1.8 THE SHARECASH TOKEN (PSC)
The purpose of PS Platform is to share the profit it generates equally between all of our Stakeholders (Co-creators, Customers and Causes). In order to fulfill our purpose, we are committed to provide our customers and the general public with full transparency of our financial operations thus ensuring the verifiability of product sales, the fairness of cashback reward payouts and the timing and accuracy of distribution of remaining profit to all Stakeholders. To achieve this objective, PS is utilizing distributed ledger (ie blockchain) and smart contract technology to implement the foundational block of the protocol: The ShareCash Stablecoin (PSC, Symbol: <$ ) a blockchain-enabled token with the value of <$ 1 ShareCash equivalent to the value of $ 1 United States Dollar (USD). The number of ShareCash tokens in circulation will always equal to the dollar value of sales revenue cash reserves stored in a dedicated bank account. ShareCash will be used as the singular accounting unit for all PS transactions thus will empower our stakeholders to have indiscriminate and independent real-time access to the immutable digital ledger containing all historical and future transactions. ShareCash enables the cash back rewards to be paid out, without any human involvement, by a smart contract directly to the customer’s wallet. The customer may choose to use the ShareCash to make new purchases on the platform or withdraw it to their bank account or Paypal. PRODUCTSHARE will provide a web interface for customers to withdraw their ShareCash rewards directly to their bank account or Paypal account.
1.8.1 SHARECASH IMPLEMENTATION
PRODUCTSHARE (PS) ShareCash (<$ PSC) is blockchain enabled unit of exchange within the PS ecosystem with the value of <$ 1 PSC unit always equal to the value of $ 1 United States Dollar (USD). Unlike industry standard stablecoin, like USDT Tether or USDC , the total number of ShareCash units issued is always a precise equivalent of the USD cash balance stored in a programmable Mercury bank account. This account is designed to only be accessible via smart contract and its balance to be verifiable in real-time via a Chainlink Oracle or a similar public oracle construct. Withdrawals from this account are possible strictly by a smart-contract that is audited by third party and approved by the PS community. New funds can only be deposited by either Stripe ACH transfers, resulting from orders made on the PS Marketplace, or via Dwolla Payments API which initiate inbound transfers when customers use their debit cards to purchase ShareCash for buying or staking products on the PS Marketplace. Similarly when customers wish to withdraw their PSC balance to their bank account, the smart contract burns the requested withdrawal amount of PSC tokens and then initiates the ACH Transfer to their account. In contrast to stablecoins the purpose of ShareCash is to provide transparency of all transactions in the PS ecosystem and to record them on a secured public ledger. All PS purchase transactions are therefore reflected in ShareCash regardless of the method of payment used. ShareCash is minted when a new purchase is made. This means that the issued supply is always a precise representation of gross revenues of the PS Marketplace. The PS organization is the first corporate adopter of ShareCash and interacts with it in the same way as intended for any other PS customer. Instead of receiving fiat currency like traditional marketplaces, PS receives ShareCash in the company wallet. When it requires cash for operational expenses it must burn ShareCash, convert it to USD, and transfer it to the operational bank account.