# VOID: White Paper
1st proof of purchase Ethereum token

**Working Draft v0.7**
14th March 2018
by Paul M.

## Introduction

VOID faces adoption issues regarding cryptocurrencies with optimistic and assertive solutions. We base our entire principles on functionality and proven concepts. Bringing proof of purchase to the blockchain as a mining mechanism is both innovative and highly pratical in the same sense as saving cash or accumulating coupons is in real life and with real goods. However, we bring an extra factor to it: speculation and store of value. Spending crypto will never be the same again, since VOID pays you to do it.

Built initially with smart contracts on the Ethereum blockchain, VOID aims to incentivize adopters to use their cryptocurrency funds as a payment method and not as store of value. By rewarding users with newly minted low-supply VOID tokens as other crypto gets spent, our goal is to target mainstream adoption by using this proof of purchase reward system. VOID tokens are generated at a proportionate rate as ETH, BTC or other cryptocurrency is spent.

Cryptocurrencies have a serious problem: they are not used as currency. By using a proof of purchase reward system we intend to “force” merchants into accepting all crypto: the adopter spends to mine a cashback and the merchant receives a reward transfer fee instead of paying it.

New cryptocurrencies are introduced almost daily. Some find utility use, but many are abandoned after their novelty phase wears off. Instead of commiting to build a cryptocurrency with longevity that is viable to be used as an actual currency, we commit to introduce a proper solution to the existing crypto currencies and simultaneously a more valid replacement as store of value: a low-supply, high-demand VOID token.

Bridging the gap between commerce and the crypto-space is essential for the mainstream adoption of cryptocurrency. VOID takes the following approach to achieving this goal:

\- Address spending with cashback rewards;
\- Incentivize merchants with cutting fees;
\- Facilitate a new store of value;
\- Integrate automatic savings & investments.

## Decentralization

The potential benefits for users and merchants, as well as for the community and the crypto sphere, are hard to overstate: immediate cashbacks and elimination of fees; facilitating a system that encourages spending of high market cap coins in trade for a highly rare store of value tokens will encourage everyone economically and ideally lead to a larger adoption of crypto currencies in the mainstream.

The wallet app and token proposed in this paper are still in development and we welcome businesses and standards organizations to join us in our efforts and collaborate on this new approach.

To get a handle on the potential that applications based over blockchains can convey, it is fundamental to comprehend the three key contrasts amongst ledgers and most common computer designs. We show these beneath as non-localization, security, and auditability.

VOID's Ethereum blockchain backbone provides the necessary framework to implement scalable, fast, and cryptographically secure VOID transactions. The system will utilize smart contracts as the underlying technology for the creation of VOID tokens, harnessing the functional power of VOID as a proof-of-purchase for any transaction output, containing enforceable pre-set conditions programmed into the token's underlying smart contract code using Ethereum’s native programming language Solidity.

The Ethereum network provides a decentralized virtual machine capable of running a multitude of dapps, decentralized applications, including smart contracts, token systems, distributed file and data storage and the creation of decentralization autonomous organizations (DAOs). Anyone can implement smart contracts to solve any computational problem, implementing logic from other programming languages and translating it to enforceable contracts in Solidity. Ethereum is the ideal foundation for VOID's proof-of-purchase system.

There is no single machine that governs the business rationale and data on which a ledger works. Rather, the information on a blockchain is controlled by a consensus, which is a characterized tradition for how to execute and regulate the business rationale. The enchantment of the blockchain and its incentive structure is such that clients would then be able to unambiguously find the condition of the system, not from a solitary specific authority yet rather by autonomously applying basic guidelines and publishing information openly.

Computer nodes associated with blockchains play the role of approving, submitting and reading transactions. As validators of transactions, regularly a node will watch that blocks, or accumulations of inputs/outputs contain headers, or data, originating from a past exchange, and that those past transactions do likewise. In doing as such, they fill in as a instrument that decentralizes trust that an exchange is legitimate, and that contributions from one transaction can't be utilized as a part of a different transaction, or "double spent".