White Paper Abstract |
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The history of Bitcoin and blockchain technology is reviewed, keeping in mind the goal Satoshi identified at the outset: to create a private, censorship-resistant, non-state currency which can be utilized as the nucleus of a larger ecosystem. This paper identifies 15 significant issues impeding the realization of that goal. Several information theory and computer science rules and experiences are examined to discern necessary elements in a set of economic technologies that would meet that goal. Fundamental issues in scalability and decentralization are considered, with reference to current legacy systems.
We then examine Ascension, a set of technologies residing above the blockchain that have worked together since 2011, designed at the end of the digital gold era in 2008. These solutions provide full scalability; untraceability; transaction speeds in seconds; distributed functionality with controllable software updates; independent issuance of monetary instruments with independent monetary and reserve policies among private issuers; a lightweight client architecture; local-only private keys giving access to only that user's transactions; transaction records are only seen by sender and receiver, can be permanently deleted, and are stored in the user's wallet only at the option of the user; using XMPP provides innate encryption and inherent intra-community messaging; individually owned and operated exchanges and marketplace businesses foster decentralization as the ecosystem grows.
We then examine the Ascension blockchain layer, which is permissioned to reduce or eliminate dust spam DDoS, bogus spends, nearly-empty block mining, and other bad behaviours; employs decentralized contracted mining to provide censorship resistance and impose obligatory software updates; smart contracts are published only as approved by Ascension. In regard to the Ascension Foundation, we then consider monetary engineering policies to match real-time economic situations; various revenue sources including a coin sale; and an in-depth review of legal challenges and obstacles.
The development roadmap and model for use of funds are then discussed. Ascension has a highly experienced team with long track records in digital currencies, but not just in digital currencies alone. Our wallet design already supports multiple assets, already has an operational escrow-enabled exchange, and already has a functioning marketplace app. There is also a sandbox for testing with test currencies. Our goals have been to hide complexity from users; make wallets reasonably hack-proof; minimize and compartmentalize the damage a hostile party can do even as an insider; make network eavesdropping very difficult and not rewarding; make wallets friendlier with human readable addresses, lost credential recovery features, and user control of transaction history; lighten the footprint of blockchain clients so that wallets can be accessed safely on any device (even devices not belonging to the wallet's owner); anticipate and circumvent potential protocol blocking and national firewalls during any future crackdown on cryptocurrencies. Plans for future clients and the API are also discussed.
Ascension is a next-generation cryptocurrency system aimed at expanding the crypto-economy of the future.
Our mission statement is: “To promote the growth of robust, borderless, wealth generating, free market ecosystems.”
We then examine Ascension, a set of technologies residing above the blockchain that have worked together since 2011, designed at the end of the digital gold era in 2008. These solutions provide full scalability; untraceability; transaction speeds in seconds; distributed functionality with controllable software updates; independent issuance of monetary instruments with independent monetary and reserve policies among private issuers; a lightweight client architecture; local-only private keys giving access to only that user's transactions; transaction records are only seen by sender and receiver, can be permanently deleted, and are stored in the user's wallet only at the option of the user; using XMPP provides innate encryption and inherent intra-community messaging; individually owned and operated exchanges and marketplace businesses foster decentralization as the ecosystem grows.
We then examine the Ascension blockchain layer, which is permissioned to reduce or eliminate dust spam DDoS, bogus spends, nearly-empty block mining, and other bad behaviours; employs decentralized contracted mining to provide censorship resistance and impose obligatory software updates; smart contracts are published only as approved by Ascension. In regard to the Ascension Foundation, we then consider monetary engineering policies to match real-time economic situations; various revenue sources including a coin sale; and an in-depth review of legal challenges and obstacles.
The development roadmap and model for use of funds are then discussed. Ascension has a highly experienced team with long track records in digital currencies, but not just in digital currencies alone. Our wallet design already supports multiple assets, already has an operational escrow-enabled exchange, and already has a functioning marketplace app. There is also a sandbox for testing with test currencies. Our goals have been to hide complexity from users; make wallets reasonably hack-proof; minimize and compartmentalize the damage a hostile party can do even as an insider; make network eavesdropping very difficult and not rewarding; make wallets friendlier with human readable addresses, lost credential recovery features, and user control of transaction history; lighten the footprint of blockchain clients so that wallets can be accessed safely on any device (even devices not belonging to the wallet's owner); anticipate and circumvent potential protocol blocking and national firewalls during any future crackdown on cryptocurrencies. Plans for future clients and the API are also discussed.
Ascension is a next-generation cryptocurrency system aimed at expanding the crypto-economy of the future.
Our mission statement is: “To promote the growth of robust, borderless, wealth generating, free market ecosystems.”
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