Ok, I've looked through this whitepaper. Unfortunately, it has major flaws.
retrieve data 10ms
Send Data 10ms
You can't rely on such latency. For example,
distance from NY to London is 5570 km (3460 miles). Nothing can move faster than light, so information can't be transmitted from NY to London faster than 5570/300,000 = 18 ms. Double this for standard TCP/IP. Double this for LA -> Moscow. Get 72 ms. Quietly weep
(c).
The solution is passed out to the nodes as normal, checked and added to the blockchain, but the coins are not in the bag yet.
No, they are. "The solution is passed out to the nodes as normal, checked and added to the blockchain" == "coins are in the bag" until you invent something new. Your whitepaper is definitely missing some technical details.
Several of the closest nodes will now check that the winner is in fact not a botnet computer.
The checking nodes split the work between them
If the winner fails the confirms by a considerable degree then the block is lost and the coins are either split between the confirming nodes or moved to an empty wallet.
This all shows your complete misunderstanding of cryptocoin network. You should stop coding right now and get some crypto background first.
http://bitcoin.org/bitcoin.pdf is a great place to start.
https://en.bitcoin.it/wiki/Main_Page fine too.
Really, whitepaper is a piece of shit for now. No offence, please.