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<div style="position:absolute;left:134.30px;top:93.60px" class="cls_002"><span class="cls_002">CoinZa: A Peer-to-Peer Electronic Cash System</span></div>
<div style="position:absolute;left:269.00px;top:133.30px" class="cls_003"><span class="cls_003">Ivan Rodriguez</span></div>
<div style="position:absolute;left:266.00px;top:144.90px" class="cls_003"><span class="cls_003">ivan@coin.za</span></div>
<div style="position:absolute;left:272.30px;top:156.60px" class="cls_003"><span class="cls_003"> </span><A HREF="http://www.coin.za/">www.coin.za</A> </div>
<div style="position:absolute;left:146.30px;top:203.70px" class="cls_004"><span class="cls_004">Abstract.</span><span class="cls_005"> Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:385.50px" class="cls_006"><span class="cls_006">1.</span></div>
<div style="position:absolute;left:133.30px;top:385.50px" class="cls_006"><span class="cls_006">Introduction</span></div>
<div style="position:absolute;left:108.10px;top:406.10px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:310.80px;top:707.90px" class="cls_003"><span class="cls_003">1</span></div>
</div>
<div style="position:absolute;left:50%;margin-left:-306px;top:802px;width:612px;height:792px;border-style:outset;overflow:hidden">
<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:108.10px;top:82.00px" class="cls_006"><span class="cls_006">2.</span></div>
<div style="position:absolute;left:133.30px;top:82.00px" class="cls_006"><span class="cls_006">Transactions</span></div>
<div style="position:absolute;left:108.10px;top:102.50px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:501.60px" class="cls_006"><span class="cls_006">3.</span></div>
<div style="position:absolute;left:133.30px;top:501.60px" class="cls_006"><span class="cls_006">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
</div>
<div style="position:absolute;left:50%;margin-left:-306px;top:1604px;width:612px;height:792px;border-style:outset;overflow:hidden">
<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:108.10px;top:82.00px" class="cls_006"><span class="cls_006">4.</span></div>
<div style="position:absolute;left:133.30px;top:82.00px" class="cls_006"><span class="cls_006">Proof-of-Work</span></div>
<div style="position:absolute;left:108.10px;top:102.50px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
</div>
<div style="position:absolute;left:50%;margin-left:-306px;top:2406px;width:612px;height:792px;border-style:outset;overflow:hidden">
<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:122.50px;top:81.50px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:143.70px" class="cls_006"><span class="cls_006">6.</span></div>
<div style="position:absolute;left:133.30px;top:143.70px" class="cls_006"><span class="cls_006">Incentive</span></div>
<div style="position:absolute;left:108.10px;top:164.20px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:354.60px" class="cls_006"><span class="cls_006">7.</span></div>
<div style="position:absolute;left:133.30px;top:354.60px" class="cls_006"><span class="cls_006">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
</div>
<div style="position:absolute;left:50%;margin-left:-306px;top:3208px;width:612px;height:792px;border-style:outset;overflow:hidden">
<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:108.10px;top:82.00px" class="cls_006"><span class="cls_006">8.</span></div>
<div style="position:absolute;left:133.30px;top:82.00px" class="cls_006"><span class="cls_006">Simplified Payment Verification</span></div>
<div style="position:absolute;left:108.10px;top:102.50px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:463.60px" class="cls_006"><span class="cls_006">9.</span></div>
<div style="position:absolute;left:133.30px;top:463.60px" class="cls_006"><span class="cls_006">Combining and Splitting Value</span></div>
<div style="position:absolute;left:108.10px;top:484.20px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
</div>
<div style="position:absolute;left:50%;margin-left:-306px;top:4010px;width:612px;height:792px;border-style:outset;overflow:hidden">
<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:108.10px;top:82.00px" class="cls_006"><span class="cls_006">10. Privacy</span></div>
<div style="position:absolute;left:108.10px;top:102.50px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
<div style="position:absolute;left:108.10px;top:374.10px" class="cls_006"><span class="cls_006">11. Calculations</span></div>
<div style="position:absolute;left:108.10px;top:394.70px" class="cls_003"><span class="cls_003">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
</div>
<div style="position:absolute;left:108.10px;top:464.10px" class="cls_006"><span class="cls_006">12. Conclusion</span></div>
<div style="position:absolute;left:108.10px;top:484.60px" class="cls_003"><span class="cls_003">We have proposed a system for electronic transactions without relying on trust. We started with</span></div>
<div style="position:absolute;left:108.10px;top:496.30px" class="cls_003"><span class="cls_003">the usual framework of coins made from digital signatures, which provides strong control of</span></div>
<div style="position:absolute;left:108.10px;top:507.90px" class="cls_003"><span class="cls_003">ownership, but is incomplete without a way to prevent double-spending. To solve this, we</span></div>
<div style="position:absolute;left:108.10px;top:519.60px" class="cls_003"><span class="cls_003">proposed a peer-to-peer network using proof-of-work to record a public history of transactions</span></div>
<div style="position:absolute;left:108.10px;top:531.20px" class="cls_003"><span class="cls_003">that quickly becomes computationally impractical for an attacker to change if honest nodes</span></div>
<div style="position:absolute;left:108.10px;top:542.90px" class="cls_003"><span class="cls_003">control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes</span></div>
<div style="position:absolute;left:108.10px;top:554.50px" class="cls_003"><span class="cls_003">work all at once with little coordination. They do not need to be identified, since messages are</span></div>
<div style="position:absolute;left:108.10px;top:566.20px" class="cls_003"><span class="cls_003">not routed to any particular place and only need to be delivered on a best effort basis. Nodes can</span></div>
<div style="position:absolute;left:108.10px;top:577.80px" class="cls_003"><span class="cls_003">leave and rejoin the network at will, accepting the proof-of-work chain as proof of what</span></div>
<div style="position:absolute;left:108.10px;top:589.50px" class="cls_003"><span class="cls_003">happened while they were gone. They vote with their CPU power, expressing their acceptance of</span></div>
<div style="position:absolute;left:108.10px;top:601.10px" class="cls_003"><span class="cls_003">valid blocks by working on extending them and rejecting invalid blocks by refusing to work on</span></div>
<div style="position:absolute;left:108.10px;top:612.80px" class="cls_003"><span class="cls_003">them. Any needed rules and incentives can be enforced with this consensus mechanism.</span></div>
<div style="position:absolute;left:310.80px;top:707.90px" class="cls_003"><span class="cls_003">8</span></div>
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<div style="position:absolute;left:0px;top:0px"></div>
<div style="position:absolute;left:108.10px;top:82.00px" class="cls_006"><span class="cls_006">References</span></div>
<div style="position:absolute;left:115.30px;top:102.60px" class="cls_046"><span class="cls_046">Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Nulla facilisi morbi tempus iaculis. Massa id neque aliquam vestibulum morbi blandit cursus risus. Sed risus pretium quam vulputate dignissim suspendisse in est. Orci nulla pellentesque dignissim enim sit amet venenatis. Vivamus arcu felis bibendum ut tristique et egestas quis ipsum. Vitae congue mauris rhoncus aenean vel elit scelerisque mauris pellentesque. Tempor orci dapibus ultrices in iaculis nunc sed augue. Euismod lacinia at quis risus sed vulputate odio ut. Massa id neque aliquam vestibulum. Bibendum est ultricies integer quis auctor elit. Purus in mollis nunc sed id semper risus in hendrerit. Arcu bibendum at varius vel pharetra vel turpis. Ultrices mi tempus imperdiet nulla malesuada pellentesque elit eget gravida. In nibh mauris cursus mattis molestie a iaculis. Malesuada fames ac turpis egestas integer eget aliquet nibh praesent. Nulla aliquet porttitor lacus luctus.</span></div>
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