MYCELIUM BRINGS MERCHANTS AND CONSUMERS TOGETHER WITH A BLOCKCHAIN-BASED CARD AND MOBILE WALLET
HOW IT WORKS
Mycelium uses the distributed online ledger known spil the Blockchain to process transactions. The currency-pegged digital tokens can be understood spil digital вЂњpaper banknotesвЂќ that are secured from counterfeiters and boast a near-zero cost of transaction thanks to the Blockchain. For merchants and operating institutions, Mycelium provides Blockchain-compatible software consoles for managing invoice payments, purchases, account replenishments and other operations.
MYCELIUM IS DIFFERENT
Mycelium’s cutting-edge technology supplies advanced functionality the likes of which have never bot seen within financial technology. Here are some striking differences inbetween the Mycelium payment system and others such spil AmEx, VISA, MasterCard, etc:
Issuers and Acquirers
Plasticity is key. Any issuer can create a community of card holders, set pricing, and transfer any type of asset overheen the network. The acquirer function has become simplified and seamless.
Inexpensive, fully wireless and contactless POS. Hooking up to the network requires only a few minutes and costs around $Ten. Merchants can use regular internet service providers and ordinary routers to connect.
Security or authorization codes are entered directly to the card by forearm. Nothing everzwijn touches the card. Contact-less long range functionality permits a merchant to perform a transaction anywhere within a nearby neighborhood.
JOIN THE BLOCKCHAIN REVOLUTION WITH CONFIDENCE
Mycelium serves a diverse community of financial institutions and merchants by suggesting competitive business solutions for the technological environment of a fresh generation. The вЂњFinTech revolutionвЂќ has arrived and Mycelium eases the unavoidable transition to safer, less expensive, and more semitransparent payments methods for every party involved.
Unlike the competition, Mycelium is self-sufficient. It does not use large credit card networksвЂ™ digital enablement programs or POS systems. Unlike traditional systems (e.g. Visa, AmEx, MasterCard) Mycelium utilizes only a few hardware elements to achieve unparalleled efficiency. Mycelium is a comprehensive alternative, it offers a finish solution while incumbent systems represent only part(s) of a complicated framework.
POS: $100 range, Mycelium Card: $50 range. There is no other hardware required. Uses ordinary networks.
ISO compatible card size, compatible with the legacy infrastructure, established user perception.
Cards are mesh-network ready (i.e. include signal propagation), software-upgradable overheen the air.
The colored coins (overheen Bitcoin) protocol supports payments te fiat currencies and transfers for other values.
Mycelium cardвЂ”a klein, stand-alone device acting spil electronic walletвЂ”can function spil a key, pass, toegangsbewijs, ID.
RoHS compliant, FCC and EC compliant, useable ter all Chip and Speld (EMV) machines/devices.
Blockchain security. ECDSA 256 onverdraagzaam signature calculation (1700 ms, Two.97 mW consumption), SHA 256, AES encryption.
WIRELESS AND CONTACTLESS
Card listig range 100 m (with meteen line of glance) and up to 50 m ter urban propagation conditions.
Rx current: Two.Five mama (1V), Tx current: 40 moeder for +Ten dBm (1V). Low Rx channel sampling energy.
An issuer performs many functions such spil gathering KYC gegevens and managing backend accounts. Ter the Mycelium architecture, however, an issuer distributes not only cards and mobile wallets but also issues and redeems the вЂњmoneyвЂќ itself. This sort of functionality permits Mycelium to develop a competitive advantage overheen traditional issuers.
Issuer provides consumers with cards and mobile wallets, deposits money te relation to debt or deposits, maintains account gegevens. Customers love a similar practice analogous to present-day вЂњonline banking”.
Amazingly, an issuer can serve spil an acquirer by simply buying back its digital tokens. Another option is to list those tokens on third-party cryptocurrency exchanges.
An issuing institution can expand its reach by buying back its digital tokens from other banks at a reasonable discount.
Cards and wallets can pay to one another directly spil well spil to merchant consoles. Additionally, merchants may be enabled to top-up accounts directly.
Consumers can transact (i.e. buy and sell digital tokens) with third parties including banks where they do not have accounts.
Similarly, merchants are free to trade tokens anywhere they choose. No party, including merchant’s bankgebouw, needs to control or certify its hubs since they do not store any user-data. Their entire function is to serve spil wireless traffic gateways.
DEPLOYMENT: BECOME AN ISSUER
Deployment includes the following four stages. Associated costs with thesis steps and total deployment time may vary but should stay below the following benchmarks:
AND INSTALL MAIN SOFTWARE
In-bank arrangements should not cost more than $50,000. This includes basic educational sessions held ter several branches. Local certification of fresh services and physical cards are not included.
NOT INCLUDING Informatie CAMPAIGN
EST. COSTS vanaf VENUE
Setup for an average venue should be less than $100. This includes hardware, printed instructions, and one voice-call session with our support stuff. This estimation is based on a standard floor-space size of no more than a few hundred square meters.
Distribute mobile wallets
ANDROID &, iOS
COSTS vanaf EXISTING USER
The distribution costs for mobile wallets should not exceed a few dollars vanaf person assuming the targeted users are already part of an existing client base.
Ondergrens 20,000 USERS
EST. COSTS vanaf USER
If required card quantities are puny then the price vanaf unit may exceed $50 or more. Please note that cards, being a more conventional means of payment, promise to produce better adoption rates when compared to mobile applications.
Mycelium’s policy is to maintain a вЂњhands-offвЂќ treatment. Wij do not aim to control the ecosystem but rather let it develop ter a multiplicity of ways. Each issuer is unique and so each profit sharing scheme will be different. Below is the standard break-down:
TOTAL Toverfee MERCHANTS PAY
goes to the issuer
goes to mycelium
of incumbent costs only
HOW TO USE CARD AND MERCHANT HUB
To check a current balance, a card holder needs to thrust and hold Button “1”. The balance is also displayed after each ended payment.
The default mode of the card is “Pay”. To pay, the card holder needs to come in a two-digit invoice number and tapkast OK. The payee can use any channel of communication to inform the paying party (the card holder) what the invoice number is: vocally, visually or any other way. This communication does not necessarily have to be secure. Invoices can be created either with a card or through a Mycelium mobile or web application. When the card finds the needed invoice, it displays the voorwerp name and the amount to be paid. At this point a security measure is applied: both parties need to compare the keywords displayed on their screens. The card performs a “handshake” via ECDH key exchange and thus establishes an encrypted session. The common key for this symmetric encryption is stored aboard the card and can be used again if the same cards need to perform a P2P transaction at a straks time.
To receive payment the cardholder needs to shove and hold Button “Three” after which the card shows the invoice number that it is presently transmitting. That invoice number needs to be communicated by the cardholder to the paying party.
Mycelium cards use recombination tables instead of Speld codes to confirm payments. The reason is for improved security since frequently used buttons might become visible due to abrasion. Card holders can switch the authorization code anytime (from the card, itself) by holding Button “8” to inject Code Switching Mode. A card can also be fully reset with a PUK code. It is suggested that users store one or two wit cards to be able to restore a lost card at any time without requiring assistance from financial institutions.