Cryptocurrency_based_on_a_Smart_Contract.pdf

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Cryptocurrency based on a Smart Contract
Mathematical cryptocurrency concept
A cryptocurrency, to be regarded as such, must satisfy at least the following
conditions:
i​t
must express a numerical value, be divisible, non volatile, and it must be generated
in a finite number of equivalent ways.
Cryptocurrencies, like Bitcoin, Ethereum or other minor ones, have all of the
characteristics mentioned above. In particular their generation algorithms are based
on the competitive computational ability of the actors that hold information about the
coin itself (so-called “miners”).
Smart contract
A Smart Contract is an application installed on all miners' computers, it is dormant
but it can be relied on and invoked if you know its address. If specific conditions
expected by the application happen, the Smart Contract will be able to perform
certain actions automatically and autonomously, without suffering from outside
alterations. This makes it an effective disintermediation system, as if appropriately
programmed, a Smart Contract can perform an action only if there is a specific
business transaction.
Cryptocurrency certified value
This document describes the mechanism to be implemented in order to obtain a
cryptocurrency generated through a Smart Contract and not through an algorithmic
competition, preserving the basic characteristics of a cryptocurrency.
Exchange Value
The cryptocurrency based on a Smart Contract has, to support its value, an equivalent
amount in another currency called “master coin”, it uses one or more support
accounts denominated in master coin and a Smart Contract to guarantee the
generation and management of crypto-coin.
In particular, automations must exist so that for each value deposited in the master
coin account , the Smart Contract generates and transfers the ownership of this value
in cryptocurrency to the actor who performed the transfer to the master account.
Similarly there must be automations so that created crypto-coin can be reconverted to
master coin. In this case, the ownership of cryptocoin is to be transferred to the smart
contract that destroys the crypto value and requires a transfer of master coin to an
account indicated by the subject that requested the operation.
Support bank for Smart Contract
The characteristics that a bank must have to support the generation of coin through
Smart Contract are:
●
To prepare one or more legal current accounts (Euro, Dollar, etc.).
●
To have a technology able to notify all events related to the transfer of the
money to the aforementioned accounts, using standard protocols like REST
calls or sending Push notification.
●
To provide a technology that transfers money Server2Server – without human
intervention.
Active operation cycle: trasformation of master
coin in cryptocoin
The subject who is interested to convert a given and accepted currency in crypto-coin,
must transfer money to one of the aforementioned accounts. The Banking IT
Architecture must be able to propagate this event, together with details of the
payment, to a predetermined and certified destination (Smart Contract Interface) that
instantly generates and transfers the amount to the senders of the payment.
Passive operation cycle: trasformation of the
cryptocoin into master coin
The subject who is interested in converting its value owned in crypto-coin to a
determined and accepted currency, it will have to transfer its ownership to the Smart
Contract that will destroy the value and will provide a money transfer equivalent to
one of accounts available to the account indicated by the initiating subject.
This provision must be Server2Server and must have been approved without human
intervention.

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