Your Coin White Paper

Linear scale means continuous growth

Abstract

Your Coin is a blockchain based platform for processing digital transactions of data, securities, or fiat currency in an environmentally friendly manner. Each coin represents a single asset and is tracked on three ledgers. The first ledger includes all the transaction data from the coin’s creation in the genesis block to the current owner’s proof of ownership. The second ledger is a running list of the proof of each individual transaction. The third ledger is the list of ownership.

Each coin has its own set of these three ledgers, which means that a single block in the chain is limited to a single transaction. The first ledger is held by the owner of the asset in a digital wallet that may be held on a physical device (such as a mobile phone) or in a cloud-based application. A reputable bank holds on to the proof ledger and the ownership ledger.

Each transaction is computed directly by the user receiving the coin, verified by the spender of the coin, and reported to the bank or source of truth. There is no need to wait for a miner to solve the block for your transaction to occur, which means that a user may process many transactions on separate sets of chains all at the same time in order transfer ownership of the right amount of currency to the new owner.

Coins are minted by entities such as banks that are trusted partners in the ecosystem. They then provide users the proofs as needed in exchange for the interest they are able to earn from holding the user’s currency or value derived from the data. Coins and their chains can be created and destroyed as needed, either when physical money is deposited and withdrawn, or when change is needed in splitting or combining coins to make assets of different denominations.

The continuous use of this currency allows the users to create proof of income and proof of spending for use in other third party applications such as credit monitoring and advertising marketplaces.