PVC Crypto Whitepaper

  1. EXECUTIVE SUMMARY

Currently in the Philippines, there is a large unmet need for a medium or currency that can enable hard working family members abroad to send remittance funds to loved ones.  Current cryptocurrency solutions have the following keep drawbacks that we are looking to solve:

  • Simple

Easy to use single interface for wallet and cryptocurrency mining. Bring the reliability of a steady income to each individual who wants to. Mining cryptocurrencies is complicated.  There are software packages and guides that attempt to solve this, but ultimately mining requires a solid baseline knowledge to manage and maintain.  PVC seeks to simplify this process with a wallet built-in mining software that removes the need to understand the precise details.

  • Accessible

Send money to anyone in the world, using hardware already available to you.

  • Secure

Cryptocurrency is volatile. Nothing would be more unsettling than expecting to send family a sum of money and finding out it has drastically dropped before having the opportunity to spend.  Cryptocurrency value changes by large percentages on a daily / hourly basis.  By fixing the price of PVC, we remove the unpredictability and gambling aspect most cryptocurrencies suffer from.

PVC cryptocurrency is an initiative to put crypto in the hands of the Pinoy, and eventually the world. PVC Crypto aims on becoming the Philippines’ Premier reliable Cryptocurrency, which will be used as a backbone for services such as Payment Processing and Money Remittance service, allowing the Filipino People to participate in the decentralized Global Economy that Blockchain has to offer.

This is a result of collaboration from the members of the PVC Crypto Development Group.  This diverse group has experts from the fields of Software Engineering, Aerospace Engineering, Math & Physics, Banking & Finance, Law, Multimedia Design, and Marketing. Hard work and decication from this decorated team resulted in PVC Crypto becoming and reality on July 1, 2021.

Our goal is to provide a secure, simple & accessible – Payment Processing and Money Remittance service to Filipinos who do not have access to conventional banking services. The Filipino marketplace has desperate need for this service, but crypto users globally can enjoy the speed and simplicity of PVC.

PVC CRYPTO… SECURE… SIMPLE… ACCESSIBLE…

QUIA OMNIS

PVC Crypto is based on the Litecoin protocol with Masternode capabilities to enforce network protection.

PVC Crypto Desktop Wallet is a non-custodial wallet, designed to make cryptocurrency more accessible for novice users without compromising privacy and security.

PVC Crypto Pay is an online payments system that facilitates the exchange of goods and services and acts as a medium of exchange. PVC Crypto Pay will serve as an alternative electronic payment platform to traditional paper methods such as checks and money orders.

PVC Crypto Pay operates as a payment processor for online vendors/e-commerce, auction sites, and many other commercial users, for which it charges a fee. The fee from PVC Crypto Pay transactions will be split between the PVC Crypto and participating Masternodes.

PVC Crypto Padala is a remittance platform accessible to Overseas Filipino Workers (OFWs), which will enable them to send and receive PVC Crypto world-wide and then have them converted to their local currency via our online Marketplace or PVC Crypto Physical Marketplace. Our vision is that users of PVC Crypto Padala can also opt not to exchange their PVC Crypto instead use their coins directly to conduct transactions with our PVC Crypto Vendors and Merchants.

Key Features of the PVC Crypto ecosystem

  • PVC Crypto was designed with emphasis on stability. Financial policies for PVC were designed to create a stable ecosystem that will make PVC Crypto the ideal candidate for the De facto Pinoy Cryptocurrency to facilitate exchange of goods and services.
  • CPU Minable Coin, Typical cryptocurrencies are optimally mined by expensive hardware – GPU’s in scarce supply and ASICs costing tens of thousands of US dollars. These options are scarce, expensive, and set a high bar for entry.  Our vision is to remove that bar entirely, having a currency that is only minable by CPU such that any individual can earn.  We will create, market, and sell hardware pre set up to mine PVC that anyone, regardless of their knowledge and experience with crypto or computers, can mine with ease.  This could be a huge transfer of wealth opportunity in the Philippines.
  • OUR VISION

PVC Crypto’s vision is simple: To make cryptocurrency accessible, simple and secure for all.

We are working to demystify the cryptocurrency ecosystem, making it easier for people to understand the risks and rewards. This will occur by driving the usage of our coin as the center of the PVC Crypto Ecosystem.

PVC Crypto will increase accessibility and usage of cryptocurrencies while:

  • Not compromising on our vision of a permission-less currency This is different than the ethos you mention above. I like vision vs ethos – vision harder for people to understand
  • Keeping our zero central point of failure by creating a huge network of master nodes
  • Ensuring we are informed and are aware of current government laws and regulations affecting cryptocurrency abroad
  • OUR USER GOALS

PVC Crypto is positioned as a platform to help encourage two main types of users to join us (what users?), whilst keeping the features that proved popular amongst our existing loyal community of users and stakeholders.

We wish to make our platform and currency accessible to people with little previous experience of cryptocurrency, in order to encourage users to learn and gradually adopt cryptocurrency in general, and PVC Crypto in particular.

  1. CHALLENGES

At PVC Crypto we see five main near and mid-term challenges to our project, as well as to cryptocurrency adoption in general.

  • Comprehension
  • Security and Reputation
  • User experience
  • Real world usage
  • Legislation

Our goal is to directly deal with these challenges through the development of our products, services and PVC Crypto ecosystem by making sure that we constantly:

  • Explain the terms and structure of our service in clear and simple language
  • Ensure that our product is secure, and that our partners are renowned in their                                field
  • Constantly and consistently improve the UX of our Wallet and key products
  • Always look to promote the real world use of cryptocurrency
  • Keep a finger on the pulse of local legislation and mitigate risks as needed and ensure that we are in compliance with regulatory bodies such as the BSP and the SEC.
  1. PROJECT OVERVIEW & STRUCTURE

PVC Crypto consists of two separate – yet complimentary technology structures, that together provides a secure , stable, and accessible cryptocurrency ecosystem.

  • Cryptocurrency Structure
    • PVC Crypto Blockchain – the decentralized ledger that records all transactions on the PVC Crypto Ecosystem.
    • PVC Desktop Wallet – a desktop application that users can install on their computer to store, receive and send PVC Crypto over the PVC Crypto Ecosystem.
    • Web and Mobile Wallet – a portable application that will allow users to access their PVC Crypto Balance on the go. This will allow portability and efficiency on sending and receiving of PVC Payment, which will be vital for PVC Cryptos’ widespread acceptance as the de facto Crypto Payment System of the Philippines.
  • Marketplace Structure
    • PVC Crypto Marketplace – a physical location where PVC Crypto users can buy and sell their PVC Crypto. These Marketplaces will be strategically setup in key cities in the Philippines.
    • PVC Crypto Pay – an online payment system backed by PVC Crypto that can be used for paying for daily transaction, mobile payment and online shopping payment
    • PVC Crypto Padala – Online money remittance service backed by the PVC Crypto Ecosystem

The foundation of the PVC Crypto ecosystem is provided by our blockchain which either creates or supports:

  • PVC Crypto Wallet
  • PVC Crypto Marketplace
  • PVC Crypto Pay
  • PVC Crypto Padala

PVC Crypto aims to provide the underserved market access to cryptocurrency via:

  • Full PVC Crypto debit card program
  • Payment Gateways for eCommerce Sites or Online Merchants
  • Kiosk/Exchange services
  • Plug and play PVC Crypto Miners/Masternodes
  1. OUR BLOCKCHAIN

Every cryptocurrency has a corresponding blockchain within its decentralized network protocol.

A blockchain is simply a general public ledger of all transactions, recorded in blocks, ever executed since the very first block. Additionally, it continuously updates in real -time when a new block is successfully mined.

The PVC Crypto project empowers its users with freedom through blockchain technology, and is currently focused on helping four types of users:

  • The blockchain entrepreneur
  • Our core community of early adopters
  • New to crypto or inexperienced miners
  • The Undeserved market with no access to traditional banking services

Together, our community of entrepreneurs, early adopters, and new-to-crypto miners form the key user base of the PVC Crypto’s Economic ecosystem.

The foundational pillar of our PVC Crypto ecosystem is security. PVC Crypto provides a unique and innovative form of security that is as strong as the Bitcoin network, but without the same incredible cost.

Each member of the PVC Crypto ecosystem enjoys the benefits of our security. The early adopters and miners rely on it for everyday use and help maintain the level of security of our ecosystem and in return receive rewards for maintaining masternodes, mining pools, exchanges or miners. The entrepreneur relies on it to protect their blockchain innovation at a cost that is affordable even to small businesses and startups. The underserved market will gain access to fast and efficient payment processing and money remittance service accessible world wide.

PVC Crypto is a code fork of Litecoin and maintains its own blockchain and cryptocurrency. PVC Crypto builds on the existing work from the Litecoin core team.

  1. Monetary Policy

The pre-mined coins will be allocated according to the need of PVC Crypto to ensure that we create a stable, secure, and reliable ecosystem.

To create a stable Cryptocurrency, we have pre-mined 99.5% of the total coins that can be mined in the PVC Crypto Blockchain which totals to 30,956,922,222.77 PVC Crypto. Our goal is to sell 60.13% of the total PVC Crypto, 20% of which will be allocated for PVC Crypto Back Funding – which is a total of 3,722,879,466.51 PVC Crypto with a potential dollar value of  $ 3,722,879,466.51 at $1.00 per coin.<This would be better served as a table – number soup right now>

At that point we can peg the value of all PVC Crypto to the value of the PVC Crypto Back Fund at $ 0.12 per PVC Crypto, by investing this fund on profitable ventures and physical assets we will be able to create stability and even potential annual growth which will build excitement and confidence to PVC Crypto as a store of value and a medium of exchange, ensuring that our early adopters and PVC Crypto holders will have more incentive of holding their PVC – thus creating a stable coin.

  1. Block Reward

Blocks enter the blockchain in such a manner that each block contains the hash of the previous one. It is therefore utterly resistant to modification along the chain since each block is related to the prior one.

Consequently, the problem of double spending is solved. The first block of the now PVC Crypto blockchain time stamped at 17:30:01 PDT (Pacific Daylight Time) on the 30th July, 2021. It was not until block number 783, the time at which the blockchain officially launched, that external miners were permitted to mine blocks.

The remaining 0.5% will be minable for the next 3 years and a half, with a block reward of 100 PVC, a block interval of 1 minute, halving every 2 years.

  1. PVC Crypto Distribution

155,562,423. PVC Crypto will be minable for the next 3.5 years; all premined coins will be distributed with the objective of creating a sustainable ecosystem for Payment Processing and Money Remittance.

<label those figures>

  1. Proof of Work Consensus

The PoW consensus mechanism, as designed by Satoshi Nakamoto, is currently the soundest method of blockchain security. It solves the Double Spend problem and creates a secure network that is capable of transferring financial value. Furthermore, competition among miners and The Longest Chain Rule create fairness on the blockchain. The Longest Chain Rule provides a high level of defense against two of the most dangerous methods of blockchain destruction – The 51% Attack and The Genesis Attack.

  1. Masternodes

PVC Crypto Masternodes have important benefits for the PVC Crypto ecosystem, as they offer PVC Crypto masternode holders a form of passive income whilst also providing network security, protecting PVC Crypto owners from 51% attacks in the form of our own Masternode-Proof-of-work (mPoW) solution. PVC Crypto fully implemented masternodes on the 1st of April 2021. Setting up a Masternode is open to everyone, but requires a collateral in order to operate one. This associated cost (entry barrier) to become a Masternode operator is necessary as it discourages one to cheat the system. PVC Crypto masternode operators must hold a total of 500,000 PVC Crypto (cannot be spent and is described as not being part of the overall coin circulation) in a designated wallet address in order to keep the node running. As an incentive for Masternode operators to keep their nodes running, they collectively receive a percentage of overall block rewards. For running masternode you will need a virtual private server with these requirements: 1 CPU, 1 GB RAM, 25 GB DISK.

  1. PVC Crypto Structure

There have been a number of recent 51% double spend attacks in the crypto space during the recent years. A solution was therefore necessary to help prevent these types of attacks on the PVC Crypto Ecosystem. We have implemented the Masternode Proof -of-Work (mPoW) system, PVC Crypto Secure, that uses existing PVC Crypto Masternodes to secure the blockchain and helps prevent 51% attacks from being successful. This is an important step in securing the PVC Crypto blockchain as there is an increasing amount of hash power available for rent.

  1. Basic Principle

PVC Crypto Masternodes are able to verify block hashes before accepting reorganization on the chain. This is achieved by comparing a previous block hash that should be the same in both chains. If the hash does not match the Masternode will reject the new chain as it is not the consensus chain. Any of the PVC Crypto Ecosystem services such as Exchanges, Pools and Shared Masternodes can reduce the possibility of being targeted by a 51% attack by enabling the Masternode protection function of their wallets. This sets the wallets to only communicate with the Masternodes and other wallets that have the Masternode protection function enabled. Any wallet that has the function enabled will also verify block hashes before it accepts a reorganized chain. It is recommended that all services that accept or trade with PVC Crypto allow a minimum of 10 confirmations before finalizing deposits. When the wallets are running with Masternode protection, they will allow a reorganization of only 10 blocks, so an attacker must finish their work in that period, however if their deposit is not finished because of exchange confirmations, they will not succeed.

*even with 99% Masternodes and 51% mining power, network is still secured

  1. 51% Double Spending Attacks theory

It is important to understand how a 51% double spending attack works and how it is attempted. When an attacker wants to create a 51% double spend attack they must complete a number of steps for this to be successful. The attacker will prepare a private mining pool with enough hash power to keep finding blocks at the same rate as the network. This requires approximately 51% of the current hash power of the active network. The attacker will then send the coins that they wish to perform the double spend attack with. These coins are normally sent to an exchange so they can be traded for another coin or currency and withdrawn from the exchange.

At the same time as this transaction the private pool will still mine but the transaction that was sent to the exchange was not included in the private chain. Once this is completed the private chain that is being mined, without the attack transaction that was sent to the exchange in the chain is broadcasted to the main network. The main network will detect the new chain, which will be timed so that it has more blocks then the normal chain. This action causes a reorganization of the blockchain. Because blockchains are configured to accept the longest chain, it causes all of the other wallets, pools and exchanges to switch to the attacked chain. As a result, according to the new chain, the exchange never received the coins that have been sold, and they are again back in the attacker’s wallet. This would be considered to be a successful attack; the attacker would have the original coins that were sent to the exchange as well as the additional coins that were withdrawn from the exchange. PVC Crypto Secure aims on growing the PVC Crypto Masternode network to protect and secure the blockchain. This is achieved by enabling Masternode protection for exchanges and pools. This is done by allowing exchanges and pools to communicate with the Masternode network directly and also protects them from any reorganization process.

All of the Masternodes will check for a potential reorganization caused by an attempted 51% attack with their own local blockchain.

When the Masternode detects the longer chain, instead of starting the reorganization process it will verify block hashes from its own chain to the new chain. If the block hash does not match the existing chain the Masternode will reject the new chain and maintain the original chain. This action will break the attempt to perform the double spend. The attackers’ chain will be rejected by the Masternode network and protected nodes, the exchange will not be affected.

  1. Technical Summary
TICKER PVC Crypto
Genesis Block Fri, June 18, 2021 5:28:44 PM GMT-07:00 DST
Official Launch Wed, June 30, 2021 10:30:57 AM GMT-07:00 DST
Timestamping Algorithm Proof of Work
Hashing Algorithm Scrypt
Block time 60 Seconds
Block Reward 100 PVC
Block Halving Every 2 years
Total coin supply 31,112,484,646 PVC
Pre-mine 30,956,922,222.77 PVC
Coin Pre-Sale December 10, 2021
51% attack resistant Yes
Mineable Yes
  1. PVC Solutions Overview
    1. PVC Wallet

PVC Crypto Wallet is our flagship product.It is built on our blockchain foundation and provides modular accessibility services designed to make cryptocurrency easier to be use in the real world. It consists of multiple separated and modular services, which together create our PVC Crypto Wallet, one of the most powerful cryptocurrency tools in the crypto space. PVC Crypto Wallet is designed to be accessed as a desktop/web/mobile application, designed as an easy to use, non-custodial light wallet. PVC Crypto Wallet is free to download and use and utilize its full functionality and to comply with regulatory requirements a KYC registration is required (Desktop Wallet excluded).

  1. Buy PVC Crypto – the PVC Crypto Wallet allows user to purchase PVC Crypto through our Coin Pre-Sale and Exchanges/Marketplace and there after store their PVC Crypto to their respective wallet addresses. Buy and Sells are answered by the market and its participants and is not a responsibility of PVC Crypto.
  2. Sell PVC Crypto – the PVC Crypto Wallet allows user to sell their PVC Crypto in our close loop marketplace and exchange. Buy and Sells are answered by the market and its participants and is not a responsibility of PVC Crypto.
  3. Receive PVC Crypto – PVC Crypto Wallet holders can receive PVC Crypto using their Web/Mobile or Desktop wallet
  4. Send PVC Crypto – PVC Crypto Wallet holders can Send PVC Crypto using their Web/Mobile or Desktop wallet
  1. PVC Crypto Core

The official PVC Crypto Core wallet is designed for desktop users as an easy to use non – custodial wallet with Masternode support. This wallet is primarily intended for users who hold Masternodes. No account creation or KYC is required to use the wallet. PVC Crypto Core has native multi language support. PVC Crypto Core Wallet operates as a “full node” wallet, which like the Masternode network, stores a full copy of the network blockchain locally, requiring a large amount of data storage. Running a full node wallet helps to keep the network more de-centralized and enhances privacy.

  1. PVC Crypto Plug-N-Play

PVC Crypto Plug-N-Play is a dedicated hardware with the PVC Crypto Core wallet sold by PVC Crypto, the aim is to provide non-technical users the capability to run their own Masternodes without the complexity of understanding and knowing all associated blockchain technical jargons. This service is essential for our masternodes to be as simple as possible. By using our PVC Crypto Plug-N-Play, users can run masternodes as simple as just connecting the device to your network and turning it on. The additional value in using PVC Crypto Plug-N-Play is that the updates of the nodes become PVC Cryptos’ responsibility. This saves the users the hassle of manually updating nodes whenever there is a required Masternode update.

  1. PVC Masternode Hosting

To further simplify Masternodes setup beyond using PVC Crypto Plug-N-Play, PVC Crypto offers a hosting solution. This service aims at setting up and maintaining Masternodes on behalf of our users. The difference between this service and PVC Crypto Plug-N-Play is that all the installation of the VPS side is done by PVC Crypto and the user only needs to input the data into PVC Crypto Core Wallet. To stay completely decentralized; our hosting services will never reach more than 30% of all active Masternodes in our ecosystem.

  1. Roadmap
    1. January 2021 – Development of PVC Crypto Platform
    2. June 2021 – 1st Master Node Online
    3. July 2021 – Launch of Early Adopter/Miner Program
    4. September 2021 – Lapu lapu Miner version 1 launch
    5. October 2021 – PVC Web Wallet launch
    6. December 2021 – 1st Round Coin Pre-Sale
    7. March 2022 – 2nd Round Coin Pre-Sale
    8. June 2022 – 3rd Round Coin Pre-Sale
    9. September 2022 – 4th Round Coin Pre-Sale
    10. December 2022 – 5th Round Coin Pre-Sale
    11. March 2023 – SEC & BSP Accreditation

<Insert a professional looking timeline here, i will take action to create it>

  1. Team
    1. Brandy Timoteo – CEO & Information Technology
    2. Brandon Groshong – COO & Project Engineer
    3. Almudena Timoteo – CFO & Aerospace Engineer
    4. Rosemari Javier – Community Management
    5. Rhema Manalo – Digital Content
    6. Loida Bauto – Digital Marketing
    7. John Raymund Bernal – Software Developer
    8. Zyndly Kent Baja – Software Developer
  1. Disclaimers

Licenses and approvals

PVC Crypto, hereinafter PVC Crypto, and its associated companies intend to operate in full compliance with applicable regulations and laws, and use their best endeavors to gain necessary licenses/approvals.

Regulatory licenses/approvals may be required in a number of jurisdictions in which our activities may take place. This means that development and roll-out of PVC Crypto product or platform features described in this whitepaper are not guaranteed.

PVC Crypto does not make any representations, warranties or assurances that any such licenses or approvals will be obtained within a certain timeframe or at all. As such, product or platform features, or the PVC Crypto platform in its entirety, as described in this whitepaper may remain unavailable in certain jurisdictions.

No advice

This whitepaper does not constitute any investment advice, financial advice, trading advice or recommendation by PVC Crypto, its partners, or respective officers, directors, managers, employees, agents, advisors or consultants on the merits of purchasing PVC Crypto coin nor should it be relied upon in connection with any other contract or purchasing decision.

No Warranties

No representations or warranties have been made to the recipient of this whitepaper or its advisers as to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this whitepaper or any omission from this document or of any other written or oral information or opinions provided now or in the future to any interested party or their advisers. To the fullest extent possible, all liability for any loss or damage of whatsoever kind which may arise from any person acting on any information and opinions contained in this whitepaper or any information which is made available in connection with any further enquiries, notwithstanding any negligence, default or lack of care, is disclaimed.

Translations

This whitepaper and related materials are issued in English. Any translation is for reference purposes only and is not certified by PVC Crypto. No assurance can be made as to the accuracy and completeness of any translations. In case of any inconsistencies between any translation and the English version of this whitepaper, the English version prevails.

Views of PVC Crypto

The views and opinions expressed in this whitepaper are those of PVC Crypto and do not reflect the official policy or position of any government, quasi-government, authority, public body or regulatory body in any jurisdiction. This whitepaper has not been reviewed by any regulatory authority.

Risk statement

Purchasing PVC Crypto or any cryptocurrency involves substantial risk and may lead to a loss of a substantial or entire amount of the money involved. Prior to purchasing PVC Crypto or any cryptocurrency, or using any part of PVC Crypto’s services, you should carefully assess and take into account the risks, including those listed in any other documentation.

Cryptocurrencies may be subject to expropriation and/or theft; hackers or other malicious groups or organizations may attempt to interfere with our system/network in various ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which may result in the loss of your cryptocurrencies or the loss of your ability to access or control your cryptocurrencies.

In such an event, there may be no remedy, and holders of cryptocurrencies are not guaranteed any remedy, refund, or compensation.

Regulatory Statuses

Regulatory statuses of cryptocurrency and digital assets are currently variable and subject to significant uncertainty. It is possible that in the future, certain laws, regulations, policies or rules relating to cryptocurrencies, digital assets, blockchain technology, or blockchain applications may be implemented which may directly or indirectly affect or compromise the holders’ right to acquire, own, hold, sell, convert, trade, or use cryptocurrencies.

Uncertainty in tax legislation relating to cryptocurrencies and digital assets may expose holders to tax consequences.

Potential purchasers should take into account all of the above and assess the nature of, and their own appetite for, relevant risks independently and consult their qualified advisors before making any decisions.

Forward-Looking Statements

This whitepaper contains certain forward-looking statements regarding PVC Crypto’s future services, product features and overall direction. Whilst these forward-looking statements are made in good faith, they also involve estimates and assumptions which are subject to risks, uncertainties and other factors beyond our control or prediction. Accordingly, these factors could cause actual product features or availability that differs materially from those expressed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which the statement was made. We undertake no obligations of updating any of our forward-looking statements to reflect circumstances after the date on which such statements were made