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The K-Y Paradox: Problems in Creating a Centralised Sovereign Backed Cryptocurrency on a Decentralised Platform

Hegadekatti, Kartik (2017): The K-Y Paradox: Problems in Creating a Centralised Sovereign Backed Cryptocurrency on a Decentralised Platform. Published in: Financial Engineering eJournal , Vol. 10, No. 08 (12 April 2017)

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Abstract

Cryptocurrency networks and Blockchains are decentralized systems, functioning on distributed consensus. Fiat currencies on the other hand are issued, maintained and supervised by a sovereign central authority. RSBCs are Regulated And Sovereign Backed Cryptocurrencies (based on the K-Y Protocol) i.e. they are essentially decentralized cryptocurrencies floated by a central (sovereign) authority; it presents a paradox; known as the K-Y paradox. This paper explores the various dimensions of the K-Y paradox and its resolution.

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