Using a volatile native crypto-currency causes a great hindrance in running a business.
YOSEMITE resolves that problem by using tokens that have their values pegged to government-approved fiat money
YOSEMITE's unique Proof-of-Transaction consensus algorithm,
which allows only the direct contributors to the blockchain to create blocks and get rewarded, can address the
fundamental problems in PoW, PoS consensus algorithms and sustain a fair and reasonable operation.
Finally, governments and companies globally have a capable underlying system to utilize the advantages of
blockchain and conduct sustainable policies and businesses
New method of public blockchain design that avoids issuing native cryptocurrency minted by the blockchain itself. There is no single distinguished built-in native token, only user-created tokens are issued and circulated on the YOSEMITE blockchain. In other smart contract based blockchains like Ethereum and EOS, custom tokens implemented as smart contracts are totally separate from the native cryptocurrency (ETH, EOS) used for executing blockchain transactions. In contrast, YOSEMITE blockchain lets any custom user token conforming to the YOSEMITE Standard Token interface become a Transaction Fee Token just as a native cryptocurrency can in other blockchain systems.
The YOSEMITE blockchain provides a unique YOSEMITE Standard Token model. Every account created can mint a YOSEMITE Standard Token and inherently run standard token operations natively supported at the blockchain core level. Interoperability among the tokens on the YOSEMITE blockchain is enforced and guaranteed by the blockchain core system.
User-created fiat-pegged stable tokens (e.g. USD tokens backed by an equivalent amount of USD held in reserve) issued by trusted entities (e.g. enterprises, financial institutions, governments) are selected as the transaction fee tokens. Asset-backed security tokens (e.g. company shares, gold backed tokens, ...) can be also issued and traded through on-chain token exchange using fiat-pegged stable tokens as base currencies.
Among the user-issued tokens, the elected block producers can select some tokens to be used for blockchain transaction fee payment, whereas typically a pre-built native cryptocurrency is used in other blockchain systems. Whenever any blockchain transaction is executed on the YOSEMITE blockchain, the block-producer-designated transaction fee tokens are collected as a transaction fee from users.
The block producers of the YOSEMITE blockchain are elected by a unique consensus mechanism designed by YOSEMITE: Proof-of-Transaction (PoT) using Transaction-as-a-Vote (TaaV). The block producers are continuously elected and evicted by the transparent and fair vote index, the proof of generating meaningful transactions. The PoT mechanism incentivizes the application service providers, who are directly contributing to the blockchain ecosystem by generating blockchain transactions associated with real economic activity.
The transaction fee payer is always specified separately from the accounts directly involved in a transaction, the transaction fee payment can be delegated to some other account. For the sake of a seamless and convenient user experience, blockchain service providers can pay blockchain transaction fees on behalf of the service’s users.
The YOSEMITE public blockchain is designed to be a general financial platform supporting smart contracts. Business entities can process their financial transactions on the YOSEMITE blockchain using the fiat-pegged stable tokens and custom smart contract codes developed to meet the needs of their business process.
The integrated KYC/AML process for YOSEMITE blockchain accounts is provided by trusted Identity Authorities designated by block producers, which lays the foundation for the secure and reliable financial transactions maintaining regulatory compliance. The blockchain account recovery is provided by the Identity Authorities mitigating the blockchain key loss problem.
The enterprise level blockchain scalability enabled by the PoT-based BFT consensus with short block time and fast block finality, the YOSEMITE’s off-chain state-channel exchange technology and the future multi-blockchain architecture. The YOSEMITE blockchain enables financial transaction processing at global scale.
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