More than a decade ago, when Bitcoin first entered the public spotlight, I developed a strong interest in its underlying principles and began exploring alternative approaches to implementing cryptocurrencies. However, the current state of blockchain technology remains unsatisfactory.
Cryptocurrencies exhibit excessive price volatility, making them impractical as a true medium of exchange for businesses. Furthermore, cryptocurrencies have consistently struggled to break free from their dependency on fiat currencies.
After a prolonged period of reflection, I realized that what we truly need is not merely another form of currency but an ideal means of exchange and a reliable measure of value. Drawing on fundamental economic principles, I designed a system called “World Yuan” which combines anonymity with decentralization and prepared a paper.
The paper introduces a novel peer-to-peer consensus mechanism that diverges from traditional blockchain approaches. This mechanism allows two nodes to independently store data, reach consensus, and verify it with minimal storage requirements.
Unlike Bitcoin, the computer engineering aspects of my proposed system are grounded in robust economic theory. It introduces a rigorous definition of value, fundamentally freed from dependence on fiat currency, making value an independent metric reliance on fiat currencies and enabling direct exchange of goods based on value without the need for currency as an intermediary.
This research integrates economic and cryptography, offering significant innovation.
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