I'm developing a new crypto currency based on Time. I'd like to get the communities input on some of my ideas.
Here is the whitepaper so far:
Cronas Coin White Paper
By William Corless Jr.
Jan 25, 2024
There is a need for a new crypto currency that provides fast transaction speeds in order to facilitate Point of Sale purchases.
Point of sale purchases using visa or Mastercard terminals are relatively fast. They usually offer an approval or denial in a matter of seconds. The Visa Network processes 23 million transactions per day. As Visa Chief Financial Officer Vasant Prabhu said in a recent interview with Barron's, its network can handle 65,000 transactions per second. “True cryptos aren't fast enough for purchase transactions,” he said.
Bitcoin, the first successful crypto currency, is notoriously slow with approximately 7 transactions per second and confirmations taking anywhere from a half hour to several days depending on the network. Ethereum also doesn’t meet the needs of a point of sale system with its 12 transactions per second (TPS). Far short of the necessary 1700 TPS to compete with the Visa Network. In order to create a crypto currency that can also be used for point of sale transactions we would need to create a whole new method of operating a crypto network.
We propose a network that offers super fast confirmations, thousands per second combined with the benefits of a distributed crypto network. Users who hold on to their coins in their wallets earn interest of 30% annually compounded daily. To do this we would need two tiers of wallets.
The first tier is the Validator. The Validator contains a complete list of the database much like a full node on other crypto networks. It operates like a server/database that verifies transactions, and propagates the transactions to the other validators. Validators are the heart of the network.
The second tier is the user wallets. These wallets are for Merchants and Consumers. These wallets hold the users coins and provide the minting of new coins. When a wallet starts up it is immediately synchronized. When you receive coins, they appear in your wallet immediately. The wallet allows you to attach your bank accounts and credit cards. You can then transfer funds to your wallet and they are converted into cronas coins. You can also transfer your cronas coins to your bank account and they are converted into the currency you use. You can send or receive your coins anywhere in the world. Once you have cronas coins in your wallet you can begin to start minting new coins.
The minting of new coins is based on Sunny King’s original proof of stake method that uses “coin age”. Instead of locking coins in order to gain interest, like some cryptos do, you simply hold on to them. When you spend a coin, its coin age is destroyed and when you receive a coin it's coin age starts anew. This is why we say “Time is Money”. As time passes you gain more coins.
The validators offer the following services:
- Built in Block Explorer
- Database to keep track of how much each wallet contains
- A system to validate transactions.
- A system to broadcast those transactions to the other validators
When a user attempts to send coins to another user, he or she must enter a pin that the user has set up when initially installing the wallet. The validator first checks if the funds are available, and if so then verifies the transaction and lets the user know the transaction is complete. If the user attempts to spend more than they have, the wallet will prevent such a transaction from occurring.. If another user attempts to spend your funds, for example, a hacker, they must also know your pin.
If a user attempts to do a double spend the validators will verify the first transaction but deny the second one. The way this process will work even if the double spend occurs at two very distant locations, the timestamp of the transaction is based on the first validator's timestamp. Due to latency the two transactions may start at the same time, but arrive at different times. Once the validators have both transactions the way to decide which transaction is approved will be first by timestamp, then if they are the same, then it will be voted on by each validator. With the majority of validators voting to decide which transaction wins. The losing double spend will receive a insufficient funds notice.
Most coins have a block reward. Cronas coin does not operate that way. You receive rewards daily at midnight GMT. The point of a block with bitcoin is to offer a reward if a miner finds the solution. Cronas is based on Time. Each day produces a new block. Think of how a merchant processes their daily sales. At the end of the day he or she sends a “Batch” which is the sales for the day. But throughout the day the transactions were verified when the customer swipes their card. The total batch will then be deposited in the merchants bank.
Cronas coin works on this principle. The transactions are verified during the day and then the block occurs at midnight GMT and all of the daily transactions are added to the database. The operator of the validator receives a validator reward which is the transaction fees collected for the day. No coins are stored on the validator. Only wallets can contain coins.
Please provide your input for what you would like to see in it.
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