DOCSLIB.ORG

The Aventus Solution to the Digital Asset Problem

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Aventus Solution to the Digital Asset Problem The Aventus solution to the digital asset problem A number of industries and participants have adopted platforms like IBM’s Hyperledger over Ethereum because they cannot sacrifice scale or privacy. However, at least in the proof-of-concept stage, they are prepared to sacrifice independence and accept lower levels of security than that afforded by Ethereum. With the Aventus Protocol, there is no trade-off. Organisations are free to benefit from the combination of private and public Blockchains without the drawbacks. The following chapter will introduce Aventus’ solution to the current problems of Blockchain technology. It will give you a high-level overview of the Aventus Protocol’s system architecture, how it is used, and how it will benefit digital asset issuers, managers, and owners. The Aventus Protocol The Aventus Protocol is a Blockchain solution that combines the scale and privacy of private Blockchains with the security and independence of public chains. It solves issues with scalability by taking transaction processing off-chain and uses cutting-edge ‘zero-knowledge proofs’ for privacy. The ultimate goal of the Aventus Protocol is to improve standardisation, trust, and security across value chains. It does this while lowering costs, reducing friction, and generating entirely new asset services. The following section will explain the protocol’s key functions and how they work. A Layer 2 solution The Aventus Protocol is what is known as a ‘Layer 2 Solution’. This means that it is built on top of an existing public Blockchain network, in this case Ethereum. This layer 2 Solution processes transactions ‘off-chain’. The purpose for this is to solve the scalability problems of Ethereum, while maintaining the benefits of security and independence. This in itself is not new. To address the shortcomings of public Blockchains, various developer communities have moved to creating ‘Layer 2’ or, more accurately, ‘Execution Layer’ solutions. In the case of Bitcoin, for example, Lightning has become the de-facto scaling solution. Initial implementations of these solutions tend to either be suboptimal rehashes of the base Blockchain, or are too specific to be commercially viable. Furthermore, a trade-off is evident between preserving the full security of the base Blockchain and transaction finality with high throughput. The Aventus Protocol, however, is a cutting-edge Layer 2 solution with privacy considerations. Description Example A Layer 2 Solution is built on top of an Imagine Sally buys her Ed Sheeran tickets existing Blockchain to improve immediately upon launch. scalability. The tickets she buys are transacted across the The Aventus Protocol is a secondary hypothetical Aventus Protocol in which the Layer 2 Blockchain solution which lets Aventus Solution does not exist. process transactions more efficiently, independent of the Ethereum Tickets usually sell out in minutes. Blockchain. This is known as ‘off-chain’ processing. But this time, Ed Sheeran’s team are panicking, how can it be that they have only sold 10% of tickets? Transactions are processed and verified more efficiently by Aventus Nodes (see Well, without the Layer 2 Solution to process section 3.2.2.1 Aventus Nodes). transactions through nodes ‘off-chain’, the entire network could only process 100 tickets per second. They are then batched together into Aventus Blocks and sent to the That means fans would have to wait hours for their Ethereum Blockchain where they are tickets to be processed. made public. However, with the Layer 2 Solution, transactions are In this sense, Aventus is a Blockchain batched by Aventus Nodes and then sent to the within a Blockchain. Ethereum Blockchain. This way, fans can buy tickets at true scale. Summary Off-chain processing allows the Aventus Protocol to more quickly verify transactions while still benefiting from the security of the public Ethereum Blockchain. The processing is handled by Aventus Nodes, which batch transactions together before making them public. More information: https://www.ibm.com/blogs/systems/storage-for-blockchain-and-modern- distributed-database-processing/ https://media.consensys.net/the-state-of-ethereum-layer-2-protocol-development-2- f22b2603abd6 This means the Aventus Protocol can process transactions faster than a public Blockchain, while still preserving the properties of Ethereum where transactional information is made public. This is where zero-knowledge proofs come in. Zero-knowledge proofs and Sigma protocol for privacy All transactions on the Aventus network can contain a private piece of information that can be verified, without disclosure, using a Sigma Protocol. This can be anything the user wants to remain confidential. It can be as simple as their identity information, or a secret piece of information given from the vendor to the owner for the purpose of proving ownership. What’s more, the Sigma Protocol can let customers redeem their assets with a different vendor, e.g. in the case of loyalty cards. The implementation of zero knowledge also minimises attack vectors concerning Aventus nodes, and asset distributors attempting to manipulate digital asset transactions. In the case of tickets, we use zero knowledge proofs so that a ticket owner can prove they have the “barcode for entrance the door” data without having to show the barcode. This means you can prove you are the legitimate ticket owner without having to show the ticket. This helps ticket owners prove ownership without having to reveal private information. To achieve this, we use cryptographic primitives to link an owner to an asset in one direction. Description Example The Aventus Protocol leverages zero- Imagine the Ed Sheeran concert is 18+ due to knowledge proofs (ZKPs) to address the explicit content. Sally needs to add her problem of privacy on the Ethereum identity to the ticket she just bought as well Blockchain. as prove her age. The goal is to prove a statement without Naturally, he does not wish to share her leaking extra information. name, address, and date of birth information publicly. ZKP lets you prove you know something to someone without actually revealing the So she uses zero-knowledge proof over the information. The term ‘zero knowledge’ Aventus Protocol. originates from the fact that zero information about the secret is revealed, but the second Using zero-knowledge proof cryptography, verifier is rightfully convinced that the first she can prove to the verifier who she is and party holds the information. authenticate the transaction using a cryptographic fingerprint without having to Why would you need to prove you know a reveal her age or identity information. secret without revealing it? If Sally decides to sell the ticket, she can do When you do not trust the other party but so on a ticket reseller website. still need to persuade them that you know it. Here, the ticket reseller and new ticket owner On the Aventus Protocol, a user can choose will require proof of Sally’s identity. to make certain parts of their transactions private by using a ZKP. Using a zkp, Sally can prove her identity without having to reveal her driving licence, This could include, but is not limited to: passport, or sensitive information directly. • Identity information • Transaction value • Asset details, etc. The implementation of zero-knowledge also If Sally decides to sell the ticket, she can do minimises possible ways that the network so on a ticket reseller website. could be attacked, and prevents asset distributors from manipulating digital asset Here, the ticket reseller and new ticket owner transactions by obscuring key information. will require proof of Sally’s identity. The decision to opt for the Sigma Protocol is Using a zkp, Sally can prove her identity because the Aventus use case is narrow without having to reveal her driving licence, enough such that generality is not required. It passport, or sensitive information directly. also allows for faster proof generation, which has allowed us to create a proof on a smartphone in less than one second. Our previous implementation of zk-SNARKs resulted in proof generation that was too slow on mobile devices, and produced expensive verification. We will continue to explore other zero knowledge proofs as development of the Aventus Protocol advances. Zero-knowledge proofs are an advanced form of cryptography that allows a ‘prover’ to prove a piece of information is true to a ‘verifier’ without revealing anything about the information. On the Aventus Protocol, ZKPs are used to protect the privacy of transactions, and add another layer of security. By employing this system, the protocol allows users to transact assets secretly, while still ensuring that all transactions can be validated on the Blockchain. More information on Sigma protocols: http://www.cs.au.dk/~ivan/Sigma.pdf Aventus combines the scale and privacy of permissioned Blockchains without trading off the security and independence benefits of public chains. We achieve this by employing a Layer 2 Solution that solves for scale, and uses cutting-edge zero knowledge proofs to solve for privacy. Today, the Aventus Protocol can scale to thousands of transactions per second, and is completely GDPR compliant. In its current state, it preserves key components of decentralisation, with certain elements made open source. A future, full-release will be entirely decentralised and wholly open source. With Aventus, myriad unknown participants can interact with each other without significant compromise on transaction finality and speed. We have done this by restricting our problem domain solely to digital asset exchange (issuance, transfer, and communication), which allows us to take shortcuts in computing and finalising state. Recap • The Aventus Protocol is a Layer 2 Solution. • This means it processes transactions via its own nodes, and then adds them to the Ethereum Blockchain. • The reason it does this is to overcome the problem of scalability on Ethereum, while still benefiting from its security and independence. • The problem of privacy is addressed by employing a type of cryptography known as zero- knowledge proofs.
Load more

Recommended publications
  • Prospectus, Which Is in the Swedish-Language, and Which Was Approved by the Swedish Financial Supervisory Authority on 17 May 2019
    NB: This English-language document is an unofficial translation of XBT Provider AB's base prospectus, which is in the Swedish-language, and which was approved by the Swedish Financial Supervisory Authority on 17 May 2019. In the case of any discrepancies between the base prospectus and this English translation, the Swedish-language base prospectus shall prevail. BASE PROSPECTUS Dated 17 May 2019 for the issuance of BITCOIN TRACKER CERTIFICATES, BITCOIN CASH TRACKER CERTIFICATES, ETHEREUM TRACKER CERTIFICATES, ETHEREUM CLASSIC TRACKER CERTIFICATES, LITECOIN TRACKER CERTIFICATES, XRP TRACKER CERTIFICATES, NEO TRACKER CERTIFICATES & BASKET CERTIFICATES under the Issuance programme of XBT Provider AB (publ) (a limited liability company incorporated under the laws of Sweden) The Certificates are guaranteed by CoinShares (Jersey) Limited ______________________________________ IMPORTANT INFORMATION This base prospectus (the "Base Prospectus") contains information relating to Certificates (as defined below) to be issued under the programme (the "Programme"). Under the Base Prospectus, XBT Provider AB (publ) (the "Issuer" or "XBT Provider") may, from time to time, issue Certificates and apply for such Certificates to be admitted to trading on one or more regulated markets or multilateral trading facilities ("MTF’s") in Finland, Germany, the Netherlands, Norway, Sweden, the United Kingdom or, subject to completion of relevant notification measures, any other Member State within the European Economic Area ("EEA"). The correct performance of the Issuer's payment obligations regarding the Certificates under the Programme are guaranteed by CoinShares (Jersey) Limited (the "Guarantor"). The Certificates are not principal-protected and do not bear interest. Consequently, the value of, and any amounts payable under, the Certificates will be strongly influenced by the performance of the Tracked Digital Currencies (as defined herein) and, unless the certificates are denominated in USD, the USD-SEK exchange rate or, as the case may be, the USD-EUR exchange rate.
    [Show full text]
  • Cryptocurrencies: Overcoming Barriers to Trust and Adoption
    CRYPTOCURRENCIES: OVERCOMING BARRIERS TO TRUST AND ADOPTION Dr Zeynep Gurguc and Prof William Knottenbelt, Imperial College London Contents 01Foreword 02 02Executive summary 04 03Introduction 06 04Key blockchain concepts 07 05Evolution of money 11 06Challenges and solutions 17 07Conclusions and conjectures 21 08Glossary of terms 23 09Acknowledgements 24 01 01Foreword The Internet started out with the simple use case of email globally accepted form of money - we should also be (digital communications) and the aim to decentralise asking when buying the weekly shop with them will be communications. The Blockchain, in a similar vein, commonplace. started out to decentralise ‘value’. The first use case being cryptocurrencies like Bitcoin (digital money). As our findings make clear, the notion that cryptocurrencies have to fit in with old-world financial As the Internet scaled so did the use cases. The Internet models is flawed. Money has always evolved. Its uses facilitated e-commerce, social networks, gaming and so and social status have changed and will keep changing. on. In the same way, the Blockchain has increased its use Why should we measure cryptocurrencies with the same cases, away from much talked about cryptocurrencies yardstick used for traditional payment and currency like Bitcoin and Litecoin to other cryptoassets, such as systems? Would you really judge email with the same cryptocommodities like Ethereum and cryptotokens like criteria as the written letter? Steem. New use cases will continue to emerge and other segments such as cryptosecurities will start to appear. The report supports our conviction that cryptocurrencies will gain global mainstream adoption within the next decade. Just as communication underpins almost all applications across the Internet, value will do the same on the If the Internet changed the way we communicate, Blockchain.
    [Show full text]
  • Difference Between Coin Token and Protocol
    Difference Between Coin Token And Protocol campanileBjorne patch-up and attack hydrostatically his sortes while so peevishly! hyperbolic Ordovician Bo prod buzzinglyand unwifely or tows Tremaine derisively. never Salpiform propine hisAngus deerstalker! nomadizes some Furthermore Lumens coins are inflationary while XRPs are deflationary meaning. Coinbase added COMP to our supported assets for Coinbase and Coinbase Pro. Another difference between different protocols and differences between parties. Facilitate collaboration and quickly gained strong background in. Difference Between Coins and Tokens by Spiking Editor. For example, DAI and USDC are both pegged to the US dollar. The tokens and between the laws and represents a system can host a stable cryptocurrencies and whether the steem went up? To appoint my band well, slowly research existing malware so bizarre I can inform my customers how serious or how harmful these viruses could be. Why air New Tokens Are Ethereum ICOs skalex. Offers based on different coins, protocol tokens in a difference between placement of mining works when attempting to develop it would farm, ripple refers to. Security tokens are created through a type my initial coin offering ICO sometimes referred to skirt a security token offering STO to plug it whether other types of. This problem describes the dilemma that a critical number of sellers or vendors is necessary to be of cover to customers as a platform. Sec regulation s options and each has included on leveraged crypto businesses that difference between coin token and protocol tokens are similar to. Bitcoin and coins differ from the difference. But whenever you growing like other, you well go cheer the nearest machine and reward them.
    [Show full text]
  • Crypto / Blockchain Market
    Financial Services / Infrastructure Lending Merchant Payment Gateways Fiat-backed Stablecoins Tokenized Real-world Assets Compound Maker Celsius BitPay CoinPayments CoinGate Circle (USDC) Gemini Dollar Tether Power Ledger BananaCoin Water Ledger Trading Marble Dharma Nexo Savvy Blockonomics BTCPayServer TrueUSD Digix Paxos Grid Singularity GRID+ Harbor EthLend WeTrust MicroMoney NetCents Opennode Reserve Stably Stasis Slice Brickblock Meridio Centralized Exchanges Non-custodial Exchanges / Token Swaps Market Makers / Tools BloqBoard Colendi nuo Carbon Mattereum Figure Homium Alameda DDEX OASIS Dex Loopring Galois Hummingbot Derivatives Coinbase Bitstamp itBit Research Alchemy SALT ripio Securrency tZERO Securitize MARKET bitFlyer Huobi Binance Kyber Bancor 0x Wyre Bakkt dYdX Crypto-backed Stablecoins Cred Protocol New Alchemy Abacus BitBox Bittrex OKex Binance DEX AirSwap EtherDelta LedgerX VariabL CME Maker DAI Celo AUGMINT (LINE) OTC Trading CoinSuper ShapeShift Bitfinex ForkDelta Totle Paradex Fundraising bZx UMA DAXIA xDAI bitUSD StableUnit Insurance Galaxy Cumberland Gemini Digital Gemini UPBit BitMEX Radar Relay Uniswap SparkSwap Swarm Coinlist Fairmint Synthetix Synthetix Ampleforth NuBits Etherisc Nexus Mutual iXledger Genesis Coinbase OTC Circle Trade IDex Arwen Bisq Polymath Kraken Poloniex Bithumb VouchForMe DelphX Token Baskets otcxn FRNT Prediction Markets currency.com Set bskt Trade Execution Algorithmic Stablecoins Veil Augur Gnosis Open Asset Management Tagomi SeedCX ErisX Kowala Terra Guesser Bodhi stox Meter melonport
    [Show full text]
  • Weekly Digest #37, 2019
    Сurrent Market state The top 20 cryptocurrencies are reporting mixed movements on the day while Bitcoin’s (BTC) price hovers over the $10,300 mark during the last week. The total capitalization of all digital assets in circulation stayed around $267B. Bitcoin price is struggling to gain momentum above the $10,400 and $10,500 resistances. Bitcoin has retreated to trade below $10,300 to date. The major cryptocurrency is down around 0.5% Ethereum, the second-largest digital asset is down around 0.7% to trade at $179 at press time, while still holding almost 3% over a 7-day period Ripple’s XRP, the third top cryptocurrency by market cap, is one of the few top-20 coins in the green today, up by about 0.5% over the last days of the week. The altcoin is trading at $0.25, still down around 0.2% over the past 7 days. Facebook’s crypto launching in H2 2020, says Libra Association chief The head of the not-for-profit driving Facebook’s Libra digital currency has said he is confident that seemingly endless regulatory difficulties can be ironed out. Bertrand Perez’s comments came on Thursday — the same day French Finance Minister Bruno Le Maire warned “we cannot authorize the development of Libra on European soil.” He fears that the stablecoin puts monetary sovereignty of European Union nations at risk, with American lawmakers equally concerned that Libra could undermine the U.S. dollar. Another bone of contention lies in how the Libra Association is set to be headquartered in Switzerland.
    [Show full text]
  • Aventus Commercial Whitepaper Table of Contents
    Aventus Commercial Whitepaper Table of contents Table of contents 2 1. Introduction: what I can expect from this paper? 6 Meet the four Aventus heroes 8 Meet Sally 8 Meet Dan 8 Meet Nigel 9 Meet Lucy 10 2. Introduction to Aventus 11 What is Aventus? 12 Aventus in a nutshell 13 What are digital assets? 13 The time for the revolution of digital assets is now 14 3. Introduction to Blockchain 16 Why Blockchain? 17 What is Blockchain? 18 How does Blockchain work? 19 Blockchain is big business 33 Blockchain in Industry 33 Banking 33 Utilities 33 Agriculture 34 Healthcare 34 Government 35 Blockchain — gamechanger, or hype? 35 4. The problem 37 The existing problem with digital assets 38 A reminder: What are digital assets? 38 The value of digital assets 38 Oversight 39 Control 40 Communication 41 How digital asset industries work 43 Event ticketing 44 Loyalty 45 Finance 46 Blockchain in digital asset exchange 47 Blockchain solutions currently in use 47 Private Blockchains 48 Public Blockchains 49 5. The Aventus Solution 52 The Aventus solution to the digital asset problem 53 The Aventus Protocol 53 A Layer 2 solution 54 Zero-knowledge proofs and Sigma protocol for privacy 56 Network architecture 59 Tier 1 — Ethereum Blockchain 61 Merkle roots 62 Adjudication 64 Governance 65 Tier 2 — The Aventus Network Layer 66 Aventus Nodes 67 Proof-of-authority consensus 68 Tier 3 — The SaaS and custom implementation layer 70 Software development kits (SDKs) 71 6. Features & benefits 73 Features and benefits of the Aventus Protocol 74 Enforceable business logic around assets 74 Standardisation of digital asset ownership and redemption 75 Communication with the asset owner throughout the life of the digital asset 77 Better distribution networks 78 Fraud & secondary market control 79 Richer data sets 80 7.
    [Show full text]
  • A Thematic Report Prepared by the European Union Blockchain Observatory & Forum
    A Thematic Report Prepared By The European Union Blockchain Observatory & Forum About this report This is the first thematic report prepared by the new team leading the EU Blockchain Observatory and Forum, aiming to present the latest updates and developments within the EU blockchain ecosystem. This is the first of a series of reports that will be published addressing selected topics in accordance with the European Commission priorities. The aim is to reflect on the latest trends and developments and discuss the future of blockchain in Europe and globally. Credits This report has been produced by the EU Blockchain Observatory and Forum team. Written by: George Giaglis, Lambis Dionysopoulos, Natasha Der Avedissian, Marianna Charalambous,University of Nicosia Nikos Kostopoulos, Ioannis Vlachos, Tonia Damvakeraki, INTRASOFT International Zalan Noszek, Hlib Krasnov, Kyrylo Chykhradze, Shota Oshkhneli, Dmitry Strukov, Bitfury Iordanis Papoutsoglou, Kostas Votis, CERTH. Special thanks to Scope for the editorial review and language proofing Note While we have done our best to incorporate the comments and suggestions of our contributors where appropriate and feasible, all mistakes and omissions are the sole responsibility of the authors of this paper. Disclaimer The information and views set out in this publication are those of the author(s) and do not necessarily reflect the official opinion of the European Commission. The Commission does not guarantee the accuracy of the data included in this study. Neither the Commission nor any person acting on the Commission’s behalf may be held responsible for the use which may be made of the information contained therein. Page 1 Table of Contents Executive Summary ......................................................................................................................................
    [Show full text]
  • The Aventus Lightpaper
    What is Aventus? Aventus is an open, distributed project, not a company. Various teams and projects contribute to Aventus, including Artos Systems and FanDragon. In this sense, Aventus is similar to Linux, the popular operating system. Different parties can contribute to the project and use it for their own purposes. The original Aventus mission, set out in the 2017 whitepaper before a token distribution event, was to build a protocol for Blockchain with a specific purpose — to solve problems concerning fraud, duplicitous behaviour, and touting in the ticketing industry. By August 2019, the teams had completed Aventus Classic — the purely Ethereum-based Aventus protocol that satisfied the bulk of the original whitepaper. However, because Ethereum had not solved outstanding issues, the solution could only service scale of around 100 tickets per second. Therefore, the teams working on the Aventus project had to develop their own solution to combine the strengths of public and private Blockchains without their individual weaknesses. Today, the Aventus Network is an open, decentralised protocol that revolutionises the way digital assets are issued, owned, and transferred across value chains. The Aventus Protocol derives security and independence from open, independent Blockchain networks. It is the generality of the Aventus Protocol that resulted in the growth of the potential market to include any fungible or non-fungible digital asset beyond just tickets. That is why the new Aventus Protocol opens up a market for physical goods and supply chains, financial assets, vouchers, and gift cards. As well as loyalty points, virtual goods, collectables and more. Aventus in a nutshell Ultimately, the mission of Aventus is to revolutionise the management of digital assets.
    [Show full text]
  • Overcoming Barriers to Trust and Adoption
    CRYPTOCURRENCIES: OVERCOMING BARRIERS TO TRUST AND ADOPTION Dr Zeynep Gurguc and Prof William Knottenbelt, Imperial College London Contents 01Foreword 02 02Executive summary 04 03Introduction 06 04Key blockchain concepts 07 05Evolution of money 11 06Challenges and solutions 17 07Conclusions and conjectures 21 08Glossary of terms 23 09Acknowledgements 24 01 01Foreword The Internet started out with the simple use case of email globally accepted form of money - we should also be (digital communications) and the aim to decentralise asking when buying the weekly shop with them will be communications. The Blockchain, in a similar vein, commonplace. started out to decentralise ‘value’. The first use case being cryptocurrencies like Bitcoin (digital money). As our findings make clear, the notion that cryptocurrencies have to fit in with old-world financial As the Internet scaled so did the use cases. The Internet models is flawed. Money has always evolved. Its uses facilitated e-commerce, social networks, gaming and so and social status have changed and will keep changing. on. In the same way, the Blockchain has increased its use Why should we measure cryptocurrencies with the same cases, away from much talked about cryptocurrencies yardstick used for traditional payment and currency like Bitcoin and Litecoin to other cryptoassets, such as systems? Would you really judge email with the same cryptocommodities like Ethereum and cryptotokens like criteria as the written letter? Steem. New use cases will continue to emerge and other segments such as cryptosecurities will start to appear. The report supports our conviction that cryptocurrencies will gain global mainstream adoption within the next decade. Just as communication underpins almost all applications across the Internet, value will do the same on the If the Internet changed the way we communicate, Blockchain.
    [Show full text]
  • Which Cryptocurrencies Are Mostly Traded in Distressed Times?
    Journal of Risk and Financial Management Article Which Cryptocurrencies Are Mostly Traded in Distressed Times? Nikolaos A. Kyriazis * and Paraskevi Prassa Department of Economics, University of Thessaly, 28th October 78 Street, 38333 Volos, Greece * Correspondence: [email protected] Received: 10 July 2019; Accepted: 14 August 2019; Published: 20 August 2019 Abstract: This paper investigates the level of liquidity of digital currencies during the very intense bearish phase in their markets. The data employed span the period from April 2018 until January 2019, which is the second phase of bearish times with almost constant decreases. The Amihud’s illiquidity ratio is employed in order to measure the liquidity of these digital assets. Findings indicate that the most popular cryptocurrencies exhibit higher levels of liquidity during stressed periods. Thereby, it is revealed that investors’ preferences for trading during highly risky times are favorable for well-known virtual currencies in the detriment of less-known ones. This enhances findings of relevant literature about strong and persistent positive or negative herding behavior of investors based on Bitcoin, Ethereum and highly-capitalized cryptocurrencies in general. Notably though, a tendency towards investing in the TrueUSD stablecoin has also emerged. Keywords: Bitcoin; cryptocurrency; liquidity JEL Classification: E44; G11; G12; G15 1. Introduction Bitcoin and other digital currencies have spurred interest for research since late 2016 due to their increasing attractiveness as an investment tool. This has brought about a proliferating bulk of high-quality relevant academic papers (inter alia: Dyhrberg 2016a, 2016b; Katsiampa 2017; Corbet et al. 2018, 2019; Beneki et al. 2019; Kyriazis 2019). Cryptocurrencies are highly innovative means of transactions that have gained increasing popularity among investors and especially speculators seeking high profits, despite risk.
    [Show full text]
  • 2.1 Blockchain
    UNIVERSIDADE DE LISBOA FACULDADE DE CIÊNCIAS DEPARTAMENTO DE INFORMÁTICA Smart E-Tickets: Buying Authentic and Trustworthy Tickets with Blockchain Daniel Filipe Martiniano dos Santos Mestrado em Engenharia Informática Especialização em Engenharia de Software Dissertação orientada por: Prof. Doutora Maria Antónia Bacelar da Costa Lopes 2019 Acknowledgements Agradeço aos meus pais e à minha irmã por terem tido a paciência e de me terem dado o suporte depois de ter inicialmente errado a nível académico na escolha do caminho a tomar e pelas condições que me deram para te sucesso nesta etapa da minha vida. Agradeço aos meus amigos de sempre, por todos os momentos e por todo o suporte que sempre me deram ao longo da licenciatura e mestrado. Um grande agradecimento especialmente ao Marcus Dias e Miguel Espírito Santo, por todo o apoio que me deram neste mestrado. Agradeço à minha orientadora, a Professora Doutora Antónia Bacelar da Costa Lopes, por me ter ajudado ao longo deste mestrado e dos conselhos dados tanto a nível académico como para o meu futuro a nível profissional. Agradeço à Accenture pela oportunidade que me deram para explorar uma nova tecnologia e a sua aplicabilidade. Agradeço aos meus supervisores, Tiago Minchin e especialmente ao Álvaro Silva, por todo o suporte que me deram durante o tempo todo que passei na empresa. Agradeço aos meus colegas que realizaram as suas teses de mestrado na empresa, pelo bom ambiente e pelas horas de almoço cheias de boa animação. Aos meus amigos e família. Abstract The price of tickets in the secondary market is a problem for event organizers and authorized resellers because it allows for ordinary people to make an illegal profit out of these tickets.
    [Show full text]
  • Aventus Whitepaper
    Table of contents Table of contents 1 1 Problem 2 1.1 Industry Overview 2 1.2 The Current System is Broken 4 1.3 Existing Solutions 5 1.3.1 Technology 5 1.3.2 Legislation 6 1.3.3 Self-regulation 7 1.4 Conclusion 8 2 The Aventus Solution 8 2.1 Overview 8 2.2 The Aventus Ecosystem 9 2.2.1 The Ethereum Blockchain 10 2.2.2. The Aventus Protocol 11 2.2.3. The Service Layer 11 2.2.4 The Application Layer 11 2.3 Use Cases 12 2.4 Utility Token Mechanics 14 2.4.1 Purpose 14 2.3.2 Mechanics 15 3 Solution Architecture: Future Vision 16 3.1 Aventus Registry 16 3.1.1 Legitimate third party applications using the Protocol 16 3.1.2 Non-fraudulent events within the Protocol 17 3.1.3 Algorithmic parameters 17 3.2 Event 17 3.3 Ticket Sales 18 3.3.1 Secondary Market 19 3.4 Promotion 19 3.5 Market Price Oracle 20 4 Solution Architecture: Beta Release (June 2018) 20 4.1 Aventus Registry 21 4.1.1 Legitimate third party applications using the Protocol 21 4.1.2 Non-fraudulent events within the Protocol 21 4.1.3 System parameters 21 4.2 Event 21 4.3 Ticket Sales 22 4.3.1 Secondary Market 22 4.4 Promotion 22 4.5 Market Price Oracle 22 5 Roadmap 23 5.1 The Story So Far 23 5.2 Looking to the Future 23 5.2.1 AventusJS 24 5.2.2 Scalability Tools 24 5.2.3 Aventus Block Explorer 25 5.2.4 ÐApps Application Layer 25 5.2.5 Third-party B2B Application Layer 25 References 26 1 Problem 1.1 Industry Overview Tickets for entertainment events are typically available for consumers to buy via numerous sales channels.
    [Show full text]