YENTEN Whitepaper

Abstract

Bitcoin has long been the premium cryptocurrency for the storage of
value. Bitcoin is the ‘original’ cryptocurrency; an immutable blockchain
with a long history. Bitcoin is for this reason why many still see Bitcoin as
a stable currency – not because it has not suffered any issues in the past,
but because the blockchain technology originally proposed and brought
into code reality by Satoshi stands the test of time and leaves a solid
record of all operations in a blockchain including any of those that may be
disagreeable. We expect transparency in our public trade markets and
often transparency is left lacking, however Bitcoin cannot be argued that it
shows every right and every wrong, making Bitcoin a trustable currency
medium.

Even though the Bitcoin network holds a smaller percentage of the
transactions taking place in today’s cryptocurrency universe, the number
of transactions has steadily risen, especially in times of heavy volatility as
many holders of the coin seek to liquidate their holdings. This has lead to
some significant troubles and Yenten seeks to provide another store of
value which provides the same trusted immutability as Bitcoin. Yenten
seeks to solve the issues in Bitcoin’s growth by implementing the same
trusted blockchain technology directly from Bitcore code whilst decreasing
the block times significantly to provide a much faster and responsive
network in order to achieve a much higher transaction volume and speeds
that are now expected of mass-adopted modern cryptocurrency networks.

In Bitcoin, transactions are encoded in the blockchain with a cryptographic
hashing algorithm. These hashes are created by miners using a “proof of
work” (PoW) algorithm that combines one or more hashing functions.
Bitcoin itself uses the SHA256d hashing function, which has been
popularly used for a long time. ASICs (application specific integrated
circuits) have been built to create SHA256d hashes at alarming rates
which in turn has lead to the Bitcoin network hashrate inflating beyond
the level that it was ever intended to be. In order to create a single hash
for the Bitcoin network and use it to encode a new block in the blockchain,
it now requires a significant amount of power and effort. In fact, using a
GPU or CPU to create hashes for the Bitcoin blockchain is effectively
futile against the hashing power
provided by SHA256d capable ASICs.

The prevalence of ASICs has lead Bitcoin to a situation where only those
significantly invested in hardware are able to gain any kind of reasonable
reward from mining it; thereby leaving the transaction processing in the
hands of a few actors. Again, this is not an issue of the blockchain itself,
but simply a side effect of high block times with an easily solvable hash
algorithm.

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YENTEN Whitepaper

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