2-3. Electronic Transactions

2-3-1. Issues to be solved

The definition of collateral and value of cryptocurrencies is important for current applications of cryptocurrency electronic payments.

FRUITS is introducing the Gold Standard Stable Coin and the Gold Ingot NFT to provide storage for tokens of value. Both are designed to be pegged one-to-one to Gold, and holders will track the live status of their Gold through a 24-hour live feed on the FRUITS Eco-blockchain. This ensures independence from the price fluctuations of major cryptocurrencies.

FRUITS believes that its gold-standard social finance platform will contribute to the financial inclusion of the virtual currency industry as well as the financial industry. FRUITS also believes that the exchange, FGXG, can contribute to employment and economic revitalization of the African population, starting with Tanzania, and FRUITS plans to establish similar exchanges in other regions, while complying with national banking requirements and local laws.

2-3-2. Realization from a technical perspective

By applying the multiple NFT functionality of the FRUITS Eco-blockchain, we have developed an API for issuing and controlling NFTs that can be used for traceability NFTs and DIDs. This will enable the linkage and location management of Gold Stablecoins and Gold Ingot NFTs to gold.

The issuance of a gold standard digital asset will always provide clear whereabouts on the gold, and the holder of a gold ingot NFT can always see its whereabouts of the gold through their wallet.

 In addition, sufficient security is required for management and control. Therefore, from the end of 2022 to August 2023, FRUITS have made significant security enhancements, including changes to the specifications of the wallet, blockchain core, and API. The security enhancements include the following:

・Inspection of all tokens held in all FRUITS Wallets

・Non-utilization of third-party APIs for all transactions

・Full update of Fruitscan and changes to transaction API specifications

・Logging functionality implemented for services related to sending/receiving all tokens in the Fruits Eco-blockchain and access to wallet addresses.

・The number of parameters for the private key when creating a new wallet has been increased to two, and the API is now compatible with this change. Currently, two private keys and a public key are used for approval when sending/receiving.

FRUITS is still working on a system that will allow FRUITS to respond quickly to this and other items that deem necessary, and plan to work with third parties to make the necessary updates.

2-3-3. Service Image 

The user community can take advantage of the gold standard payment network through the FRUITS Wallet or Tanzanian exchange.

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