The #ViralPaper
Please consider this as an evolving document under construction. This document describes a project in development and will be updated regularly in accordance with our progress.
WELCOME TO #VIRAL : CRYPTO, REIMAGINED.
Years ago Satoshi Nakamoto revolutionized the entire world when he created Bitcoin. #VIRAL aims to evolve and reimagine Satoshi's work with a project more suited to the world we live in today.
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
Satoshi Nakamoto
Guides: Jump right in
Follow our handy guides to get started on the basics as quickly as possible:
Welcome to #VIRALHow does it work?#VIRAL EcosystemGood to know: your product docs aren't just a reference of all your features! use them to encourage folks to perform certain actions and discover the value in your product.
Fundamentals: Dive a little deeper
Learn the fundamentals of MyProduct to get a deeper understanding of our main features:
#VIRALnomicsRoad MapTeamGood to know: Splitting your product into fundamental concepts, objects, or areas can be a great way to let readers deep dive into the concepts that matter most to them. Combine guides with this approach to 'fundamentals' and you're well on your way to great documentation!
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