How does CPTL work?
The first step to buy an currency is to request a “buy” to an Exchange and then deposit a currency. So the Exchange matches “buy” request with a “sell” request for the same amount. After the match is found, the Exchange completes the trade on behalf of the contracting parties. An Exchange will work as an intermediary to make transactions ease, simples and safety.
A transaction is a transfer of value between CPTL walletsthat gets included in the block chain. CPTL wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast to the network and usually begin to be confirmed within 10-20 minutes, through a process called mining.
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Mining is a distributed consensus system that is used to confirm pending transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all the subsequent blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively to the block chain. In this way, no group or individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Some places that already accept CPTL Coin.
Given the potential that cryptocurrencies already bring to business transactions, meet some of the companies that already use CPTL Coin.
If you want to learn more of the details, you can read the original paper that describes its design, the developer documentation.