Cryptography: A Peer-to-Peer ECS (Electronic Cash System)

Cryptography: A Peer-to-Peer ECS (Electronic Cash System)

A peer-to-peer ECS on digital era would allow online payments for the transaction to be sent directly from one party to another party without going through any of the financial institution. We authenticate the transaction via Digital signatures which provides a part of unique and global solutions, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We recommend a solution to the double-spending problem using a peer-to-peer network. The Real time network timestamps transactions by hashing business into an ongoing chain of hash-based for proof-of-work, to forming a record that cannot be changed without redoing the work with proof.  The longest cryptography chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU (central processing unit) power. As long as a majority of C.P.U. power is controlled and handle by nodes they are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal hardware structure. All the Messages are broadcast on a best effort basis, and networks nodes can leave and rejoin the network at the point on will, accepting the longest work chain as proof of what happened while they were gone.

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