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ThankTransaction

Jörg Hohwiller edited this page Jun 23, 2018 · 2 revisions

ThankTransaction

A ThankTransaction is the process of transferring a ThankToken from the current owner to a new owner.

ThankTransaction Procedure

A ThankTransaction is technically done as following:

  1. The new owner provides a public key to the current owner. He can generate a key pair for each transaction to stay anonymous. But he has to keep the private key at least until he as given away the last ThankToken of that transaction.

  2. The current owner creates and appends a new ThankTransaction to the ThankToken using the public key of the new owner as recipient and a signature using the private key for his public key the ThankToken (previous recipient).

  3. The owner publishes the modified ThankToken(s).

  4. The new owner validates the received ThankTokens via the ThankValidation process.

  5. The new owner typically verifies the received ThankTokens via the ThankVerification on the public ledger. This is optional in case you have a high trust on the person you received the ThankToken from and/or the amount is small enough.

  6. If all transferred ThankTokens are valid and have the promised value, the new owner accepts the transaction and hands over the goods in exchange.

The entire communication takes place via secured connections.

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