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2 DashGold is a decentralized coin system that combines latest cryptocurrency technology with a P2P file sharing network to promote the consumption and purchases of the world s top 100 luxury brand products, On-line Betting Games, Casino, and lottery. With DashGold, Consumer can enjoy purchasing luxury and living necessities more affordable and conveniently than conventional ways. While doing so, the coin enters a smart contract with the decentralized blockchain. Sellers can automatically collect and distribute via smart contracts By using DashGold, both consumers and sellers can benefit from using a upgraded smart contracts. Consumer can easily browse the world's luxury and life necessities at on the online stores that accept Dash Gold; they can also use DashGold and other cryptocurrencies on offline brand stores directly as well. Simply said, DashGold is a cryptocurrency with greatly improved convenience for users. From the basic design, it was designed for easy use; its open protocol allows a smooth and safe transaction between the consumers and sellers. DashGold is highly decentralized and guarantees a strict anonymity. Moreover, consumers and sellers are directly connected through a transparent platform. DashGold hopes to contribute to improving the quality of lives for the mankind with the it being far more focused on transactions between buyer and seller than any other cryptocurrency. 2

3 PART I 1. DashGold Purpose of Issuing and Forecast 2. DashGold Key Features 3. DashGold Operation PART II 1. Technical Overview 2. DashGold Account 3. Messages and Transactions 4. Code Execution ( 코드실행 ) 5. Blockchains and Mining 6. Applications 7. Personal Delivery 8. Coin Join Tracking 9. Token System 10. Decentralized File Storage 11. Decentralized autonomous organization 12. More applications 13. Fee Structure 14. Conclusion 3

4 PART I 4

5 1. DashGold Purpose of Issuing and Forecast Purpose Starting with Bitcoin, more and more cryptocurrencies are being issued. Consequently, newer financial transaction systems are rapidly emerging with more stable and convenient features. In the midst of this megatrend change, DashGold aims to provide the best convenience for both consumers and sellers to enjoy the best value on the network by promoting the businesses of the world's top 100 luxury goods purchasing and consumption, on-line betting game, casino, and lottery as an evolved cryptocurrency that can be used more effectively in real life. The future of the luxury brand market According to a global luxury brand market research report by Bain & Company, a renowned consulting firm, the world market for luxury goods is estimated at about 253 billion euros (about $ 284 billion) in Luxury brand market is a Prestige Market that emphasizes the principle of scarcity; it was the only market that showed a high growth even during the sub-prime mortgage global financial crisis. Luxury goods do not have a recession. The growth will be gradual and continuous in the future. In China and Southeast Asia especially, many speculate a high growth in the near future. Bain & Company 5

6 Anonymity for Consumer Protection Anonymity plays a very important role in protecting personal information and privacy. This is due to the effect of preventing information from being leaked through anonymity. Unwanted advertisements such as spam can be prevented. In general, those who participate in anonymous communication have a psychological sense of security by thinking that their identities are veiled. Using cryptocurrency has the benefit of instant transaction and minimal fees. Through smart contracts, the items that consumers purchased can be guaranteed anonymously without using the real names of consumers. 2. DashGold Key Features Strengthened Anonymity DashGold is a cryptocurrency that combines best features like the blockchain technology like Bitcoin and the smart contract feature of Ethereum. It is faster and has a variety of functions close to real uses. The core value of Dash Coin is anonymity of the user. DashGold also inherited the identity of Dash Coin. To increase the anonymity of end users, we added nodes to make transactions more secure.the anonymity of network and transaction can be guaranteed via relay network rather than direct connections. Enhanced Convenience Features Naturally, users can pay for purchases from affiliated companies (luxury brands). It is designed to be used not only for goods purchases, but also for point charging for using the world's top 100 luxury goods, online betting game, casino, and lottery. In addition, charging virtual cards is also possible. Starting 2018, we aim to provide features that enable the users to withdraw cash from ATM to enhance the conveniences for the users. Improved Practical Values DashGold seeks to become not only a nominal coin but a practical coin that can be used in many real life applications such as easy and fast financial transactions. Further, by merging with the world's top 100 luxury brands, we design the value of classic life style beyond ordinary. 6

7 3. DashGold Operation Volume and method of acquisition DashGold's total issued volume is 30,000,000 DSG. The aimed initial price is USD $150. DashGold can be acquired by two ways. 1 Mining: can be mined through special hardware, power, and production knowledge. 2 Purchase: can be purchased via cryptocurrency exchanges on the Internet using real money or cryptocurrencies. DashGold shares many common features with Ethereum. However, by using a different blockchain, DashGold is free from the problems that Ethereum has. DashGold adopted the same mining method as Ethereum However, Etherium plans to switch to PoS in the future, but whether DashGold will switch to PoS is not confirmed. DashGold will decide whether to switch Pos according to the trend of cryptocurrency. DashGold is not a conventional stock or bond. Like other cryptocurrencies such as Bitcoin and Ethereum, DashGold is not a traditional securities such as stocks or bonds. Buyers of DashGold cannot have the benefit of rights provided by common securities and bonds because buying DashGold is not the same act as acquiring Share, lien, or bonds that of a corporation. However, buyers may share their earnings from DashGold with each other and be eligible to vote on funding proposals. Therefore, in certain jurisdictions, DashGold may be considered securities under the concerning Securities laws. DashGold can be distributed via Bitcoin (BTC) or Ethereum (ETH), and the shared revenue is paid in the form of Bitcoin (BTC), Etherium (ETH) or additional issued DashGold (DSG) cryptocurrency. Ethereum(ETH) and DashGold(DSG) may not be freely converted to a credit money, and the values may fluctuate. Therefore, the value of DashGold may drop significantly after purchase and sales and disposal may be constrained. Since DashGold is a revolutionary digital cryptocurrency, it may be used more reliably than fiat money that are centralized. 7

8 PART II 8

9 1. Technical Overview DashGold uses blockchain's decentralized ledger technology as its base and combines with DashGold plat form and Dash Coin Technology to create a new coin. By appropriately using the advantages of both coins, the coin minimizes the disadvantagesand maximizes the advantages of the existing coin. The purpose of DashGold is to create an alternative protocol for building distributed applications. It focuses especially on situations where it is important to provide other types of production techniques that are likely to be useful for large-scale distributed applications, fast development times, security for small and rare applications, and efficient interaction with other applications. DashGold aims to achieve this goal by providing an essential, fundamental basis for a blockchain that has a built-in Turing language like Dash Coin. Anyone can use this language to create smart contracts and distributed applications to create arbitrary rules for ownership, transaction formats, state transition functions, and so on. The basic form of a name coin can be written in two lines of code, and the protocol for a currency or reputation system can be made up to about twenty lines of code. A smart contract, a kind of cipher box that allows you to store a value and get it only when certain conditions are met, can also be built on top of this platform. This is possible because Turing-completeness, value-awareness, blockchain- awareness, and so on are possible because much more powerful functions are provided than those provided by Bitcoin scripting., State concept, and the like. 9

10 2. DashGold Account In DashGold, a state is made up of objects called accounts. Each account has a 20-byte address and a state transition between the account and the value directly. The DashGold account has four fields: Nonce: the counter account that causes each transaction for the current DashGold (DSG) balance account to be processed only once, the account code (if any), the account's storage space (empty by default), the default internal password for DashGold - It is a crypto-fuel and is used to pay transaction fees. There are usually two types of accounts: Externally Owned Accounts controlled by private keys and Contract Accounts controlled by Contract Code. An externally-owned account does not have any code. To send a message from this account, you must create a new transaction and sign it. Each time a contract account receives a message, it activates its code, reading the message or writing it to internal storage, sending other messages, or creating contracts in turn. In DashGold, contracts are not autonomous agents that live in DashGold's execution environment, rather than something that needs to be performed or compiled. When a message or transaction arrives, it always executes specific code, and its own DashGold balance to directly control its own key / value store to keep track of those variables. 10

11 3. Transactions and Messages Transaction (Transactions) DashGold - The term transaction is used to refer to a signed data package in which an external proprietary account has a message to send. This transaction includes: A Receiver for message, a signature that can check the sender, amount of the DSG sent to the destination from the sender, optional data field, STARTGAS value, maximum number of calculation steps allowed to be performed, amount of transaction fee that the sender pays for every calcuation. The first three items are values that almost all cryptocurrencies use as a standard. The data field does not have a function set to its default value, but the virtual machine has an opcode to use when the contract accesses this data. For example, if there is a contract functioning as a domain registration service on a block chain, the data sent to this contract can be interpreted as having two fields. The first field is the domain to be registered, and the second field is the IP address. The contract reads these values from the message data and stores them in the appropriate location in the storage. The STARTGAS and GASPRICE fields play a very important role in DashGold's anti-dos model. Each transaction must be set a limit on the number of calculation steps in the code execution that can be used to prevent accidental or malicious infinite loops in the code, or waste of computation. The basic unit of calculation is gas, and the calculation step costs usually 1 gas, but some calculations require more expensive calculation costs, or a larger amount of data to be stored as part of the state. In addition, a fee of 5 gas per byte for every byte in the transaction data. The intent of this commission system is to force some attackers to pay a commission in proportion to all the resources they consume, including computation, bandwidth, and storage. Thus, transactions associated with networks that consume a significant amount of any of these resources should therefore have roughly proportional gas fees. Messages A contract can deliver a "message" to another contract. A message is a virtual object that exists only in the DashGold execution environment, which does not need to be stored separately. The message includes the following. Message Sender (implicitly), Message Receiver, Dashgold sent with the message, optional data field, STARTGAS value. Besides the fact that a message is created via contract not an external executor, a message is similar to a transaction in DashGold. A message is generated when a contract that is currently executing a code encounters a CALL opcode to generate and execute a message. Like a transaction, a message arrives at the recipient account that executes the code. Thus, a contract can relate to another contract in exactly the same way that an external executor does. The gas allowance assigned by a transaction or contract applies to the total gas consumed by that transaction and all sub-executions. For example, if an external executor A sends a transaction to B with 1000gas, B consumes 600 gas, then sends a message to C, consumes 300 gas for internal execution of C, B can use 100 gas more before all is consumed. 11

12 4. Code Execution The code that makes up the DashGold contract is written in a low-level, stack-based bytecode language called "DashGold Virtual Machine Code" or "EVM Code". The code consists of consecutive bytes, each byte representing an operation. Normally, code execution is an infinite loop that is designed to iterate repeatedly, incrementing the current program counter by zero, starting at zero, and stop execution when it reaches the end of the code or encounters an error, STOP, or RETURN command. To perform an operation, you must be able to access three types of space for storing data. Stack: You can push or pop the values into this last-in-first-out container. Memory: An infinitely expandable byte array Contract's long-term storage: After the key / value store computation is finished, the store is persistent unlike the stack or memory which reset. The code may also access block header data, as well as specific values, data in the sender and the received message, and may return a byte array of data as the result. The executing formula model of the EVM code is surprisingly simple. ( 공식실행?) While the DashGold virtual machine is running, all computational states can be defined as tuples (block_state, transaction, message, code, memory, stack, pc, gas) and block_state is a global state inlcuding all 15 accounts that have the balance and storage. At the initiation of each code, the current instruction of the pc (program counter) th byte of the code is executed, and if pc is greater than the length of the code (pc> = len The command knows its own definition of how to change the tuple. For example, ADD pops two items out of the stack, finds the sum, pushes it back into the stack, takes away 1 gas, and increases pc by one. SSTORE retrieves two items from the stack and places the second item in the contract repository index pointed to by the first value of this item. There are many ways to optimize the DashGold virtual machine environment through JIT compilation, but the basic DashGold can be implemented with hundreds of lines of code. 12

13 5. Blockchains and Mining The DashGold blockchain is similar in many respects to the Bitcoin blockchain, but with some differences. We used unique features of DashGold, but removed the disadvantages of conventional completely separated transfer or transaction speeds. The main difference of blockchain structure between DashGold and Bitcoin is that the DashGold block, unlike the Bitcoin, has the transaction list and the most recent state copy. In addition, two different value-block numbers and difficulty- are also stored in the block. The basic DashGold block verification algorithm is as follows. (1) Check whether a previous block referencing exists and is valid. (2) Confirm that the time stamp of the current block is larger than that of the previous block referenced and is smaller than 15 minutes after the present time as a reference. (3) Make sure block number, difficulty, transaction root, uncle root, gas limit, etc (various other DashGold low level concepts) are valid. (4) Confirm that the proof of work contained in the block is valid. (5) Let S [0] be the last state of the previous block. (6) Let TX be the n transaction list of the current block. Set S [i + 1] = APPLY (S [i], TX [i]) for 0 to n-1. If the application returns an error or the total gas consumed in the block up to this point exceeds GASLIMIT, an error is returned. (7) Let S [n] be the reward block paid to the digger and call it S_FINAL. (8) Verify that the merge tree root of state S_FINAL is the same as the final state root of the block header. If these values are the same, the block is a valid block, otherwise it is judged to be invalid. This approach seems at first glance to be very inefficient because of the need to store every state in each block, but in practice it is comparable to bit coin in terms of efficiency. The reason is that the state is stored in a tree structure and only a small part of the tree changes after every block. Normally, most of the contents of the tree are the same between two adjacent blocks, so once the data is stored, it can be referenced using a pointer (a hash of the subtree). A special concept known as the Patricia tree allows modification of the merge tree concept to perform this task by not only modifying the node but also by efficiently inserting or deleting it. In addition, since all state information is included in the last block, The need for saving history of all blockchain is unnecessary Applying method to Bitcoin will save 5-20 times of storage space. From a physical hardware standpoint, it is easy to doubt that where the contract code is executed. Here is a simple answer. The process of executing the contract code is part of the state transition function definition, which is part of the block verification algorithm. Thus, if a transaction is included in block B, the execution of the code to be caused by that transaction will be executed by all nodes currently downloading and verifying block B, either now or in the future. 13

14 6. Applications Developers can create applications in three categories using DashGold. The first category is a financial application that allows contract participants to more effectively configure and manage contracts that are directly related to finances. Examples include sub-currencies (denominated currencies such as Euro / Dollar), derivatives, hedge contracts, electronic wallets for deposits, wills, and eventually full employment contracts. The second category is quasi - financial applications. Although money is involved, this application is for contracts with less financial perspectives. A good example of this is a contract that automatically receives rewards when providing a solution to a difficult computational problem. The last application is financial irrelevant applications, such as online voting and decentralized Governance. 14

15 7. PrivateSend We believe that a standard untrusted implementation is important to improve user privacy in reference clients that provide a high level of privacy. For other clients, such as Electrum, Android, and iphone, the same anonymous layer is implemented directly and leverages protocol extensions. This allows users to anonymously process funds using a well-understood system. PrivateSend is an enhanced version of CoinJoin. In addition to the core concepts of CoinJoin, we adopt a series of enhancements such as decentralization, strong anonymity using a chain approach, denominational and passive time zone blending. The biggest challenge when improving the privacy and redundancy of encrypted calls is to avoid blurring the entire blockchain. In Bitcoin-based encrypted calls, you can see unused and unused output (usually UTXO). UTXO stands for unused transaction output. This results in a public ledger that can be used to ensure the integrity of the transaction for all users. The Bitcoin protocol is designed to work without tinvolving a trusted trading partner, and the absence of an easy-to-use audit block through a public blockchain. Our goal is to improve privacy and substitution without losing key elements that we believe can make successful calls. By using distributed services within the call, we gain the ability to completely replace the currency itself. A substitution is a currency attribute that indicates that all units of a currency must remain equal. To receive money within a call, the user should not have a history of previous currency users. Otherwise, the user must separate him/herself from the record and keep all coins the same. At the same time, all users must be able to act as auditors to ensure the financial integrity of public books without compromising the privacy of others. To improve fungity and maintain the integrity of the public blockchain, we propose to use a predistributed untrusted blend strategy. To effectively replace the currency, this service is built directly into the currency and is easy to use and safe for the normal users. 15

16 8. Coin join tracking A Coinjoin s previous strategy in Bitcoin is to simply merge transactions. This provides users with a variety of ways to track user coins through these combined transactions. 0.05BTC in this transaction was sent via mixer. ( 믹서 ) To check the source of the money, add the value to the right until it matches one of the values on the left. Split off the deal: (charged) = 0.10 BTC (charged) = BTC. As more users are added to the mixer, the transactions become exponentially more difficult. However, these sessions can be applied retroactively at any time in the future. 16

17 9. Token Systems On-blockchain token system is a system in which the sub-currency, stock and "Smart Property", "Secure unforgeable" coupons, and other token systems that are not tied to conventional values (eg, points system for granting incentives). It also has applications that allow various types of trading systems to be implemented on the network. In DashGold, the token system is surprisingly easy to implement. The key to understanding the token system is: Every currency or token system is basically a database that performs only one operation. Subtracts X units of currency / token from A, and pays B the deduced X units of currency / token. However, i. Before the transaction, A had a minimum of X units. Ii. If A approves this transaction in DashGold, the user simply needs to reflect the logic above to the contract. The basic code for running the token system in Serpent is: def send (to, value): if self.storage [msg.sender]> = value: self.storage [to] + value 17 This is basically the "state conversion" of the "Banking System" described in this paper. Function (state transition function) "without any processing. In addition, several lines of code may need to be additionally written for the initial work to define and distribute currency units, or even for other contracts to process information requests for account balances. But that's all developers need to create a token system. In theory, the token system as a sub-currency system based on DashGold may have important characteristics that are not possessed by bit coin-based meta-currency (= bit coin block chain interlocked currency): This means that the transaction costs can be paid directly to the currency used for the transaction. This property can be expressed through the following process: To enforce a contract, you must maintain a DashGold balance equal to the cost of paying the sender. And the internal currency (sub-currency) received as a commission for the execution of the contract can be immediately converted into the DashGold balance (at the always-present internal currency - the DashGold Exchange). Users should thus "activate" their accounts with DashGold, but once charged DashGold is reusable, as the amount of money gained from each contract is exchanged each time with DashGold. 17

18 10. Decentralized File Storage Over the past few years, a number of popular startups that store files on the web have been created, like a dropbox (a business model that allows users to backup their hard drives and access their backup files on a monthly basis). However, at this time the file storage market is often relatively inefficient; Looking at the monthly pricing of current solutions (especially for companies with 20 to 200 gigabytes of free quota and no corporate discounts per month), it costs more than the cost of the entire hard drive for a month. DashGold's contract enables the development of a distributed file storage ecosystem. In this ecosystem, each user can receive a small sum in return for lending his hard drive, and the remaining hard disk space will result in a further reduction in file storage costs. 19 core foundations of a decentralized file storage will be the so-called "decentralized dropbox contract". This contract works as follows: 1) The user cuts the data to be uploaded into blocks, 2) encrypts the data for privacy, and 3) creates the merge tree with the data. The contract for the above data is maintained by the following rules: The index of the merge tree is drawn in a random fashion for every N blocks (a random scheme based on a hash of all blocks accessible by the contract code). For a particular index in the tree corresponding to the file uploaded by the user, you pay X DashGold (which means simplified proof of payment and proof of ownership) to the first subject to save the data. If the uploader wants to download his file again, he can restore the file using the micropayment channel protocol (eg, pay 1 szabo for 32 kilobytes); The most efficient approach in terms of fees is to convert the file uploader into a more profitable trans- action with the same nonce every 32 kilobytes, without publishing the file's trans- action until the end of the save. Although this method seems to assume that the user who uploaded the file should believe that many random nodes are still storing my files, the user actually cuts the uploaded file into a number of encrypted pieces, And monitoring that external nodes are storing my uploaded files through the contract, it is possible to reduce the risk of loss of my uploaded files or theft by third parties to nearly zero, It is an important feature. The fact that the contract is still paying is proof that someone on the network is saving the file. 18

19 11. Decentralized Autonomous Organization The basic concept of a "decentralized autonomous organization" is that a virtual entity with a specific set of members or shareholders has the right to operate the organization's funds and code changes (eg, 67% It has authority. Members will jointly decide how the organization will allocate operating funds. The way DAO allocates its funds varies from rewards, salary types to more different forms of internal monetary compensation. This is essentially a legitimate device used by a typical corporate or nonprofit organization, but it uses cryptographic blockchain technologies to enforce that enforcement. The discussion of DAO to date has been largely about the "capitalist" model, the "decentralized autonomous corporation" (DAC), which deals with dividend-paying shareholders and negotiable stakes Have. An alternative form of this is the concept of a "decentralized autonomous community," in which members have all the same stakes in decision-making, and 67% If there is a consent, it will be possible to recruit or dismiss the members. If so, the requirement that a person has only one membership will need to be jointly implemented by the group. A general overview of DAO coding follows. The simplest design is simply a concept that changes code naturally when two or three members agree / reject. Although theoretically set code cannot be changed, we can separate each separate code into separate contracts, put them into a changeable storage space, and then provide addresses that can call these codes, You can make the same effect as the code changes. There are three kinds of transactions in a very simple DAO context, depending on the type of data the transaction provides: [0, i, K, V] registers the proposal with the index i to change the address in the storage space index k to v value. 20 [0, i] Will complete the proposal i when enough votes have been made The contract will have a 'conditional' for each of the above items. The contract will keep and maintain a list of changes to all open storage and 'who voted for those changes'. The contract also keeps a list of all members. Whenever a storage change is made and a vote of two-thirds of its members is received, the last committed transaction will be able to enforce the change. A more advanced form of this is to use the built-in voting function to send transactions, to recruit / dismiss members, or to use the Liquid Democracy or Delegative Democracy ( You can also add features such as voting delegation. This voting delegation can entrust anyone to vote for themselves, and this authority can be reassigned to another person. If A delegates to B, and B delegates to C, C decides A's vote. Through this design, DAO can grow organically into decentralized communities, and it will also allow delegates to experts to determine who is a member or not. (Of course, unlike the "current system", as the opinions of the community members change, such experts may or may not exist.) The other model compared to this is a decentralized company, where each account can have zero or more stakes, and two-thirds of stakes are required to make a decision. Its most simplified core structure will include asset management capabilities, the ability to trade offerings, and the ability to accept other offers (perhaps through order matching mechanisms in the contract). Liquid Democracy style mandates that generalize the concept of "board of directors" will also be introduced. 19

20 12. Further Applications 1) Smart multi-sig deposit account The bit coin allows the creation of a multi-sig transaction, which refers to a transaction in which, for example, three of five keys must be signed to allow withdrawals. DashGold provides higher granularity. For example, if you have four out of five funds, you can use the entire fund. If you have three out of five funds, you can use 10% of the funds per day. If you have two funds, you can use 0.5% per day. In addition, DashGold does not need to be enforced at the same time. In other words, two entities can register their own digital signature in the block chain at different times, and when the final digital signature is made, the transaction is automatically sent to the network. 2) Cloud Computing EVM technology can be used to create a verifiable computing environment. An example of a verifiable computing environment is as follows: It is possible for a user to perform an operation on another user and then request the subject who has performed the operation at a random time to prove that the preset operation check point is correct. This technology will create a cloud computing marketplace where anyone can join with their own desktop, laptop, or specialized server, and together they will enhance the reliability of the system by randomly testing the accuracy of the computation (ie, Nodes can not fool users to make a profit). Of course, such a system is not suitable for performing all tasks. For example, operations that require a high level of inter-process communication are not suitable for running on multiple cloud nodes. Other tasks, however, can proceed more easily in parallel; home, home and genetic algorithms are examples of projects that can be easily worked on a decentralized cloud computing platform. 3) P2P gambling P2P gaming protocols such as Frank Stajano and Richard Clayton's Cyberdice can all be implemented on DashGold's blockchain. The simplest gambling protocol is the contract for the difference in the hash value of the next block, and a close to zero fee and a more advanced protocol that no one can cheat on can be placed on it. 7. With forecasting markets such as Oracle or Schelling Coin, it is easy to implement predictive markets like Robin Hanson's. With Shelling Coin, the predicted market can be the first mainstream application of Futarchy as a governance protocol for decentralized organizations. 4) On a blockchain, it is possible to build a P2P marketplace that runs smoothly based on decentralized marketplace identity / reputation system. 20

21 13. Fees Because each transaction put on the blockchain imposes a cost on the network to download and verify it, any regulatory mechanism to prevent abuse, typically a transaction fee, is required. The basic approach used in Bitcoin is to collect miners' voluntary fees, allowing miners to act as gatekeepers and to set the minimum amount of money flexibly. This approach has been very welcomed by the Bitcoin community because it is "market-based" and that the demand and supply between the miner and the transaction senders determine their price. But there is a problem with this kind of thinking: transaction processing does not happen in the market. Although it is intuitively plausible to interpret transaction processing as a service that the miner provides to the sender in practice all transactions involving the miner must be handled by all nodes in the network, most of the costs are borne by third parties, not miners who decide whether to include the transaction. Therefore, tragedy-of-the-commons problems are very likely to occur. However, the flaws in these market-based mechanisms offset the flaws themselves like magic when certain inaccurate simplification premises are picked up. The argument is as follows. Let's assume the following: (1) One transaction results in k operations, which gives the miner who contains this transaction compensation worth the value kr Where R is set by the sender, k and R are (approximately) exposed to the digger in advance. (2) A task has a processing cost of C for any node (ie, all nodes have the same efficiency). (3) There are N mining nodes, each with exactly the same processing power (ie, 1 / N of the total). (4) There are no full nodes that are not mined. The miner will try to deal with any transaction if its expected rewards are greater than its cost. Thus, the expected compensation is kr / N, because the miner has a 1 / N probability to process the next block, and the processing cost to this miner is simply kc. Therefore, the miners will try to include transactions when kr / N> kc or when R> NC. Where R is the fee per pre-operation provided by the sender, so this becomes the 'lower limit' for the benefit that the sender will see in that transaction, and the NC is charged to the entire network It is a cost. As a result, miners have incentives to include only large transactions with full axiomatic benefits rather than costs. 21

22 In reality, however, there are some important differences that these assumptions do not fit The miner will pay more for processing the transaction than the other verification nodes because the additional verification time will delay the block propagation and thus increase the probability that the block will stall. 2. There are non-mined full nodes. 3. The distribution of mining power can actually become seriously unequal. 4. There are speculators, political enemies, and deviants of interest to the network, and they can craft such contracts that will cost significantly less than the cost of other verification nodes. (1) provides a tendency for the miner to include fewer transactions, (2) increases NC, and therefore both of these effects partially offset each other. (3) and (4) are the main problems. In order to solve these problems, a floating cap is introduced. Any block can not have more operations than the BLK_LIMIT_FACTOR times the long-term exponential moving average. To be exact: BLK_LIMIT_FACTOR and EMA_FACTOR are constants, which will be provisionally set to and 1.5, respectively, but will be determined by a later analysis (see below). & lt; tb & gt; & lt; SEP & gt; blk.plimit = floor ((blk.parent.plimit * (EMAFACTOR - 1) + floor (parent.opcount * BLK_LIMIT_FACTOR) It is likely to change later. There are also other factors, for instance blocks with large sizes being blocked in Bitcoin. It is more likely to be stalemate because it takes longer for large blocks to propagate. DashGold also takes longer to propagate high gas (GAS) -used blocks, because it is physically large in size and takes longer to validate transaction state transitions. This delay disincentive is an important consideration in the case of Bitcoin, but in the case of DashGold it is less important due to the GHOST protocol. Therefore, a more stable baseline can be obtained due to the adjusted 'block limit'. 22

23 14. Conclusion The DashGold protocol was originally conceived as an upgraded version of virtual currency, providing advanced features such as escrow and withdrawal limits on banking chains, money contracts and gambling markets' through a very general programming language. The DashGold protocol does not provide these applications directly, but it allows them to theoretically create almost any form of transfer or application through the Turing-complete programming language. More interestingly, DashGold goes far beyond the simple 'currency' dimension. Decentralized file storage (DFS), distributed computing, and decentralized prediction market protocols are just some of the many application concepts. These new concepts have the potential to explosively increase the efficiency of the computing industry, and not the 'economic layer' for the first time in the P2P protocol, which means full node - 'whole node' Refers to a node that has a blockchain 'entire book' from the 'genesis block' to the 'current block'. It is a method commonly used in authentication methods such as epassport, security card, etc. In fact, 'password' for login to website can be seen as a derivative of this technique. You can prove your identity by giving the right answers to certain questions, and neutralize attempts to hack by changing your questions unprecedentedly. Multiple password settings, and security cards are good examples. When Financial derivatives market is powered by a derived form of P2P, huge innovations can be expected. Finally, there will be a variety of applications in areas not related to computing or finance. The concept of an 'arbitrary state transition function' provided by the DashGold protocol creates a platform with inherent potential. Unlike the conventional closed type of data storage, gambling, or finance that is specialized in one purpose only, DashGold is open-ended, free to be adjusted. We Believe that DashGold will establish the cornerstone for numerous specialized fields and services whether financial or non-financial. 23

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