Topic: [EMUNIE] One small step for transactions, one giant leap for crypto - page 5. (Read 5626 times)

Children children please

Since this forum is the doorway to all things non-bitcoin, it is a mistake to try and focus on a proprietary forum when it will just lower visibility for new users, at least until the coin is actually launched.

I created a thread to discuss the potential problems of Emunie economics here:

Why Emunie is the Pandora's box of cryptocurrency

https://bitcointalksearch.org/topic/why-emunie-is-the-pandoras-box-of-cryptocurrency-1167031

Get off the juice Juicy.

Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...

I don't recall that ever being a worry. EMunie has an elastic money supply. It tries to hold value and minimise price fluctuations. New emu is distributed to owners of the currency and people working to keep the network alive when demand pressure outweighs sell pressure. This becomes economic incentive as your quantity of emu will increase but also hold its value.

Head over to the eMunie forum to ask questions. This is completely off the current topic.

There has always been a monetary incentive to invest, but as with the tech, people were approaching it with a Bitcoin based mindset.

eMunie will attempt to stabilize itself, as has been the goal since the inception of the project.  The key difference is, there are 2 variables that effect ROI, instead of just 1 with a fixed currency amount model like Bitcoin.

The value of an individual unit can increase/decrease over the long term, but the amount of currency in circulation can also increase/decrease.  In a growth situation, which will be typical from day-0 for a period of time, the ROI comes from an increased holding of currency and not so much from an increase in price per unit.

This is due to new supply being distributed around both holders of deposits on account (interest) and to service nodes for doing work.

So for example, if you were to hold 100 EMU @ $0.10 each, and the price didn't move but the demand doubled, you'd end up with 150 EMU @ $0.10 (the other 50 going to service nodes that have done work).  If then the price was to rise by a cent, you'd have 150 @ $0.11...a 65% increase overall.

From the systems point of view, a change in supply if possible (in either direction) is always a preference to a change in price.

With the older emunie, people were worried there was no monetary incentive to invest due to the way the economic model works.  Is that still the case now, where emunie is more of a hedge to try and preserve wealth, or maintain a static value, rather than being an actual investment?  I don't see anything wrong with that approach, it's just that it makes it harder to try and bring people into the system from day 0 unless there's some kind of pending economic doom, which I guess is not that unlikely soon.

I don't think you understand.

The card is a wallet itself, the private keys are on the card, and only on the card.  

There is no trusting anyone with your funds because the only person that can access them is the owner of the card.

You could obtain a blank card, a reader, the cardlet (or the source code and compile it), install it to the card, transfer assets to the generated card address and use it.   You created your own debit card.

blah blah blah
it all sound like trust your money with a no name person on the street
ah, the paycoin era with walmart,visa,mastercard.. promised.

Today was a significant leap forward in realizing one of eMunie's core goals of enabling crypto-currencies for the masses.

The long awaited 1st native point of sale compatible transaction has been performed, no middle men, no 3rd party processors, no custom merchant hardware....just an EMV compatible debit card, run of the mill hardware and bridging software to connect directly to the eMunie network.

So why is this so important?

Current Solutions

Currently to use your crypto-currency assets in brick and mortar stores, there are 2 solutions.

The first, is that the merchant generally requires some additional hardware along side existing POS terminals in order to accept Bitcoin/LiteCoin/others. Typically this consists of a tablet device with a connection to a 3rd party payment processor, and the customer has access to a similar service on their smartphone.

The process is very "manual", requiring scanning of QR codes/entry of addresses at the least, with entry of spend amount and other inputs sometimes required. It also requires that the customer has an active internet connection on the spending device (not always as reliable as one might assume).

While the process can be swift, on many occasions at crypto-currency events where items can be bought and this is the mechanism for payment, I myself have witnessed the cumbersome nature of this method. Frequent delays in making payment hold up other customers and reduce the turnover of customers to a mere trickle.

The second method involves a VISA or Mastercard debit card, which is provided by a 3rd party that allows the loading of BTC and other currencies to the card with in place conversion to $, £. These cards can be used in existing point of sale terminals, but have the consequence that there are fees attached for many uses of the service, currency conversion charges, loading charges, spending charges, ATM withdrawal charges. These can sometimes be in the order of a 1-2% or more, and with regular use can mount up significantly.

Additionally, if the card is lost, or is deactivated by the card provider for any of a multitude of reasons, funds can be lost and irrecoverable. Worst still your funds are entrusted to a 3rd party, and should that entity decide to close the service, they can easily exit with all customers funds that have not yet been loaded onto a card.

The eMunie Solution

The eMunie implementation is simple, there are no 3rd parties involved, no additional hardware required, and minimal risk, both for customers and merchants.  The owner of the card controls the funds associated with it at all times.

To accept payments via an eMunie debit card, the merchant will simply need to install an update for his existing hardware that connects to the eMunie network and pushes the transactions out to it.

Additional benefits for the merchant are the lack of processing fees, and no requirement to hold a merchant account with a bank. Merchants can simply accept eMunie payments to a wallet they control directly, and cash out via the decentralized on/off ramps available via our TRAID network when convenient for them.

Furthermore, eMunie debit card payments offer increased anonymity over the above methods and of course traditional fiat debit cards. The merchant only has visibility to card address, and information such as your name, DOB, physical addresses or other personal data is not required or transmitted.

Cards can be imported into clients, so even if you loose your card, you can still access the funds and move them to another account or card. Loading funds to a card is a simple case of sending funds to its address from another wallet, be it on a PC, Tablet or Phone, the card never needs to be connected to be able to spend them at a later time.

This technology is unique to eMunie, and is a key requirement to achieving mass market penetration. We know of no other crypto-currency that can enable native point of sale payments in this manner due to the limitations of block chain and similar ledger technologies, nor do we know of any in development that can match it.

Moving Forward

During the course of the next week some video demos will be constructed to show the process in action. Shortly after there will also be a beta with these capabilities enabled, and instructions on how to create a point of sale simulator, along with details of off the shelf hardware, will be provided allowing a first hand test drive of the technology on the test network.

Embracing newer technologies is a small step once the development of the basic features is completed, with the possibility of contactless cards and mobile device contactless payments easily supported.

Information on how this is achieved possible will be covered in 2 articles discussing our ledger technology scheduled for release over the next week or so.

Until then here is a fun mockup of what an eMunie debit card may resemble, with an example of a possible front configuration of data: