A 2-coin system has been devised for use within the app. The primary currency Canyudocoin
is employed where payments are processed, or where we charge fees for the creation of digital proof of agreement / receipts. Transaction records are updated to a
user data protected distributed ledger
, and data is accessible only by the parties to those transactions. Canyudocoin (CYD) will be made available to be bought and sold at the crypto exchanges, and can be held in wallets outside of our application.
Our secondary currency is Kudoscoin
(KYD). Kudoscoin is created via a burn process that turns Canyudocoin into a separate fully tracked and traceable coin. Transaction records are updated to a
public distributed ledger
, with data accessible by anybody
. It will be created from the income derived via user transactions we process and user donations we receive, and will be credited to app using registered charities for use within our Pay-it-Forward
model. Kudoscoin can be held within
only, and will not be
trade at the crypto exchanges.
The purpose of Kudoscoin is as an incentivisation tool for charities to employ. We will credit charities with KYD each month, and hope they will use the app to organise charitable events and the coin as a way to reward people for getting involved. The exchange rate between the two coins is permanently fixed at 1:1 to allow Kudoscoin to fluctuate in line with Canyudocoin. Those receiving Kudos (including the charities themselves) can sell the coin at the exchanges only by first converting back to CYD, which we will facilitate at no cost to the user.