Topic: Is this the first Bitcoin White Paper? (not a joke!) (Read 1236 times)
This is way more broad than bitcoin. This is more like the concept behind open transactions that allows any and all virtual currencies and contracts to co exist
Thanks for digging this paper up. They deal with concepts of reputation, anonymity, justice, etc.
A very worthwhile read and listen. It really opened my eyes to the notion of cyberspace as a new civilization.
pbtc
this is more akin to http://www.digitalcoin.info/ aka what is proposed in the "Money as Debt" series.
it's also more akin to Ripple.
it's also more akin to Ripple.
Low-fee bitcoin heroes should take note that the privacy and anonymity theme is pervasive in this article.
It is significant in that it is one of the few written pieces that anticipates the forced closure of digital-issuing mints by the authorities. What is explored is the establishment of a trusted central mint (ala digicash protocol) that operates anonymously and therefore can remain operational in the face of direct governmental threats and assaults.
How does one audit the reserves of currency issuers if they don't know where they are or who they are? {similarly, voucher-safe has answered this question in a decentralized way by distributing the reserves instead of distributing the trust.} At the time, the authors were responding to the vulnerability of physical gold e-currency depositories such as e-gold. That's why they defined the roles of Bondsman, Escrow Agent, Fair Witness, and Arbiter. http://themonetaryfuture.blogspot.com/2010/03/toward-private-digital-economy.html
The video/audio presentation from DEF CON 12 can be seen here: https://www.defcon.org/html/links/dc-archives/dc-12-archive.html#wavyhill
It is significant in that it is one of the few written pieces that anticipates the forced closure of digital-issuing mints by the authorities. What is explored is the establishment of a trusted central mint (ala digicash protocol) that operates anonymously and therefore can remain operational in the face of direct governmental threats and assaults.
How does one audit the reserves of currency issuers if they don't know where they are or who they are? {similarly, voucher-safe has answered this question in a decentralized way by distributing the reserves instead of distributing the trust.} At the time, the authors were responding to the vulnerability of physical gold e-currency depositories such as e-gold. That's why they defined the roles of Bondsman, Escrow Agent, Fair Witness, and Arbiter. http://themonetaryfuture.blogspot.com/2010/03/toward-private-digital-economy.html
The video/audio presentation from DEF CON 12 can be seen here: https://www.defcon.org/html/links/dc-archives/dc-12-archive.html#wavyhill
http://pelagic.wavyhill.xsmail.com/Private_Digital_Economy.html#Coins
The paper's a tad long, but easy and enjoyable to read nonetheless.
I have first dibs in stating that Wavyhill is Satoshi Nakamoto.
Quote
Digital coins are cryptographically authenticated bearer instruments[6]. They can represent any concrete or abstract thing that can be owned: gold grams, US dollars, back rubs, cows. What they represent is determined by the issuer of the digital coins of that type via the form of payment and redemption she requires. They can even be fiat, not backed by any real asset, say Merlin Grey's pseudo-gold ounces. Certain properties are a constant, generated by some byzantine crypto:
* Only the creator of a given type of coin can mint more of them. He decides the type, units, and denomination.
* The type, units, and denomination of a coin can be authenticated.
* Each coin is created with a unique identifier, distinguished from all others created of its type.
* The continued uniqueness of a coin cannot be guaranteed since they can be copied. Similar to the DMT Digital Bearer Certificates, double spends can only be prevented by validating them against a public signature, and immediately exchanging them with the issuer for a new, guaranteed unique one (if you know of a way around this not compromising the other privacy properties, we are all earz).
* They are frangible (sort of). The issuer can give you change for that 1-cow coin in nano-cows. The inability to break up my own cow slightly compromises this frangibility (if you know of a way around this, etc).
* They are fungible (sort of). Every 1-gold-gram coin is probably equivalent to every other, give or take the reputation of the issuers. But 2 different Ming-vase-coins are not-at-all interchangeable.
* Coins are easily moved between worlds, since they're just data. They can be downloaded into a flash key or PDA, or emailed to a friend. So they can even be used as money on the Dark Side.
* Only the creator of a given type of coin can mint more of them. He decides the type, units, and denomination.
* The type, units, and denomination of a coin can be authenticated.
* Each coin is created with a unique identifier, distinguished from all others created of its type.
* The continued uniqueness of a coin cannot be guaranteed since they can be copied. Similar to the DMT Digital Bearer Certificates, double spends can only be prevented by validating them against a public signature, and immediately exchanging them with the issuer for a new, guaranteed unique one (if you know of a way around this not compromising the other privacy properties, we are all earz).
* They are frangible (sort of). The issuer can give you change for that 1-cow coin in nano-cows. The inability to break up my own cow slightly compromises this frangibility (if you know of a way around this, etc).
* They are fungible (sort of). Every 1-gold-gram coin is probably equivalent to every other, give or take the reputation of the issuers. But 2 different Ming-vase-coins are not-at-all interchangeable.
* Coins are easily moved between worlds, since they're just data. They can be downloaded into a flash key or PDA, or emailed to a friend. So they can even be used as money on the Dark Side.
The paper's a tad long, but easy and enjoyable to read nonetheless.
I have first dibs in stating that Wavyhill is Satoshi Nakamoto.
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