Gruut: A Fully-Decentralized P2P Public Ledger
DaeHun Nyang

TL;DR
Gruut introduces a fully-decentralized P2P public ledger with a novel proof-of-population consensus algorithm, enabling stable fiat money transactions and low energy consumption suitable for everyday devices.
Contribution
The paper presents Gruut, a new decentralized ledger system using proof-of-population, facilitating fiat money transactions and profit sharing without centralization.
Findings
Low energy requirements allow running on smartphones.
Supports fiat currency transactions and micropayments.
Distributed profit sharing among peers.
Abstract
Owing to Satoshi Nakamoto's brilliant idea, a P2P public ledger is shown to be implementable in anonymous network. Any Internet user can then join the anonymous network and contribute to the P2P public ledger by providing their computing power or proof-of-work. The proof-of-work is a clever implementation of one-CPU-one-vote by anonymous participants, and it protects the Bitcoin ledger from illegal modification. To compensate the nodes for their work, a cryptocurrency called Bitcoin is issued and given to nodes. However, the very nature of anonymity of the ledger and the cryptocurrency prevent the technology from being used in fiat money economy. Cryptocurrencies are not traceable even if they are used for money laundering or tax evasion, and the value of cryptocurrencies is not stable but fluctuates wildly. In this white paper, we introduce Gruut, a P2P ledger to implement a universal…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Distributed systems and fault tolerance · Peer-to-Peer Network Technologies
