Bucks is essentially a crypto accounting system as it is currently primarily used to track debit and credits between individuals and companies, in order to correctly account for payments made and payments due to be made. One Buck is always equal to Ten South African Rands and payments are always calculated in South African Rand and settled in South African Rand.
But, Bucks is, at the same time, also a crypto asset as it could be used in exchanges. As the value of a single Buck is tied to the value of Ten Rands, it is always stable and does not change in measurement of value.
Bucks are created much the same way popular crypto assets are but also very differently as there exists a central exchange authority. Bucks work in reverse to most popular crypto currencies as Bucks exist and do not have to be ‘mined’.
Bucks are therefore not good assets to use for avoiding tax or for criminal activity, as all Bucks are traceable and accountable.
Regarding the external security of a Buck: The trick is to always ensure that the cost of hacking a single buck will exceed the value thereof. (by cracking a single buck nothing is compromised, except that Buck itself and as it is still very expensive in electricity, processing and other costs – and with current tech will take some years to crack a single Buck, it simply is not (and will never be) financially viable to do so – When the system becomes larger we will also move the core transaction servers to ever increasingly more physically secure geo’s) both the external and internal central servers also only contain a fraction of all Bucks, so the core is distributed and as there is a central control, even if compromised, bucks can be recovered as the system is designed with potential compromise and low trust at the core.
Bucks can also be recovered, blocked and are singularly verifyable, including ownership. (So, should someone steal your Bucks, it may/could theoretically be possible to recover your Bucks)
Each Buck has a (1)unique serial number, (2)email address and (3)the Buck itself. These three things are not related and the serial number does not contain the email address, the Buck does not contain the serial number or the email address and the email address is obviously external, although it is possible that a buck email address can contain the serial number and the Buck (as this is supplied by the transacting party), but the Buck changes each time it is transacted, is always unique and could theoretically be anything from a few bytes to a few kilobytes in random size. When transacted the secret for the buck is applied to the Buck. a New random key is added and applied to the new Buck. The Buck is then written to the serial number and the new email address is added to the transaction log, the confirmation and buck is then delivered to the transacting recipient. All transactions are multiple logged and logs are stored simultaneously in multiple geographic locations.
Bucks are collected in denominations as well as singularly and can be transacted in denominations as well as individually, Currently supported denominations are: One (1)Buck, Two (2)Bucks, (5)Five Bucks, (10)Ten Bucks, (20)Twenty Bucks, (50)Fifty Bucks and One Hundred (100)Bucks. (1,2,5,10,20,50,100)
Bucks are transacted with the general public as well as with partners.
Anyone can become a partner and partners all agree to play by the same rules.
When partners break the rules they are subject to sanctions.
Partners transact in bulk and need to be identified on the Internet by – fixed IPv4/IPv6 combined with Encrypted connections to the external central reporting and collections server(s). Internal servers collect transactions from the external central collection server(s) and return the results thereof after processing.
Interaction with an external service is simple:
Verifying Bucks: Send (1)Serial Number and (2)E-Mail address – Server responds: Y / N or R
(All verification subject to fair use policies as an unreasonable amount of N responses will trigger sanctions = R)
Transacting Bucks: Send (1)Serial Number, (2)Email From, (3)Email To and (4)the Buck – Server responds: New Buck / or / N / or / R
(All transacting subject to fair use policies as an unreasonable amount of N responses will trigger sanctions = R)
POST or GET sizes are limited to the largest denomination of Bucks (currently 100 Bucks) and each line has to include the PID (Partner ID and key, in this format: PID=$key – for verification and PID=$key – for transactions)
Bulk Transaction Example: https://bucks.co.za/?PID=parnerid&t=$base64_encoded
$base64_encoded contains multiple new lines /n – each line contains comma separated values:Serial,Email@From,Email@To,The_Buck
Bulk Verification Example: https://bucks.co.za/?PID=parnerid&v=$base64_encoded
$base64_encoded contains multiple new lines /n – each line contains: Serial,Email@Email
* Email addresses can be fake, for example: example@example – will work. However, all used email addresses have to belong to valid and DNS functional domain names. If an email address is fake or is established to be fake, the Buck could be delivered to the current domain registrant, reverted to the last functional email address or donated to charity of our choice.
All use of Bucks.co.za or any Bucks technology implies full agreement with all our Terms & Conditions of service, which we may also at any time alter, adjust, amend and change at our sole discretion.
Our data policies are very simple: We only use and store data which is required for the system to function effectively. We never sell any user data.