How much money do you have in your bank account?
If to answer this question, you are going to your bank app/website to read some numbers. You’re probably mistaken.
You got zero money of your own. And if you don’t believe me, go to your bank and ask for it.
Confidence Coin is a development cryptocurrency with a pending patent to solve this exact problem.
With Confidence Coin, you don’t need to ask your bank for your money, you just take it.
It’s called DTP.
Decentralized Trusted Party
- With Confidence Coin, you can create a Decentralized Trusted Party(DTP) wallet.
- Then, other users can give the DTP control over their wallets.
- Once a period(a week or a month), the DTP must make an update transaction, or else the control of the wallets will return to wallet owners.
In the update transaction, the DTP updates at once the balance of all the wallets it controls.
Paypal is an excellent example of DTP. They have their monetary system.
- Users entrust Paypal with their wallet
- And make off-chain transactions using Paypal monetary system.
- Once a week, every user can verify their real balance by looking into the blockchain logs of the recent Paypal update transaction.
Its’s a new game
The DTP brings a lot of benefits to the user.
- Lower transaction fees, since they are done off-chain
- Fast and unlimited transactions. As fast as Papal/Bank can go
- Transparency - You can trust Paypal because you see the actual movement of your money over the blockchain.
- No need to ask for permission to get your money back. You can request your wallet ownership at any time.
DTP is a pending patent application. No one but Confidence Coin will use it.