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RSCoin

RSCoin Mata Uang Digital Terpusat

RSCoin Mata Uang Digital Dengan Sistem Terpusat Untuk Bank Central

Penulis:
George Danezis
University College Londong.danezis@ucl.ac.uk
Sarah Meiklejohn
University College Londons.meiklejohn@ucl.ac.uk
Halaman: 15 halaman

Abstract
Current cryptocurrencies, starting with Bitcoin,build a decentralized blockchain-based transaction ledger, main-tained through proofs-of-work that also serve to generate amonetary supply. Such decentralization has benefits, such asindependence from national political control, but also significantlimitations in terms of computational costs and scalability. Weintroduce
RSCoin , a cryptocurrency framework in which centralbanks maintain complete control over the monetary supply, butrely on a distributed set of authorities, or mintettes, to preventdouble-spending. While monetary policy is centralized, RSCoin still provides strong transparency and auditability guarantees.We demonstrate, both theoretically and experimentally, the ben-efits of a modest degree of centralization, such as the eliminationof wasteful hashing and a scalable system for avoiding double-spending attacks.

INTRODUCTION
Bitcoin, introduced in 2009, and the many alternativecryptocurrencies it has inspired (e.g., Litecoin and Ripple),have achieved enormous success: financially, in November 2015, Bitcoin held a market capitalization of 4.8 billion USD and 30 cryptocurrencies held a market capitalization of over 1 million USD. In terms of visibility, cryptocurrencies have been accepted as a form of payment by an increasing number of international merchants, such as the 150,000 merchants using either Coinbase or Bitpay as a payment gateway provider.

Recently, major financial institutions such as JPMorganChase and Nasdaq have announced plans to develop blockchain technologies. The potential impacts of cryptocur-rencies have now been acknowledged even by governmentinstitutions: the European Central Bank anticipates their “impact on monetary policy and price stability”; the US FederalReserve their ability to provide a “faster, more secure and moreefficient payment system”; and the UK Treasury vowed to
“support innovation” in this space. This is unsurprising, since the financial settlement systems currently in use by centralbanks (e.g., CHAPS, TARGET2, and Fedwire) remain relatively expensive and—at least behind the scenes—have high latency and are stagnant in terms of innovation.

RSCoin-Whitepaper


Sumber PDF:
http://arxiv.org/pdf/1505.06895.pdf

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