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Cryptocurrency with Fully Asynchronous Communication based on Banks and Democracy by Dan, Asa is a scholarly article available to read on EtoBox.

What is Cryptocurrency with Fully Asynchronous Communication based on Banks and Democracy about?

Cryptocurrencies came to the world in the recent decade and attempted to offer a new order where the financial system is not governed by a centralized entity, and where you have complete control over your account without the need to trust strangers (governments and banks above all). However, cryptocurrency systems face many challenges that prevent them from being used as an everyday coin. In this paper we attempt to take one step forward by introducing a cryptocurrency system that has many important properties. Perhaps the most revolutionary property is its deterministic operation over a fully asynchronous communication network, which has sometimes been mistakenly considered to be impossible. By avoiding any temporal assumptions, we get a system that is robust against arbitrary delays in the network, and whose latency is only a function of the actual communication delay. The presented system is based on familiar concepts $-$ banking and democracy. Our banks, just like normal banks, keep their clients' money and perform their clients' requests. However, because of the cryptographic scheme, your bank cannot do anything in your account without your permission and its entire operation

Author

Dan, Asa

Published

2019

Language

EN