{"id":3745,"date":"2022-03-05T19:36:10","date_gmt":"2022-03-05T19:36:10","guid":{"rendered":"http:\/\/smart.onlinesarafi.com\/index.php\/2022\/03\/05\/newyork-exchange-whitepaper\/"},"modified":"2022-03-05T19:36:10","modified_gmt":"2022-03-05T19:36:10","slug":"newyork-exchange-whitepaper","status":"publish","type":"post","link":"https:\/\/smart.onlinesarafi.com\/index.php\/2022\/03\/05\/newyork-exchange-whitepaper\/","title":{"rendered":"NewYork Exchange Whitepaper"},"content":{"rendered":"<div readability=\"70.481169196178\">\n<p>INTRODUCTION:<\/p>\n<p>Internet business has come to depend on financial organizations serving as trusted third-parties to process electronic payments. While the system works well enough for most of the transactions, it still suffers from the inherent weaknesses of the trust-based model. Non-reversible transactions are not possible, since financial organizations can\u2019t abstain from intervening disputes.<\/p>\n<p>The expense of mediation increases the transaction costs, constraining the minimum 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.<\/p>\n<p>With the prospect of reversal, the need for trust binges.<\/p>\n<p>Traders must be cautious of their customers, bothering them for more information than they would otherwise need. A certain proportion of fraud is accepted as unavoidable.<\/p>\n<p>These costs and payment doubts can be avoided in person by using physical currency, but no mechanism be present to make payments over a communications channel without a trusted party.<\/p>\n<p>What is needed is an automated 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.<\/p>\n<p>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<\/p>\n<p>computational proof of the sequential order of transactions.<\/p>\n<p>The system is secure if authentic nodes together control more CPU power than any conjoining group of attacker nodes.<\/p>\n<p> <a href=\"https:\/\/www.allcryptowhitepapers.com\/wp-content\/uploads\/2019\/08\/NYEWhitePaper.pdf\" class=\"pdfemb-viewer\" data-width=\"max\" data-height=\"max\" data-toolbar=\"bottom\" data-toolbar-fixed=\"on\">NYEWhitePaper<br \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>INTRODUCTION: Internet business has come to depend on financial organizations serving as trusted third-parties to process electronic payments. While the system works well enough for most of the transactions, it still suffers from the inherent weaknesses of the trust-based model. Non-reversible transactions are not possible, since financial organizations can\u2019t abstain from intervening disputes. The expense [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3745","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/3745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/comments?post=3745"}],"version-history":[{"count":1,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/3745\/revisions"}],"predecessor-version":[{"id":3746,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/3745\/revisions\/3746"}],"wp:attachment":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/media?parent=3745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/categories?post=3745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/tags?post=3745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}