A few months ago, I started working on a P2P Decentralized Offchain Banking project, which is a voting pool network where anyone can set up a node and earn money or fees depending on the amount used.
The project uses the BitcoinJ library and Zeromq's JZMQ library for low latency purposes as well as javafx, so it runs on java8.
At the moment it's just me working on the prototype backend, while my team is helping with the website and android application since we have recently been accepted to the Citi Mobile Challenge.
We are still looking for more developers to join help build the P2P network.
If you feel like contributing shoot us an email at
decentralteam@gmail.comHere are some of the main concepts of DecentralBank:
Fully decentralized voting pools. (Anyone can set up a node).
We are using a DHT for the voting pool network which should consist of 5 - 11 nodes per pool.
The network consists of voting pools constantly finding and allocating new nodes into voting pools.
A Proof of Guarantee.(Where a node is required to provide a guarantee through a p2sh transaction using the nlocktime feature)
A Proof of Trust. ( This is calculated by the node's uptime and record).
Each node is able to collect a stream of fees depending on how much it is used.
Integration with Maidsafe or Storj, to allow for users to exchange tokens automatically.
Open Source, Open Communication.
We recently got accepted into the Citi Bank Mobile Challenge US.
One of our use cases consists of banks using Bitcoin to conduct cash to bitcoin transactions without handling the Bitcoin or any other cryptographic token. Here is a diagram for the scheme along with our Android app:
https://pbs.twimg.com/media/B0Xi8XvCAAADjwT.jpgFor more information, please check out these resources:
Webpage:
http://decentralbank.comtwitter:
http://twitter.com/decentralteamThe source code at Github:
https://github.com/DecentralBankWhitepaper:
https://github.com/DecentralBank/whitepaper
