[2014-01-13] IT Business : Royal Canadian Mint's version of Bitcoin: MintChip

[Peter R]

It looks like the Royal Canadian Mint may move forward with their "MintChip" digital currency after all:

http://www.itbusiness.ca/news/royal-canadian-mint-readies-its-version-of-bitcoin-mintchip/46113

[patricktim]

MintChip is like Bitcoin , a digital currency but I am not buying mintChip.

[Rygon]

Mintchip isn't anything at all like Bitcoin. It's just the central bank using it's influence to undercut the credit/debit card transactions business.

[jdbtracker]

can't deny though, if they implement this they can replace the entire swift network with it and all digital forms of money too, if the rest of the companies get it the network of value of Bitcoin becomes a moot point. But on the upside, they can't replace it's regulation free environment we can still do some amazing things with the technology that there is no way they would allow us to on a government run Coin.

[oakpacific]

can't deny though, if they implement this they can replace the entire swift network with it and all digital forms of money too, if the rest of the companies get it the network of value of Bitcoin becomes a moot point. But on the upside, they can't replace it's regulation free environment we can still do some amazing things with the technology that there is no way they would allow us to on a government run Coin.

Not necessarily, government will have to censor their transactions, or they would risk violating their own laws, and censorship gives rise to cost, which have to be shared by all the network users, and exacerbated by the general inefficiency of the government, in the end I doubt they will be able to undercut Bitcoin in transaction costs.

[kwest]

"The Mint is also in talks with some developing countries about how the MintChip might be used there, especially in regions where people are doing transactions over weak central banking systems and large geographic distances, Brûlé adds."

In other words: they have been reading our forums and are now beating Bitcoin to the punch . They'll be "first to market" in those territories. No need for Bitcoin.

[BTCLuke]

I prefer MintChocolateChip... Especially Bryer's, that's some good stuff.

If this thing moves into a territory and is marketed there 'to beat bitcoin to the market' then it's the best possible news for us... The enemy will be spending their own budget to get these populations accustomed to digital currencies... And since you can't restrain bitcoin, mintchip and bitcoin will both be available to these people to choose from.

Pure aweseomsauce. Thanks Kanada!

[cbeast]

It sounds like a nice add-on for a Robocoin ATM.

[freedomno1]

So this is finally going forward to be honest I was waiting for something to happen with the mintchip project after that voting result 

It sounds like a nice add-on for a Robocoin ATM.

Aye this is true

[kjlimo]

About time... it's only been what 2 years since I read about this?

The Mint will be charging retailers fees for using MintChip-enabled terminals. Brûlé wouldn’t say how much the fees would be, but he says he believes they will be “significantly lower” than what merchants already pay for processing credit transactions.

I'll believe it when I see it... govt cheaper?  haha

[GnB]

These new crpytos are getting ridiculous..

[freedomno1]

These new crpytos are getting ridiculous..

Na this precedes most altcoins 

[bigb159]

Please, let's incorporate this Mintchip into all cryptocurrency exchanges, ATMs etc. Swing this so that this is just a Gov-invented alt-currency.

[zeroday]

It's not similar to bitcoin, it's only a transaction method for Canadian dollar. Like credit card, SWIFT, etc.

[willphase]

mintchip's security relies on the integrity of the chip on which the private keys are stored - which is why they are using TPM and secure hardware modules.

Bitcoin's security relies on the cost of proof of work to provide distributed consensus.

They both have their advantages and disadvantages.  It will be interesting to see the first attack against a mintchip secure hardware module to pull out the private keys and perform an unauthorized spend.

Will

[hacknoid]

In other words: they have been reading our forums and are now beating Bitcoin to the punch . They'll be "first to market" in those territories. No need for Bitcoin.

At the moment, Brûlé says the MintChip and Ingenico solution will be in closed beta, with Royal Canadian Mint employees testing it out in their cafeteria, online, and peer-to-peer. The plan is to expand the pilot program to third-party consumers and merchants later this year.

And we all know how efficient the government is in rolling out new technologies.  It may happen, but I will be surprised to see this even at a pilot stage in the field this year.  If Bitcoin continues to roll forward at its current pace, then it will be looking at Mintchip in the rear view mirror.

[cr1776]

It is like saying Canada's version of gold is pyrite.

[oakpacific]

Please, let's incorporate this Mintchip into all cryptocurrency exchanges, ATMs etc. Swing this so that this is just a Gov-invented alt-currency.

Then let's all launder our money like hell using MintChip!

Then they will have to close it down/censor the transaction, so it doesn't work.