PROJECT PROPOSAL FOR AN IDEA ON BLOCKCHAIN

APPILICATION:

TERM: BULLION

A MINING SYSTEM AND A MONETARY VARIABLES CONVERTION

FOR PAYMENT PROCESSES.

BY

YUSUF YAHAYA MUHAMMAD

EMAIL: FEEZYNHARMONY@GMAIL.COM
PHONE NO: +2348035565819

BEING AN IDEA PROJECT PROPOSL SUBMITTED TO THE ONGOING

NITDA BLOCKCHAING SCHOLARSHIP PROGRAM/ FIRST
COHORT/2022-2023.
IN PURSUE OF TECHNICAL SUPPORT BY THE ABOVE MENTION
SCHEME AND THE BSV ECHO SYTEM.
 Abstract
This project proposal tries to explain theoretically the state-of-the-art of
Blockchain architecture which the project proposer tends to utilize to solve a
mining and payment problem. The architecture tends to utilize IPV6 for off chain
transaction processing and Zero proof of knowledge to achieve standard, secured
Blockchain services. Seeing the over challenging aspect of how content creators
face on how to get paid for their digital services. Problem of payment to
international corporate accounts and similar standard. This project idea tries to
solve this problem with Blockchain using BitcoinSV. This project proposal is
limited to knowledge of the project proposer and might require more than
explained, so the point of the project proposal is to convey an idea. So, any
shortcomings should not be inclined to the idea of the project.
 INTRODUCTION

Background of the Project

Online merchants and consumers alike expect online buying and selling to be easy,
efficient, and safe. ecommerce transactions trigger complex automated processes
that involve downstream players: banks and payment processors to name just two.
In addition, technological advances in smart phones and e-wallets, shifting
purchase patterns, and demand for cross-border, multi-currency electronic
payments have fueled PSP competition to maintain and increase market share.
New technologies have already simplified and smoothed business-to-business and
business-to-customer experiences with mobile payments, e-wallets, and contactless
cards. As the online payment processing market grows, user demands for
additional payment features and options lead growth in multiple directions.
Providers are under pressure to provide peer-to-peer payments beyond traditional
banking models, and to facilitate a cashless society that can enable any purchase,
even mechanical transactions such as parking meters or vending machines. These
demands create technical challenges for merchants, processors, and users up and
down the transaction path

STATEMENT OF THE PROBLEM

Below is some of the problem with online payment and or service which this
project aims to improvise solution:-
• Fraud and Chargeback’s
Online transactions are “card-not-present” transactions. As e-commerce expands,
opportunities for fraudulent misuse of payment networks and data theft grow right
alongside.
Charge backs, in addition to being costly, can damage business reputations; an
excessive number of charge backs can lead to closed merchant accounts,
effectively killing the business.
• Cross-border transactions
Cross-border payments can be slow, inefficient, and expensive, but they play an
important role in global trade. Typically, national banking infrastructures can’t
handle cross-border payments, resulting in independent and non-uniform
development in technologies and software platforms that complicate or stall cross-
border transactions. New developments are beginning to shape cross-border
payment requirements:
• Multi-currency and payment methods
Global ecommerce means accepting a variety of payment methods and currencies.
eWallet payment processing, mobile payment processing, and of course acceptance
of international credit/debit cards help online merchants compete in global markets
by allowing their customers to pay in their native currencies and method of choice.
For merchants, multi-currency, cross-border transactions can require new bank
accounts, new business entities, and new regulatory hurdles in each national
market.
• Digital Rights Management
DRM, which stands for Digital Rights Management, is a method of securing
digital content to prevent unauthorized use and piracy of digital media. This
mechanism prevents users from copying, redistributing, or converting content in a
way that is not explicitly authorized by the content provider.
 LITERATURE REVIEW
Then focus on cryptocurrencies in the finance and banking sectors is gaining
momentum. In this project idea term “Bullion” we explain the role Bullion inten to
play, insight into the opportunities leveraging cyptocurriencies; higher efficiencies,
increased securities and privacy, meaningful diversification benefit, alternating
financing solution, and financial inclusion.
Bullion aim at two special categories of service:
• Monetary value conversion
• Mining

Monetary value conversion

Multiplicity in monetary variables is always at the rise which should not be in itself
a problem as each monetary variable is meant to solve a particular problem, i.e.
currencies, phone credit unit, coupons, Bitcoins e.t.c

This project tends conversion of monetary variables through a single payment

system and as well providing an easy payment method. The idea is to build
Application that accept the below listed or their equivalent for payment processes.

• crypto currencies for payment process i.e. Etherium, Bitcoin e.t.c

• Conventional Banking system: National Banks, both foreign and local Banks
• Telecommunications unit i.e. prepaid: MTN, AIRTEL,GLO e.t.c
• E.t.c
upon account opening a user will register with all required information to pass the
KYC test, after which a user can decide to make payment or receive payment using
the above mention channels, which he or she will receive an equivalent of BSV
value. Which he/she can convert to any of the payment method mentioned above
for other payment processes.
The aim of this project idea is to provide a payment system for a diverse method as
to be able to enjoy technology build on some standard like the telecom, crypto
currency and as well providing means to utilize and even foster conventional
methods and at the same time providing a scalable method of a service.
A merchant that want to sale on this network after passing the KYC test can either
decide to receive payment for his goods or services using anyone of the above
mention channels. Where cases allowed!
The payment system will have a unliterary account service which will bind Bank
account, telecommunication: mobile phone, crypto account wallet to the BSV
value, which anytime payment received from either of this services will be
converted to BSV and can be withdrawn to any of the aforementioned account
depending on the BSV value as of the time of withdrawal.
The aim of the project idea is not toward wallet but payment system, so already
existing wallet address of different Blockchain services can be integrated, as well
as Bank accounts, telecoms e.t.c. The idea of this project is to introduce innovative
means for payment system using advance methodology as they surface, making
them corporal to our network through monetary value conversion, as the state-of-
the-art technical method aim to utilize for this project idea development allow us to
process transaction off chain allowing us the opportunity to explore the status quo
of monetary value conversion.
MINING
The project idea Bullion priorities mining as a services as a means to counterpart
the challenges faced by digital content creators must especially in Africa with
emphasis to Nigeria. Seeing the level at which the industry rise by the day but still
with limited means or method which content creators get paid.
with Bullion content creators can time stamp their digital content on the network,
using IPV6 and content creators can be able to ship their content of the chain and
Bullion will still be able to track the content and collect BSV through per as you
stream.
In a case where the digital content is not a streaming service the user can as well
prescribe the value at which he intend to share his digital content on the network
using any of the payment method describe in the Monetary value conversion
section, and can ship his content off the chain and still Bullion can be able to track
the content and prepare all necessary payment method.
• Example of a scalable case test: imagine a digital creator that is willing to
charge as low as 50 Naira for his digital content while must if not all
conventional method will not allow such a minimum transaction with the
telecom services integrated. A simple push message can be sent to the
interested party requesting to collect a predefined amount for a transaction
access token once interested party accepted that payment, access token will
be released to the generated source of the transaction to allow him consume
his purchase.
• Example of a scalable case test 2: If a user is a digital content creator, after
having account with Bullion he can upload his content on the network and a
responsive link/ json file/ JavaScript will be generated for use. Including the
digital value of the content in respect to difference payment method accepted
by the network, any method the customer decide to use a ledger will be
prepaid with information ready for collecting the required value which can
be used on the web 3.0. This link is an off chain and can collect information
and send to the network for payment processing once the payment is due
access to the digital content will be given for consumption
• Example of a scalable case test 3: If a user is a physical product supply
appropriate measure are prerequisite in place to help him utilize this system,
as our focused are on Blockchain all explanation will remain on the
payment system.
 PROJECT METHODOOGY
This part gives viable information about the intended methodology to be used in
achieving the state-of-the-art of this project idea "Bullion", it started by describing
the architectural design and then Technical methodology.

ARCHITECTURAL DESIGN
Goolang: why Goolang?
Go is expressive, concise, clean, clean, and efficient. Its concurrency mechanisms
make it easy to write programs that get the most out of multicore and network
machines, while its novel type system enables flexible and modular program
construction. Go compiles quickly to machine code yet has the convenience of
garbage collecting and the power of run-time reflection. It’s a fast, statically typed,
compiled language that feels like a dynamically typed, interpreted language.
Another important feature because it enjoy an IPV6 architecture layer which will
allow us to be able to enjoy technical method building on top of IPV6, as Bullion
will heavily depend on IPV6 architecture in either to be able to process off chain
transaction
More to that is the intended design method which i term as a match made in
heaven: Golang+GRPC+Graphql-go as efficiency and security are the heart of
the design.

Goolang
• Goolang for Backend: Backend engineering, Go BFF will be a good choice
from the aspect of performance.
• With go routine, Go would handle the concurrent internal accesses rapidly.
• Awesome packages for both of GraphQL and gRPC exist in Go community.
Google Remote Procedure Call (GRPC)
Google Remote Procedure Call (GRPC): is a modern open source high
performance Remote Procedure Call (RPC) framework that can run in any
environment. It can efficiently connect services in and across data centers with
pluggable support for load balancing, tracing, health checking and
authentication.
GRPC will allow off chain transactions even simpler as the design method support
a remote procedure call using code which can bind off chain transaction whenever
the transaction trigger it connect to the Backend for on chain process.
• HTTP/2 networking
• Protobuf serialization: template code generation
• Go is one of the most active languages for gRPC implementation.

GraphQL-go : a highly general-purpose framework for application development;

GraphQL is a query language for APIs and a runtime for fulfilling those queries
with your existing data. GraphQL provides a complete and understanding
description of the data in your API, gives client the power t ask for exactly what
they need and nothing more, makes it easier to evolve APIs over time, and enables
powerful developer tools.

TECHNICAL METHODOLOGY

 Zero knowledge proof (ZKP): allows a powerful prover to convince a weak

verifier that a statement is true, without leaking any extra information about the
statement beyond its validity. In recent years, significant progress has been
made to bring ZKP protocols from purely theoretical interest to practical
implementations, leading to its numerous applications in delegation of
computations, anonymous credentials, privacy-preserving cryptocurrencies and
smart contracts. Read more: https://ieeexplore.ieee.org/document/9152704
 Simplified Payment Verification (SPV): is a term used to describe software
which queries other nodes for new blocks and transactions but does not store the
blockchain itself, like a node. An SPV client is a form of light client described
by Satoshi Nakamoto in the whitepaper. The purpose of SPV is to afford users a
trust-minimized way of examining the blockchain without the inconvenience of
running a node. SPV clients do trust the nodes through which they query the
blockchain, but the ability to abuse this trust is extremely limited thanks to the
cryptographic security of Merkle trees and the presence of other nodes.
https://tsc.bitcoinassociation.net/standards/direct-payment-protocol/
 Conclusion

Cryptocurrency is an impressive technical achievement, but it remains a monetary

experiment. The overall idea of Bullion is toward payment processes and can either
include or exclude any information provided or not provided here, to better present
the bedrock of the project.

All technicalities detail in this project idea is based on research findings and is
subject to change with any concurrent observation.

The project idea "Bullion" was not intend for any monetary diversion or abuse
where possible as for that case a close watch will be provided for any misused or
abuse of the system. Intended Bullion was meant to solve the payment issue and
nothing more.

NOTE: This article is the first and is subject to revision