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Digital Money

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Please add the following link in your collection. It is about a payment mechanism for electronic commerce we build at Cambridge University. It is called NetCard and it's specifically designed for micropayments. Harry Manifavas Computer Lab (Security Group)

The Electronic Money Issuers List (EMILIST) This list is a compilation of electronic network money issuers. It shows the issuing financial institution, the technology used and gives indication of the current status. Disclaimer: This list is compiled from data supplied by technology providers, financial institutions and people active in e-commerce.  This list does not warrant completeness or accuracy.

Credit Card Transactions: Real World and Online A Spring 1996 directed readings project by Keith Lamond. "To most of us, the credit card system is a black box. We hand the merchant are credit card and then the purchase shows up a month later on our credit card statement. We never considered what is going on in the background, or even the safety of the transaction."

Central Banking Resource Center My central banking site includes an e-cash section that focuses largely on the monetary policy aspects of e-cash. The Central Banking Resource Center has the Net's most complete directories of central bank sites and of finance/economy/treasury ministry sites. It also has resources on currency boards and other monetary subjects. The humor section, "Tales from the Discount Window," pokes fun at the 30 World Wide Web sites that cite the First Bank of the United States (1791-1811) as a modern-day commercial bank. Microsoft even tried to interest the First Bank of the U.S. in Internet software. Best regards, Mark Bernkopf

The Essential Role of Trusted Third Parties in Electronic Commerce by Michael Froomkin "By now it is well known that the Internet is a global, but insecure, network.{1} It is also increasingly well understood that cryptography can contribute greatly to providing the transactional security that the Internet so obviously lacks.{2} What is less well understood is that cryptography is only part of the security story. Many cryptographic protocols for secure electronic transactions require that there be at least one trusted third party to the transaction, such as a bank or a "certification authority" (CA). These partly cryptographic, partly social, protocols require new entities, or new relationships with existing entities, but the duties and liabilities of these entities are uncertain. Until these uncertainties are resolved, they risk inhibiting the spread of the most interesting forms of electronic commerce and causing unnecessary litigation."

HotWired Market Forces An amazing mix of common sense marketing insight and misunderstanding of the nature of electronic markets. Original at http://www.hotwired.com/Signal/Market/.

28Oct95 The Money Laundromat The ATM machine into which you insert your card is itself a computer. The ATM typically has both hard and floppy drives, a PC motherboard that contains the microprocessor, and a power supply -- as well as drawers for deposits, cash and swallowed cards.

13Oct95 Digital Cash and Monetary Freedom by Jon Matonis; Verisign This paper describes the differences between mere encrypted credit card schemes and true digital cash, which presents a revolutionary opportunity to transform payments. The nine key elements of an electronic, digital cash are outlined and a tenth element is proposed which would embody digital cash with a non-political unit of value.

Non-repudiation for E$ by Bob Hettings

Major Banking-computer Consortium To Develop Electronic Check FSTC Promises Early Demonstration Using the Internet

Alliance formed to develop first nationwide smart card company New York, Aug. 16 (Reuters) - The United States is a step closer to cashless commerce. Fourteen banks and financial instutions said Wednesday that they will form a company to develop and issue the first debit card that can be used nationwide instead of cash for purchases under $20.

David Chaum Congressional Testimony We are being forced to decide between two very different kinds of electronic payment technology. The core values we as a nation have fought for, and continue to stand for, are at stake. As a consequence of choosing one of the two directions, these values will be profoundly eroded; by choosing the other direction, however, they will be preserved and likely extended. Wise decisions at this critical juncture may also allow us to avoid certain other pitfalls and to realize economic leadership and growth.

NetCash NetCash is a new form of online currency that may be used by anyone who has an electronic mail address. No specialized hardware or software is required. Only the computer system that you're currently using for e-mail, is needed. NetCash is traded simply by including it in an e-mail message, and sending it from one person to another. And, like real money, there are no transaction fees incurred when NetCash is exchanged. For this reason, NetCash is ideally suited to be used as "online pocket change." That is, to exchange small amounts of money over the Internet.

CyberCash Reston, VA; Windoze-based, Mac and Unix versions promised RSN.

The Future of Money: E-cash could transform the world's financial life.Business Week [Cover Story] June 12, 1995, pp. 66-78.

A history of money from ancient times to the present day by Glyn Davies Cardiff: University of Wales Press, 1994. 696 pages. ISBN 0 7083 1246 2.

Digital Cash Implementations by Nick Szabo For those who want to dive in to current applications, there are two implementations of software digital cash that I know of out there: How to use a contract to resolve some issues likely to arise in electronic commerce Dx: by Richard Hill,telecommunications specialist and former chair of the European EDI standardization effort. The purpose of the document is to provide some examples of how contracts can be used to address and to resolve issues in electronic commerce that might not be explicitly addressed by current laws in certain countires. Good, well-thought-out contracts usually reduce the scope for misunderstandings and thus the likelihood that a dispute will arise.

Certification for Electronic Commerce< Sandy Wong's joint venture with Richard Hill, whose site she created at http://www.batnet.com/tacr.html. There's a wealth of publications there you may want to check out besides the above. This is a service for parties who wish to have court-admissible evidence related to contracts formed electronically. CEC provides evidence of transmission and reception of E-mail or Fax messages, without need for encryption or hi-tech methods. CEC certifies messages for authenticity and integrity using familiar and trusted low-tech approaches, without requiring the creation of elaborate in-house or out-sourced audit trails. E-Mail or FAX messages certified by CEC should be accepted by courts as evidence having the same weight as traditional letters. As more contracts are formed on line, CEC is an ideal certification service for small companies.

The Financial Services Technology Consortium (FSTC) is a consortium of financial services providers, national laboratories, universities, and government agencies who sponsor and participate in non-competitive collaborative research and development on interbank technical projects.

Banks Get Warning About Electronic Cash Cards Central banks, including the Bank of England, are concerned that Mondex, the new electronic cash card launched amid massive publicity last week in Swindon, could be abused by forgers and money launderers. While the backers of Mondex - a joint venture between National Westminster, Midland and British Telecom - enthuse that it may one day replace coins and notes, critics in the banking industry fear it is too close to cash for comfort. ``The risk of someone introducing forged money into the system could increase further in the future if ... card holders can by-pass the clearing process and exchange purchasing power directly from one card to another,'' it said. And although none of the central banks have pointed the finger at the British experiment by name, one governor delivering a recent speech on the subject in his native language reportedly dropped into English to declare: ``Purse to purse, No!'' Similar systems being tried in other countries require all transactions to go through a central clearing system where records are kept.

Off Shore Casino Offers off-shore accounts, accepts nearly every form of electronic money I've heard of to date.

New Money for Healthy Communities by Thomas H. Greco, Jr. Full length book on the web. This book: Is the how-to-do-it manual for local trading systems. Describes exchange alternatives which reward people fairly and reflect the reality of an abundant earth. Shows how voluntary groups can revitalize local economies. Outlines the true nature of money and new approaches to transforming money.

Wells Fargo Bank Someone forwarded me the note about the MarketNet/BankNet payment System and I thought I should reply. My team recently put Wells Fargo Bank on the Internet for WWW browsing of account balances and history. The bank is currently trying to decide what the next features will be, but the marketing folks are definitely claiming that they're first. Joseph Arceneaux

First Bank of Internet Information The First Bank of Internet, FBOI, is announcing the initiation of transaction processing services for Internet electronic commerce. Purchases over the Internet can now be made without exposing personal credit card information. Vendors can now sell products on the Internet without the restrictions imposed by credit card use.

FBOIRisks from a First Virtual developer Check out the most recent issue of RISKS for more information about the "attractive" features. And as far as I can tell, there are no timestamps put into the messages that would prevent replay attacks.

First Union Corporation Internet-savvy bank in Charlotte NC who recently purchased First Fidelity (?) bank in New York to create the sixth-largest bank in the nation.

Open Market What's New! Open Market WebServer - Secure WebServer - Commerce Connection Lexis-Nexis joins Open Marketplace Re-Inventing Business for the Electronic Age Publishing - Banking - Advertising - Remote Retailing - Other Industries Doing Business on the Internet Security - Payment - Content Management - Customer Service The Open Marketplace Visit the Open Marketplace - Set up an OMI Account Who is Open Market? Background - Products and Services Best Listing of Commercial Sites on the Web (over 3000 sites) Commercial Sites Index How Do I? Buy WebServers - Get a job with Open Market - Set up an Open Market Account

Enterprise Information Services by LEXIS-NEXIS .

Internet Bookstore You _fax_ them your credit card number. They send you a "decoding" key and some browsing software. When you order a book, it comes specially encoded for you... You read it on the screen... you can cut and paste bits to other applications (so if you're writing a paper, it is easy to quote sections)... you just can't print the whole book. If you decide you want a print copy, you call them up... they credit you for what you paid for the e-copy (about 1/4 the print price)... and send you a hard copy.

CAFE The CAFE (Conditional Access For Europe) project is a European Community ESPRIT project to develop a secure electronic payment system which protects the privacy of the user. There are some thirteen partners from several countries involved. The target is to make electronic wallets, that can be used for payment, access to information services, and - if required - identification. It will be an open but secure system.

MecklerWeb by Chirstopher Locke Last month we talked about the need for a commercial "knowledge exchange." In the meantime things have heated up fast. Rather than just talking about it, we're doing it. Since being written up in Fortune (March 7, 1994), MecklerWeb has generated a mountain of inquiries from businesses worldwide. The following is my e-mail response to one such request from a CEO asking for more information. The discussion here hints at what Mecklermedia will formally announce on June 1 (in conjunction with many partners) at our Internet World conference in San Jose, California.

Mondex 4 April 1995 MONDEX USES INTERNET TO SPREAD GLOBAL ELECTRONIC CASH MESSAGE London 4th April...From today information about Mondex, the electronic cash smartcard will be available on the Internet through pages on the World Wide Web. Mondex World Wide Web pages are available on: http://www.mondex.com/mondex/home.htm/ Mondex is being introduced as a global alternative to physical cash for use in shops and as a future payment mechanism in a wide variety of areas such as the Internet and multimedia services. It is being launched in the UK in 1995 and franchises for its use in Hong Kong, Indonesia, Macau, Philippines, Singapore and Thailand have already been announced.

Surety "Surety's product, the Digital Notary (tm) System, is an inexpensive, easy and cryptographically secure system for electronically certifying digital documents and electronic records, unimpeachably proving when they were created. The Digital Notary System combines coordinating servers with a software program that resides on your desktop personal computer or server. Ironically, the system is so secure that it can use the Internet -- with its cost and accessibility advantages -- as a service delivery vehicle. "In response to your command or a trigger in an application, the Digital Notary software creates a unique "digital fingerprint," or hash code, for a digital document or record. The software then sends the fingerprint to a Digital Notary coordinating server , via your Internet connection, a leased line or dial-up connection. The coordinating server mathematically combines the fingerprint with other fingerprints coming in at the same time, into "trees" that close at one-second intervals. Each tree has its own hash code, which becomes part of a permanent Universal Validation Record. The Universal Validation Record links each second in time with its hash code, which is mathematical shorthand for the fingerprints of all the documents received during that second. Surety's homepage is at http://www.surety.com .

Netchex From: rhm@netchex.com (Robert H Moore) For all those who might have an interest, NetChex has just released the Alpha Client 1.0a. The alpha version is just a first test for the company. We would like those who have an interest (and windows 3.1 and tcp) to evaluate this product at your convenience. The client is available anon ftp://ftp.mega.net/pub/netchex/ncx10a.exe or the client may be reached ftp through our home page, www.netchex.com Your comments, suggestions and critique are invited.

Security First Network Bank, FSB "Traditional Banking in An Untraditional Way," Coming Soon!

http://www.bayshore.com 6Oct95 From the Toronto Globe and Mail page B 1 Fri 6 Oct 95 "Bayshore set to become first Internet banker - Trust promises approval in as little as two minutes" From the Ottawa Citizen Page B7 Fri 6 Oct 95 " Trust company banks on Internet -Financial shopping in cyberspace arrives in Canada next week with the first intractive banking sevice on the Internet. Analysts say there is a lot more coming soon. Bayshore Trust Co.plans to take applcations for loans up to $15,000 and orders for guaranteed investment certificates directly from customers on the World Wide Web"

Global Village Bank The Global Village Bank uses a system for exchanging goods and services over the internet. We use a currency, called the nella, to facilitate this exchange; note, that the nella is not convertible with any physical world currency: all transactions remain in cyberspace. This is why it's different from e-cash, or digicash or any of the other systems where you have to pay money in advance or give your credit card number. Essentially, we act as accountants, keeping records of how many nella each provider has and crediting/debiting the accounts as transactions are authorised. Info from gvb@gol.com.


Digicash Protocol Specification (DRAFT 95Dec02)

Achieving Electronic Privacy by David Chaum; Digicah Founder A cryptographic invention known as a blind signature permits numbers to serve as electronic cash or to replace conventional identification. The author hopes it may return control of personal information to the individual. Here's a local copy

Cybershops Shops that accept Cyberbucks during the beta trial of this software.

Ecash Home Page Ecash is a software only form of electronic money that provides all advantages of cash, and then some. It is THE money for the Internet. The software is made by DigiCash. Everybody can get the ecash client software for free. Get it now, and we even throw in 100 CyberBucks!

Ecash Help Ecash client software help Frequently asked questions, Search in technical support answers, Ecash quick reference, How to install and use the MS Windows client, How to install and use the Macintosh client, and How to install and use the Unix client

Digital Cash Vendors

New Ecash Shop

From: kulz@dragon.klte.hu (Kultsar Zoltan) Subject: New Ecash Shop Date: Mon, 18 Sep 1995 12:30:19 +0200 (MET DST) I have opened a new unofficial shop, that accepts ecash. It's unofficial, because it has not yet a logo. It is an autoresponder, which automatically sends out documents that people reques. Uploading costs 5 USD or 15 cb$s (minimum charges). Your documents will also be available on www, or you can build your homepage if you wish, but I can provide only slow links yet. I bought the original autoresponder for ecash, but it in its original form wasn't secure. Eg. 'send *' type requests sent out private material. Now it's completely secure. Send mail To: kulz@dragon.klte.hu Subject: send faxbank There is also a www page at http://dragon.klte.hu/~kulz/faxbank.html, where you can view the documents online.

DigiCash home page

FIRST VIRTUAL Holdings Incorporated

Mondex Home Page

CyberCash, Inc. Home Page

CommerceNet Home

RSA Data Security, Inc.'s Home Page

Net1 Home Page

Electronic Commerce

The NetCheque(SM) system

NetMarket Homepage

Downtown Anywhere - Front Street

Internet Shopping Network

Cash, Tokens, etc on NII

NetBill Project Home Page

NetMarket Homepage


Economics and the Internet

Security First Network Bank, FSB

Commerce on the Internet

A History of Money

Wenbo Mao's Presentation

Internet Casinos

The E-cash Market