PS-DGC offers a comprehensive set of systems and applications. There are four major systems in the solution: currency issuing and management system, full ledger node, digital identity management system, and an independent wallet provider system. There are also three types of wallet applications: a basic wallet that directly communicates with an authorized full ledger node, a serviced wallet that connects to an independent wallet provider, and a Hierarchical Deterministic wallet (HD Wallet) that is connected either to an authorized full ledger node, or through an independent wallet provider. A wallet is an application that keeps digital currency funds safe for the user and provides functionality of spending and receiving digital money.
The core of PS-DGC as an authorized digital currency solution is the issuance of legitimate digital currency. While unauthorized digital crypto currencies allow anybody to create new currency units (coins); PS-DGC allows only one authorized specialized system to issue and introduce a new currency to the network. This currency issuing system node is expected to be operated by the sole authority of the financial system; that is the Central Bank, the Federal Reserve System, or the Monetary Authority.
In this part of the solution, digital currency units can be either issued in advance so that billions of new uniquely identified digital currency units are created and kept within the system’s safe depository or they can be issued on demand by way of a process we call "successful mining."
PS-DGC is based on Public Key Infrastructure (PKI) security cryptographic technology. The technology uses a pair of private and public keys as a universal identification mechanism where transactions legitimacy, authorization, and verification are made simple.
ProgressSoft also introduces a differentiation from the original Blockchain DLT by offering a central digital identity management system. The core concept behind this system is to maintain monetary control of the actual identity of individuals and corporations that execute digital currency transactions on the network. This approach emphasizes the compliance to the principles of KYC, AML, and CFT.
The core engine of a digital currency solution operation is the ledger system. The ledger system in PS-DGC follows the Distributed Ledger Technology, which is a Blockchain technology that introduces a distributed ledger maintained as a series of blocks of transactions linked to each other. The latest block in the ledger is chained back to a previous block. Blocks of transactions enter the ledger only when a block satisfies the criteria of entrance; that is where all transactions within a block are valid, and the block satisfies a required mathematical mining crypto computation.
The digital currency paradigm introduces the need for a new type of wallets that is capable of safekeeping digital currency and related digital identity crypto keys. There are two major categories of wallets: direct wallets and serviced wallets. An independent wallet provider is a third party entity that offers different wallet applications and channels such as mobile applications and browser based wallets.
ProgressSoft’s digital currency solution (PS-DGC) offers two main categories of transaction types:
Money transfer transactions offer the mechanism to transfer digital currency between one or more peers. The initiator of a transaction identifies a set of inputs that define the total amount of digital currency units to be spent. The initiator of the transaction also determines a set of two or more outputs that define the receivers of the amount to be spent.
A smart contract is a cryptographic script that defines an arrangement between two or more parties. The contract arrangement defines either how money is to be spent or how an ownership of certain assets or list of assets is transferred from one party to another. Although the second option is an extension that is beyond the original scope of digital currency solution, the first aspect can be utilized within the digital currency domain.
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