The internet allows sharing of information, but how does a recipient know if shared information can be trusted? How do consumers know that their shared information and their privacy can be protected?
Crypto-currencies allow consumers to make anonymous payments. But what if regulations require consumers to provide certain specific pieces of information?
Photinos, a new cryptocurrency, empower a full range of transactions from completely anonymous payments to selectively anonymous information sharing. Any shared information can be cryptographically verified without violating the privacy of users and can be sent with or without payment.
Photino’s decentralized network ensures the underlying transactions are anonymous between users and applications. However, users can selectively reveal different personal identity predicates to the transaction. By using zero knowledge mechanisms, users can add predicates, preferences generated from external data providers to the transaction.
Photino technology allows two mobile devices to transact using Photinos directly without using a blockchain as an intermediary. This allows the network to support millions of transactions without adding any additional latency due to blockchain interactions since these are relegated to an asynchronous update process. The hashing and consensus based work is reduced so as to offer a green, efficient and fast transaction network.
The network endpoints on mobile devices create connections that act as a private payments mechanism between two users which will be recorded on the blockchain at a later time.
The fundamental reason for unstable prices for crypto-currencies is that the supply of the currency does not respond to the changes in demand, which tends to be volatile. As the Photino currency matures we will implement what we call our "central bank algorithm", which imitates the open market operations of a central bank by introducing a smart contract that controls the supply of coins in the system, thereby making Photino a good store of value.
We connect Users, Vendors and User Data Providers enabling not only monetary exchange, but also information exchange. The network provides the basic framework and API's needed to trade value and utility in a secure and selectively private way, enabling a secure private and auditable online marketplaces.
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