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..
Whats the point, we already have established system that everyone trusts
Would you say..
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
*Face value amount - (Displayed in BTC)
*(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.
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
*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
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.