YayProto — Decentralized Money Transfer System

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YayProto is the world’s first multipurpose binary protocol built with a decentralized technology in mind. Beta versions of SDK’s for building mobile apps(iOS/Android) are ready to be distributed by request. Desktop SDKs will be announced soon. Minor imperfections are possible. Bug reports are welcome.

Assembled best in mind:

• Awesome Messenger (chat, audio and video calls, conference)

• P2P-Money transfer platform (Hawala Banking)

• Marketplace for local business/services (hotel, insurance, markets, any kind of a physical business that wants to go online)

• Ultimate Privacy and Security with encryption keys stored in blockchain

GOAL

Our goal is to create a decentralized cryptographic-resistant messaging system for private transactions.

YayFon Messenger has all of the standard functions, such as the transmission of text, images, voice, video, files, stickers, groups, all protected with end-to-end encryption using Elliptic Curve Cryptography algorithm. More features coming soon.

• Bots

• Public groups

• Sticker market combined with Sticker SDK for developers to allow develop and earn YFN

• All data will be transferred securely using YayProto, proprietary protocol, specificallydesigned for mobile networks

P2P money transfer

• Real time money transaction platform

• Real time crowd lending platform

• Ranking system will be executed for P2P transfer and lending

Lending

With YayProto Lending we aim to provide an alternative decentralized lending solution to individuals and businesses using the innovative blockchain technology. Having in backend YayProto, there will be a platform developed, which will use cryptocurrency alongside fiat currency for the purposes of peer-to-peer lending.

YayProto Lending platform enables people across the globe to lend or borrow Bitcoin, Ethereum and Fiat currency and thus be a part of global decentralised financial services.

Our team strongly believes in great potential of peer-to-peer lending. Through the ICO we aim to make these services more affordable, transparent and reliable.

Decentralization/Data/Content

• Provide your computing power and network speed for supporting the system and earn YFN.

• Share and receive rare and unique content and earn our benefits

MARKET ANALYSIS

• Global retail e-commerce sales growth from 1336$ bln in 2014 to 4479$ bln in 2021.
• Global messaging app users growth

• Global P2P money transfer growth
• Global P2P lending market growth

BLOCKCHAIN

Protocol

The YayProto blockchain is a cooperative ledger of state changes, performed by licensed and trusted nodes, and is capable of handling thousands or tens-of-thousands of transactions per second. It achieves this by performing contract executions on-client and verifying their output by 90% consensus algorithm in the creation of each new block.
The blockchain doesn't need to store a full history of all transactions, as these can be kept in the side-chains by each actor responsible for executing them.

End-to-end Encryption (ECC)

End-to-end encryption ensures that the data is transferred securely between endpoints. Most end-to-end encryption protocols include some form of endpoint authentication specifically to prevent MITM attacks. For example, one could rely on certification authorities or a web of trust. An alternative technique is to generate cryptographic hashes (fingerprints) based on the communicating users’ public keys or shared secret keys. The parties compare their finger using an outside (out-of-band) communication channel that guarantees integrity and authenticity of communication (but not necessarily secrecy), before starting their conversation. If the fingerprints match, there is in theory, no man in the middle.

When displayed for human inspection, fingerprints are usually encoded into hexadecimal strings.
These strings are then formatted into groups of characters for readability. In case of YayProto, public keys will be stored in a blockchain and every participant of the network can check the authenticity of the keys, to prevent MiTM-attack.

Features:

• Built-in Messenger

• Built-In p2p crowd money transfer and lending platform

• Wallet

• Software tools for developers to create unique and stunning products and services to suit daily life of billions of people

Concept of Hawala-banking on a Blockchain

The hawala system has existed since the 8th century between Arabic and Muslim traders alongside the Silk Road and beyond as a protection against theft. It is believed to have arisen in the financing of long-distance trade around the emerging capital trade centers in the early medieval period. In South Asia, it appears to have developed into a fully-fledged money market instrument, which was only gradually replaced by the instruments of the formal banking system in the first half of the 20th century.

How it will work on Blockchain:

Step 1

Alice wants to send money to Bob in another city or country.

• Alice opens an app and sees a list of people, who are living in the same city/country as Bob and wish to provide the money with some extra fee.

• Along with the money, Alice generates a QR-code/password and sends it to Bob via the messenger (this will lead to the money being paid out).

• Bob, with a QR-code/password provided by Alice, contacts the nearest person (Dan) and, after providing him the QR-code/Password, receives his money, minus the fee.

• For Alice, to start this operation the minimum amount* of YFN is required on her balance, which after QR-code/Password generation will be blocked.

Step 2

Eve wants to send money to Faythe. Faythe lives in the same city as Alice. Eve also lives in the city where Dan(step 1) lives. Eve generates QR-code/Password and sends it to Faythe. Eve contacts Dan and provides him money. Faythe contacts Alice and Alice releases the money, minus the fee. Eve's account now has a positive balance of currency(YFN, USD and/or etc)

Additional features:

• Ranking system

Ranking system will be applied for transfer, as well as lending platforms. Ranking system will be based on personal rating, performance/time efficiency, community feedback, response speed.

*Amount will be defined based on the market price of YFN and/or based on a fixed exchange rate defined by the money-releaser and Alice will be notified beforehand.
**All transactions are stored on the blockchain.

MARKETING PLAN

We are planning to support independent developers and developer teams, as well as inviting the traditional telco companies to join our network. Benefits for developers will be to bring user community the best applications and services, and for telcos, to decrease their infrastructure expenses. For this reason, we are going to organize Developers Conference twice a year, to bring together business and developers and show them the opportunity of our protocol.
South Asia, it appears to have developed into a fully-fledged money market instrument, which was only gradually replaced by the instruments of the formal banking system in the first half of the 20th century.

TOKEN DISTRIBUTION

Currency accepted: ETH, BTC
Token exchange rate: 1 ETH=7500 YFH 1 BTC=75000 YFH
Amount of tokens per one person: unlimited
Minimum transaction amount: 1 ETH, 0.04 BTC
Maximum transaction amount: unlimited

*Note: YFN tokens are not shares, stakes or securities. They should be treated as utilities, which will allow contributors to get goods and/or services within the platform. Using YFN within a platform is not mandatory and will be based only on the choice of participants.
**All tokens will be issued using a smart contract and only during Pre-ICO and ICO events. Maximumamount will be based on the results of PRE and ICO events.

Token Distribution and Funding Usage