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A Peer-to-Peer Electronic Cash System Made in Africa for Africa.
There has been massive rise of financial inclusion in Africa largely accelerated by mobile phones and the internet. The unbanked in Africa use mobile money more to transact on their daily activities making physical cash less used. The biggest challenge with mobile money has been Excessive regulations across different borders & bureaucracy related challenges. As per a World Bank report 2017 where remittances claims a significant share of most African countries Gross Domestic Product, it’s a field worth investing in. Setting up and managing mobile money Transfer systems in different governments, across different bureaucratic borders is expensive both in the short and long term. Borderless decentralized Mobile Cash systems can solve this problem yet maintain that simplified easy access to your cash across different countries globally. This introduces us to Shilling. Shilling is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another globally without going through a financial institution. A secure, decentralized, publicly managed banking ledger that will use Digital signatures to provide the solution to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-ofwork using Scrypt Algorithm, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
