Canada to Mint Its Own Crypto-Currency

[lotuseclat79]

Canada to Mint Its Own Crypto-Currency.

-- Tom

[EncryptedBytes]

You can read more on their concept here:

-http://developer.mintchipchallenge.com/devguide/transactions.html-
-http://developer.mintchipchallenge.com/devguide/hardware.html-
-http://developer.mintchipchallenge.com/devguide/ecosystem.html-

I will await more details to come out on their implementation plans and security means. Seems interesting if it takes off. It does still follow a central authority as an issuer, thus if you are hoping for anonymity as with bitcoins this will not be the case. I do see virtual wallet stealing trojans on the rise however in the near future.

[tobacco]

Originally Posted by lotuseclat79

Canada to Mint Its Own Crypto-Currency.

-- Tom

The promo video for MintChip promises that transactions as small as $0.01 will be possible, something not feasible with credit cards due to the fees on each transaction.

http://www.globalpost.com/dispatch/n...federal-budget

[Carver]

A alternative to paypal.

Just because they've asked hackers to help make the chip secure doesn't mean it will be safe to use. I mean really....electronic money. What will happen to those of us who have ParaNoid as their last name.

[Dermot7]

A few weeks ago the Royal Canadian Mint rolled out MintChip, a digital currency that is “better than cash.” It isn’t an alternative currency in that it’s a digital representation of the sovereign currency — the Canadian dollar.

http://www.wired.com/threatlevel/2012/05/mintchip/

[chronomatic]

Originally Posted by EncryptedBytes

It does still follow a central authority as an issuer, thus if you are hoping for anonymity as with bitcoins this will not be the case. I do see virtual wallet stealing trojans on the rise however in the near future.

Bitcoin is not anonymous and should not be assumed to be so. The Bitcoin developer himself has stated this explicitly.