ABSTRACTA purely peer-to-peer form of electronic cash should allow online payments to be sent directly between parties and without going through a financial institution. Digital signatures are part of the solution, but the main benefits disappear if a trusted third party remains essential to prevent double spending. We propose a solution for the double spending problem using a peer-to-peer network. The network stamps transactions over time in a continuous chain of hash-based proof-of-work2, establishing a record that cannot be modified without redoing the proof-of-work. The longest chain not only serves as an effective test of the sequence of events, it also shows that it came from the most powerful set of CPUs. As long as most of the CPU power is controlled by nodes that do not cooperate to attack the network itself, the longest chain will be generated and the attackers will be outdone. The network itself requires a minimal structure.
Messages are transmitted on a "best effort" basis 4, and nodes can leave the network and return to it at will, accepting the longest proof-of-work chain as proof of what happened during their absence.
INTRODUCTIONInternet commerce has come to rely almost exclusively on financial institutions as trusted third parties in the electronic payment process. Although the system works well enough for most transactions, it suffers from the weakness inherent in the trust-based model. Completely irreversible transactions are not possible because financial institutions cannot avoid mediating disputes. The cost of this mediation increases transaction costs, limiting its useful minimum size and eliminating the possibility of making small occasional transactions, and there is a higher cost by losing the possibility of making irreversible transactions for irreversible services; and this is the reason for the usability of the developments associated with the project, such as a POS (Point of Sale Terminal) based on the blockchain without third-party intermediation.
Starting from the summary and going through the introduction, we arrive at the description and details (technical, administrative and legal) of the DYNARIAN project (abbreviation DYN) developed for the usability in P2P transactions without intermediaries, both in the own developments (POS Terminal Point of Sale ) as those who intend to develop third-party tools.
This generates the trust of the users (both the sender and the recipient) due to the fact that only the commission of the shipment will be the sole expense of the transaction, an expense that actually has as its recipient the different decentralized nodes that seal the transactions. transactions on the blockchain.
The steps to run the network are as follows:
1) New transactions are broadcast to all nodes.
2) Each node collects all transactions in one block.
3) Each node works on solving a complex proof-of-work for its block.
4) When a node solves a proof-of-work, it broadcasts the block to all nodes.
5) The nodes accept the block if all the transactions in it are valid and have not been previously spent.
6) Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.By convention, the first transaction in a block is a special transaction that begins a new coin, owned by the creator of the block. This adds an incentive for the nodes to support the network, and provides a way to put the coins into circulation, since there is no central authority to distribute them.
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