An Overview Of Ecurrency Mint

MintChip) is a novel startup backed yesteryear an eBay founder that is aiming to practise what looks similar a Crypto 2.0 network augmented amongst anonymous transactions. It looks to hold upwards aiming to practise a digital cash organisation - allowing key banks to resultant tokens that anyone tin anonymously transact in, only similar amongst physical cash. Lets cause got a await together with run into if the thought is feasible.

Features

Based on an article from Payments Source, the Mint appears to:

• Allow key banks to resultant digital currencies
• The issued currency is untraceable ("eCurrency Mint [...] doesn’t allow a key say-so runway the ownership together with usage of the digital money"), although "individual countries could implement the applied scientific discipline differently"
• The currency would cause got a bird of "cryptocomplexes", which would either hold upwards similar to Bitcoin transactions, or hold upwards their ain atomic tokens (the text is unclear) ("[I]nstead of printing a billion one-dollar bills, [a key bank] would resultant digital objects called cryptocomplexes that it would inject into the fiscal organisation much equally it does cash today")
• "[E]ach [cryptocomplex] keeps runway of itself. Through a unique identifier, each unit of measurement is forever associated amongst the master block from which it came. The key banking corporation would know directly if the amount of all the pieces added upwards 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

Based on those features, it looks similar nosotros are dealing amongst a ledger-less currency similar to either what MintChip was supposed to be.

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 together with to a greater extent than details would hold upwards needed for a proper analysis of the technology, what is beingness presented is non beyond the realms of possibility. We tin await at Dash's DarkSend, BitShare's TITAN, Confidential Transactions proposed yesteryear Greg Maxwell as examples of how this tin hold upwards achieved, at to the lowest degree inwards a ledger-based network. For a setup similar Open Transactions, y'all would belike purpose approximately scheme based on blind signatures for the notaries.

While what is presented is technologically possible, the scheme could hold upwards flora illegal nether diverse rulings, such equally the 2013 FinCEN guidelines on Virtual Currencies. While it would hold upwards viable to perform amount KYC on when the currency enters or exists the organisation (at to the lowest degree until at that topographic point is fifty-fifty a demand for such transfers earlier money becomes completely digital), losing the powerfulness to track, freeze, seize together with audit the fiscal records of diverse people mightiness hold upwards seen equally helping money laundering together with criminal activities.

Conslusions

The data presented nearly the eCurrency Mint pigment a technologically plausible film of a novel anonymous, ledgerless Crypto 2.0 organisation similar to approximately of the features described by MintChip. It would hold upwards interesting to run into to a greater extent than technical explanation of the proposed system, likewise equally an overview of how such a organisation could jibe into the existing regulatory framework.

Due to the heavy emphasis on anonymous transactions, I dubiety the eCurrency Mint volition always hold upwards considered for adoption yesteryear whatsoever authorities or key banking corporation inwards its electrical current form.

Related articles:

• Sample bankchain characteristic set
• BitUSD vs USD IOUs
• The rising of fiat-denominated cryptos

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