Latest posts of: gaibianBT2020

A Sword of Damocles Hanging Over Blockchains and All Cryptocurrencies and the Solution: Nano Cancer Drugs Hash
Function (NaCa) and its Cryptocurrency NaCacoin

X. Young, G. Sylvain, S.Y. Shu, D.Y. Bao

June 22, 2020
*: NaCacoin team, Switzerland
email: team@NaCacoin.com

Abstract

The Damocles sword hanging over blockchains and cryptocurrencies:

Blockchains and blockchain-based cryptocurrencies have become a compelling
revolution. There have been at least 5,500 different cryptocurrencies created by
the end of May 2020 since Satoshi Nakamoto created the first cryptocurreny,
Bitcoin, in year 2008. The overall market cap of all the cryptocurrencies is
more than US$256,873,793,585. Although people hooray for the elegant and
concrete structures of blockchains and cryptocurrencies which are guaranteed
by the strong cryptography with solid mathematical background, two major
crises are approaching:

Imminent crisis: cryptocurrencies mining consume more and more elec-
tricity every year but their outputs are just digital wastes. For example, if
Bitcoin were a country, it would replace the position of France and rank at
10 in the electricity consumption list on April 23, 2022.
Long term crisis: quantum computers will break through most, if not
all, current cryptocurrencies in about year 2034. Shor's quantum algorithm
will completely break through many widely used encryption algorithms such
as RSA, ECDSA, and ECDH in post quantum era (around year 2034).
Grover's quantum algorithm will partially break through all the hash func-
tions used in cryptocurrencies.

After checking many cryptocurrencies including Primecoin, Curecoin, and
Gridcoin, we found that these two major crises have not been solved. Different
consensus mechanisms such as PoS and DPoS do not solve the energy crisis at
all after checking the mathematical formulas that they used. The root cause
of these two crises are the hash functions used by different cryptocurrencies.
If these two crises continue, blockchains and cryptocurrencies will be
devastated completely with zero value in the near future.

The solution to the crises:
A revolutionary new hash function, nano cancer drugs algorithm (NaCa for
short), which solves the aforementioned two major crises, was developed, with
the following advantages:

NaCa, unlike all other hash functions used in cryptocurrencies, outputs
binary strings which codes structures of nano new cancer drugs rather than
digital waste.
NaCa's complete and dynamical quantum resistance guarantees the secu-
rity of cryptocurrencies in the post-quantum era.

The product:
A revolutionary cryptocurrency, NaCacoin, was developed, with the follow-
ing attracting characteristics:

NaCacoin is the only cryptocurrency which completely solves the
electricity wasting problem.
Complete and dynamic quantum resistance.
Our new hash NaCa can replace the block hash functions of all cur-
rent 5500 cryptocurrencies so that they will become NaCa based cryp-
tocurrencies. E.g., Bitcoin, ETH and EOS will become NaCaBitcoin,
NaCaETH and NaCaEOS respectively.
Much faster transaction with much lower price compared with other cryptocur-
rencies. Lightning network is supported in NaCacoin.
Being more decentralized than Bitcoin, Litecoin, ETH, EOS, Bitshare
etc.

New business model: Double rewards for miners
Major pharmaceutical/biotech companies and hospitals will be licensed to
use the above mentioned nano new cancer drugs database on an annual basis.
Licensing fee (USDT) will be refunded to NaCacoin miners for their contribu-
tion to the establishment of this database, so NaCacoin miners will get double
rewards: NaCacoin and USDT. The double rewards will encourage more
miners to mine NaCacoin. This feature will keep motivating miners to
mine NaCacoin even when the block reward decreases to a very small
amount after many years. By contrast, many cryptocurrencies such as Bit-
coin and Litecoin may disappear when the block reward and the transaction
fees cannot cover the mining electricity.

Availability:
NaCacoin source code has been published on Github, where the wallet and
mining installation program are downloadable. The website of NaCacoin is here.

Conclusions

We concluded that NaCacoin is a new revolution in the field of cryptocur-
rencies. You never actually own a NaCacoin, you merely look after it for the
next generation.

Key words:
blockchain; cryptocurrency; cryptographic hash function; encryp-
tion algorithm; quantum resistance; database of nano new cancer drugs;
NaCacoin.