Bitcoinrand: A Peer-to-Peer South African Electronic Cash System
Crypto Robin Hood
An innovative new kind of money for South Africa! A purely peer-to-peer version of South African electronic cash would allow payments to be sent directly from one party to another without going through a financial institution. We propose a solution to various problems such as double spending, unfair monetary systems, trust based model relying on third party financial institutions and more as we will describe in this paper.
Retail & 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.
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. We would be using the Bitcoin concept and forking it whilst making changes to meet the needs of the people of South Africa.
Bitcoinrand started in early 2020 as an experimental digital currency. We have faced many challenges to get to this point where we are now aiming to free the South African population from the fiat based monetary system. It is a non-profit based project. No business models are used.
Our vision is to change the way that most of the population see money and create a store of value that maintains purchasing power over long periods of time.
1st Quarter - To get a tested and working stable chain.
2nd Quarter - To give away coins and get more users on the network that would allow testing at a larger scale.
3rd Quarter - To make a public announcement and obtain larger challenges that help identify larger problems.
4th Quarter - To access and adapt to all analytical date from Q1 to Q3 then determine if the current chain and properties are the best way ahead.
5th Quarter - To get as many people as possible part of the Bitcoinrand community and open invites to join the organization.
6th Quarter - To get Bitcoinrand accepted by merchants, available for trade and accepted as a transfer of value.
We aim to achieve the vision of Satoshi with the Republic of South Africa. We believe that Bitcoin has become a store of value and not the electronic cash it was intended to be. We have come up with a solution for people to send 10 BZAR with a fee of 0.0002 BZAR. Where the supply will not mathematically allow a pump and dump whilst also having block rewards that would incentivize miners to keep the network stable and secure. We want a hawker selling fruits and vegetables for 6.00 ZAR to be able to accept payment in BZAR since she cannot get a bank account and cash in most areas are of high risk for the majority.
Changes to the Bitcoinrand Fork from Bitcoin:
Coin name: Bitcoinrand
Coin abbreviation: BZAR
Address letter : R
Address letter testnet: 9
Coin unit: Kruger
RPC port: 19451
P2P port: 19452
Block reward: 230 coins
Block halving: 2300000 blocks
Coin supply: 1248000000 coins
Genesis block amount: 190000000 coins
Target spacing: 2 minutes
Target timespan: 10 minutes
Transaction confirmations: 6 blocks
Node 1: node1.bitcoinrand.com
Node 2: node2.bitcoinrand.com
Last block with reward: 80500000
Time until last block 306 years, 1 months, 10 days, 13 hours