hmm. this makes it appear that MintChip just make a way to use regular currency digitally, rather than creating a new currency.
http://developer.mintchipchallenge.com/api/java/ca/mint/mintchip/contract/package-frame.htmlThe main interface of the API is the IMintChip. It is responsible for supporting the following MintChip functionality:
-Processing credit transactions by loading the Value Messages and incrementing the chip's balance.
-Processing debit transactions by creating the Value Messages and decrementing the chip's balance.
-Reading the transaction log and returning a collection of debit or credit transaction records.
-Providing the chip's status, which consists of the data that may change over the chip's life time: the balance, the maximum allowed debit and credit amounts, current and remaining numbers of the transaction records.
-Providing the chip's properties, which consist of the data that never changes since chip's initialization: the ID, the currency code, the public certificate and the chip version.
-The rest of the interfaces and classes depicted in the above UML diagram are designed to work with the IMintChip interface in support of the above listed functions.
The chip appears to "enhance privacy" by making your private transactions recorded by the RCM. It appears to conduct transactions in standard reserve currencies (EUR,JPY,USD.GBP, etc)
It makes it appear to the parties in the transaction that it's private, while likely allowing the RCM and possibly others to dig up the entire transaction history.
Can U say "big brother money chip?" - I knew that you could.
Backed by the Royal Canadian Mint? How is this going to be "Private"? Governments desperate to seize control of at least a portion of the electronic currency revolution.
