TCoin: A new Peer-2-Peer financial transaction technique

2017 COE Engineering Design Project (KR02)

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Faculty Lab Coordinator

Kaamran Raahemifar

Topic Category

Software / Intelligent Instrumentation

Preamble

Bitcoin requires mining, which is becoming expensive as it becomes more difficult to mine. It currently costs $1300 USD to mine one bitcoin in return of 12.5 Bitcoins as reward. The mathematical problem it intends to solve takes approximately 10 minutes to solve. We wish to introduce a new approach that considers transactions as communication streams. While these streams maintain similar structure to bitcoin, the algorithm that mines them is fast and reliable as well.

Objective

The objective is to make financial transactions fast and cheap for both central banks as well as general public.

Partial Specifications

TBD

Suggested Approach

1) Study existing communication streams that are used in cell phones and computer networks.
2) Revise such stream to communicate financial information
3) Develop both the App and the backbone of such algorithm

Group Responsibilities

The group should work as a team intensively to achieve the objectives. They need to brainstorm the communication techniques used in different cell phones specially blackberry. Then, attempt to implement it using their existing cell phones.

Student A Responsibilities

1) Algorithms

Student B Responsibilities

2) Coding and App Developments

Student C Responsibilities

3) Testing and Verification

Course Co-requisites

Strong Coding skills attained through third year courses