Aten Coin Conference and New Blockchain: Exclusive Interview

Aten Coin is a cryptocurrency quickly becoming the go-to Altcoin for people interested in enjoying benefits that cryptocurrency can bring to the financial industry, while maintaining the highest levels of government compliance. Aten Coin will be introducing a new blockchain, known as the “privately regulated public blockchain,” as well as hosting a conference to talk about the future of the coin. I spoke to Marcus Andrade from Aten Coin regarding the new blockchain, the conference, and government compliance.

Also read: Bitcoin Price Rallying Towards $300


Can you briefly describe the goal/purpose of Atencoin?

In 2012, a group of programmers and entrepreneurs led by Marcus Andrade started working on the Aten Coin project and in early 2014 when development was nearly finished, Mr. Andrade formed the National Aten Coin Foundation (NAC) which has a cryptocurrency named Aten Black Gold Coin (also called Aten Coin).It is based on the Bitcoin protocol, but with additional features to achieve anti-money laundering, anti-terrorism and theft-resistance. The purpose was to create a coin that was government friendly.

Can you explain why Atencoin decided to go with a private blockchain?

Indeed, we are going with a “privately regulated public blockchain”, not “private blockchain:”.

The blockchain of Bitcoin is considered to be a “Public Blockchain”. Anyone in the world can read, modify and verify it. No one can own and control the blockchain. Anyone can freely create bitcoin addresses and freely use their addresses to receive and send bitcoins. Recently there has been a lot of discussion about how to modify and make use of the Bitcoin’s blockchain technology. We believe in the concept of decentralized banking and public blockchain, which provide 100% transparency of transactions and allow decentralization of transaction verification and block generation (i.e., mining). However, a 100% public blockchain technology, which has no central governance, has generated a lot of problems, especially the use of Bitcoin in criminal activities, terrorist financing and it is susceptible to theft.

Besides “Public Blockchain”, the concepts of “Private Blockchain” and “Consortium Blockchain” have appeared. In such concepts, the blockchains will be solely controlled by either a private entity or a group of private entities. However, such concepts are completely contrary to the concept of decentralized banking

We believe that a hybrid distributed ledger technology provides a better approach for regulating a cryptocurrency while maintaining the beauty of Bitcoin, i.e. decentralized banking. For example, The Bank of England has said that central banks are looking for ways to implement “hybrid systems” involving distributed ledger technology which is similar to the technology currently used to record bitcoin transactions. In 2013 we decided to develop a new cryptocurrency which would function in a similar way as Bitcoin, but would be regulated by a private central governance body and would comply with regulations concerning anti-money laundering and terrorist financing as well as other government regulations. On the basis of the “privately regulated public blockchain” concept, we have invented a novel personal identity-linked credential authentication protocol, and built into the source code of Aten Coin.

 

How will Atencoin’s new identity protocol courtesy of NAC help Atencoin?

There are two major ways. One is on the intrinsic value of Aten Coin, and one is on the acceptance and business side of Aten Coin.

Intrinsic value:

  • KYC/AML compliance
  • Anti-terrorist financing
  • Theft-resistance – ownership of atencoins is better protected
  • Clients gaining more Control over Aten Coin Banking – Using the new identity protocol, we are developing more functions that allow Aten Coin holders to set their own transaction criteria, such as restricting the maximum amount of atencoins being transferred within a certain period, restricting geographic locations where transactions can be created.

Acceptance and Business side of Aten Coin:

  • Acceptance by Governments and Banks: Currently significant amount of governments and banks refuse to accept Bitcoin as an exchange media because of the anonymous nature of Bitcoin. Governments and banks should be willing to accept Aten Coin of its unique KYC/AML compliant protocol.
  • Preventing Terrorist Financing: Using our new identity protocol, we are developing new functions to proactively prevent terrorist financing. NAC can restrict creation of Aten Coin transaction only in authorized countries. In such way, NAC can proactively avoid Aten Coin being used in regions prohibited by United States of America or United Nations Sanctions by monitoring the locations of senders. This should help minimizing the chance of Aten Coin being used in financing terrorist activities.
  • Using client transaction data in marketing and advertising business: Our identity protocol allows us to decipher relationships among various purchasing behaviors through in-depth analysis of the transaction records stored in the Aten Coin blockchain and the identities of the Aten Coin users in our Client Identity database. For example, by analyzing all transaction records associated with a particular coffee shop in the capacity of a receiver, we can identify those clients who regularly buy coffee from this shop. By analyzing transaction records of these clients in the capacity of a sender, we can unveil their expenditure patterns. We may then find out that most of them have a common interest in purchasing red wine of a particular brand. This allows us to establish a positive association between a specific coffee consumption pattern and a specific red wine consumption pattern. Such type of information is invaluable in the marketing business. Furthermore, in each Aten Coin transaction, sender’s and receiver’s IP addresses are readily available and recorded. Such location information can allow us to identify consumable items that are particularly popular in certain regions or nations. From the Aten Coin transaction data, we could even identify the trend of changes in the consumer behavior. Such concept of using client transaction data in marketing and advertising business has been well recognized by credit card service companies, such as VISA Inc. and Master Card Inc. However, Aten Coin can reach many more regions and nations where VISA and/or Master Card services are not available. Once Aten Coin becomes a popular medium for payment, information concerning the purchasing behavior patterns that could be extracted from the Aten Coin transactions will be enormous

What is the goal of the upcoming conference and what are the topics that will be discussed there?

The goal of the Aten Coin Conference is to promote Safety & Compliance of Digital Currencies. For more information, please visit AtenCoinConference.com


Thanks for your time, Marcus. It’ll be interesting to see what milestones Aten Coin achieves next.

 

AtenCoin is Government-Friendly Cryptocurrency from Day One

The launch of Bitcoin as the first dedicatedly decentralized form of barter opened space for reforms in the current financial system. After six years since its launch, the digital currency has received applause for simplifying global remittance, bringing transparency to minting business, as well as bringing blockchain, a decentralized record-keeping technology.

But despite its advancement as an alternate form of money, Bitcoin also faced lashes from law and the people for bringing too-much anonymity to money exchange businesses. Drug cartels openly misused Bitcoin as their getaway from “often-risky” cash transactions, which somewhat simplified their means to exchange illegal narcotics. Terrorists went a little further and misused Bitcoin for financing their malevolent plots.

Despite Bitcoin’s escalation as a game-changing technology, its association with nefarious online activities left a dent on its image, a reason why governments feel that it — and every cryptocurrency that is created upon utilizing its source code — must be heavily regulated. While some might say that this is yet another plan to invade financial privacy, the underlying concern of the entire situation can never be ignored.

This might be the only reason why an alternate cryptocurrency called AtenCoin wants to turn the screw and become a government-friendly altcoin from day one.

As founder Marcus Andrade explains clearly in their recent press release, AtenCoin has been created to be a completely transparent cryptocurrency that cannot be utilized for financing illegal activities online. The company that backs AtenCoin, named the National Aten Coin Foundation (NCA), has spent last two years working to get compliant with “Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Anti-Fraud and Financial Crimes (AFF), Office of Foreign Assets Control (OFAC), Bank Secrecy Act (BSA), USA PATRIOT Act and the FACT Act.”

It means that any merchant or user signing up to receive and use AtenCoin for online trading must provide his/her credentials for approval from NCA. This however doesn’t make the people involved in a transaction visible to each other. The real identities of AtenCoin users will be kept with NCA, only to be accessed and used by the designated law agencies.

“All the authentication process steps are working at the network level, and the passwords of Aten Credentials are only known by the Aten Coin users who created them and encrypted in the NAC’s system,” Andrade explained. “No one from NAC can know passwords of those Aten Credentials. The authentication protocol is built inside the source code of Aten Coin. In other words, no one can by-pass NAC’s authentication system.”

In addition to this, AtenCoin promises to be faster, cheaper and more secure than Bitcoin.

 

Aten Coin – Improving The Bitcoin Protocol For Compliance Purposes

Aten Coin – Anti-terrorism, Theft-resistant, and AML CompliantDigitalMoneyTimes_Aten Coin Compliance

During the Inside Bitcoins conference in Berlin earlier this year, I ran into a man called Marcus Andrade.  After striking up a small conversation about why we were both attending, he started telling me about Aten Coin, and how it embraces compliance and regulation.  The concept piqued my interest at that time, and I started doing some digging for more information.

As it turns out, the Aten Coin project started in 2012 and took slightly over two full years of development to complete; not just because of the code base itself, mind you, as Aten Coin is much more than just a digital currency.  Even though development of Aten Coin was successfully completed in 2014, the coin has only been made available for purchase as of September 2015.  Obtaining Aten Coin can be done through the AtenPay.com website.

Note from the Author: Aten Coin is often referred to as Aten Black Gold Coin, which has been making a name for itself ever since Marcus Andrade formed the National Aten Coin Foundation (NAC).

Aten Coin is based on Bitcoin, but it has additional features built in that can be wielded as powerful tools to fight money laundering, terrorism, and theft.  At the same time, Aten Coin embraces transparency, as this currency is not intended for usage on the dark markets by any means.

Unlike other cryptocurrencies, Aten Coin has managed to create relationships with traditional banks, as the NAC is a Platinum Service member of the American Bank Association.  Furthermore, the coin itself is compliant with multiple law enforcement agencies, including AML, CFT, BSA, USA PATRIOT Act and AFF.

What Sets Aten Coin Apart From The RestDigitalMoneyTimes_Aten Black Gold Coin

Blockchain technology is an integral part of Aten Coin, but there’s a slight twist on the protocol.  An in-house developed method – protected by US copyright and patent approval pending in the EU – will allow anyone to track and trace identities whenever necessary.  Pulling off such a feat is not easy, as the Aten Coin team has created a novel concept, called “privately-regulated public blockchain.”

Doing so truly sets Aten Coin apart from any other digital currency, as its blockchain can be used for transaction verification and mining purposes.  Even though Aten Coin is regulated for KYC/AML and anti-terrorist compliance, those are not the major selling points.  Instead, maintaining the decentralized financial aspect of Bitcoin while overcoming some of the shortcomings of the Bitcoin protocol are what is of great interest to investors and government officials.

All Aten Coin address are multisignature addresses, which contain one public and private key from NAC, and at least one other pair of keys from the end user.  That being said, not just everyone can create an Aten Coin address, as users will have to go through an authorization process from NAC.  Obtaining this authorization requires users to register as an Aten Coin User in the NAC systems, and providing the valid documents to disclose and verify their identity.

“As senders and receivers of all transactions can be revealed, any thieves or hackers who steal the Aten Coins can be easily traced and tracked by retrieving personal identities of the receivers from the client information database,” said Andrade. “Moreover, the credential authentication mechanism behind Aten Coin allows a user to change the credential to stop coins being transferred out from a stolen wallet.  As a result, NAC’s invention can prevent Aten Coins from being stolen”  – NAC Founder Marcus Andrade explained.

Source: AllAfrica

 

Aten Coin 2015 Conference Features Panel With Groupon CEO

Aten Coin 2015 ConferenceDigitalMoneyTimes_Aten Black Gold Coin

October 27 is an important day to mark in your event calendars, as this is the day during which the first Aten Coin 2015 Conference will take place in Warsaw. According to the information we have received, there will be over 100 influential guests in attendance, representing the Polish financial, business, and banking sectors.

During this one day event, most of the focus will be on Aten Coin, the AtenPay.com platform, and how the teams expect to shape the future.  A word of welcome from Marcus Andrade, founder of the National Aten Coin Foundation, will kick things off at 9 in the morning.

The first panel of the day will see some of the most influential minds in the Polish financial world talking about the safety of Aten Coin as a digital currency.  As we learnt yesterday, Aten Coin prides itself on being fully compliant with regulations, preventing money laundering, terrorism and theft.

Considering how not just anybody can get involved in Aten Coin – as there is a strict application and verification process involved – the digital currency seems to be on the right track to avoid unwanted attention.  It will be interesting to see how the Polish Financial Supervision Authority feels about this situation, though.

Digital Currency Compliance is the topic of panel number two, which will talk at length about the regulatory framework for digital currency right now.  Poland seems to be fairly open-minded to the concept of digital currency, despite this form of transferring monetary value not being controlled by governments or central banks.

After the first coffee break has come to pass, Marcus Andrade will do a feature presentation on Aten Coin and AtenPay, as both projects are bringing something new to the table. Digital currencies are often referred to as speculative investment vehicles and are treated as such, due to their accessibility.  Aten Coin can only be purchased through the AtenPay platform, making it somewhat unique and creating a tighter ecosystem.

Panel number three – taking place after the hour-long lunch & networking break – will touch upon the subject of Chances, threats, and future of digital currency.  What is of particular interest to this panel is how Aniela Hejnowska, Groupon CEO, will be partaking in this conversation.  So far, there has been no indication regarding Groupon being involved with digital currency in any way, but that situation might be about to change.

As you would come to expect from such a prominent conference, there will be an after-conference business mixer, taking place at the Pure Sky Club in Warsaw.  Such a jam-packed day of discussions and topics deserves to be followed up with a few hours of relaxation and networking at a leisurely pace.

 

Atencoin: A Coin Designed for Government Compliance

In the cryptocurrency world we have seen coins come and go. It is rare to find a new coin that is doing major things. Atencoin is a coin that is walking the walk. It is the first coin that meets strict KYC/AML standards. With Atencoin it is known at all times who holds each coin. This is because to acquire Atencoin? Users must first provide full KYC documents. This will reduce the number of fraudulent activities  Bitcoin is synonymous with. Like Silk road and money laundering. 

Furthermore Atencoin is a theft proof coin. While thousands of hacks are taking place in cryptocurrency realm, Atencoin has built a system that is safe for the user.

Some of the most exciting news about Atencoin is their upcoming conference in Poland. Especially considering that it is the first conference that is dedicated entirely for an altcoin. According to the founder Marcus Andrade the conference will be sold out in Warsaw Poland October 28th. This is a pretty remarkable for a coin that is not well known in the bitcoin space.

Speaking with Marcus Andrade I found out that Aten Black Coin has built a coin that would be completely compliant with governments. Blockchain technology is well understood now. Banks and governments from around the world are exploring it. Aten realized the potential early on and in 2012 started building a currency designed for world trade. Unlike bitcoin, Atencoin is designed to work with regulators.

In a recent Press Release the NAC announced their proprietary core technology for Aten “Black Gold” Coin. This invention involves a “privately-regulated public blockchain”, which is a novel concept and can be considered as the 4 th type of the blockchain technology. Anyone in the world can read the Aten Coin blockchain and participate in transaction verification and Aten Coin mining. Aten Coin is only regulated when it comes to KYC/AML compliance and anti-terrorist compliance.

Atencoin To Hold International Conference in Poland

Conferences in the Bitcoin world are all too common now. After attending many in Europe, you start to see the same common faces and the same topics of discussion. Recently I have learned about AtenCoin a cryptocurrency that is everything that bitcoin is not. They have fully KYC/AML compliance built in. They are working directly with world governments. Now they are hosting their first conference dedicated to solely Aten Coin – http://www.atencoinconference.com/

Atencoin is not known well in bitcoin circles. At first glance, they appear to be no different than the thousands of other altcoins we have seen come and go. Upon further glance we see they have taken blockchain technology and created a coin to really shake things up. They offer all the benefits of quick transaction and settlement times as other cryptocurrencies, but the main difference is every coin can be identified as to holds it at any given time. Atencoin has full KYC/AML compliance which governments love, and the traditional bitcoin users dislike.

When asking founder Marcus Andrade about his KYC/AML policies he replies. “I love bitcoin and blockchain technology. Global governments want to know who is making these transactions. We decided to work directly with government officials to create a coin that satisfies their KYC/AML concerns.”

There have been thousands of altcoins created over the last 5 years. This is the first coin beside Bitcoin to have an official conference that we have heard about. How have you amassed so much success without being well known in the bitcoin world? “We have been working hard to create a coin we feel will be globally accepted by institutions. Blockchain technology is a world-changing technology with quick transaction and settlement times. In the global world ruled by technology, money needs to be updated. Everyone now in finance knows and understands the power of blockchain technology. We have simply created a coin that adheres to government rules and regulations.”

Aten Coin – Improving The Bitcoin Protocol For Compliance Purposes

Regulation and digital seem to be at opposite ends of the spectrum at times.  While many digital currency enthusiasts feel that regulation is beneficial and ended, there are equally as many people who oppose the idea.  One digital currency, called Aten Coin, has taken the opposite route, as it is fully compliant with regulations, AML legislation, and is thief-resistant.

Make sure to read: Gaming Marketplace Giant G2A.COM Accepts Bitcoin

Aten Coin – Anti-terrorism, Theft-resistant, and AML CompliantDigitalMoneyTimes_Aten Coin Compliance

During the Inside Bitcoins conference in Berlin earlier this year, I ran into a man called Marcus Andrade.  After striking up a small conversation about why we were both attending, he started telling me about Aten Coin, and how it embraces compliance and regulation.  The concept piqued my interest at that time, and I started doing some digging for more information.

As it turns out, the Aten Coin project started in 2012 and took slightly over two full years of development to complete; not just because of the code base itself, mind you, as Aten Coin is much more than just a digital currency.  Even though development of Aten Coin was successfully completed in 2014, the coin has only been made available for purchase as of September 2015.  Obtaining Aten Coin can be done through the AtenPay.com website.

Note from the Author: Aten Coin is often referred to as Aten Black Gold Coin, which has been making a name for itself ever since Marcus Andrade formed the National Aten Coin Foundation (NAC).

Aten Coin is based on Bitcoin, but it has additional features built in that can be wielded as powerful tools to fight money laundering, terrorism, and theft.  At the same time, Aten Coin embraces transparency, as this currency is not intended for usage on the dark markets by any means.

Unlike other cryptocurrencies, Aten Coin has managed to create relationships with traditional banks, as the NAC is a Platinum Service member of the American Bank Association.  Furthermore, the coin itself is compliant with multiple law enforcement agencies, including AML, CFT, BSA, USA PATRIOT Act and AFF.

What Sets Aten Coin Apart From The RestDigitalMoneyTimes_Aten Black Gold Coin

Blockchain technology is an integral part of Aten Coin, but there’s a slight twist on the protocol.  An in-house developed method – protected by US copyright and patent approval pending in the EU – will allow anyone to track and trace identities whenever necessary.  Pulling off such a feat is not easy, as the Aten Coin team has created a novel concept, called “privately-regulated public blockchain.”

Doing so truly sets Aten Coin apart from any other digital currency, as its blockchain can be used for transaction verification and mining purposes.  Even though Aten Coin is regulated for KYC/AML and anti-terrorist compliance, those are not the major selling points.  Instead, maintaining the decentralized financial aspect of Bitcoin while overcoming some of the shortcomings of the Bitcoin protocol are what is of great interest to investors and government officials.

All Aten Coin address are multisignature addresses, which contain one public and private key from NAC, and at least one other pair of keys from the end user.  That being said, not just everyone can create an Aten Coin address, as users will have to go through an authorization process from NAC.  Obtaining this authorization requires users to register as an Aten Coin User in the NAC systems, and providing the valid documents to disclose and verify their identity.

“As senders and receivers of all transactions can be revealed, any thieves or hackers who steal the Aten Coins can be easily traced and tracked by retrieving personal identities of the receivers from the client information database,” said Andrade. “Moreover, the credential authentication mechanism behind Aten Coin allows a user to change the credential to stop coins being transferred out from a stolen wallet.  As a result, NAC’s invention can prevent Aten Coins from being stolen”  – NAC Founder Marcus Andrade explained.

Source: AllAfrica

Images courtesy of Shutterstock, Aten Coin

NAC Foundation Announces Proprietary Core Technology of Aten “Black Gold” Coin

LAS VEGAS, Oct. 15, 2015 /PRNewswire/ — The appearance of Bitcoin and its associated block-chain technology has gained tremendous interest in the development of decentralized, but secure, money banking and transaction systems. Bitcoin is gaining recognition all over the world as a convenient financial tool for daily payment and also for transferring money across the national borders. However, there is serious concern about Bitcoin’s use for criminal exploits and the financing of terrorist activities. For example, recently Australian’s biggest banks have closed bank accounts of at least 17 Australian Bitcoin companies. One of the major reasons is the untraceable nature of Bitcoin. Aten Coin recently introduced a proprietary, privately regulated public blockchain. This technology is the core of the Aten “Black Gold” Coin, and was created to solve problem of money laundering, criminal and terrorist financing and online theft.

Aten Coin Logo.

Aten Coin – Born for Anti-Money Laundering, Anti-Terrorism and Thief-Resistance

In 2012, a group of programmers and entrepreneurs led by Marcus Andrade started working on the Aten Coin project and in early 2014 when development was nearly finished, Mr. Andrade formed the National Aten Coin Foundation (NAC) which is a cryptocurrency named Aten Black Gold Coin (also called as Aten Coin), which is based on the Bitcoin protocol, but with additional features to achieve anti-money laundering, anti-terrorism and thief-resistance. Aten is the ancient Egyptian God depicted as the solar disk emitting rays terminating in human hands. NAC named their new cryptocurrency after Aten because Aten Coin is designed to be a transparent cryptocurrency that cannot be used by the dark markets. After two years of efforts, NAC is now a Platinum Service Member of the American Bank Association (ABA), and Aten Coin is compliant with the following agencies: Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Anti-Fraud and Financial Crimes (AFF), Office of Foreign Assets Control (OFAC), Bank Secrecy Act (BSA), USA PATRIOT Act and the FACT Act. Aten Coin has been officially launched in September 2015, and now can be purchased at AtenPay.com. To the best of our knowledge, Aten Coin is also the first cryptocurrency that can meet the KYC/AML compliance.

Privately Regulated Public Blockchain Technology of Aten Coin: The 4th Type of Blockchain

The blockchain of Bitcoin is considered to be a “public blockchain”. Anyone in the world can read, modify and verify it. No one can own and control the blockchain. Anyone can freely create bitcoin addresses and freely use their addresses to receive and send bitcoins. Recently there have been a lot of discussions about how to modify and make use of the Bitcoin’s blockchain technology. For example, The Bank of England has said that central banks are looking at ways to implement “hybrid systems” involving distributed ledger technology of the type currently used to record bitcoin transactions. Besides “public blockchain”, the concepts of “private blockchain” and “consortium blockchain” have appeared. In such concepts, the blockchains will be solely controlled by either a private entity or a group of private entities. However, such concepts totally opposite the concept of decentralized banking. To tackle with the issues of criminal uses and terrorist financing, NAC has invented a method (EU patent pending and U.S. copyright protected) that allows people to trace and track identities senders and receivers of a cryptocurrency when necessary. This invention involves a “privately-regulated public blockchain”, which is a novel concept and can be considered as the 4th type of the blockchain technology. Anyone in the world can read the Aten Coin blockchain and participate in transaction verification and Aten Coin mining. Aten Coin is only regulated when it comes to KYC/AML compliance and anti-terrorist compliance. The major advantage of NAC’s novel blockchain technology is that the key decentralized banking concept of Bitcoin is being maintained, while Aten Coin can overcome the major shortcomings of the Bitcoin protocol.

Aten Coin’s Identity-Linked, Credential Authentication Protocol

One the basis of a privately-regulated public blockchain, NAC has built a personal identity-linked credential authentication protocol into the source code of Aten Coin. The protocol involves an integration of three major processes, including personal identity verification, credential authentication and a two-party signature scheme. A regulation system is introduced at the blockchain level in the way that (i) all Aten Coin addresses must be multisignature addresses comprising of a pair of public key and private key from NAC and at least one pair of public key and private key from an Aten Coin user, and (ii) all Aten Coin addresses can only be created by people whom have got an authorization from NAC. Furthermore, (iii) without NAC’s authorization, no one can use any Aten Coin addresses to send any atencoins that are recorded (stored) at the Aten Coin addresses. In order to obtain authorization from NAC, all Aten Coin Users must register as an Aten Coin User in the NAC’s systems, and in the process of registration all potential Aten Coin Users must provide valid document to disclose their legal identities.

NAC’s Founder, Marcus Andrade, discussed how Aten Coin is being regulated.

“Once an Aten Coin User has successfully registered at www.AtenWallet.com, he/she will be given an Aten ID, and will be allowed to create their private Aten Credentials, which will be subsequently approved by NAC’s system to be used as valid credentials to obtain NAC’s authorization for generating Aten Coin addresses as well as for making Aten Coin transactions,” said Andrade. “All the authentication process steps are working at the network level, and the passwords of Aten Credentials are only known by the Aten Coin users who created them and encrypted in the NAC’s system. No one from NAC can know passwords of those Aten Credentials. The authentication protocol is built inside the source code of Aten Coin. In other words, no one can by-pass NAC’s authentication system,” he said.

In the typical transaction process, NAC’s authentication system will automatically provide authorization to any request for address generation or transaction creation as well as signing a transaction upon the receipt of a valid Aten Credential. Therefore, most of the time Aten Coin will function in the way similar to Bitcoin, except that by design Aten Coin transactions are faster, cheaper and more secure. All transaction data is available in the Aten Coin’s blockchain, which is open to the public. Public will not be able to know the identities of Aten Coin senders and receivers as in the case of Bitcoin. However, real identities of the senders and receivers are kept in NAC’s system with protection. Using Aten Credentials and Aten IDs, NAC can trace the legal identities of any senders and receivers when necessary. This allows NAC to reveal identities of senders and receivers associated with any transactions which are suspected to associate with any money laundering, hacking or illegal activities, while maintaining privacy of Aten Coin users.

Aten Coin’s core technology allows NAC to monitor every single transaction and identify those suspected for involvement in illegal activities, such as money laundering and terrorist financing through analyzing individual Aten Coin users’ transaction records. It is NAC’s obligation to report any suspicious transactions and identities of their associated senders and receivers to the relevant government agencies for further action. It provides a practical solution for the current KYC/AML incompliance issues of Bitcoin and various alternative cryptocurrencies. As all transaction creations are being regulated by NAC and cannot be created without NAC’s authorization, NAC can also restrict Aten Coin transaction to be created in authorized countries. In such way, NAC can proactively avoid Aten Coin being used into regions prohibited by United States of America or United Nations Sanctions by monitoring the locations of senders. This should help minimizing the chance of using Aten Coin in financing terrorist activities.

Andrade talked further about Aten Coin’s unique theft-resistance solution.

“As senders and receivers of all transactions can be revealed, any thieves or hackers who steal the Aten Coins can be easily traced and tracked by retrieving personal identities of the receivers from the client information database,” said Andrade. “Moreover, the credential authentication mechanism behind Aten Coin allows a user to change the credential to stop coins being transferred out from a stolen wallet. As a result, NAC’s invention can prevent atencoins from being stolen,” he said.

About National Aten Coin

Headquartered in Las Vegas, Nevada, National Aten Coin (NAC) is the creator of the Aten “Black Gold” Coin, a cryptocurrency (a form of electronic money) and its global payment transaction network. The official website of Aten Coin is AtenCoin.com. While maintaining privacy of customers, the NAC utilizes proprietary techniques to verify ownership of coin holders, secure and monitor transactions, trace and track identities of senders and receivers, keep recordkeeping efforts transparent, protect coins from stealing.

For more information please visit: AtenCoin.com, AtenPay.com and AtenWallet.com.

Logo – http://photos.prnewswire.com/prnh/20150921/LA06934LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nac-foundation-announces-proprietary-core-technology-of-aten-black-gold-coin-300160276.html

SOURCE NAC Foundation