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 - 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 4 th 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 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. 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.