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4 | 4 | * [Technical White Paper Version 2 - YOSEMITE_Public_Blockchain_Technical_White_Paper_Version_2_ENG_201901a.pdf](https://yosemitex.com/documents/YOSEMITE_Public_Blockchain_Technical_White_Paper_Version_2_ENG_201901a.pdf)
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5 | 5 |
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6 | 6 |
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7 |
| -#### No Native Cryptocurrency |
| 7 | +### No Native Cryptocurrency |
8 | 8 | Using programmable fiat-pegged stable tokens (e.g. USD, EUR, CNY) as base currencies
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9 | 9 |
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10 |
| -#### Proof-of-Transaction (PoT)-based Blockchain Consensus |
| 10 | +### Proof-of-Transaction (PoT)-based Blockchain Consensus |
11 | 11 | To overcome the shortcomings of current public blockchains, we developed a more reasonable and fair consensus algorithm, Proof-of-Transaction (PoT)
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12 | 12 |
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13 |
| -#### General Financial Platform |
| 13 | +### General Financial Platform |
14 | 14 | Smart contract based blockchain system designed for enterprise uses
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15 | 15 |
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16 | 16 |
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17 |
| -#### Key Features of YOSEMITE Public Blockchain |
| 17 | +## Key Features of YOSEMITE Public Blockchain |
18 | 18 |
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19 |
| -##### No Native Cryptocurrency |
| 19 | +#### No Native Cryptocurrency |
20 | 20 | New method of public blockchain design that avoids issuing native cryptocurrency minted by the blockchain itself.
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21 | 21 | There is no single distinguished built-in native token, only user-created tokens are issued and circulated on the YOSEMITE blockchain.
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22 | 22 | In other smart contract based blockchains like Ethereum and EOS, custom tokens implemented as smart contracts are totally separate from the native cryptocurrency (ETH, EOS) used for executing blockchain transactions.
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23 | 23 | In contrast, YOSEMITE blockchain lets any custom user token conforming to the YOSEMITE Standard Token interface become a Transaction Fee Token just as a native cryptocurrency can in other blockchain systems.
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24 | 24 |
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25 |
| -##### YOSEMITE Standard Token Model |
| 25 | +#### YOSEMITE Standard Token Model |
26 | 26 | The YOSEMITE blockchain provides a unique YOSEMITE Standard Token model.
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27 | 27 | Every account created can mint a YOSEMITE Standard Token and inherently run standard token operations natively supported at the blockchain core level.
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28 | 28 | Interoperability among the tokens on the YOSEMITE blockchain is enforced and guaranteed by the blockchain core system.
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29 | 29 |
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30 |
| -##### Fiat-Pegged Stable Tokens, Asset-Backed Security Tokens |
| 30 | +#### Fiat-Pegged Stable Tokens, Asset-Backed Security Tokens |
31 | 31 | User-created fiat-pegged stable tokens (e.g. USD tokens backed by an equivalent amount of USD held in reserve)
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32 | 32 | issued by trusted entities (e.g. enterprises, financial institutions, governments) are selected as the transaction fee tokens.
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33 | 33 | Asset-backed security tokens (e.g. company shares, gold backed tokens, ...) can be also issued and traded through on-chain token exchange
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34 | 34 | using fiat-pegged stable tokens as base currencies.
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35 | 35 |
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36 |
| -##### Transaction Fee Tokens Selected from User-Created Tokens |
| 36 | +#### Transaction Fee Tokens Selected from User-Created Tokens |
37 | 37 | Among the user-issued tokens, the elected block producers can select some tokens to be used for blockchain transaction fee payment, whereas typically a pre-built native cryptocurrency is used in other blockchain systems.
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38 | 38 | Whenever any blockchain transaction is executed on the YOSEMITE blockchain, the block-producer-designated transaction fee tokens are collected as a transaction fee from users.
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39 | 39 |
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40 |
| -##### Proof-of-Transaction (PoT) Consensus Mechanism |
| 40 | +#### Proof-of-Transaction (PoT) Consensus Mechanism |
41 | 41 | The block producers of the YOSEMITE blockchain are elected by a unique consensus mechanism designed by YOSEMITE: Proof-of-Transaction (PoT) using Transaction-as-a-Vote (TaaV).
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42 | 42 | The block producers are continuously elected and evicted by the transparent and fair vote index, the proof of generating meaningful transactions. The PoT mechanism incentivizes the application service providers,
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43 | 43 | who are directly contributing to the blockchain ecosystem by generating blockchain transactions associated with real economic activity.
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44 | 44 |
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45 |
| -##### Delegable Transaction Fee Payment |
| 45 | +#### Delegable Transaction Fee Payment |
46 | 46 | The transaction fee payer is always specified separately from the accounts directly involved in a transaction, the transaction fee payment can be delegated to some other account.
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47 | 47 | For the sake of a seamless and convenient user experience, blockchain service providers can pay blockchain transaction fees on behalf of the service’s users.
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48 | 48 |
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49 |
| -##### Smart Contract Enabled General Financial Platform |
| 49 | +#### Smart Contract Enabled General Financial Platform |
50 | 50 | The YOSEMITE public blockchain is designed to be a general financial platform supporting smart contracts.
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51 | 51 | Business entities can process their financial transactions on the YOSEMITE blockchain using the fiat-pegged stable tokens
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52 | 52 | and custom smart contract codes developed to meet the needs of their business process.
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53 | 53 |
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54 |
| -##### Integrated KYC/AML Support and Account Recovery |
| 54 | +#### Integrated KYC/AML Support and Account Recovery |
55 | 55 | The integrated KYC/AML process for YOSEMITE blockchain accounts is provided by trusted Identity Authorities designated by block producers,
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56 | 56 | which lays the foundation for the secure and reliable financial transactions maintaining regulatory compliance. The blockchain account recovery is provided by the Identity Authorities mitigating the blockchain key loss problem.
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57 | 57 |
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58 |
| -##### Scalable Blockchain Architecture |
| 58 | +#### Scalable Blockchain Architecture |
59 | 59 | The enterprise level blockchain scalability enabled by the PoT-based BFT consensus with short block time and fast block finality,
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60 | 60 | the YOSEMITE’s off-chain state-channel exchange technology and the future multi-blockchain architecture.
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61 | 61 | The YOSEMITE blockchain enables financial transaction processing at global scale.
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