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Author Topic: QCash: Digital Bearer Cash for Paqus  (Read 89 times)
paqus (OP)
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July 22, 2026, 05:02:20 PM
 #1

QCash is Paqus’ digital bearer-cash system. It allows XPQ stored on the blockchain to be converted into local .XPQ cash files. These files can be transferred directly between users without creating an on-chain transaction. The holder can later deposit the file and convert it back into an on-chain XPQ balance.

How QCash works
The process has three main stages. First, the wallet withdraws XPQ from the on-chain balance and creates one or more cash files. Second, the files wait until the withdrawal reaches QCash maturity. Finally, the holder deposits a ready cash file into a Paqus address.

The blockchain ledger remains the source of truth. A cash file may exist on a computer, but only the ledger can determine whether its coin is pending, ready, spent, or unknown.

Security and ownership
A QCash file is a bearer asset. Ownership is determined by possession of the secret stored inside the file. Anyone who obtains an unspent and mature .XPQ file can deposit it.

Cash files should therefore be protected like physical money or private keys. If a file is lost before being deposited, access to that XPQ is lost. If someone steals the file, the thief may deposit it before the original owner.

The Paqus ledger prevents the same coin from being deposited twice. After a successful deposit, the QCash output is marked as spent and the old file can no longer be redeemed.

Transferring QCash
To pay another person using QCash, transfer the ready .XPQ file to them through a secure channel or physical storage device.

No new blockchain transaction is created when the file changes hands. The transfer is completed economically when the recipient safely receives the bearer file. However, the sender should no longer retain or attempt to use a copy because only the first valid deposit will succeed.

Depositing QCash
To convert a ready cash file back into an on-chain balance, run:
cargo run --release -- cash deposit \
  ./cash/100_C91E1B3A98CDB3A8.XPQ \
  --to PX1...

check here: https://github.com/paqusprotocol/wallet/blob/main/QCASH.md
fibonacciopstan
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July 23, 2026, 08:52:30 AM
 #2

QCash is an unusual idea, especially because the file itself becomes the bearer asset while the blockchain remains the final authority on whether that value is pending, ready or already spent.

That also makes the project’s public explanations extremely important. Users need to know exactly which security assumptions, maturity rules, deposit conditions and warnings applied at the moment they created or accepted a cash file. If those rules or recommendations change later, simply updating QCASH.md or the website could make the earlier version difficult to verify.

For example, a future dispute could depend on what users were originally told about copied files, first-deposit priority, loss recovery, maturity timing or protocol compatibility. GitHub keeps useful history, but repositories can be reorganized, documentation can be replaced, and official posts elsewhere may be edited or removed.

Where does Paqus preserve an authoritative, timestamped history of its QCash rules, security disclosures and protocol commitments so that users can verify the original wording years later? I would appreciate a link to that record if one is already maintained.

OPSTAN — More than social media.
Save what matters. Decentralized PoW. — opstan.org
paqus (OP)
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Today at 04:54:54 AM
Last edit: Today at 08:43:01 PM by Welsh
 #3

Thank you for raising this. That's a fair question.

We agree that for a bearer-file system like QCash, documentation is part of the security model. Users should always be able to verify which rules and security assumptions applied when a cash file was created or accepted.

Our approach is that protocol rules are ultimately defined by the protocol implementation and the consensus rules, while user-facing documentation explains those rules. Going forward, we plan to publish versioned protocol specifications and security documents alongside each protocol release, with immutable Git tags and release artifacts so previous versions remain permanently referenceable.

We are also considering committing hashes of important specification documents on-chain or through another timestamped mechanism, allowing anyone to verify that a document has not been altered after publication.

At the moment, the documentation is maintained in the repository, but we agree that long-term, an authoritative and versioned archive is important. Thank you for highlighting this point.

Each QCash file already carries its protocol version, so software can always interpret it according to the rules of that protocol version. The remaining piece is preserving the human-readable specifications with the same level of permanence.
QCash is an unusual idea, especially because the file itself becomes the bearer asset while the blockchain remains the final authority on whether that value is pending, ready or already spent.

That also makes the project’s public explanations extremely important. Users need to know exactly which security assumptions, maturity rules, deposit conditions and warnings applied at the moment they created or accepted a cash file. If those rules or recommendations change later, simply updating QCASH.md or the website could make the earlier version difficult to verify.

For example, a future dispute could depend on what users were originally told about copied files, first-deposit priority, loss recovery, maturity timing or protocol compatibility. GitHub keeps useful history, but repositories can be reorganized, documentation can be replaced, and official posts elsewhere may be edited or removed.

Where does Paqus preserve an authoritative, timestamped history of its QCash rules, security disclosures and protocol commitments so that users can verify the original wording years later? I would appreciate a link to that record if one is already maintained.

The primary purpose of QCash is to enable private value transfers outside the blockchain. Users are fully responsible for safeguarding their QCash files, much like they are responsible for protecting the private keys or mnemonic phrases of cryptocurrency wallets.

QCash is intentionally designed to resemble physical cash. A QCash file can be copied freely, but the blockchain ledger remains the sole authority. During redemption, the ledger determines whether the file is still redeemable or has already been redeemed. The "first valid deposit" rule is therefore a fundamental protocol rule.

Regarding your question about preserving these rules, that's a valid point. At the moment, the documentation is maintained in the repository. Our long-term goal is to publish versioned protocol specifications and preserve them in a way that provides a permanent, timestamped record, so users can always verify which rules and security assumptions applied to a specific protocol version.
fibonacciopstan
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Today at 05:49:03 PM
 #4

QCash is an unusual idea, especially because the file itself becomes the bearer asset while the blockchain remains the final authority on whether that value is pending, ready or already spent.

That also makes the project’s public explanations extremely important. Users need to know exactly which security assumptions, maturity rules, deposit conditions and warnings applied at the moment they created or accepted a cash file. If those rules or recommendations change later, simply updating QCASH.md or the website could make the earlier version difficult to verify.

For example, a future dispute could depend on what users were originally told about copied files, first-deposit priority, loss recovery, maturity timing or protocol compatibility. GitHub keeps useful history, but repositories can be reorganized, documentation can be replaced, and official posts elsewhere may be edited or removed.

Where does Paqus preserve an authoritative, timestamped history of its QCash rules, security disclosures and protocol commitments so that users can verify the original wording years later? I would appreciate a link to that record if one is already maintained.

The primary purpose of QCash is to enable private value transfers outside the blockchain. Users are fully responsible for safeguarding their QCash files, much like they are responsible for protecting the private keys or mnemonic phrases of cryptocurrency wallets.

QCash is intentionally designed to resemble physical cash. A QCash file can be copied freely, but the blockchain ledger remains the sole authority. During redemption, the ledger determines whether the file is still redeemable or has already been redeemed. The "first valid deposit" rule is therefore a fundamental protocol rule.

Regarding your question about preserving these rules, that's a valid point. At the moment, the documentation is maintained in the repository. Our long-term goal is to publish versioned protocol specifications and preserve them in a way that provides a permanent, timestamped record, so users can always verify which rules and security assumptions applied to a specific protocol version.


That makes sense, especially the idea of publishing versioned protocol specifications with a permanent timestamped record. It would give users a reliable way to verify which rules, security assumptions, and redemption conditions applied to each QCash version.

Would you be open to us publishing an introduction to QCash and its key protocol principles on the Opstan network? Opstan is designed for immutable, publicly verifiable project updates, so the post could serve as an additional permanent reference that cannot later be edited or deleted.

It could also introduce QCash to a new audience interested in blockchain infrastructure, privacy, and decentralized systems. We would, of course, clearly state that the information is based on your official materials and include links to your repository and project resources.

Would you be comfortable giving us permission to publish such a post about QCash?

OPSTAN — More than social media.
Save what matters. Decentralized PoW. — opstan.org
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