Video-scan a valid national banknoteTake a short video to capture an image of a banknote with the last 12 bytes of the hash of a recent block written on the said banknote.
Preliminary validation of scanned banknoteNode A weed out banknotes that have a serial that was previously processed, or notes that have unsupported denomination of currency code.
Off-chain validation of the banknotesValidators attempt to analyse the banknote to check the correctness of the information provided by the banknote scanner.
Banknote analysis encryptionThe validator sends their analyses in an encrypted format. The analysis will include information that vouch for the correctness of the information provided by the scanner.
Transaction decryptionWhen enough encrypted votes have been received, the validators must send a revelation transaction that decrypts their previously encrypted votes.
Majority votes winsThe network collates the revealed votes and computes the amount of coin to generate for a banknote only if the majority of validators successfully vouch for the banknote.
Reward disbursementWhen a banknote gets scanned, validated and added to a block, there is a devaluation function applied that reduces the USD value of the banknote by up to 80%.