bitcoin.BitMint: Reconciling Bitcoin with Central Banks
نویسنده
چکیده
The basic idea is to excise the bitcoin money generation formula, and otherwise apply bitcoin essentially “as is” over digital coins which are redeemable by the mint that minted them. This will preserve the bitcoin assured anonymity. The new bitcoin.BitMint solution will benefit from bitcoin’s double-spending prevention, and would otherwise enjoy all the benefits associated with money in a digital form.
منابع مشابه
Financial Innovation
Background Bitcoin, a peer-to-peer electronic currency, is a distributed ledger system (Nakamoto 2009). Every transaction is broadcast and verified by all nodes in the network through a particular consensus mechanism (Bonneau et al. 2015; Yermack 2013). Every node collects transactions in a block and the block is associated with a difficult mathematical problem. Solving that problem is called m...
متن کاملDecentralized Banking: Monetary Technocracy in the Digital Age
Bitcoin has ushered in the age of blockchain-based digital currency systems. Secured by cryptography and computing power, and distributed across a decentralized network of anonymous nodes, these novel systems could potentially disrupt the way that monetary policy is administered – moving away from today’s human-fallible central bankers and towards a technocratic, rules-based algorithmic approac...
متن کاملThe Evolution of Improvised Cryptocurrency – UVCoin
Cryptocurrencies which evolved with bitcoin has a decentralized structure based on the ledger which is handled via proof of work mechanism, indeed generating a monetary supply. We all agree that decentralization save us from the cruel national political system but has a limitation of computational cost involved and problem related to scalability. The idea is to introduce a new cryptocurrency na...
متن کاملCentrally Banked Cryptocurrencies
Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrenc...
متن کاملOn Offline Payments with Bitcoin
Bitcoin [2] is a decentralized digital currency which relies neither on banks nor on any other central authority for issuing of coins or transaction verification. Currently, Bitcoin experiences enormous success driven by large interest from users, politics, but also by speculation. Particularly, despite being conjured to be a giant bubble, the value of a bitcoin increased from USD $5 in May 201...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- IACR Cryptology ePrint Archive
دوره 2014 شماره
صفحات -
تاریخ انتشار 2014