Money transactions between people are carried out through an intermediary (usually a bank or financial institution) Transaction reliability is guaranteed by an agent who conducts the transaction. Transactions between PalladiumCoin users are carried out through the Internet. Transaction privacy is protected by secure cryptographic algorithms whereby no one can identify who sent the money, who the receiver was, and what amount of money was transferred. PalladiumCoin transaction processing is peformed by the network of users as a whole. Yet no participant has access to the transaction details. All transfers are fully anonymous. The transactions processing requires a considerable amount of computational resources. Those users who joined the network may allocate time of their computers for transaction processing. As a reward they receive PC. This process is called mining. Just as how gold is extracted out of the ground!
PalladiumCoins are gradually getting more expensive over time, since the emission is limited to 2 million PC. The number of PalladiumCoins emitted each block (every 120 seconds) is slightly decreasing. As a result PC gains value and exchange rate increase. While currencies with sharp decrease of reward per block are exposed to intense declines in network power, PalladiumCoin emission is decreasing slowly, which protects the currency from economic shocks.
Ryan wants to order food to his place which costs 5 PC, all fees included. He places an order on the website, and he receives his bill that contains the restaurants wallet address. Ryan broadcasts the following instruction to the PalladiumCoin network: send 5 PC from Ryan_address to restaurant_address. Each computer in the network receives this instruction and checks whether this PC Ryan wants to transfer actually belongs to him. The network collects the transactions that need to be processed and packs them up in a block. Each block should comply with specific rules to protect the network from transaction forgery. At some point, one of computers in the network finds the correct block structure and puts it into its blockchain file, which represents the database for all performed transactions. This computer then broadcasts the new block to all other computers in the network for them to update their blockchain files. The transaction is completed and the owner of the computer that was the first to find the correct block structure gets a reward. After the transaction is done, 5 PC belongs to the restaurant and no longer to Ryan. This whole process takes about 2 minutes, and the restaurant owner will get paid before he even starts to cook Ryan’s pizza.
By utilizing ring signature technology and a variation of the Diffie-Hellman exchange protocol, PalladiumCoin is virtually completely anonymous.
PalladiumCoin ensures that all miners have equal voting privileges by utilizing built-in CPU instructions, which are too expensive for SPD's.
PalladiumCoin has no hard-coded constants; magic numbers in the code are re-calculated based on the previous state of the network.
PalladiumCoin's development is completely based upon the communities desires and wants. Anyone can contribute to the codebase on github!
Non-repeating single use addresses, key images, and mixed keys in ring signatures make the whole blockchain resistant to analysis and double spending!
PalladiumCoin is constantly updated with improvements, security fixes, and new features to ensure that it maintains its reputable position!