Bitcoin of developing a complete decentralized currency system was

Bitcoin
is a decentralized crytocurrency that does not have a central authority(a
central bank or middle-man) to manage its money processes and transactions.
These transactions are signed electronically and then added to a long continuous
block of blockchain. All transactions are public to avoid double spending and
for easy verification of ownership. No transaction is valid until it is
verified by the Bitcoin network( by miners).  Bitcoin uses a distributed time-stamping
method that to trace the history of transactions. The problem of developing a
complete decentralized currency system was discussed in Laurie(2012, 2011),
which suggests the use of multiserver nodes for providing transaction
information rather than using Bitcoin’s peer-to-peer network.  Perfect anonymity features are not listed
among the core design goals of Bitcoin.

Open
Transactions Library

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 Open transactions wiki(OT, 2014), is a software
library which makes the use of cryptography in crypto currencies and finance
easy. OT offers financial instruments that enable management of digital
resources without getting traced. So the main key features of OT are untraceable
contracts, accounts that can’t be forged and a huge number of trading
instruments. OT libraries implement a number of instruments for financial operations
such as receipts, cheques, vouchers, trading contracts etc.

 

Decentralized
Carbon Emissions Trading Infrastructure

 D-CETI serves as a decentralized cooperative
marketplace for all kinds of carbon emissions traders. This platform allows
carbon credits to be traded independently from their underlying protocols. The
stake holders of D-CETI  the buys and
sellers are not required to show their identities in order to carry out
transactions. This anonymity helps individuals, companies or governments to
participate in this trade and reduce carbon emissions.

Actors
like Smart Meters, Carbon Emission Reduction Installation, Certifying Bodies, Carbon
Emission Traders play an important role in D-CETI setup. D-CETI provides two main
functions: carbon credits trading and carbon credits generation.

  Core activities of this model are following: Initialization
and Start-up: This is when the data is loaded and used to populate other data structures;
Block Synchronization: This activity produces an overall consistent copy of the
block chain, which is then used by all oher peers involved as a distributed
bank of credits; Wallet Service: This activity helps with all matters related
to assests; Carbon Emission Credits Generation: When a user indicates an
intention to generate carbon credits, this activity starts up. It requires a
lot of computational power for implementation. D-CETI inherits Bitcoin’s mining
process for this process; User Interfacing Activity: This activity involves all
the required visualizations of transactions, emissions and block chain state; Node
Connectivity: This activity manages blocks, messages and transactions among the
nodes; Sockets and Messages: This activity deals with node activities to
synchronize the block chain data. It gives low-level networking functions. The
behavior of D-CETI’s model is event driven. The start-up is sequential then all
processes work at the same time to pass information to each other as required. The
message protocol between the nodes is robust to support heavy data load.

The
functional requirements captured by the main use cases and nonfunctional
requirements have resulted in this design of D-CETI. Major nonfunctional
requirement affecting D-CETI structure is privacy (anonymity of traders; no
local storage of transactions histories). The model depicts a decentralized system-of-systems
decomposition containing of the following systems: