To:
`
`Subject:
`
`Sent:
`
`Sent As:
`
`Attachments:
`
`Atlas Holdings Group, Inc. (pctrademarks@perkinscoie.com)
`
`U.S. TRADEMARK APPLICATION NO. 87775383 - ACCESS COIN - 123517.4000
`
`5/16/2018 9:42:52 PM
`
`ECOM110@USPTO.GOV
`
`Attachment - 1
`Attachment - 2
`Attachment - 3
`Attachment - 4
`Attachment - 5
`Attachment - 6
`Attachment - 7
`Attachment - 8
`Attachment - 9
`Attachment - 10
`Attachment - 11
`Attachment - 12
`Attachment - 13
`Attachment - 14
`
`UNITED STATES PATENT AND TRADEMARK OFFICE (USPTO)
`OFFICE ACTION (OFFICIAL LETTER) ABOUT APPLICANT’S TRADEMARK APPLICATION
`
`U.S. APPLICATION SERIAL NO.   87775383
`
`           
`
`MARK: ACCESS COIN
`
`CORRESPONDENT ADDRESS:
`  
`       LINDSAY B. ALLEN
`  
`       PERKINS COIE LLP
`         1201 THIRD AVENUE, SUITE 4900
`           SEATTLE, WA 98101
`    
`   
`
`APPLICANT: Atlas Holdings Group, Inc.
`
`    
`
`*87775383*
`
`CLICK HERE TO RESPOND TO THIS
`LETTER:
`http://www.uspto.gov/trademarks/teas/response_forms.jsp
`
`VIEW YOUR APPLICATION FILE
`
`CORRESPONDENT’S REFERENCE/DOCKET
`
`   
`
`  123517.4000
`
`NO:       
`CORRESPONDENT E-MAIL ADDRESS:       
`
`pctrademarks@perkinscoie.com
`
`OFFICE ACTION
`
`STRICT DEADLINE TO RESPOND TO THIS LETTER
`I.                  
`TO AVOID ABANDONMENT OF APPLICANT’S TRADEMARK APPLICATION, THE USPTO MUST RECEIVE APPLICANT’S
`COMPLETE RESPONSE TO THIS LETTER WITHIN 6 MONTHS OF THE ISSUE/MAILING DATE BELOW.   A RESPONSE
`TRANSMITTED THROUGH THE TRADEMARK ELECTRONIC APPLICATION SYSTEM (TEAS) MUST BE RECEIVED BEFORE
`MIDNIGHT EASTERN TIME OF THE LAST DAY OF THE RESPONSE PERIOD.
`
`ISSUE/MAILING DATE: 5/16/2018
`
`The referenced application has been reviewed by the assigned trademark examining attorney.  Applicant must respond timely and completely to
`the issue(s) below.  15 U.S.C. §1062(b); 37 C.F.R. §§2.62(a), 2.65(a); TMEP §§711, 718.03.
`
` 
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`  
` 
`

`

`SUMMARY OF ISSUES that applicant must address:
`ADVISORY: Earlier-Filed Applications
`ADVISORY: Ownership of Earlier-Filed Applications
`Section 2(e)(1) Refusal – Merely Descriptive Mark
`ADVISORY: Supplemental Register Unavailable Until Valid AAU Is Filed
`Identification of Goods and Services Requires Amendment
`
`OFFICE SEARCH
`
`The trademark examining attorney has searched the USPTO’s database of registered and pending marks and has found no similar registered
`marks that would bar registration under Trademark Act Section 2(d).  TMEP §704.02; see 15 U.S.C. §1052(d).  However, marks in prior-filed
`pending applications may present a bar to registration of applicant’s mark.
`
`ADVISORY: EARLIER-FILED APPLICATIONS
`
`The filing dates of pending U.S. Application Serial Nos. 87772515 and 87772532 precede applicant’s filing date.  See attached referenced
`applications.  If one or more of the marks in the referenced applications register, applicant’s mark may be refused registration under Trademark
`Act Section 2(d) because of a likelihood of confusion with the registered mark(s).  See 15 U.S.C. §1052(d); 37 C.F.R. §2.83; TMEP §§1208 et
`seq.  Therefore, upon receipt of applicant’s response to this Office action, action on this application may be suspended pending final disposition
`of the earlier-filed referenced applications.
`
`In response to this Office action, applicant may present arguments in support of registration by addressing the issue of the potential conflict
`between applicant’s mark and the marks in the referenced applications.  Applicant’s election not to submit arguments at this time in no way
`limits applicant’s right to address this issue later if a refusal under Section 2(d) issues.
`
`ADVISORY: OWNERSHIP OF EARLIER-FILED APPLICATIONS
`
`If the marks in the potentially conflicting prior-filed applications have been assigned to applicant, applicant may provide evidence of ownership
`of the marks to avoid a possible refusal under Trademark Act Section 2(d) based on a likelihood of confusion.  See 15 U.S.C. §1052(d); TMEP
`
`§812.01.  
`
`Applicant may provide evidence of ownership of the marks by satisfying one of the following:
`
`(1)       
`
`(2)       
`
`(3)       
`
`Record the assignment with the USPTO’s Assignment Recordation Branch (ownership transfer documents such as assignments
`can be filed online at http://etas.uspto.gov) and promptly notify the trademark examining attorney that the assignment has been
`duly recorded.
`
`Submit copies of documents evidencing the chain of title.
`
`Submit the following statement, verified with an affidavit or signed declaration under 37 C.F.R. §2.20:  “Applicant is the owner
`of Application Serial Nos. 87772515 and 87772532.”   To provide this statement using the Trademark Electronic
`Application System (TEAS), use the “ Response to Office Action” form; answer “yes” to wizard questions #3 and #10; then,
`continuing on to the next portion of the form, in the “Additional Statement(s)” section, check the box for “Miscellaneous
`Statement” and write in the free form text field for the “Miscellaneous Statement” that  “Applicant is the owner of Application
`Serial Nos. 87772515 and 87772532,” inserting the relevant application serial number(s); and follow the instructions within the
`form for signing.  The form must be signed twice; a signature is required both in the “Declaration Signature” section and in the
`“Response Signature” section.
`
`TMEP §812.01; see 15 U.S.C. §1060; 37 C.F.R. §§2.193(e)(1), 3.25, 3.73(a)-(b); TMEP §502.02(a).
`
`Recording a document with the Assignment Recordation Branch does not constitute a response to an Office action.  TMEP §503.01(d).
`
`SECTION 2(e)(1) REFUSAL - MERELY DESCRIPTIVE
`
`Registration is refused because the applied-for mark merely describes a feature, characteristic, purpose, function or use of applicant’s goods and
`services.  Trademark Act Section 2(e)(1), 15 U.S.C. §1052(e)(1); see TMEP §§1209.01(b), 1209.03 et seq.
`
` A
`
` mark is merely descriptive if it describes an ingredient, quality, characteristic, function, feature, purpose, or use of an applicant’s goods
`and/or services.  TMEP §1209.01(b); see, e.g., In re TriVita, Inc., 783 F.3d 872, 874, 114 USPQ2d 1574, 1575 (Fed. Cir. 2015) (quoting In re
`Oppedahl & Larson LLP, 373 F.3d 1171, 1173, 71 USPQ2d 1370, 1371 (Fed. Cir. 2004)); In re Steelbuilding.com, 415 F.3d 1293, 1297, 75
`
` 
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`

`

`USPQ2d 1420, 1421 (Fed. Cir. 2005) (citing Estate of P.D. Beckwith, Inc. v. Comm’r of Patents , 252 U.S. 538, 543 (1920)).  
`
`The determination of whether a mark is merely descriptive is made in relation to an applicant’s goods and/or services, not in the abstract.  
`DuoProSS Meditech Corp. v. Inviro Med. Devices, Ltd., 695 F.3d 1247, 1254, 103 USPQ2d 1753, 1757 (Fed. Cir. 2012); In re The Chamber of
`Commerce of the U.S., 675 F.3d 1297, 1300, 102 USPQ2d 1217, 1219 (Fed. Cir. 2012); TMEP §1209.01(b); see, e.g., In re Polo Int’l Inc. , 51
`USPQ2d 1061, 1062-63 (TTAB 1999) (finding DOC in DOC-CONTROL would refer to the “documents” managed by applicant’s software
`rather than the term “doctor” shown in a dictionary definition); In re Digital Research Inc., 4 USPQ2d 1242, 1243-44 (TTAB 1987) (finding
`CONCURRENT PC-DOS and CONCURRENT DOS merely descriptive of “computer programs recorded on disk” where the relevant trade
`used the denomination “concurrent” as a descriptor of a particular type of operating system). “Whether consumers could guess what the product
`[or service] is from consideration of the mark alone is not the test.”   In re Am. Greetings Corp., 226 USPQ 365, 366 (TTAB 1985).
`
`In the present case, the attached dictionary definition of “access” and the attached third-party website evidence explaining and using the term
`“coin” in connection with cryptocurrencies, shows that “coin” is a common term of art in applicant’s industry which refers to the basic unit of
`any cryptocurrency, while the identification of goods and services explicitly states that the goods and services relate to “accessing”
`cryptocurrency and/or blockchain technologies. Therefore, the wording merely describes that applicant’s goods and services allow users to
`“access” a cryptocurrency “coin.”
`
`Material obtained from the Internet is generally accepted as competent evidence in trademark examination.  See In re Jonathan Drew Inc., 97
`USPQ2d 1640, 1641-42 (TTAB 2011); In re Davey Prods. Pty Ltd., 92 USPQ2d 1198, 1202-03 (TTAB 2009); In re Leonhardt, 109 USPQ2d
`2091, 2098 (TTAB 2008); TBMP §1208.03; TMEP §710.01(b).
`
`In light of the foregoing, the applied-for mark is merely descriptive of applicant’s goods and services, and the application is refused under
`Section 2(e)(1) of the Trademark Act.
`
`Although applicant’s mark has been refused registration, applicant may respond to the refusal by submitting evidence and arguments in support
`of registration.  However, if applicant responds to the refusal, applicant must also respond to the requirements set forth below the following
`advisory.
`
`ADVISORY: SUPPLEMENTAL REGISTER
`
`Although an amendment to the Supplemental Register would normally be an appropriate response to this refusals, such a response is not
`appropriate in the present case.  The instant application was filed under Trademark Act Section 1(b) and is not eligible for registration on the
`Supplemental Register until an acceptable amendment to allege use meeting the requirements of 37 C.F.R. §2.76 has been timely filed.  37 C.F.R.
`§2.47(d); TMEP §§816.02, 1102.03.
`
`If applicant files an acceptable allegation of use and also amends to the Supplemental Register, the application effective filing date will be the
`date applicant met the minimum filing requirements under 37 C.F.R. §2.76(c) for an amendment to allege use.  TMEP §§816.02, 1102.03; see 37
`C.F.R. §2.75(b).  In addition, the undersigned trademark examining attorney will conduct a new search of the USPTO records for conflicting
`marks based on the later application filing date.  TMEP §§206.01, 1102.03.
`
`IDENTIFICATION OF GOODS AND SERVICES REQUIRES AMENDMENT
`
`The wording listed below from the identification of goods and services is indefinite and/or too broad and must be clarified for the reasons stated. 
`
`See 37 C.F.R. §2.32(a)(6); TMEP §1402.01.  
`
`The wording “ providing on-line non-downloadable computer software for use in blockchain technology” is indefinite and must be clarified
`because it is unclear how this software relates to such “blockchain technology,” such as whether it is for accessing such technologies, for
`developing such technologies, or for contributing to the computing resources employed by such technologies.
`
`Suggested Wording
`
`Applicant may adopt the following identification of goods and services, if accurate (suggested changes shown in bold typeface):
`
`Class 9: [unchanged]
`
`Class 36: [unchanged]
`
`Class 42:
`Providing temporary use of on-line non-downloadable software and applications for use in accessing, reading, tracking, and using
`blockchain technology; providing on-line non-downloadable computer software for use in developing, modifying, and contributing
`computing resources to blockchain technology; Software as a service (SAAS) services featuring software for clearing, allocation,
`
` 
` 
` 
` 
` 
` 
` 
` 
` 
` 
` 
` 
` 
` 
`

`

`compliance, recordation and settlement of trading related to bitcoins, cryptocurrency, digital tokens, collateral for derivatives, derivative
`contracts, virtual currency, and digital currency; platform as a service (PAAS) featuring computer software platform for authenticating,
`facilitating, matching, processing, clearing, storing, receiving, tracking, transferring, and submitting trade data, exchanging of trading
`transaction details, and management of the overall trading lifecycle; providing temporary use of on-line non-downloadable software and
`applications for use in enabling users to access and direct incentives to vote, govern, interact, transact, and make decisions based on the
`blockchain technology; electronic data storage, namely, providing a blockchain technology-based, distributed database ledger for the
`storage of public, private or encrypted data, transactions and information;
`
`Applicant’s goods and/or services may be clarified or limited, but may not be expanded beyond those originally itemized in the application or as
`acceptably amended.  See 37 C.F.R. §2.71(a); TMEP §1402.06.  Applicant may clarify or limit the identification by inserting qualifying
`language or deleting items to result in a more specific identification; however, applicant may not substitute different goods and/or services or
`add goods and/or services not found or encompassed by those in the original application or as acceptably amended.  See TMEP §1402.06(a)-(b). 
`The scope of the goods and/or services sets the outer limit for any changes to the identification and is generally determined by the ordinary
`meaning of the wording in the identification.  TMEP §§1402.06(b), 1402.07(a)-(b).  Any acceptable changes to the goods and/or services will
`further limit scope, and once goods and/or services are deleted, they are not permitted to be reinserted.  TMEP §1402.07(e).
`
`For assistance with identifying and classifying goods and services in trademark applications, please see the USPTO’s online searchable U.S.
`Acceptable Identification of Goods and Services Manual.  See TMEP §1402.04.
`
`RESPONSE GUIDELINES
`
`If applicant has questions regarding this Office action, please telephone or e-mail the assigned trademark examining attorney.  All relevant e-
`mail communications will be placed in the official application record; however, an e-mail communication will not be accepted as a response to
`this Office action and will not extend the deadline for filing a proper response.  See 37 C.F.R. §§2.62(c), 2.191; TMEP §§304.01-.02, 709.04-.05.
`
`TEAS PLUS OR TEAS REDUCED FEE (TEAS RF) APPLICANTS – TO MAINTAIN LOWER FEE, ADDITIONAL
`REQUIREMENTS MUST BE MET, INCLUDING SUBMITTING DOCUMENTS ONLINE:  Applicants who filed their application
`online using the lower-fee TEAS Plus or TEAS RF application form must (1) file certain documents online using TEAS, including responses to
`Office actions (see TMEP §§819.02(b), 820.02(b) for a complete list of these documents); (2) maintain a valid e-mail correspondence address;
`and (3) agree to receive correspondence from the USPTO by e-mail throughout the prosecution of the application.  See 37 C.F.R. §§2.22(b),
`2.23(b); TMEP §§819, 820.  TEAS Plus or TEAS RF applicants who do not meet these requirements must submit an additional processing fee of
`$125 per class of goods and/or services.  37 C.F.R. §§2.6(a)(1)(v), 2.22(c), 2.23(c); TMEP §§819.04, 820.04.  However, in certain situations,
`TEAS Plus or TEAS RF applicants may respond to an Office action by authorizing an examiner’s amendment by telephone or e-mail without
`
`incurring this additional fee.     
`
`/Wendell S. Phillips III/
`Trademark Examining Attorney
`Law Office 110
`(571) 272-5271
`wendell.phillips@uspto.gov
`
`TO RESPOND TO THIS LETTER:   Go to http://www.uspto.gov/trademarks/teas/response_forms.jsp.   Please wait 48-72 hours from the
`issue/mailing date before using the Trademark Electronic Application System (TEAS), to allow for necessary system updates of the application. 
`For technical assistance with online forms, e-mail TEAS@uspto.gov.  For questions about the Office action itself, please contact the assigned
`trademark examining attorney.  E-mail communications will not be accepted as responses to Office actions; therefore, do not respond to
`this Office action by e-mail.
`
`All informal e-mail communications relevant to this application will be placed in the official application record.
`
`WHO MUST SIGN THE RESPONSE:  It must be personally signed by an individual applicant or someone with legal authority to bind an
`applicant (i.e., a corporate officer, a general partner, all joint applicants).  If an applicant is represented by an attorney, the attorney must sign the
`
`response.  
`PERIODICALLY CHECK THE STATUS OF THE APPLICATION:   To ensure that applicant does not miss crucial deadlines or official
`notices, check the status of the application every three to four months using the Trademark Status and Document Retrieval (TSDR) system at
`http://tsdr.uspto.gov/.   Please keep a copy of the TSDR status screen.   If the status shows no change for more than six months, contact the
`Trademark Assistance Center by e-mail at TrademarkAssistanceCenter@uspto.gov or call 1-800-786-9199.   For more information on checking
`status, see http://www.uspto.gov/trademarks/process/status/.
`
` 
` 
` 
` 
` 
` 
` 
` 
` 
`

`

`TO UPDATE CORRESPONDENCE/E-MAIL ADDRESS:  Use the TEAS form at http://www.uspto.gov/trademarks/teas/correspondence.jsp.
`
`  
`

`

`Print: May 16, 2018
`
`87172515
`
`DESIGN MARK
`
`serial Number
`8TT12515
`
`Status
`NoN—EINAL ACTICN — MAILED
`
`Word Mark
`ACCESS coIN
`
`Standard Character Mark
`Yes
`
`Type of Mark
`SERVICE MARK
`
`Register
`PRINCIPAL
`
`Mark Drawing Code
`[4]
`STANDARD CHARACTER MARK
`
`Owner
`Costa, Michael
`YORK 10038
`
`INDIVIDUAL UNITED STATES 200 water st, 415 New York NEW
`
`GoodSIServices
`Class Status -- ACTIVE.
`
`10 036.
`
`US
`
`100 101 102.
`
`G & S: Financial
`
`services, namely, providing a virtual currency for use by members of
`an on—line community via a global computer network; Financial
`services, namely, providing electronic transfer of a virtual currency
`for use by members of an on-line community via a global computer
`network.
`
`Filing Date
`2018/01/26
`
`Examining Attorney
`CARROLL, DCRITT L.
`
`

`

`Access Coin
`
`

`

`Print: May 16, 2018
`
`87172532
`
`DESIGN MARK
`
`serial Number
`BTTTZSBZ
`
`Status
`NON—FINAL ACTION — MAILED
`
`Word Mark
`ACCE s s NETWORK
`
`Standard Character Mark
`Yes
`
`Type of Mark
`SERVICE MARK
`
`Register
`PRINCIPAL
`
`Mark Drawing Code
`[4]
`STANDARD CHARACTER MARK
`
`Owner
`Costa, Michael
`YORK 10038
`
`INDIVIDUAL UNITED STATES 200 Water St, 415 New York NEW
`
`GoodSIServices
`Class Status -- ACTIVE.
`
`IC 035.
`
`US
`
`100 101 102.
`
`G & S: A
`
`blockchain based ecosystem that empowers its participants to govern
`the future of the networkIr access and direct incentivesIr utilized
`through the Access Coin token.
`including but not limited to
`participation in off-chain network services and future applications
`and decentralized applications that are a part of the Access Network
`ecosystem.
`
`Filing Date
`ZOlBHOlHZE
`
`Examining Attorneyr
`CARROLL, DORITT L.
`
`

`

`Access Network
`
`

`

`9:16:55 PM 511612018
`
`
`
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`

`

`DICTIONARY NS) '
`
`9:17:07 PM 511612018
`
`
`
`Horne > North American Engilsh > access
`GET WORD OF THEDAY BY EMAIL
`Definition ofaccess in US English:
`
`
`E MENU
`
`
`access
`NOUN
`
`1 A means of approaching or entering a plaee.
`
`009 +
`
`‘the staircase gives ac(ess to the topfloor’ Weekly Word Watch: fail up. free?
`
`range parenting' and glitter butt
`
`[Wheeldmrr ”“555,
`‘the bypass will greatly improve road access’
`‘fhe building has a side arcess’
`+ More examplesentemes
`+ Synonyms
`
`‘dn you have access to a computer?’
`
`Why was 1928 hailed 'lhe Year of
`the Mummy ?
`
`1.1 The right or opportunity to use or benefit from something.
`
`‘award's to help people gain access to training’
`+ More example sentences
`+ Synonyms
`1.2 The right or opportunity to approach or see someone.
`‘we were denied access to our grandson’
`+ More example senlerlces
`
`+ Synonyms
`
`1.3 The attion or proeess of obtaining or retrieving information stored in a (omputer's
`memoly.
`‘this prevents unauthorized access or inadverrem deletion of thefile'
`+ More example sentences
`
`Theincreasing influence ofthe
`word 'influencer'
`
`1.4 [as modifier] Denoting noncommercial broadening produced by local independent
`groups, rather than by professionals.
`‘public—occess Iel'evisian’
`
`+ More example sentences llltps:lfen.DWdflclioflallesLDWdefiniummslacoess
`
`r»,
`
`

`

`9:17:24 PM 5/16/2018
`
` Noah Websterv American identity,
`
`and the simplified spelling
`movement
`
` Celebrate the OED's 90th birthday
`
`with a 590/5590 subscription!
`
`‘Climactic' or ‘Climatic'?
`Wl‘llth of the following is (erred?
`Thi
`is the story's tlimatlt
`moment
`
`is the story’s tlimactic
`Thi
`moment
`
`0110
`
`
`
`,1 TRENDING WORDS
`Most popular in the wor’l:
`1‘ get round to
`2‘ doubtable
`3. blithesome
`4. Munster
`
`2
`
`firemryfin singularIAn attack or outburst of an emotion.
`‘I was suddenly wermme with an arczxs ofragz’
`+ More example sentermes
`+ Synonyms
`
`VERB
`[WIVH aEJEm
`
`1 Approach or enter (a place)
`‘single rooms have private baths accessed via the balcony‘
`+ More example senten(e§
`
`2 Obtain, examine, or retrieve (data or a file).
`+ Example sentences
`+ Synonyms
`
`Origin
`Middle English (in the sense 'sudden attack of illness‘): from Latin accessesv from the verb
`accedere 'to approach' (see accede). access (sense 1 of the noun) is first recorded in the early
`17th century.
`
`Pronunciation (3
`access /':9k 525! 11))
`
`/'ak_ses/
`
`flaps:l/en.owddlclimanes.colnldefiniumlus[access
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`

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`8:57:51 PM 511612018
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`The Cryptocurrency Basics
`To understand how cryptocurrency works, you'll need to learn a few basic concepts. Specifically:
`
`Public Ledgers: All confirmed transactions from file start of a cryptocurrency's creation are stored
`in a public ledger. The identitiesof the - owners are encrypted, and the system uses other
`cryptographic techniques to ensure the legitimacy of record keeping. The tedgerensures that
`corresponding ”digital wallets" can calculate an accurate spendable balance. Also, new transactions
`can be checked to ensure that each transaction uses only-s currently owned by the spender.
`Bii- calls this public ledger a "transaction block cha
`
`Transactions: A transferof funds between two digital wallets is called a transaction. That
`transaction gets submitted to a public ledger and awaits confirmation. Wallets use an encrypted
`electronicsignature when a transaction is made. The signature is an encrypted piece of data called a
`cryptographic signature and it provides a mathematical proof that the transaction came from the
`owner of the wallet. The continuation process takes a hit of time (ten minutes for on.) while
`"miners" mine. Mining confirms the transactions and adds them to the public ledger.
`
`Miningwgflprocess of confirming transactions and adding them to a public ledger. To add a
`transaction to the ledger. the "miner" must solve an increasinglyccomplex computational
`problem (likea mathematical puzzle). Mining is open source so that anyone can confirm the
`transaction. The first I'miner" to solve the puzzle addsa "block" of transactions to the ledger. The
`way in which transactions, blocks, and the public blockchain ledger work togetherensure that no one
`individual can easily add or change a block atwill. Once a block is added to the ledger. all
`correlating transactions are permanent, and they add a small transaction fee to the miner's wallet
`(along with newly created -s).The mining process is what gives value to the .s and is known as
`a pronfcnfrwork 511m.
`
`
`/\
`
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`See our about page formore disclaimers
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`Amelie Tdk
`\Aewmrce Viewl'uslolyRead Semi-W ad
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`7:59:46 PM 5192018
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`gNerieggeu in Talk oermmnnrrs Create account Log in
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`H
`Cryptocurrency
`me Wldpsdia, Ihe nee encyclopedia
`A cryptnwrrency (ur mom currency) is a conuwersiall'm digrlal asset designed In work as a medium c1 ekenange mat uses crymograpny in secure lls aansacnans, locnnlrul lrie cream nfaanllinnai unils. and In veiiw the transfernl assets “”53 Cryplacurrencies
`are a type or digital currencies, allernalrve currencies and Virtual cun'encies. Cryptacunencm use uecemmflzea councils] as oppoeeu lo cenimlzerl electronic money and central banking syslemsJTl Tire uecemmlizeo control areacn crypiocurrency works mruugrr a
`Drumnain, wnicrr IS a pubic nausacrrun damnase, mnciioning as a dislrilxlled ieagerl‘fl
`Ericom, neared In 2009, was me firsr deteniralized [ryplocurrencym Since men, over 1,300 crymocrrnerrcres nave nee" cmreu "DI
`Cor-rents [ride]
`
`r Farmal definition
`2 Overview
`3 Amnnecrme
`3 1 Blockchair!
`3 2 nmesrampmg
`3.2.1 Proofrolrwork schemes
`3,22 Pmolrulrslake and carnbirmd schemes
`3 3 Mining
`3 4 Wailers
`3 5 Almnymily
`4 Ecenomrcs
`4 1 Camperrnan m cryprocunency markets
`a 2 Tmsanunn recs
`5 Legality
`5.1 us. lax slam:
`5 2 The legal cmrcem afar: umeguiared ginhal ecmumy
`53 Less, men, and rum
`5 4 Darknel markets
`5 5 Irrihal cuin errenngs
`E Academe smdies
`7 Reception
`1 r Causing a nee m epu paces
`s Hislury
`B 1 Publicin
`9 See also
`ID nerereuees
`r1 Furflrer reading
`12 Enema! links
`
`
`
`
`
`Formal definition
`
`mesurenmiuperiacrwwcrymcwmy
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`
`
` WIKIPEDIA
`
`The Freshman
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`

`

`Architecture
`Blockcha‘in
`Main article Blockchairr
`provided by a biockchain, A biockchaln is a continuously growing list or records, called blocks, which are linked and secured using c iyptographylnll1 81 Each block typically contains a hash pointeras a link to a previous
`The validity of each Erypluturrency‘s-s
`block“! a timestamp and transaction data,“ 7! By design, biockchains are inherentty resisianl to modification or the data ii is "an open, distributed ledgerthat can record transactions between two parlies eificiently and in a verifiable and permanent way" “a! For use as a
`diSiiiDUied ledger, a MCKcnain i5 typlcalty managed by a peerstospeer ”emf“ collectively adhering [G a protocol for validating new MOCKS, DHCE recorded, (VIE data in any giyen DiGEk cannot be altered retroactively Wimflili the alteration 0' all subsequent BRICKS, which
`requires collusion or the network majority,
`Blockchalns are secure by design and are an erampie or a distrrbtrtm Complmrig system with high Byzantlne fault toiemnce, Decentralized consensus has therefore been achieved with a hiociccharn [‘91 it solves ttre double spending problem wtll‘loul the need or a trusted
`authority or central server
`The block time is the average time it takes tor the network to generate one extra block in the triockcnain [2”! Some biockchains create a new block as irequently as every five seconds [2‘1 By the time or block completion, the included data becomes venfiabie This is
`practically when the money transaction takes place, so a shoiter block time means faster transactions WWI” "92ml
`Timestamping
`cryptocurrencres use vauous Iiinestampmg schemes to avoid the need for a trusted third party to timestamptransactrous added to the biockchain ledger
`Fmor-otnuork schemes
`The first timestamping scheme invented was the prwfrotrwork scheme, The most widely used pioolrnfrwoilt schemes are based on SHAVZEG and scrypt [221 The latter now dominates over the world orcryptocurreucres, wrttr at least 4w confirmed implementationsml
`some other hashing algorithms that are used tor prudfuhrmrk include cryptoNight, Blake, SHAVE, and X11
`Pwof—af—stalrie and combined schemes
`Spine EWDIOEUHEIICiES U56 3 cpmuinea DTOUi’Of’WOFK/Pl'oofflicsiaK6 SCHEMELHI The UFOCPDFSEKB i5 a method of Securing a EWDIOEurrency network and achieving UiS’liiDlflEU CONSENSUS through reuuestlng "567310 SHOW DWflel'Si'llfl pfa CEI'iZI'I arrlaunl Oi currency. '1 f5
`ditrerem from pmofmewmk systems ttrat run ditficuit bashing algorithms to var ate electronic transactrous, The scheme is largely dependent on the-, and there's currently no standard ionn or it
`Mining
`in cryptocurrency networks, mining is a rmlidatron ortransactrons, For this efion, successful miners obtain new cryptocurrency as a reward, The reward decreases transaction fees by creating a complementary ncentive to contnhute
`to the processing power orthe network The rate or generating hashes, which validate any transaction, has been increased by the use orspeciaiizm machines such as FPGAs and ASle running cumpiex hashing algorithms like
`SHA7256 and SciyptEZ“! This arms race tor cheapersyetsefiicienl machines has been on since the day the first cryptocurrency, biicorn, was lrltmdur:ed in must I“! With more people vennrrrng into the world orviriuai currency,
`generating ilaSiiES [CHIS validation nas DECOME tar ITKHE comolmt wertrle years, Wiin miners having [D IIWSSI large SUNS 0' money Dl'i employing multiple High performance ASICS THUS the value (Wine cunency obtained [or
`finding a hash onen does not yustiiy the amourn ormoney spent on setting up the machines, the cooling raciirbes to overcome the enormous amount or treat they produce, and the eiectficny required to run them 1241951
`Borne miners pool resources, sharing their processing power overa network to split the ievard equally, according to the amountorwork they coutributedto the probability ornndrng a block A "snare" is awarded to members orthe
`mining poor who present a valid paniai proofofrwurk
`one company is operating data centers tor mining operations at Canadian oil and gas field sites, due to low gas prices?”
`
`Given the economic and environmental concerns associated with mining, uanous'
`ineriess" cryptocuirencres are undergoing active developmem WWII”) unlike conventional bioctrcharns, some directed acyclic graph
`cryptocurrencies utilise a payrrlricrward system, whereby each account peirorms minimally heavy computations on two previous transactions to veury, mhercrypuacurrencres like Mano utilise a blockslattirze structure whereby each
`indlvlottal account has lts own blockcnain With each account controlling lts own transactions, no traditional proofrotrwon: mining is required, allotliling tor ieeless, instantaneous transactionslwlluem’mme "Bade“
`As oi Febmaiy Quit}, the Cntnese Government halted trading orvinual cttnency. banned initial- onerings ano shut down mining some cnlnese inlneis nave since relocated to Canada)!” According to a February zula repon
`rlo