Frequently Asked Questions

Most frequent questions and answers

The trust contract that protects your liquidity is governed by Swiss law: this allows you to combine security and flexibility in a legal environment seasoned with this contractual form. In addition, CoofiTal, the cooperative that operates the Talsafe service, is placed under the Swiss regulatory umbrella particularly known for the defense of the rights of individuals and companies.

Once the decision was made not to include the US dollar in the assets defining the basket, the currencies used were chosen on the basis of their economic importance on a global scale, both in quantity and weight in international trade. . Europe and Asia are represented at par by three currencies each, supplemented by physical gold. The basket is made up of a fixed amount of currencies and gold, so the weight of each component varies over time. Finally, each component of the basket is liquid and convertible so that the basket itself is liquid and constantly convertible. The composition of the basket is fixed and is only likely to change following the non-convertibility or non-liquidity of one of its components.

In addition to the classic membership rights of a cooperative governed by Swiss law, CoofiTal undertakes to allow a quarterly audit of its TalSafe service: an auditing body of international reputation is chosen each quarter by the members through a vote of choice from a predefined list. This body has the task of verifying the correspondence between the number of Tal held by customers and the existence and presence on the accounts and in the coffers of the cooperative of currencies and gold of the basket.

The fundamental elements of CoofiTal’s client-members, trust contract and encrypted key for access to safes, are managed and stored on a blockchain:

The protocol is of the Delegated Proof of Stake type, that is to say that the chain nodes are co-opted among the approved members of the cooperative.
The chain is not « mined » but « staked » therefore with a light ecological footprint.
The validation algorithm is « optimally Byzantine fault-tolerant, » which protects the integrity of the chain as long as there are less than two-thirds of malicious attackers.

In addition to the security aspects, constant availability and accessibility superior to traditional banking IT, the use of this type of infrastructure allows the system to function even in the event of an IT failure of the CoofiTal cooperative.