Validating δ-Currency Using Model Checking

In recent years, there is a surfeit of digital currencies, virtual currencies, and cryptocurrencies. These currencies serve as alternatives to fiat currencies in the form of physical currencies or deposits in banks. Some of the common characteristics that differentiate these currencies are how they gain and maintain their value, the anonymity of transactions, and considerations of security, data integrity, and transaction performance in a distributed computing scenario. Digital Currencies are generally issued by Central Banks raising privacy concerns. Cryptocurrencies work outside such formal mechanisms raising concerns about volatility and the possibility of loss. In this paper, we discuss a new variant called δ-Currency which attempts to navigate these concerns and arrive at an alternative mechanism that addresses privacy and financial security considerations in a novel manner. The δ-Currency is currently at a conceptual stage. We make use of Model Checking to validate the architecture, design principles, and implementation approach of δ-Currency. Model Checking focuses on fundamental building blocks of computation and is generally used to validate complex systems operating in an environment that enables a high degree of concurrency. In this paper, we make use of Model Checking to arrive at a common vocabulary, abstractions, and framework to understand seemingly disparate systems which nevertheless achieve the same objective.