Journal of Critical Realism in Socio-Economic (JOCRISE)
Vol. 2 No. 04 (2024): Values and Future of Concepts And Application of Critical Realism

The Evolution of Currency: Bridging Traditional Banking and Cryptocurrency with TNT

Haykov, Joseph Mark (Unknown)



Article Info

Publish Date
29 Jul 2024

Abstract

Transparent Network Technology (TNT) merges established banking practices with Decentralized Finance (DeFi), prioritizing the reduction of asymmetric information through increased transparency. Unlike the continuous, real-time processing typical in cryptocurrencies such as Bitcoin, TNT adopts a batch processing approach similar to that traditionally used by banks, where transactions are accumulated throughout the day and processed overnight. This method, employed by banks since the Italian Renaissance, significantly enhances both efficiency and security. We highlight how TNT utilizes the Nash equilibrium concept from game theory to ensure transaction integrity and mitigate prevalent risks such as double-spending in decentralized systems. Furthermore, we explore the legal ramifications of integrating dual signatures in TNT-bank transactions, an additional advantage of batch processing, which establishes these transactions as legally enforceable contracts. By critiquing the limitations of Bitcoin’s framework and illustrating the enhanced capabilities of TNT, we advocate for a paradigm shift in cryptocurrency practices to better align with those of traditional banks, suggesting a model that could redefine money.

Copyrights © 2024






Journal Info

Abbrev

JOCRISE

Publisher

Subject

Religion Humanities Economics, Econometrics & Finance Social Sciences

Description

The objective of JOCRISE as a scholarly bedrock of critical thinking in socio-economic issues and problems comprises abstraction derived from the ontological premise and mapped into the continuum of the socio-economic learning system by the ontological being and becoming of logical formalism. ...