Difference between revisions of "Payment system"
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Latest revision as of 04:49, 4 October 2020
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What is a WOTS ?
The WOTS is a unique public identifier for an account. It's the adress that you send to someone else to receive a payment. The WOTS is usually coded in hexadecimal and is 4416 characters long. It consists of two parts:
- The unique signature
- The TAG
The first part, the unique signature, is the public key. It changes every time you make a transaction. It's 4392 hexadecimal characters.
The Mojo wallet generates 100 unique signatures by the time you create a wallet. Every signature consists by 2 parts: the public and the private.
The public signature, as said before, makes the first 4392 hexadecimal characters of the WOTS.
The WOTS, as said before, changes at every transaction. So how can someone send some Mochimos to someone else?
A WOTS to be enabled should include also the TAG part. The TAG part constists by the last 24 characters of the WOTS. The TAG never changes. When the WOTS is generated doesn't include a TAG, but it ends with this standard tag:
The WOTS to be valid should include the unique TAG identifier. In this case to activate a WOTS assigning a TAG you need a special transaction. That transaction is performed by the fountains. They perform a small payment, then the miners will incorporate that transaction in the mining block and, after the block is mined, the TAG is permanently assigned: noone can take it, noone can change it (also the owner can't), unless the account has not the minimum Mochimos required.
Performing a transaction
All below this refers to the Mojo wallet. If you need a detailed process of all this take a look at the Exchange_Integration
To perform a transaction you have to know your receiver's TAG. The TAG never changes so it's reccomended to use the TAG instead of the whole WOTS.
After you inserted the TAG in the Mojo wallet, it will try to resolve the TAG, or in other words, gets from the network the latest WOTS of the receiver.
After the wallet obtains the receiver's latest WOTS, it will start to generate a new WOTS for the sender account. Obviously the new sender's WOTS will end with the same TAG as before, but with a different signature because it's very unsafe to use the same signature twice.
The transaction will look like this: Block 210781 on Mochimo Discord
[Block: 210781] TxID: f5c599904ff2e8fb023f722b37bb28e67d48b0947727afbd3ae7e32e70d66e3b... Source address: wots:4cd4ae7c995ce45dee7ad7812cc2031f58b29e92905d501fe50f97ac6e2fee24... Destination address: tag:01add256a1b1794a83f3c86e Change address: wots:6e46acafc5c94586e0895484b32342d03017832083f1a6f8eb7a02eca938a8be... Sent: 7.682738943MCM Change: 0MCM
The WOTS were truncated down
As you can see there's the Change adress, the new sender's WOTS and there's also the Change, the new sender's balance.
Every transaction has a fixed fee of 0,0000005 Mochimos. The fee could change in future.
After a transaction is sent to the network, the sender's account will be blocked from making other transactions until the transactions block is mined.