Peer-to-Peer Asset Issuance and Transactions with Confidence Chains

[BlueMeanie]

Abstract:

Bitcoin's popularity has grown exponentially in recent years as a new form of digital
money that transcends geography and national governments. This paper describes a
system for 1) Asset Issuance meaning the creation of digital property 2) and Asset
Transactions meaning the exchange and trade of that property. Many of it's internal
structures are derived from Bitcoin technology, thus many innovations in the Bitcoin
world carry over to this platform. It is truly Peer-To-Peer, meaning there is no central
server required. A very high level of transaction integrity and security can be achieved.
It has several advantages over Bitcoin, namely speed of transactions and no need for
'mining'. The system is suitable for a wide range of applications, it is powerful enough
to do high volume securities trading, secure enough to trade precious metals, and simple
enough for Community Currency implementations. In this paper we will describe the
core algorithm of Confidence Chains, in other proposals we will offer more details
regarding asset issuance and related features.