuer, political, regulatory, market, or economic developments outside of the control of TUSC or the coin holder.TUSC makes no claims or guarantees regarding cryptocurrency value.Coin Holder ResponsibilitiesParties who choose to obtain TUSC will take the time to understand cryptocurrencies, blockchain systems, and the risks associated with cryptocurrencies.Coin holders are solely responsible for the security and storage of their TUSC. The TUSC blockchain and associated websites and applications arenot responsible for any lost, stolen, or missing coins. Coin users should be careful considering the risks and costs associated with obtaining and storing cryptocurrencies.Third-Party WebsitesLinks to third-party websites and applications are provided for your convenience and informational purposes only. TUSC is not responsible for the information contained on, nor the security of, third-party websites or applications.