Digital Cash - Cashless Economy Done Right
Submitted by Subash SN (@sns) on Friday, 6 January 2017
We often notice things only when its too late. The anonymity and freedom paper cash provides us is one such thing we seem to be forgetting.
We are transitioning into an era of digital payments using smartphones despite how vulnerable the smartphone ecosystem is and how trackable our lives become. Things are moving too fast, and getting this right is now or never.
We will see how we can tackle corruption by going digital with a better implementation that provides some other useful properties too.
I looked into various implementations including GNU Taler, Payse, Online Wallets, Cryptocurrencies,etc. but none of them get all of these right at the same time:
Properties we need:
- Accountablity and Taxation
- Offline and Online functionality
Basically imagine the best of both worlds: Cash and Cashless.
We can achieve this by introducing portable hardware wallets and digital cash that leverage on secure hardware and blockchain. We will discuss about unique identity management for people and businesses, wallet recovery, taxation, payer anonymity, reliability,etc. We will also discuss about potential attacks on the hardware to enable double spend, conterfeit digital currency,etc. and various implementations to thwart and contain such attacks that make this system viable.
I will open source the architecture and its specification for everyone to collaborate and improve. This has a long way to, but all I aim to achieve is establish a baseline and provide a better alternative to look forward to and work towards.
- Why privacy matters
- Debunking: “I’ve got nothing to hide, why should I care”
- Counterfeit notes and Corruption
- Problems with BHIM and Mobile Wallets
- Comparing existing alternatives for cashless economy
- Potential National Security concerns
The ideal Digital Cash
- Properties we need
- Why each one is important, and how it impacts us
- The proposed system and how it achieves the above
- How the system is Practical
- Challenges we may face
- The Vision
- How to proceed
Basic knowledge on blockchain and Cryptography.
I am an student and a security geek who likes to learn, break and build things. I’ve value individual freedom and privacy and want to see the world progress for the better.
I have a varied skillset that includes development, linux adminstration, pen testing, networking and dreaming about saving the world :P.