Yosemite HQ Inc. supports Yosemite Blockchain platform, which is the first public blockchain that is not reliant on any cryptocurrency. Yosemite HQ Inc. supports Yosemite Blockchain platform as identity authenticator and block producer. Yosemite HQ Inc. provides KYC-configured account creation service and sells Y-points, which are used to pay for the transaction fees on Yosemite Blockchain network.
Introduction
Yosemite Blockchain is a system that invites everyone to participate in validating information and confirming on the final form of data to share common information without involving any centralized entity. It is not an easy feat, by any means, to be able to have millions of participants to reach an agreement on the finality of the vast amount of information and record on a common ledger.
Yosemite Blockchain can maximize its utility in the financial industry where the information shared must be accurate. Yes, it is true that we currently execute payments, transfers, and other financial transactions without involving the blockchain technology; however, there is an extremely high operational cost involved in maintaining the security of current operations. In addition, each financial institution spends unfathomable amount of money to maintain and improve the efficiency and accuracy of transactions, which is passed on to the customers as fees. The lack of efficient inter-system communication between each institution requires even more time and costs.
Simply put, every bank and financial service provider, such as exchanges, spend a lot of money to install and maintain security and operations of their internal systems because each provider is responsible for their own system. Inter-system communication presents its own set of problems. Never mind the number of involved systems and fees associated with sending even $1 internationally, just buying a cup of coffee with a credit card involves 7 intermediary systems, which leads to necessary fees. Merchants are typically responsible for paying 2~3%, sometimes up to 5% of transactions as fees, which are ultimately reflected in the price of their goods/services that their customers have to pay for.
Yosemite Blockchain is the solution to such problem. Because it is a common ledger, no service provider on Yosemite Blockchain needs to be solely responsible for their own system, but instead every participant on the network works together to maintain the system’s security and operations. For example, it’s easy to break a single wooden arrow, and breaking a many of them one by one would be just as easy. However, bundling even 2 or 3 of them together makes it harder to break the same wooden arrows. Imagine bundling dozens or hundreds of the arrows together, practically making them impossible to break. The same logic applies to Yosemite Blockchain, in a sense that when working collectively, there is no need to spend as much resources to achieve high level security. Sharing a common ledger makes it easier to connect, allowing new service providers to join the network with ease. Lowering the barrier to entry for businesses would lead to increased free market competition that ultimately yields more benefits to consumers.
As mentioned above, Yosemite Blockchain is a technology very well-suited for financial applications. There is a concern for privacy of financial data to be recorded on a shared ledger. No matter how safe and efficient the system is, no one will realistically want to use it if personal transactional history is publicly available. When it comes to financial institutions, however, such concern becomes irrelevant because it makes sense for financial institutions to transparently share their balance and which transactions occurred. To this degree, Yosemite Blockchain does not reveal the transactional data of the individual users, but openly records the data of financial institutions and businesses to allow more transparent, trustworthy financial transactions.
In conclusion, the best practice of Yosemite Blockchain is in the financial industry, where each financial service provider can protect individuals’ data but transparently share institutions’ transactional data and allow businesses to achieve lower cost operations and high compatibility for providing better financial service to their customers.
Services
Yosemite HQ, as a payment processor based on Yosemite Blockchain, provides Y-point Issue Service and Y-point Refund Service. Y-point is the tool that is used to manage bookkeeping on the distributed ledger system (Blockchain), where the recorded information is completely irreversible by mathematically proven methods. The primary purpose of Y-point is to be used as the network transaction fees of Blockchain. Yosemite HQ service users or business partners like Yosemite X would utilize Y-point for their usages of the network.
The users of Yosemite HQ open their Yosemite Blockchain account through KYC/AML verification process
If a HQ user sends money to the HQ bank account, HQ issues Y-point to his/her Blockchain account.
If a HQ user transfers Y-point to the HQ Blockchain account, HQ sends money to his/her linked bank account and burns the equivalent amount of Y-point from the HQ Blockchain account.
HQ as a payment processor provides Y-point services to the business partners. The HQ’s general payment processing architecture is likely be shown below, describing HQ and the business partner’s interaction. The partner utilizes the HQ services and Yosemite Blockchain to provide payment settlement process between its customers and merchants.
The business partner requests to its customers to send money on a monthly basis to the HQ bank account for their paying off their balances.
Merchants can request payment settlement to the business partner at any time they want. If one of the merchants requests the settlement to the partner, it settles and calculates how much money it should send to the merchant, and then requests HQ to process payout to the merchant’s bank account by sending Y-point from its Blockchain account to the HQ account. HQ checks its Blockchain account regularly, gathers whose merchants are needed to get payout, and send their bank accounts money.
The business partner utilizes the Blockchain itself to process the settlement between its customers and merchants. HQ is not involved in the settlement process, as it is an internal mechanism within the partner.
Technology
New method of public blockchain design that avoids issuing native cryptocurrency minted by the blockchain itself. There is no single distinguished built-in native token, only user-created tokens are issued and circulated on the YOSEMITE blockchain. In other smart contract based blockchains like Ethereum and EOS, custom tokens implemented as smart contracts are totally separate from the native cryptocurrency (ETH, EOS) used for executing blockchain transactions. In contrast, YOSEMITE blockchain lets any custom user token conforming to the YOSEMITE Standard Token interface become a Transaction Fee Token just as a native cryptocurrency can in other blockchain systems.
The YOSEMITE blockchain provides a unique YOSEMITE Standard Token model. Every account created can mint a YOSEMITE Standard Token and inherently run standard token operations natively supported at the blockchain core level. Interoperability among the tokens on the YOSEMITE blockchain is enforced and guaranteed by the blockchain core system.
User-created fiat-pegged stable tokens (e.g. USD tokens backed by an equivalent amount of USD held in reserve) issued by trusted entities (e.g. enterprises, financial institutions, governments) are selected as the transaction fee tokens. Asset-backed security tokens (e.g. company shares, gold backed tokens, ...) can be also issued and traded through on-chain token exchange using fiat-pegged stable tokens as base currencies.
Among the user-issued tokens, the elected block producers can select some tokens to be used for blockchain transaction fee payment, whereas typically a pre-built native cryptocurrency is used in other blockchain systems. Whenever any blockchain transaction is executed on the YOSEMITE blockchain, the block-producer-designated transaction fee tokens are collected as a transaction fee from users.
The block producers of the YOSEMITE blockchain are elected by a unique consensus mechanism designed by YOSEMITE: Proof-of-Transaction (PoT) using Transaction-as-a-Vote (TaaV). The block producers are continuously elected and evicted by the transparent and fair vote index, the proof of generating meaningful transactions. The PoT mechanism incentivizes the application service providers, who are directly contributing to the blockchain ecosystem by generating blockchain transactions associated with real economic activity.
The transaction fee payer is always specified separately from the accounts directly involved in a transaction, the transaction fee payment can be delegated to some other account. For the sake of a seamless and convenient user experience, blockchain service providers can pay blockchain transaction fees on behalf of the service’s users.
The YOSEMITE public blockchain is designed to be a general financial platform supporting smart contracts. Business entities can process their financial transactions on the YOSEMITE blockchain using the fiat-pegged stable tokens and custom smart contract codes developed to meet the needs of their business process.
The integrated KYC/AML process for YOSEMITE blockchain accounts is provided by trusted Identity Authorities designated by block producers, which lays the foundation for the secure and reliable financial transactions maintaining regulatory compliance. The blockchain account recovery is provided by the Identity Authorities mitigating the blockchain key loss problem.
The enterprise level blockchain scalability enabled by the PoT-based BFT consensus with short block time and fast block finality, the YOSEMITE’s off-chain state-channel exchange technology and the future multi-blockchain architecture. The YOSEMITE blockchain enables financial transaction processing at global scale.
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