A purely peer-to-peer version of electronic cash would allow payments to be sent and received directly from one party to another , allowing parties to transfer funds across countries without any restrictions. Digital signatures prevent double spending, low transfer fees allows moving huge amounts with very less fees. Proof of work allows each transaction to be verified and confirmed. Anonymity allows users to use the coin anywhere and anytime.
When bitcoin was launched it was revolutionary allowing people to transfer money to any time and anywhere with very low transaction fees . It was decentralized and there is no third partyinvolved in the transaction, only the sender and receiver were involved. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to thedouble-spending problem using a peer-to-peer distributed timestamp server to generate computationalproof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
The coin is a lot similar to Bitcoin and Litecoin, except the usage in the real world and how it will be traded and exchanged by the users . The user’s can buy/sell the coin without restrictions and without verifications as there would be sales platforms that will be setup in locations where people can just go in and trade the coins without restriction. This enables the coin to be truly anonymous and gives it an usage in real life.
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted, the transaction sent to the nodes should be signed by the private key of the sender address. This allows the users to use the coin any where anytime, sending transactions directly to the node allows users from any place and country.