Chinese payment provider for NBT?

I was intrigued by this long post in Chinese and I inserted the Google translation below. I wonder whether this is legit or a scam or maybe just a design proposal? Hope someone from Chinese community can give their views.

Original Chinese post here: 基于 NuBits 充值提现的商城自动收付款系统设计(Original)

Source URL: Based NuBits recharge withdrawals mall since payment system design 3 (Chinese)
Core Features

 Using block chain technology, POS network operation and maintenance mechanisms.
 Currency stability based encryption currency recharge (external value injection), cash - regularly clean transfer (block chain reset).
 Real-time payment address assisted verification, transaction instantaneous confirmation.
 Regulatory friendly.

Program logic

 Recharge: NBT => Administrator (NBT >> Pt), an arbitrary number.
 Withdrawals: Pt => Administrator (Pt >> NBT), annual clear turn to zero.
 Consumption: Pt => PtX, payment address (only), personal management.
 O & M: SPt + PPC, operation and maintenance of shareholders (hardware requirements: cheap Raspberry Pi, power consumption <10 watts), with PPC fat dividends.

 Interface Reference Nu client, similar NuShares version, different NuBits edition.
 The price of the unit temporarily named "Pt" (Peer-Trade), 1 NBT = 100 Pt.

Key Points

 The whole chain of transactions regular withdrawals or carryover liquidation, old historical block chain can work out the chain, so that every year is a new block chain running. Effective control block chain expansion, operation and maintenance to reduce hardware requirements.
 Introduction of payment address "to verify the signature line, real-time broadcast mutual" mechanism, payments can be instant confirmation is legitimate. This allows to confirm the time interval does not have to block bound by the payment experience, can be set more reasonable.
 Commodity payment address is designed as a dedicated, expert management (on-line), unless there is a dispute executable refund merchandise purchase transaction, but the address is not allowed to be used for other payment behavior.
 Because commodity payment address can not be used for consumption, which is responsible for recharge withdrawals administrator NuBits address, its final deposit / withdrawal is the difference between the company's sales / turnover.
 Network operation and maintenance by the shareholders, in order to encourage minority shareholders to participate in running the node to increase dispersion can design appropriate incentives (dispersed nodes in order to improve the robustness of the network, the impact on safety is not large).
 NuBits currently locked for about a dollar to achieve: a fixed exchange rate, so the corporate goods price will be stable (PS: Perhaps in order to simplify locking dollar, the currency is the market standard, and if possible should be the anchor for product design).
 Summary: use the "recharge" to achieve external value injection (no coins), it does not affect the value of the existing monetary system; use "withdrawals" to achieve a settlement of the transaction chain, making the block chain can be reset; special collections and merchandise funds address, making clear responsibility to facilitate the management; receivables transaction authentication helper achieve instant confirmation and enhance the consumer experience.


This is the real-time collection and payment systems for corporate merchandising, operations owned by the enterprise, the system is also the responsibility of the enterprise itself. Because of low operation and maintenance costs, it is suitable for businesses of all sizes merchandise outlets, online consignment, large and small supermarkets, mall entity under the lines. Its strong security network transmission and P2P, making it for multinational regional chain business model has a natural advantage.

If the block-based financial application development chain transactions mature, small businesses can easily make financial settlement, business analysis, because openness, government departments block chain trading enterprise tax audits, financial reviews will be more efficient, and fair .

Mall or supermarket line under, the two-dimensional code printed on the packaging of goods may include commodity prices, so consumers can instantly select the scan code of goods after the payment, without going through the cashier counter. This can reduce or eliminate the cost of materials and personnel management section. Consumers shopping leave generally require inspection, should be able to realize process-oriented, under extreme circumstances no supermarkets are possible. In addition, the two-dimensional code may also contain other information related merchandise in ubiquitous mobile network, this will be a lot of meaning (such as feedback, consumer research, marketing operations …).

For the sale of goods online, this technology should also apply.

Consumers immediate payment, real-time feedback of this self-service shopping, or allow commodity “information, prices, sales and feedback,” to become one, so that producers and consumers to form some kind of interaction, which will effectively contribute to the improvement of goods and upgrades.
Regulatory friendly

Because the system is part of a specific legal entity, the control is centralized, so naturally it has a regulatory-friendly features. At the same time, because of the openness of the block chain, it is financial disclosure, which also facilitates the government’s tax department to carry out related work. If the system or market to more in-depth and extensive development, consumer protection based on open trading system, there will be more room for imagination.

As the technology matures, eventually, the block chain finance tools are some of the open and common software or system, whether it is a government department or enterprise itself, is an economic and efficient matter.

 Three basic functions of money, the value of the scale (stable measurement) Bitcoin has been difficult to achieve, which makes more of an asset BTC (although liquidity is very good). The system is based on the current dollar exchange rate to stabilize the lock NuBits designed from the point of view of its operating mechanism, it is possible to adjust according to market demand their "money supply" of. In other words, NuBits chain technology on the basis of the block on the realization of the currency "measure of value" function.
 NuBits technically decentralized - by P2P node operation and maintenance, but it is the center of the currency - performed by the depositary. If the government learn from renowned economist, Mr. Hayek's theory of the currency market, specifically private companies can issue currency, let good money from the birth of free competition in the market, and that a system like this can become a reality NuBits world currency the company. Thus, the government will facilitate good governance.

Technical details
Trading regular liquidation or carryover

 In the normal chain block trading system (such as Bitcoin), there has been a need for all the blocks in order to help verify the legality of the latter part of the transaction, such a result is a block chains grow indefinitely. Perhaps the development of technology than the expansion rate of the block chain faster, but not necessarily, a huge block of the chain at least a burden.
 Although the system uses the same block chain technology, but not because of their own coinage, the amount of the transaction recharge introduced by external, so it can be cleared in principle value. By withdrawals way, companies can periodically (eg annually) will return the remaining funds in the system, re-open a new job block chain. Or, since this is a consumer system (money spent to purchase goods), the actual amount is not much accumulation system can also be carried forward to the new block chain.
 Thus, companies that receive payment systems can always pack light running, and the old historic block cold chain can archive - or as other chains do not work with the current phase involves the use, such as large data mining, consumer research, business analysis, etc. .

Mutual Broadcasting signature collection

 In the current block chain transactions, the sender only needs to prove that he is a signature transaction account owner. If you just realize the transfer, the proof is sufficient. But the reality is that, in the absence of a legal block confirmation before the transaction, the sender can send multiple pen legitimate but the total amount exceeds the transaction, strictly speaking, the recipient should not be confirmed until at least one block recognition . The sender and receiver need to wait at least one generally confirm the completion of this time is to create a block average interval, bitcoin is 10 minutes, Litecoin is 2.5 minutes, NuBits is one minute. Each currency are trying to shorten the time interval between the blocks, so as to enhance the experience of a friendly transaction, but it actually raises some additional problems, such as solitary block rate, data-intensive broadcast, P2P transfer is not sufficient, the block chain lengthened and so on.
 Now we add a mechanism, if the payment recipient is online, the recipient can send a real-time verification of each transaction to own: Discover the transaction, verify legal, wait about 10 seconds, the sender to monitor whether a new deal and lead to super hair, if the normal broadcast out of the signature of the transaction, otherwise the transaction is not issued. On the other hand, the miners on the payee signed deals priority adoption and calculations. In this way, we ensure that the transaction will not be signed over without signature will not be confirmed over the transaction at the time of checking the miners. So he realized the deal "security and a confirmation rather" instant arrival capacity.
 This mechanism is actually a joint recipient of mutual behavior - in real-time verification, delayed issuance. It needs to implement the principles of the miners' trade priority recipient signed adoption "were blended. Delay of 10 seconds is a P2P broadcast time transaction data, if the enterprise is an internal high-speed network, this time can be shorter (personally think three seconds may be a minimum value).
 Further, if we design the signature verification commodity payment address priority than the average consumer receives transfers signature (not required) higher priority it? 51% of attacks launched an attacker would need private ingot chain structure double flowers transaction (timely release alternative backbone). If the signature merchandise collection addresses a higher priority, and that the attacker private ingot in the double flower is actually a natural invalid transaction, the attacker can not get the address of the double flowers merchandise trade receivables signatures - and then, 51% the double flowers attack here is eliminated. Thus, we achieve a "Even just a trade confirmation is safe" (only applicable to the purchase payment, does not apply to transfers between the consumer), while at the same time, because the mechanism of mutual assistance broadcasting, "and a confirmation security rather" the 10 seconds instant confirmation is safe.
 PS: In the PoW system, 51% also includes a denial of service attack (casting blocks, but not a package deal), but in the PoS system, because consumption is much money to determine the age of the main chain (rather than height), so denial of service attacks basic feasible.

Accounts receivable and consumer goods Address

 As an internal system, consumers pay to buy goods payment address can be specially treated - the imposition of a constraint: payment address only initiate a refund payment and refund target address for correspondence commodity payments. These receivables management addresses by hand, 24 hours online, real-time verification of receivables and broadcast Mutual (multinational chain outlets).
 The collection is designed to address specific functions can be achieved technically better security in corporate management is also important: it is the recipient (payment address management) and real money to master those (top withdrawals administrator) separated. In addition, special payment address can also view the operating conditions of the country to facilitate business, such as sales, consumer disputes (merchandise refunds), peak consumption time analysis, regional differences in commodities, to help enterprises to improve decision making.
 Ordinary consumers account address is common between them can freely transfer payment, the system provides a complete monetary liquidity (in the system). These addresses are not special, payments, transfers, withdrawals, or other yet to be developed.

Recharge withdrawals administrator

 Responsible for external recharging prepaid accounts directly receive incoming funds, while generating the corresponding Pt insider trading currency sent to recharge who is directly in charge of it's corporate funds, so the account is special. In order to separate ownership and management, it does not directly determine the number of shares by, but it should have special privileges, we can call it "funds administrator." Similar to the commodity payment address, address of the account administrator's also a special fund within the system, it can only be used for "receiving external recharge / internally generated new credit / Send to recharge" and "subject to internal cash withdrawal transaction / destroyed close to the credit / send external funds to cash, "the purpose, which is a kind of design constraints within the system.
 Because consumers shopping consumed insider trading currency, so the funds in the account administrator recharge (NBT) and the balance of withdrawals (Pt) will produce a difference (in the form of NBT's). The difference is the logical sales.
 Reminder: Administrators have private external capital account NBT, so this is an important post! Of course, the funds can be more than one administrator. If necessary, the enterprise administrator can limit the funds have only part of the NBT transfer capability (large amount of multi-signature, or the balance of control), which can be effective in accordance with the ratio of consumer spending (minus the withdrawal rate) to rough estimates.

Corporate shareholder dividends

 Similar NuBits, the system uses PPC dividends to shareholders. This external assets with Peercoin dividend is necessary, although the NBT also external assets, but in the system design, NBT is value in a given period as a stable currency unit, use it to recharge mainly to price stable. Dividends are more inclined to consider the long-term value, so we chose to focus on the value of well-designed storage and Peercoin. - This is a personal choice.
 PS: personal point of view, the long-term perspective, in fact, no monetary value stored functions. Currency To perform the functions of a medium of exchange, it is at best only need to have the "sustainable value" of the property can be - stable value in a given period. Lex Gold shells, close look at each country's credit notes Jieke verification. If the currency market, such a feature would be more obvious: bad money disappearing in the competition, and good money just try to maintain a stable value of their own, and strive not to be eliminated from the competition.

Block generation interval

 Solitary block rate considering the miners out blocks, user experience, possible transaction size, as well as sharing and P2P broadcasting effect chain block data, block design tradeoff interval of two minutes (intuition, without computing support).
 This is the default setting, each firm should be able to modify the pre-configured before starting their own systems, as long as the internal unity can.

Profit-driven attacks

 For the design constraints within the system, to address the invasion of merchandise receipts (steal private) no direct interest. If you implement multiple signatures or restrictions on the balance of the funds administrator account, the administrator account for the funds will not be too much to attack the interests of returns and financial administrator should have a strong sense of safety and protection of professional accounts only right.
 For ordinary users, because the system is a "top - Shopping - year-end balance back to mention" the system, so users do not generally much deposit in the account, the profit-driven attack is actually not much.
 In network security, system maintenance run by shareholders, major shareholders system attacks its own motives should not (of course whether to attack or not, shareholders have the right to own property in operation).

Frequently Asked Questions

 Some people may ask, if NuBits (or Bitcoin even Peercoin) has achieved a functional currency itself, shopping or business can use these easy money, why this similar to the "third party payment" system? Not more than one procedure, more trouble?
 A: Yes, for consumers to be more trouble some, but not much. It's like the popular business market shopping cards, each card is exclusive and can only be used internally. It is a strategy to retain business customers, and to facilitate the operation of the company to carry out promotional. And this system provides a low-cost network and entirely their own businesses, in addition to shopping payments, transfers, financial settlement, business analysis, marketing applications that came with it should not be a problem, and the system "supervision friendly" - is theoretically possible with government departments achieve regulatory docking.

 Binding NuBits recharge is necessary? The possibility of using Bitcoin digital currency or Peercoin or other legal tender even recharge it?
 A: In theory, the binding NuBits not necessary. Procedures should be designed to bind to other encryption currency recharge and withdrawals, depending on the use of this system of decision-making enterprise. But if you want to maintain a stable price of commodities, you need to bind a currency stable external currency. Binding legal tender will be very difficult because they use different technologies.

 I would like to ask a professional point of this system is that you come to recharge NuBits use self-contained, so NuBits trading volume was not carve it? Does this affect NuBits own interests?
 Answer: NuBits as an attempt to provide a stable monetary value (currently simply locked dollars), it has its own way of profit, not entirely dependent on transaction fees, and prepaid customers and cash withdrawal transaction is NBT. Block chain technology in theory is not suitable for a large number of high-frequency micro-payment transactions, if NuBits grow huge block chain would be a burden. This system is similar to one kind of side chains NuBits diversion, only make NuBits more robust and more popular, they are a win-win relationship.

 I want to use with your system, but you said those financial instruments seemingly yet wood ah?
 A: Yes, drip, but did not seemingly have not, since they are currently only a logically deduced future. Depending on whether you and I, to be precise depending on the attractiveness of other people's efforts, the growth of the market and these functions. ^ - ^

 You put this system put it, "a bright future," Is it nothing weaknesses? . . Oh
 A: responsibly say, indeed, it has an obvious drawback: the user enters the mall shopping, whether online or offline needs to have a "top" link. Although users can once more punch some (like the bill, but you can take back), but it does reduce the user's experience of pleasure, no way, Paypal have to recharge ah. However, in view of the numerous benefits of the business system, and perhaps the business will help you "recharge surprise" mean? In addition, the convenience can actually continue to be promoted. Another problem, I can not foresee the future, if true emergence of a unified currency after popular, whether the system will become superfluous ...... but who knows?

It is a design proposal. Author of which has released several articles about PoS and PPC.


It’s just a design proposal.
because I am not a C++ developer, I’m a javascript developer :stuck_out_tongue_closed_eyes:

thanks for your attention~~ but it is powerfull for application

PS:I’m not good at English

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To share ideas :blush:

I’m not a faker :grin: 哈哈…

@zhliner is one of the most active PPC/Nu community members in China.

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