Ducatus provides the world‟s strongest combination of cryptocurrency infrastructure and a network marketing distribution system. Leveraging the distribution power of a carefully structured network marketing system with the scalability, security, and durability of a robustly designed cryptocurrency gives your Ducatus coins real and lasting value.
Ducatus members can buy and sell Ducatus mining credits and digital coins from the ducatus.network website. The coins can be securely stored in a digital wallet on a phone or desktop computer. When a member wants to make a purchase using their Ducatus coins, they make a simple transfer from the wallet of their choosing to the vendor. This will work not only for online shopping and access to online services, but eventually for compatible point-of-sale systems as well.
Ducatus members will all use a Ducatus “wallet” to participate in the network. Wallets are mobile, desktop, and web-based applications that allow a member to securely keep track of their current account balance and to transfer funds. Each wallet provides access to its own balance of Ducatus coins – coins are not shared between a member‟s wallets if they choose to use more than one.
Ducatus relies on a distributed ledger called a “blockchain”, which is the secret sauce that makes cryptocurrencies both secure and transparent. The blockchain is a distributed database of all transactions that have taken place involving its cryptocurrency. The name “blockchain” refers to the idea that the ledger is made up of a series of “blocks”. Each block documents a set of transactions which took place over a short period of time. In the case of Ducatus, new blocks are issued on average every 60 seconds. This compares favourably with Bitcoin (10 minutes) and Litecoin (2.5 minutes). Applications that maintain a copy of the distributed blockchain are called “full nodes.” Some wallets applications may also act as a full node.
New blocks are generated by Ducatus “miners”. These are special nodes on the Ducatus network that compete with each other to solve a challenging cryptographic problem that is only defined once the preceding block is completed. When a miner thinks that it has solved the problem, it broadcasts its claim to the network, then other miners and full nodes work together to validate and confirm that the proposed solution is in fact accurate. Once enough nodes have confirmed the accuracy of that solution, the new block is validated along with the transactions which it contains, and it is added to each copy of the blockchain. This process is referred to as “mining” and uses our own Ducatus mining software which will be made shortly after the launch date once initial network performance assessment is complete. Ducatus mining software will be then be made available as open source.
While the block is being mined, wallets continue to report transactions to the blockchain network. A transaction is a transfer of cryptocurrency coin from one wallet to another, based on their public addresses (see below). This transfer may simply be a gift from one wallet holder to another or it may represent the purchase of real world goods and services. Assuming that sufficient miners agree that a transaction is valid, it will be added to the ledger in the blockchain, at which point all wallets in the network recognize that the transfer of coins has taken place.
When miners participate in the mining operation, the one that first solved the problem will receive a reward for participation in the form of the transfer of the transaction fees for all the transactions in that latest block of the blockchain to that miner‟s wallet. Mobile wallets will not participate in mining as it would degrade the performance of the mobile device and use up significant amounts of battery power but a future version of desktop wallets may support this capability.
Wallets contain a set or “keyring” of public addresses that they use to publicly identify themselves in the ledger. For each public address, a wallet keeps a corresponding secret or “private” key to which only the member will have access. A wallet will typically generate multiple public addresses which can be used for different purposes, and the wallet will have a separate secret key for each of these public addresses. The use of multiple addresses is somewhat akin to the trailing digits in a bank account number that let you know whether a transaction is associated with your checking or savings account. If a Ducatus member wants to use wallets on different platforms, say, one on their iPhone and one on the website, they will need to create a wallet and public address/private key pairs for each platform. Then members will be able to easily transfer coins between these wallets using the Ducatus coin network.
Another function that applications on the Ducatus network provide is “peer discovery” which is what allows wallets, full nodes, and miners to identify each other (see below).
Making a purchase with cryptocurrency is as easy as using a credit card but the way in which the blockchain ledger handles transactions means that the process works more like mail order where the buyer sends a check to the seller‟s address. Ducatus‟s partner vendors host their own wallets which accept Ducatus coins for purchases. When a club member wants to make a purchase from a store, the member will tell their wallet app to send the appropriate amount of coinage to the public address provided by the store, and the Ducatus coin network takes care of the rest of the transaction. So, instead of sending a vendor a code as you would with a credit card number, the vendor gives you a public address code to type into your wallet.
Since all of the wallets in the network work together to create a ledger without needing to connect to Ducatus.network, members are able to use their coins as long as there are wallets connected to the Internet. This means that any vendor that supports Ducatus coins can accept them forever. The ledger is distributed between all wallets, so any member can easily see all validated transactions that have been made on the Ducatus coin network and so you can be sure that any transaction verified by the network is valid and that you will receive the coins. There is no need to worry about a third-party tracking your club credit – it‟s all right there for everyone to see and is cryptographically and permanently secured.