An Introduction to STASH: Digital Money for the Real World
Stash is an open source cryptographic currency that combines many innovative protocol features to solve numerous problems currently being experienced by various digital currencies.
While different cryptocurrencies possess diverse and valuable attributes each also has their own issues. These include slow transaction speeds, high transaction costs, poor scalability, a fair launch, strong privacy, practical governance framework, a continuous funding structure and correct user incentives.
Stash brings together many of the most cutting-edge cryptocurrency features and builds on top of proven block chain technology to solve these problems. In addition to comprising self-governance and self-funding protocols required for an efficiently functioning open decentralized automatous network, Stash also incorporates instantaneous transactions (StashSwift), increased network capacity, low transaction fees and state-of-the-art privacy through zero-knowledge cryptography.
Instantaneous Transactions and Scalability
Transactions on the Stash network are secure and private, but also quick. Stash uses Incentivizednode quorums to provide the ability to send and receive irreversible transactions instantaneously. This process works by locking transaction inputs so that there can be no double spending before transfers are fully verified on the blockchain.
The idea behind StashSwift is to make the Stash cryptocurrency practical for everyday transactions through the Stash debit card or via the Stash mobile app. If users are able to easily settle commercial transactions using digitally encrypted Stash cryptocurrency, with zero delay, then Stash could become a serious rival to traditional cash, credit or debit card forms of payment.
By implementing 150 second block times and a second-tier Incentivizednode network layer that is capable of supporting up to 20 megabyte blocks, Stash provides 80x Bitcoin transaction capacity out of the box and as a result insures transactions fees are kept low. This also means Stash will have no near-term capacity issues and as a result will allow the Stash team to research and implement further capacity improvements over time.
Privacy Through Zero-Knowledge Cryptography
Unlike some other methods for cryptocurrency privacy that rely on obscuring the linkage between transactions, Stash encrypts transactions on the blockchain. This allows for the amount, origin and payment destination to stay hidden while still verifying the transfer of funds under the network’s consensus rules using zk-SNARK proofs.
With zero-knowledge the prover is able to convince the verifier that a certain statement is true by only revealing information that proves the validity of the statement but not the statement itself. For example, it could be proved that a hash of a random number exists without revealing what that number is. Zero knowledge “proof of knowledge” takes this a step further. The prover can convince the verifier that not only does such a number exist but that they know what that number is without revealing any information about that number.
An important feature of Stash is its second-tier Incentivizednode structure. In many other cryptocurrencies there is no incentive to run full nodes and as a result nodes can drop of the network as it becomes prohibitively expensive to run a full node.
The Stash Incentivizednode Reward Program serves to incentivize the network, growing the number of full nodes that are operational at any one time. Without such a program, the network can become unsustainable. The Incentivizednode network is different, because the individual nodes are tied into a specific level of service, which is secured by collateral. This collateral remains protected while the Incentivizednode remains in operation, encouraging stability across the network and giving Incentivizednode operators the opportunity to earn additional Stash digital currency. The rewards can be quite lucrative depending on how many participants decide to run Incentivizednodes.
Stash will always endeavor to evolve and adapt by being flexible and open to new opportunities that may arise. To this end the Stash governance system has been setup to rapidly adopt and take advantage of new opportunities as they become apparent without having to deal with some of the decentralized decision-making problems that are clearly evident with other crypto currencies.
Self-Governance, is the governance solution that Stash uses to allow for quick decision making in a decentralized network. Rather than debating options and decision possibilities Self-Governance provides rules which allow for quick resolutions. Taking Bitcoin as an example, a debate on this network regarding the size of an individual block has taken years to resolve, while on the Stash network, such a question can be voted on and put to rest in a matter of hours. The result is a far more efficient network.
The Stash Self-Funding budgeting system and treasury which will be funded monthly from the block reward will mean the project continues to have adequate resources post the Token Sale funds being utilized. This system will allow the network to fund itself as well as provide the opportunity to build up reserves in the form of Stash cryptocurrency which will be available to fund future development.
Over time new features will be developed internally as well as sourced from the crypto community at large as new innovations become available and the Stash network decides that such features can be implemented to improve the utility of the Stash digital currency.
The ultimate end goal of Stash is simple, use advanced innovative blockchain technology to create and continue to evolve a digital currency which for the end user is really simple and easy to transact with.
STASH Pre-Sale Period Starts 24/09/17 23:00 UTC Visit www.stashpay.io for more details.
Stash Competitive Advantages
Transaction Speed — Instantaneous transactions using StashSwift
Capacity — 80x bitcoin transaction capacity with up to 20-megabyte blocks
Privacy — Untraceable anonymous transactions using zero knowledge cryptography
Incentivized Node Structure — Stash cryptocurrency owners can earn Stash cryptocurrency rewards
Governance — Governance system allows for quick decentralized decision making
Funding — Self Funding allowing for continued development without the need to rely on founders financing or donations