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Author Topic: [EMUNIE] One small step for transactions, one giant leap for crypto  (Read 5347 times)
Fuserleer
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August 31, 2015, 05:53:54 AM
 #1

Today was a significant leap forward in realizing one of eMunie's core goals of enabling crypto-currencies for the masses.

The long awaited 1st native point of sale compatible transaction has been performed, no middle men, no 3rd party processors, no custom merchant hardware....just an EMV compatible debit card, run of the mill hardware and bridging software to connect directly to the eMunie network.

So why is this so important?

Current Solutions

Currently to use your crypto-currency assets in brick and mortar stores, there are 2 solutions.

The first, is that the merchant generally requires some additional hardware along side existing POS terminals in order to accept Bitcoin/LiteCoin/others. Typically this consists of a tablet device with a connection to a 3rd party payment processor, and the customer has access to a similar service on their smartphone.

The process is very "manual", requiring scanning of QR codes/entry of addresses at the least, with entry of spend amount and other inputs sometimes required. It also requires that the customer has an active internet connection on the spending device (not always as reliable as one might assume).

While the process can be swift, on many occasions at crypto-currency events where items can be bought and this is the mechanism for payment, I myself have witnessed the cumbersome nature of this method. Frequent delays in making payment hold up other customers and reduce the turnover of customers to a mere trickle.

The second method involves a VISA or Mastercard debit card, which is provided by a 3rd party that allows the loading of BTC and other currencies to the card with in place conversion to $, £. These cards can be used in existing point of sale terminals, but have the consequence that there are fees attached for many uses of the service, currency conversion charges, loading charges, spending charges, ATM withdrawal charges. These can sometimes be in the order of a 1-2% or more, and with regular use can mount up significantly.

Additionally, if the card is lost, or is deactivated by the card provider for any of a multitude of reasons, funds can be lost and irrecoverable. Worst still your funds are entrusted to a 3rd party, and should that entity decide to close the service, they can easily exit with all customers funds that have not yet been loaded onto a card.

The eMunie Solution

The eMunie implementation is simple, there are no 3rd parties involved, no additional hardware required, and minimal risk, both for customers and merchants.  The owner of the card controls the funds associated with it at all times.

To accept payments via an eMunie debit card, the merchant will simply need to install an update for his existing hardware that connects to the eMunie network and pushes the transactions out to it.

Additional benefits for the merchant are the lack of processing fees, and no requirement to hold a merchant account with a bank. Merchants can simply accept eMunie payments to a wallet they control directly, and cash out via the decentralized on/off ramps available via our TRAID network when convenient for them.

Furthermore, eMunie debit card payments offer increased anonymity over the above methods and of course traditional fiat debit cards. The merchant only has visibility to card address, and information such as your name, DOB, physical addresses or other personal data is not required or transmitted.

Cards can be imported into clients, so even if you loose your card, you can still access the funds and move them to another account or card. Loading funds to a card is a simple case of sending funds to its address from another wallet, be it on a PC, Tablet or Phone, the card never needs to be connected to be able to spend them at a later time.

This technology is unique to eMunie, and is a key requirement to achieving mass market penetration. We know of no other crypto-currency that can enable native point of sale payments in this manner due to the limitations of block chain and similar ledger technologies, nor do we know of any in development that can match it.

Moving Forward

During the course of the next week some video demos will be constructed to show the process in action. Shortly after there will also be a beta with these capabilities enabled, and instructions on how to create a point of sale simulator, along with details of off the shelf hardware, will be provided allowing a first hand test drive of the technology on the test network.

Embracing newer technologies is a small step once the development of the basic features is completed, with the possibility of contactless cards and mobile device contactless payments easily supported.

Information on how this is achieved possible will be covered in 2 articles discussing our ledger technology scheduled for release over the next week or so.

Until then here is a fun mockup of what an eMunie debit card may resemble, with an example of a possible front configuration of data:


Radix - DLT x.0

Web - http://radix.global  Forums - http://forum.radix.global Twitter - @radixdlt
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benthach
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August 31, 2015, 06:19:13 AM
 #2

blah blah blah
it all sound like trust your money with a no name person on the street
ah, the paycoin era with walmart,visa,mastercard.. promised.

ethereum platform references ---- nick szabo - the father of smart contracts - https://en.wikipedia.org/wiki/Nick_Szabo
gav wood - the father and creator/coder of piece of shzit etherieum platform - http://gavwood.com
butterin vitalic - the little freak scammer left to take care of broken shzit platform which he is forking nonstop - he don't even believe in crypto so is gav wood before he made millions. https://bitcointalk.org/index.php?topic=1979233.80
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August 31, 2015, 06:26:05 AM
 #3

blah blah blah
it all sound like trust your money with a no name person on the street

I don't think you understand.

The card is a wallet itself, the private keys are on the card, and only on the card.  

There is no trusting anyone with your funds because the only person that can access them is the owner of the card.

You could obtain a blank card, a reader, the cardlet (or the source code and compile it), install it to the card, transfer assets to the generated card address and use it.   You created your own debit card.

Radix - DLT x.0

Web - http://radix.global  Forums - http://forum.radix.global Twitter - @radixdlt
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August 31, 2015, 08:20:38 AM
 #4

With the older emunie, people were worried there was no monetary incentive to invest due to the way the economic model works.  Is that still the case now, where emunie is more of a hedge to try and preserve wealth, or maintain a static value, rather than being an actual investment?  I don't see anything wrong with that approach, it's just that it makes it harder to try and bring people into the system from day 0 unless there's some kind of pending economic doom, which I guess is not that unlikely soon.

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Fuserleer
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August 31, 2015, 08:31:55 AM
 #5

With the older emunie, people were worried there was no monetary incentive to invest due to the way the economic model works.  Is that still the case now, where emunie is more of a hedge to try and preserve wealth, or maintain a static value, rather than being an actual investment?  I don't see anything wrong with that approach, it's just that it makes it harder to try and bring people into the system from day 0 unless there's some kind of pending economic doom, which I guess is not that unlikely soon.

There has always been a monetary incentive to invest, but as with the tech, people were approaching it with a Bitcoin based mindset.

eMunie will attempt to stabilize itself, as has been the goal since the inception of the project.  The key difference is, there are 2 variables that effect ROI, instead of just 1 with a fixed currency amount model like Bitcoin.

The value of an individual unit can increase/decrease over the long term, but the amount of currency in circulation can also increase/decrease.  In a growth situation, which will be typical from day-0 for a period of time, the ROI comes from an increased holding of currency and not so much from an increase in price per unit.

This is due to new supply being distributed around both holders of deposits on account (interest) and to service nodes for doing work.

So for example, if you were to hold 100 EMU @ $0.10 each, and the price didn't move but the demand doubled, you'd end up with 150 EMU @ $0.10 (the other 50 going to service nodes that have done work).  If then the price was to rise by a cent, you'd have 150 @ $0.11...a 65% increase overall.

From the systems point of view, a change in supply if possible (in either direction) is always a preference to a change in price.

Radix - DLT x.0

Web - http://radix.global  Forums - http://forum.radix.global Twitter - @radixdlt
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August 31, 2015, 08:43:15 AM
 #6

With the older emunie, people were worried there was no monetary incentive to invest due to the way the economic model works.  Is that still the case now, where emunie is more of a hedge to try and preserve wealth, or maintain a static value, rather than being an actual investment?  I don't see anything wrong with that approach, it's just that it makes it harder to try and bring people into the system from day 0 unless there's some kind of pending economic doom, which I guess is not that unlikely soon.

I don't recall that ever being a worry. EMunie has an elastic money supply. It tries to hold value and minimise price fluctuations. New emu is distributed to owners of the currency and people working to keep the network alive when demand pressure outweighs sell pressure. This becomes economic incentive as your quantity of emu will increase but also hold its value.

Head over to the eMunie forum to ask questions. This is completely off the current topic. Smiley

Bitrated user: vanlovely.
juicyjuice87
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August 31, 2015, 09:14:49 AM
 #7

blah blah blah
it all sound like trust your money with a no name person on the street

Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...
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August 31, 2015, 09:22:34 AM
 #8

blah blah blah
it all sound like trust your money with a no name person on the street


Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...

Get off the juice Juicy.

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August 31, 2015, 10:24:40 AM
 #9

Head over to the eMunie forum to ask questions.

Since this forum is the doorway to all things non-bitcoin, it is a mistake to try and focus on a proprietary forum when it will just lower visibility for new users, at least until the coin is actually launched.

I created a thread to discuss the potential problems of Emunie economics here:

Why Emunie is the Pandora's box of cryptocurrency

https://bitcointalk.org/index.php?topic=1167031.0

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theprofileth
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August 31, 2015, 10:28:39 AM
 #10

blah blah blah
it all sound like trust your money with a no name person on the street

Get off the juice Juicy.

Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...
Children children please Roll Eyes

Now getting back to the topic at hand:
Emunie IS the future of personal banking, it is freedom, it is off the grid and it will you question why you should ever have to use a bank again
This is what the eMunie brand means.
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August 31, 2015, 10:43:39 AM
 #11

blah blah blah
it all sound like trust your money with a no name person on the street

Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...

who is dan? is that dan the scammer? is that dan the want to be get rich quick scammer in alt coin world?

ethereum platform references ---- nick szabo - the father of smart contracts - https://en.wikipedia.org/wiki/Nick_Szabo
gav wood - the father and creator/coder of piece of shzit etherieum platform - http://gavwood.com
butterin vitalic - the little freak scammer left to take care of broken shzit platform which he is forking nonstop - he don't even believe in crypto so is gav wood before he made millions. https://bitcointalk.org/index.php?topic=1979233.80
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August 31, 2015, 11:16:21 AM
 #12

Wow.  Seems like the loonies have come out from under their rocks.  They must obviously see the writing on the wall of their own pending demise and thus attempt to label it a scam.  Sad, truly sad.

"Sell crazy some place else.  We're all stocked up here." -Melvin Udall

RADiX (formerly eMunie): The future of money
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August 31, 2015, 02:20:59 PM
 #13

blah blah blah
it all sound like trust your money with a no name person on the street

Right, you cunt! Stirring up Dan isn't cool. This is a great project and we don't want him pulling the plug...Again...

who is dan? is that dan the scammer? is that dan the want to be get rich quick scammer in alt coin world?

Maybe you have Dan Hughes confused with someone else.  Anyone that has previously invested in eMunie and lost patience in the project was given a full refund a long time ago. Nobody was scammed here.  People of course will make up their own mind but I am happy to give it the "not a scam" label after observing the daily progress eMunie has made first hand over the last 2+ years. This is not something he is working on in his spare time. He works on this all day, every day for 15+ hours each day. I have also met Mr. Hughes in person over a year ago and confirm he is the real deal.

One of the main differences in the way eMunie will launch compared to other new solutions is that when a public IPO takes place the product will also be ready to roll out to the average consumer (with a fully working and feature filled GUI) vs. requiring another year of Dev time or to use a live network as a test net. 

A native debit card crypto solution like this will make the need for 3rd party solutions irrelevant. It is also a great step forward to see this working with existing point of sale systems. Interesting times ahead.

The above statement is just my opinion, people can look at the facts and make up their own mind.
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August 31, 2015, 03:42:25 PM
 #14

That is amazing! If this is to work, which I trust it will, this really has the potential to change the financial world in no time.
I can't wait for eMunie to finally get released!

Is there a ETA for the final release of live net yet?
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August 31, 2015, 05:48:44 PM
 #15

Great news Dan!

Keep up the good work. This solution is fast, simple and will help greatly in market penetration.

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August 31, 2015, 06:00:41 PM
 #16


Is there a ETA for the final release of live net yet?


There is no timeschedule as such - we had one before, but kept getting better and better ideas that meant we could not keep the deadlines. So, instead of dissapointing people with new ETA's, we are just working hard on idea generation, implementation and testing. Once it works as intended, we will have a open beta for everyone to test - and then a 3 month IPO (so that everybody can test it out and decide if they want in)
... and finally, GO TIME.

Best regards from Anima - proud member of the Radix team.
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September 01, 2015, 02:08:38 AM
 #17


Is there a ETA for the final release of live net yet?


There is no timeschedule as such - we had one before, but kept getting better and better ideas that meant we could not keep the deadlines. So, instead of dissapointing people with new ETA's, we are just working hard on idea generation, implementation and testing. Once it works as intended, we will have a open beta for everyone to test - and then a 3 month IPO (so that everybody can test it out and decide if they want in)
... and finally, GO TIME.

Hehe, why dose everything good have to take so long?
I will wait patiently ....like I have for the last two years Smiley
But I will try to catch the next test. Its been like one year almost that I participated in one I think.

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September 01, 2015, 06:08:31 AM
 #18


Hehe, why dose everything good have to take so long?
I will wait patiently ....like I have for the last two years Smiley
But I will try to catch the next test. Its been like one year almost that I participated in one I think.

In that case. you can surely look forward to alot of improvements. Back then, we were still using the - comparatively - slow block tree.

We usually do alot of founder testing and its been a while since the regular beta testers saw a beta. That should change soon Smiley

We are working hard to get this on the market. Even pulling some tests to late in the night (for me atleast). However, eMunie is a monumental project so as you already know, it takes time.  Thanks for your patience!

Best regards from Anima - proud member of the Radix team.
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September 01, 2015, 06:41:15 AM
 #19

I don't know who you are, but you are lighting up the board with your hype. 
 
Please link me to am ANN topic or show me some technicals.  What algo are you using?  What's the distribution?  What do you bring technology wise that is unique?  How many transactions per second and can it scale?  Etc etc.   
 
Hype is cheap.  Show me something real.

Account is back under control of the real AmericanPegasus.
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September 01, 2015, 08:39:38 AM
 #20

I don't know who you are, but you are lighting up the board with your hype. 
 
Please link me to am ANN topic or show me some technicals.  What algo are you using?  What's the distribution?  What do you bring technology wise that is unique?  How many transactions per second and can it scale?  Etc etc.   
 
Hype is cheap.  Show me something real.

Technical documents will come. Some old threads to show how it performs - with a year old, obsolete ledger technology

https://forum.emunie.com/threads/a-crypto-first-a-well-done-and-a-thankyou.1613/

https://forum.emunie.com/threads/update-on-current-status-teasers-and-more.1760/

Best regards from Anima - proud member of the Radix team.
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