Description: http://events.ccc.de/congress/2011/Fahrplan/attachments/1924_E-money%20lecture%20-%20plan.md
http://events.ccc.de/congress/2011/Fahrplan/attachments/2026_28c3-emoney-presentation(1).pdf
The proposed talk provides a definition of the problem of creating e-money and after a review of the state of the art points out possible solutions and proposes questions for discussion for the properties of electronic money system.
Electronic money: The road to Bitcoin and a glimpse ahead
Abstract: The proposed talk provides a definition of the problem of creating e-money and after a review of the state of the art points out possible solutions and proposes questions for discussion for the properties of electronic money system.
1. What is electronic money and different means of currency
Definition of electronic money and distinction from similar means of exchange.
Electronic money is defined as monetary value which is:
stored on an electronic device;
issued on receipt of funds; and
accepted as a means of payment by persons other than the issuer.
Working e-money examples: PayPal and MoneyBookers
Other means of exchange, similar to e-money: Alternative/Social/Timeshare/Community currencies; Loyalty and Voucher systems.
Working examples: WIR and Ven currencies (Bitcoin)
What makes them different from e-money? (convertible only one-way, not a legal tender, mostly backed by trust only, etc)
Optional: Pros and cons of the abovementioned means of exchange.
2. Defining the e-money problem: What electronic money should do?
Risks and requirements to the solution for electronic money from technical, legal and business standpoint. The basic human problem of reaching a consensus and trust in a group.
General system risks:
Credit Liability
Credit Abuse
Counterfeiting
Unauthorized Withdrawal
Purchase Order Modification
Double Spending
Failure to Credit Payment
Denial of Service
Repudiation
Failure to deliver
Framing
Secrecy
Legal and accounting:
Dispute resolution
Money laundering and finance of terrorism
Tax evasion prevention
Consumer protection requirements
Ways to negotiate and conclude a contract
Auditability
Reverse and chargeback transactions
How the burden of proof is distributed
Business:
Costs for:
Registration
Operation
Support
Marketing
Customer and merchant negotiation
Accent on the most important human problems:
Identification and authorization (which is the required minimum?)
Achieving consensus and easy dispute resolution in a group.
Tags: securitytube , Confidence , hacking , hackers , information security , convention , computer security , 28c3 , 28c3-2011 ,
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