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Author Topic: Digital Voucher Backed By Bitcoin  (Read 1676 times)
idev
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February 12, 2012, 06:28:38 PM
 #1

Hello BTC'ers

Now i know we already have a voucher system in place created by MtGox which works and performs pretty well,
but i wonder how the community would feel with another voucher system implementation in place along side
the already well established MtGox voucher system.

Would you say..
Quote
Whats the point, we already have established system that everyone trusts

OR

Would you say..
Quote
I see no problem with another voucher system, more competition the better

For those who would say "Whats the point, we already have established system that everyone trusts"
thanks for your time i guess you won't want to read any further.

My proposed system:

~System

Each Voucher is comprised of a unique
*33-alphanumerical code
*Face value amount - (Displayed in BTC)
*Issuance date
*(1) year expiration date.

The voucher system is centralized and administered by the Voucher Issuer.
Each voucher created and in circulation is underwritten 100% at all times by actual Bitcoins held in reserve by the Voucher Issuer.
Transactions made with the Vouchers are private, anonymous, in-reserve-able and completely segregated from the Bitcoin Blockchain.
so transactions made with the vouchers are instant.
In essence the vouchers are a fully Bitcoin backed digital instrument/asset.

~How it works

Notes: If you needed to give someone a specific amount
for example: you have a single 10BTC voucher and you need pay someone 5BTC.
You would simply split the voucher into 2x 5BTC vouchers, keep one for your self and send the other
to person you need pay 5BTC to.

Merchants:
The merchant system would be similar to how transactions are handled person-to-person (like above)
but for approved third party merchants this would be a automated process of collecting voucher payments for merchants
and giving new vouchers (change) to the merchants customers when need be.

~Redemption
To withdraw the actual bitcoin face value that a voucher has left on it is handled by the Voucher Issuer and or approved
third party Exchangers, Resellers, Wholesalers contacted to issue and redeem the vouchers

~Fee's
There will be no transaction fee's charged to send or receive payments with vouchers.
The only charges associated with the usage of the vouchers will be the issuance and redemption of vouchers from
the Voucher Issuer and or official third party Exchangers, Resellers, Wholesalers contacted to issue and redeem the vouchers

~Pro's
*Instant payments
*Anonymous
*Non-reverse-able
*Split, Merge multiple vouchers
*Merchant system and customer change - (to do) 
*100% Bitcoin backed digital certificate/asset
*Fully redeemable for actual Bitcoins
*No client downloads or installs needed to use the vouchers.
*No website website registrations, logins, username/passwords to remember
*Send and receive vouchers in various way IE:
email, sms, qr code, paper, voice, fax etc

~Con's 
MtGox has an establish system already in place
Centralized system
Trust issuers

 
~Possible solutions 
Voucher Issuer is regularly audited by a trusted third party member of the community
to prove and provide evidence of physical backing.

Voucher Issuer to contract official third party Exchangers, Resellers, Wholesalers for issuance and redemption
services to distribute trust.


I have the system pretty much ready to go but still need to sort out a automated merchant system
and a few other things.

Please share your thoughts and criticisms here.

Thanks
   

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markm
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February 12, 2012, 06:44:21 PM
 #2

Any Open Transactions server that has an asset type for bitcoin-tokens or satoshi-tokens or millibitcoin tokens or suchlike can already do this just as a natural side-effect of using Open Transactions.

The selling point the Open Transactions "cash" has that MtGox's doesn't is it cannot be traced. That is, when a voucher is presented to the server to be redeemed or re-issued or whatever the server does not know which cash it is, as in to whom it issued it originally. It is "blinded" using "Chaumian Blinding".

-MarkM-

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idev
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February 12, 2012, 06:51:20 PM
 #3

Any Open Transactions server that has an asset type for bitcoin-tokens or satoshi-tokens or millibitcoin tokens or suchlike can already do this just as a natural side-effect of using Open Transactions.

The selling point the Open Transactions "cash" has that MtGox's doesn't is it cannot be traced. That is, when a voucher is presented to the server to be redeemed or re-issued or whatever the server does not know which cash it is, as in to whom it issued it originally. It is "blinded" using "Chaumian Blinding".

-MarkM-

My proposed system would also have that 1up over mtgox, as no transaction records are kept.

Ive looked at OT before and it does seem very impressive,
its just a shame i suck at installs, as i would of liked to try this.



markm
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February 12, 2012, 08:00:06 PM
 #4

Its not just a matter of not keeping records, its a case of not being able to identify the coins/assets involved in any transaction thus not being able to keep records sufficient to trace the cash in the first place.

It is one thing to claim you keep no records, quite another to do things in such a manner that even if you did keep records the cash still could not be traced.

-MarkM-

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idev
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February 12, 2012, 08:19:47 PM
 #5

Its not just a matter of not keeping records, its a case of not being able to identify the coins/assets involved in any transaction thus not being able to keep records sufficient to trace the cash in the first place.

It is one thing to claim you keep no records, quite another to do things in such a manner that even if you did keep records the cash still could not be traced.

-MarkM-


Yes i understand that,
on top of not keeping records, it is also not possible to track payments made with vouchers,
nor is it possible to know who owns an actual voucher and or how much balance it made contain.
This includes the Voucher Issuer.

The system only keeps track of valid vouchers numbers and balances, no actual name, identification
is linked to any vouchers thus making each voucher in circulation anonymous.

The only person who will know you own a voucher is a recipient in trade, merchant, exchange.
and they will only know once you transact a voucher with them.

So it would be impossible to track any payments or to find out who owns an actual voucher or what a balance is
on a "said" voucher.

koin
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February 13, 2012, 01:46:04 AM
 #6

this was discussed specifically on cypherpunk'd radio: http://agoristradio.com/?p=433  http://voucher-safe.org
idev
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February 13, 2012, 10:27:45 AM
 #7

this was discussed specifically on cypherpunk'd radio: http://agoristradio.com/?p=433  http://voucher-safe.org


Ive seen voucher safe and it looks great, although my system will require no client downloads or installs
nor transaction fee's unlike VS.
bahatassafus
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February 13, 2012, 12:22:38 PM
 #8

And still.. please complete and launch your project. OT is indeed impressing, but its a low level framework and afaik no commercial service is running it yet. The world is big enough and the functionality is needed, Especially if you take it all the way to a running service with a trusted issuer and merchant tools.  Good luck!
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