Goofy Coin

A simple cryptocurrency

Rules

• Only Goofy can create new coins and it belongs to Goofy
• Whoever owns a coin can spend/pass it to other participants

Data Structure

• Goofy creates a coin

 ___________________________
|    signed by PK(goofy)    |
|___________________________|
| Createcoin[uniqueCoinID]  |
|___________________________|

• if Goofy pass the coin to alice then,

 ___________________________
|    signed by PK(goofy)    | 
|___________________________|
|   Pay to PK(alice) : H()--|---+
|___________________________|   |
                                |
                                |
                 _______________|
                |    ___________________________
                +-->|    signed by PK(goofy)    |
                    |___________________________|
                    | Createcoin[uniqueCoinID]  |
                    |___________________________|

• Similarly if Alice pass the coin to Bob then,

 ___________________________
|    signed by PK(alice)    | 
|___________________________|
|   Pay to PK(bob) : H()----|----+
|___________________________|    |
                                 |
                                 |
               __________________|
              |      ___________________________
              +---->|    signed by PK(goofy)    | 
                    |___________________________|
                    |   Pay to PK(alice) : H()--|---+
                    |___________________________|   |
                                                    |
                                                    |
                                 ___________________|
                                |        ___________________________
                                +------>|    signed by PK(goofy)    |
                                        |___________________________|
                                        | Createcoin[uniqueCoinID]  |
                                        |___________________________|

Problems

• Central authority

  only Goofy can make coins

• Double Spending attack

  Participants can do double spending

Author

Nihal Murmu - nihalmurmu

License

This project is licensed under the MIT License - see the LICENSE.md file for details