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Decentralized Multi-Currency Banking using Secure Overlay Networks

Decentralized Multi-Currency Banking using Secure Overlay Networks. Presented by: Jon Allen Mentor: Dr. Jeffrey Donahoo. Background. Centralized online banking Cost of centralized online banking Security of online banking Economic factors. Karma. Decentralized banking solution

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Decentralized Multi-Currency Banking using Secure Overlay Networks

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  1. Decentralized Multi-Currency Banking using Secure Overlay Networks Presented by: Jon Allen Mentor: Dr. Jeffrey Donahoo

  2. Background • Centralized online banking • Cost of centralized online banking • Security of online banking • Economic factors

  3. Karma • Decentralized banking solution • Build on Secure Overlay Network • Trust by quorum

  4. Problem Addressed • Extend Karma to allow for multiple currencies • Use the existing Secure Overlay Networks to provide the transport • Any user can create a currency • Let the market drive valuation

  5. Implementation • No public implementation of Karma available • Flexible to allow other integration • Modify Karma to allow for multiple currencies

  6. Common API • Interface to secure overlay networks • Addresses basic functionality requirements • Simplifies transitioning to other networks

  7. Pastry • One of the first Secure Overlay Network implementations • Open source and written in Java • Includes simulator to allow for extensive testing

  8. Final Contributions • A publicly available implementation of Karma written to the Common API • Extending Karma to provide for multiple currencies • Advantage of multi-currency

  9. Questions?

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