DECENTRAL BANK: BRINGING BITCOIN 2.0 TO MODERN BANKING
Bitcoin 2.0 development is becoming more and more popular. While browsing Twitter, I found a project that did not have a lot of media attention. This project, called the Decentral Bank, is a p2p decentralized network that connects to form voting pools that can be used for redeeming withdrawal requests even when an entity has disappeared.
To move funds, the majority of servers must vote to push a transaction thus, security is distributed across the entire network of servers. The Decentral Bank platform is based on Bitcoin 2.0 protocol and utilizes features that are not commonly used by current Bitcoin software. Decentral Bank participated in the Citi Mobile challenge and was the only Bitcoin based project to enter in the competition.
Disclaimer: The author has no relation to Decentral Bank.
I interviewed Uwe Cerron, lead developer of the Decentral Bank project to get more information on the new decentralized banking platform.
What is The Decentral Bank project?
Decentral Bank is an off-chain Peer-to-Peer decentralized, network of servers that connect to form voting pools. A voting pool is an arrangement of servers to securely store and account for customer cryptocurrency deposits, and to redeem valid withdrawal requests even in the event a custodial entity completely disappearing. Under a voting pool scheme, the majority of the servers must vote whenever the funds are required to move. Using this scheme security is distributed to n amount of servers.
This post was published at Crypto Coins News on November 18, 2014.