MintChip) is a novel startup backed yesteryear an eBay founder that is aiming to practise what looks similar a
Crypto 2.0 network augmented alongside anonymous transactions. It looks to hold upwardly aiming to practise a digital cash organization - allowing cardinal banks to consequence tokens that anyone tin anonymously transact in, only similar alongside physical cash. Lets direct hold a hold off too run into if the thought is feasible.
Features
Based on
an article from Payments Source, the Mint appears to:
- Allow cardinal banks to consequence digital currencies
- The issued currency is untraceable ("eCurrency Mint [...] doesn’t allow a cardinal potency rail the ownership too utilization of the digital money"), although "individual countries could implement the engineering differently"
- The currency would direct hold a bird of "cryptocomplexes", which would either hold upwardly similar to Bitcoin transactions, or hold upwardly their ain atomic tokens (the text is unclear) ("[I]nstead of printing a billion one-dollar bills, [a cardinal bank] would consequence digital objects called cryptocomplexes that it would inject into the fiscal organization much equally it does cash today")
- "[E]ach [cryptocomplex] keeps rail of itself. Through a unique identifier, each unit of measurement is forever associated alongside the master block from which it came. The cardinal banking corporation would know straightaway if the sum of all the pieces added upwardly to to a greater extent than or less than a billion. But it wouldn’t know where each slice is, or who owns it."
- "There’s no full general ledger similar bitcoin's blockchain for eCurrency."
Analysis
The biggest pattern challenge of what was described is the anonymous aspect of the currency. While the details of what the writer meant yesteryear "cryptocomplexes" remains unknown too to a greater extent than details would hold upwardly needed for a proper analysis of the technology, what is existence presented is non beyond the realms of possibility. We tin hold off at
Dash's DarkSend,
BitShare's TITAN,
Confidential Transactions proposed yesteryear Greg Maxwell as examples of how this tin hold upwardly achieved, at to the lowest degree inwards a ledger-based network. For a setup similar Open Transactions, yous would in all likelihood role roughly scheme based on
blind signatures for the notaries.
While what is presented is technologically possible, the scheme could hold upwardly constitute illegal nether diverse rulings, such equally the
2013 FinCEN guidelines on Virtual Currencies. While it would hold upwardly viable to perform sum KYC on when the currency enters or exists the organization (at to the lowest degree until at that spot is fifty-fifty a involve for such transfers earlier money becomes completely digital), losing the powerfulness to track, freeze, seize too audit the fiscal records of diverse people mightiness hold upwardly seen equally helping money laundering too criminal activities.
Conslusions
The data presented nearly the eCurrency Mint pigment a technologically plausible motion painting of a novel anonymous, ledgerless Crypto 2.0 organization similar to roughly of the features described by
MintChip. It would hold upwardly interesting to run into to a greater extent than technical explanation of the proposed system, likewise equally an overview of how such a organization could gibe into the existing regulatory framework.
Due to the heavy emphasis on anonymous transactions, I uncertainty the eCurrency Mint volition always hold upwardly considered for adoption yesteryear whatsoever authorities or cardinal banking corporation inwards its electrical flow form.
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