IntroductionAzerium is the first highly scalable decentralized DAG based cryptocurrency with location and identifier anonymity, no-fee instant transactions, upto 100,000 transactions per second and an option to refund/chargeback within a time window using binding contracts. Azerium is mainly inspired by Raiblocks and Byteballs. It targets to provide necessary tools for businesses to adopt it faster. Azerium will have a native exchange with an option to support for various accounting rules (for example, help users comply with IRS rule 1031) and be one stop shop for everything related to cryptocurrencies.
TeamWe are a team of passionate and dedicated developers, focusing on bringing the best of cryptography to this project and provide an unparalleled experience with the currency itself and its exchange.
Abdullah Zaib:
https://www.linkedin.com/in/abdullahzaib/Junaid Malik:
https://www.linkedin.com/in/jdmalik/Karan Anand:
https://www.linkedin.com/in/anandkaran/ Pavan Kompelli
https://www.linkedin.com/in/pavan-kompelli-576aa6/ Hadeel Elbitar:
https://www.linkedin.com/in/hadeel-elbitar-28976a15/The goal of this pre-announcement is to gather community feedback and find people with the same interest who are as passionate as ourselves in achieving this common objective. We have been exploring deep into crypto domain for more than a year and are working to enhance and develop existing technologies to bring together the best of everything.
We have developed a lot of respect for people already working towards improved solutions and moving forward from blockchain. Azerium aims to continue that mission to streamline crypto.
Process DetailsAt its core, Azerium uses DAG and is inspired mainly by RailBlocks and ByteBall. It provides highly scalable (100,000 tx/s in the start and improves with more nodes), power efficient (suitable for all devices), and instant fee-less (with some PoW) anonymous transactions. All of this is made possible by improving on existing technologies and building new ones.
DAG based NetworkThe core of Azerium’s network is a chain of transactions blocks per account/wallet. Since the chain is per account, only the account owner can add a new block to it. As part of a transaction, essentially the receiver & sender both add a block to their chain. The proof of such an action is broadcasted to the entire network, so that other nodes can then vote to resolve conflicts (if the need be). This is also why Azerium’s transactions are super fast and reliable. This is further enhanced by worker nodes in the start to have 100,000 tx/s guarantees.
AnonymityThere are many ways to achieve location & machine anonymity (using Tor and I2P). In addition to that, Azerium also offers completely trace-less transactions. This is done by clever use of state of the art hashing techniques. Sender can transfer the resources privately, while posting a hash to the ledger. Since the receiver has been told what the resources were, they can then use it to compute the hash & certify the receipt.
The executive summary of the process to make an untraceable payment is (in depth details followed by the whitepaper),
- Sender generated the payload corresponding to the resources being transferred
- A random padding is added to payload (so that hash of payload is not predictable)
- Transfer the resource privately
- Add the hash of payload to public DAG (i.e. Azerium’s mesh)
- Receiver gets resource, computes the hash & confirms that it matches the one which was added to public ledger
Fee-Less TransactionsEach node initiating a transaction gets instant initial confirmation by addition of transaction in local chain, then it confirms N other transactions. N is decided based on weight of the recent transaction and is a bounded value (to have deterministic time). Similar to a tangle, Azerium’s core network is basically a mesh (made up of Dag). A node must only confirm the transactions which it knows are valid. There is mutual benefit of doing this. We can also attach weights to transactions.
Whoever is adding a transaction, is contributing by confirming other transactions thus making the mesh more secure. Consider the following scenario: A node adds a new transaction, which (knowingly or unknowingly) confirms a conflicting transaction. Other devices on the network will also see this, but will not approve this conflicting transaction. Thus the original work which was done, is totally wasted. This is the motivation to either directly or indirectly confirm transactions which are not conflicting.
As the number of confirmations of a particular transaction increase, it is added into the mesh with higher level of confidence. For context, we define weight as the amount of work that the issuing node put into it. This means, to make a transaction more important, nodes need to put more work into it. This also ensures that a node cannot generate transactions that have a really high weight (since they would have to work proportionally more to prove it).
In order to issue a new transaction, the node needs to,
- Confirm N unconfirmed and non-conflicting transactions
- Prove that it has put in the required amount of work: This is done similar to how Bitcoin requires the hash to have some pre-determined number of leading zeros
Fast TransactionsThe instance confirmation of a transaction comes from the fact that the transaction is added to local chain of a node immediately. The growth in number of nodes in mesh increases confirmation rate of the transactions. Confirmation time depends on the network topology / bandwidth limitation and the number of transactions per second. There is no limit by which the number of transactions are bound or the rate at which they can be confirmed. This results in a massively parallel and super-fast network.
Quantum Proof ModelEach transaction in Azerium must always be accompanied by some proof of work, i.e. is weighted but with a cap. So the main advantage of a heavy computational resource can’t be used to its full extent. There are also measures within the system to prevent a node from generating too many transactions within a short period of time and also avoid race conditions.
Highly ScalableAzerium supports 100k transactions per second in the start, this will scale out as more nodes contribute to the system. It’s possible with weight balanced verification from worker nodes in the start by Azerium on i2p network. This works with modified zK snark to have deterministic run time and have infinite scalability. The trust-able worker nodes only activate when overall transactions drop by 100k to keep transactions fast and efficient.
Refund/Chargeback Using cryptocurrencies, there have been instances where one of the parties involved in the transaction turned out to be malicious. This has given cryptocurrencies a bad reputation. Azerium offers fair and reliable instant transactions to address that. With Azerium, merchants and buyers have an option to keep the payments with an escrow until the contractual obligations have been met, this can be set as default by the wallet and is configurable.
DistributionWe strictly believe in fair and transparent distribution and a clean launch. No pre-mined coins for anyone (including the development team). We buy at the same price as the entire community. The project is self funded and we will continue to do so as much as we can.
The details of distribution model are still being worked on, and we welcome the feedback from community to contribute in making the process of distribution fair, transparent and balanced. We also believe marketing is important for mass adoption and will have a finite portion from the distribution.
ClosureThis document is a an executive summary and a pre-announcement, and is in active development. We will provide with regular updates as soon as we have more significant details to share.
Please let us know your thoughts. Our main goal is to have this project driven with community’s support . Together we can all strive to make the entire ecosystem better.
Channels to get timely updates,
Telegram:
https://t.me/azerium
