BitMint: Non-Speculative Digital Currency (The Future of Money)
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- Опубліковано 6 сер 2014
- BitMint is a global monetary framework to house the emerging body of payment and banking applications, leveraging the convenience, security, versatility of crypto money. BitMint offers anonymity that mirrors the US 4th Amendment: protected privacy unless a court order breaks it. Bitcoin and other speculative currencies can properly fit into the BitMint framework, which is designed with a global outreach -- digitizing any fiat currency, gold, silver, and other commodities. Read "The Dawn of Digital Currency" (Amazon)
- Наука та технологія
Great video! Quick question for you regarding the first Alice / Bob transaction. Place ourselves in the shoes of Bob. How does Bob know that the digits he is receiving is not counterfeit and that they also belong to Alice?
+BCBC ROCKS Very goof question: Bob normally does not care if the bits belong to Alice, only that they are not fake, and have not been redeemed before. This he can ultimately find out by exchanging them for freshly minted bits from BitMint. Also Alice can present a crypto-trust certificate (without exposing her identity).
BitMint validation has two levels: the 'operational level', and the 'bank level'. The mint is the ultimate redeemer of bitmints. And any trader, may choose to validate incoming money with the mint, to be sure. However, BitMint establishes a fast operational level validation that is based on two principles: (i) dynamic clusters, (ii) reputation. Clusters: taking advantage of the reality that a trading network forms clusters of frequently trading peers. Trade within such clusters is governed by a delegated sub-mint, which algorithmically has enough info to validate a digital coin, but not enough info to redeem it itself within its super-cluster. Reputation: bona fide trading of peers gradually builds reputation to them, which they cryptographically display to their payee. A cheater will lose the reputation which takes considerable time to build up. A simple insurance protocol takes care of the few expected cheats.
The example with a contract, I don’t see how cryptography could possibly enforce or verify the terms of a contract. You hire someone to paint your house. They say they did the job, you say they didn’t do it (or didn’t do a good job). How in the world could this dispute be resolved cryptographically without involving a third-party judge and legal system?
In the example of health insurance, they could follow this process now if they wanted to, without the use of cryptography. I’m not sure what cryptography adds to the process. Health Insurance companies could certainly give a certificate to the patient and allow them to shop around right now. Seems like adding crypto would only complicate the process without adding any advantages.
Good question Vejoshiraptor, BitMint (LeVeL) money remains in limbo if the parties disagree, so no one has it. The parties then exercise a pre agreed dispute resolution protocol. BitMint develops an AI-based conflict resolution program that runs a quick dialogue with the parties, then decides.
an AI judge wow
How can this work without account? What would I do when my phone with the money is destroyed?
what do you do if you lose a wallet full of cash? Digital money you can back up -- cash, you can't. What if your account is hacked?
Ok, guess I'd be screwed.
Yeah what then? A bank would not want to let people know about security problems and replace the money I suppose.
Though it sounds to me like you have a great solution.
Does it mean that the central authority cannot stop people from using this like PayPal does with WikiLeaks?
And how are you planning to release this? Will there be an open source solution so that people can play with it?