The Evolution of Improvised Cryptocurrency – UVCoin

Abstract

Cryptocurrencies which evolved with bitcoin has a decentralized structure based on the ledger which is handled via proof of work mechanism, indeed generating a monetary supply. We all agree that decentralization save us from the cruel national political system but has a limitation of computational cost involved and problem related to scalability. The idea is to introduce a new cryptocurrency named UV Coin which is a cryptocurrency framework having control of the central banks but involves distributed set of authorities to prevent double spending. This coin will maintain enough transparency. The proof of the benefits is partial centralization such as elimination of wasteful hashing and involves a scalable system to avoid double spending attack.