( Alt-coins / second as an Alt-coin ) Max-protection against theft w/o insurance

[kmarinas86]

Alt-
Coins
Per
Second

Major Features of ACPS
- Each ACPS represents income, not savings.
- Therefore, each ACPS represents a continously increasing store of value.
- ACPS are sent out to sellers by buyers, for an agreed upon period.
- ACPS are sent out to buyers by exchanges, for an agreed upon period.
- Flow of ACPS: Miners -> Exchanges -> Buyers -> Sellers -> Exchanges
- The buyer, not the seller, generates the private key.
- All theft of ACPS can be reversed using the private key in possession of a falsified buyer (victim of theft).

Value of ACPS
- The value of an ACPS can only be obtained when deposited into an exchange, to accrue income.
- The only good reason why a person would have an ACPS is to use it.
- Having ACPS outside of an exchange is no use.
- For every person who does not deposit their earned ACPS into an exchange, any ACPS which is deposited into the exchange may have more value.
- This may cause the ACPS have higher value when it is earned rather than when it is paid for.
- This encourages people to earn ACPS as well as to encourage them to participate in the exchange markets, driving up efficiency.

Other characteristics of ACPS
- ACPS is not a demurrage currency.
- The value of ACPS exists in its ability to deposit ACPS in return for a continual stream of income derived by the exchange, which is paid into by those obtaining ACPS.
- ACPS allows for consolidation of regular payments with a single transaction.
- Each ACPS provides virtually continous cash flow (as frequent as the time between blocks in the blockchain).

What ACPS Requires:

Value generation
- Digital currency (Digital US Dollars, Euros, Chinese RMB, Alt-Coin, etc.) will be delivered at a rate in exchange for ACPS.
- The value of ACPS is backed by a rate of currency transfer.
- If the flow of currency through the exchange stops completely, then ACPS will lose ability to generate income.
- If the flow of currency through the exchange resumes, then ACPS will regain ability to generate income.

Transactions
- Each transaction is a continuous series of payments.
- Each transaction has a set starting time and expiration date.

Obtaining ACPS
- Each person may arrange a flow of regular currency transfers into the ACPS economy, in return for ACPS. The average sets the price for ACPS.
- Each person may recieve ACPS in exchange for services being rendered.

Buyer who uses ACPS
- Must first obtain ACPS at an exchange or earn it somewhere else.
- Will retrieve the ACPS back once the expiration date for the transaction has come.
- Time of expiration is enforced by the blockchain

Seller who uses ACPS
- May deposit the ACPS at an exchange to accrue a balance of currency.
- May use the ACPS in exchange for goods and services from a company that accepts ACPS directly.
- Will have the ACPS returned to the buyer as soon as the expiry period finishes.
- The return of the ACPS is enforced by the blockchain.

Once the expiration date commences
- The ACPS remains in the blockchain.
- The ACPS is returned to the buyer.

Setting up the payment
- A seller asks for an amount (e.g. 10 ACPS for 10 days).
- A buyer may agree or disagree with this.
- It is discovered through the blockchain whether or not the buyer has 10 ACPS available for 10 days.
- If an amount of 10 ACPS will not remain after 10 days, per blockchain data, then the request is rejected, and alternate requests may calculated (e.g. 5 ACPS for 20 days, 20 ACPS for 5 days, etc.)
- The seller may accept or reject these alternate requests.

Transaction accepted
- Once the transaction is accepted....
- A public address is created for that transaction.
- A private key is generated for this public address.
- The private key can be used to authorize that the flow of funds to be stopped prematurely (i.e. return ACPS to buyer before agreed expiry date).
- The buyer is in possession of this private key.
- The private key can be only used once.
- This private key does not unlock any funds. It merely serves as a way to stop the flow of payments.
- Once the expiration date arrives, the ACPS is automatically returned to the buyer.

Cancelling services or returning goods
- Losing the private key only serves as a way to lose a way to prematurely end the transfer.
- If the funds transfer must be stopped, a reverse transaction may be created.
- The reverse transaction does not stop any existing transactions.
- The expiration date and amount of ACPS should match that of the corresponding transaction.
- If not, then it should match the product of ACPS * time until expiry, less any fee the seller would wish to charge.
- The seller must still have enough ACPS for the available period to reverse the transaction.
- The seller must approve the reverse transaction.
- The reverse transaction has a public address and private key.
- The seller is in possession of this private key.
- The seller may use the private key to stop the reverse transaction.
- If the private key of the forward transaction is not lost by the buyer after all, use of the buyer's private key by anyone settles the above tasks automatically, if not already done.
- Use of the private key effectively generates a reverse transaction, which commences when the seller has enough ACPS, enforced by the blockchain.

Converting to other currency
- ACPS may be deposited at an exchange that offers a competitive rate for ACPS.
- The larger exchanges will have the more competitive rates for ACPS.
- The larger exchanges will have more funds being paid through to support the ACPS.
- Exchange collaboration and mergers are inevitable to reduce risk.

ACPS mining
- ACPS are mined in the same way BitCoins are mined.
- Each ACPS represents income, rather than savings.
- The reward for the miner is not a lump sum amount, but rather, a share at an exchange.

From mining to exchange creation
- ACPS miners can use mined ACPS to own shares at exchanges, or to develop their own exchanges.
- Exchanges give out ACPS in exchange for currency flow.
- Each ACPS is set to return to the exchange based on an expiry date.
- The return of each ACPS to the exchange is enforced by the blockchain.
- The more established the exchange is, the more distant of expiry dates can be handled.
- The maximum term that any ACPS can be held by a buyer or seller is defined by the expiry date.
- ACPS is handled through a chain of buyers and sellers, with subsequent trades having expiry dates on or before the prior of each.
- Each ACPS can be reissued by the exchange after each expiry.

Once ACPS is returned to the exchange
- After the ACPS has expired, any money accrued in the exchange, post-expiry, as a result of someone continuing to pay to exchange in order to obtain this ACPS should be considered property of the individual responsible for the payment. Any amount paid prior to this expiry will be handled based on the policy of the exchange. If not returned to the buyer of the ACPS, it may be used to increase the income earned by depositors of ACPS at the exchange.

Theft of ACPS
- It is impossible to steal ACPS using a private key, as the private key only returns the ACPS to the buyer. The private key does not provide a way to spend funds. It provides a way to stop spending funds - the complete opposite of most, if not all, other crypto-currencies.
- Any theft of ACPS is of limited value, as each ACPS is registered to an exchange and is therefore registered to an agency which receives cash flow to back the value of ACPS.
- The amount of value that can be stolen is limited to the rate at which the ACPS can accrue income, and to accrue income, the stolen ACPS must be deposited on the exchange, and therefore be exposed to any scrutiny.
- Since ACPS represents income, not savings, the direct victim of a falsified transaction can retrieve all the ACPS by using the private key to force an early expiry of the falsified transaction, rendering the ACPS in the thief's account expired via blockchain enforcement. Then the thief can no longer accrue income from that ACPS.
- If the thief used some ACPS for goods and services, the expiry date enforces that the ACPS be returned to the vicitim.
- To reduce loss due to theft, the blockchain can be used to enforce more expedient expiration periods. These enforcements can be cancelled by use of a private key.

Buyer and seller relationship after premature return of ACPS
- If the buyer prematurely cancels the transfer, and therefore, retrieves all ACPS prematurely, service and/or acceptance of the account may or may not be denied by the seller.
- Alternatively, the seller can convince the buyer to reissue the transfer, or otherwise refuse service if it desires.

Adaptation to this possibility
- In situations where: 1) the transaction amount is small and the probability that the buyer will prematurely cancel the transfer is low, or 2) when a service, not a good, is being sold, or 3) a balance must be prepaid before delivery of an item or service; a distant expiry date may be acceptable to the seller.
- In situations where: 1) the transaction amount is large and the probability that the buyer will prematurely cancel the transfer is high, or 2) when a good, not a service, is being sold, or 3) the remaining balance is likely collectible by sending a bill to the buyer; an expedient expiry date may be acceptable to the seller.