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README.md

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* [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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#### No Native Cryptocurrency
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### No Native Cryptocurrency
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Using programmable fiat-pegged stable tokens (e.g. USD, EUR, CNY) as base currencies
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#### Proof-of-Transaction (PoT)-based Blockchain Consensus
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### Proof-of-Transaction (PoT)-based Blockchain Consensus
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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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#### General Financial Platform
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### General Financial Platform
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Smart contract based blockchain system designed for enterprise uses
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#### Key Features of YOSEMITE Public Blockchain
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## Key Features of YOSEMITE Public Blockchain
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##### No Native Cryptocurrency
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#### No Native Cryptocurrency
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New method of public blockchain design that avoids issuing native cryptocurrency minted by the blockchain itself.
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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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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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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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##### YOSEMITE Standard Token Model
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#### YOSEMITE Standard Token Model
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The YOSEMITE blockchain provides a unique YOSEMITE Standard Token model.
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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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Interoperability among the tokens on the YOSEMITE blockchain is enforced and guaranteed by the blockchain core system.
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##### Fiat-Pegged Stable Tokens, Asset-Backed Security Tokens
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#### Fiat-Pegged Stable Tokens, Asset-Backed Security Tokens
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User-created fiat-pegged stable tokens (e.g. USD tokens backed by an equivalent amount of USD held in reserve)
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issued by trusted entities (e.g. enterprises, financial institutions, governments) are selected as the transaction fee tokens.
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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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using fiat-pegged stable tokens as base currencies.
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##### Transaction Fee Tokens Selected from User-Created Tokens
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#### Transaction Fee Tokens Selected from User-Created Tokens
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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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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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##### Proof-of-Transaction (PoT) Consensus Mechanism
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#### Proof-of-Transaction (PoT) Consensus Mechanism
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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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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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who are directly contributing to the blockchain ecosystem by generating blockchain transactions associated with real economic activity.
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##### Delegable Transaction Fee Payment
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#### Delegable Transaction Fee Payment
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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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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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##### Smart Contract Enabled General Financial Platform
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#### Smart Contract Enabled General Financial Platform
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The YOSEMITE public blockchain is designed to be a general financial platform supporting smart contracts.
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Business entities can process their financial transactions on the YOSEMITE blockchain using the fiat-pegged stable tokens
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and custom smart contract codes developed to meet the needs of their business process.
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##### Integrated KYC/AML Support and Account Recovery
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#### Integrated KYC/AML Support and Account Recovery
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The integrated KYC/AML process for YOSEMITE blockchain accounts is provided by trusted Identity Authorities designated by block producers,
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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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##### Scalable Blockchain Architecture
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#### Scalable Blockchain Architecture
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The enterprise level blockchain scalability enabled by the PoT-based BFT consensus with short block time and fast block finality,
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the YOSEMITE’s off-chain state-channel exchange technology and the future multi-blockchain architecture.
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The YOSEMITE blockchain enables financial transaction processing at global scale.

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