From: Matthew Gaylor (freematt@coil.com)
Date: Thu Feb 25 1999 - 23:18:24 MST
[Note from Matthew Gaylor: If your nation is like the US and comes up with
Orwellian "police state" schemes like the recently proposed Federal Deposit
Insurance Corporation (FDIC's) "Know Your Customer" BS, then this
technology is for you. I recently opened a DigiGold account and I must say
that it actually works.]
PRESS RELEASE
DigiGold, electronic currency enabling use of gold as money over the
internet,
to be demonstrated at financial cryptography '99 conference in Anguilla
HAMILTON, BERMUDA, 3 February 1999 -- DigiGold.net, a Bermuda partnership,
in conjunction with Systemics Ltd., announces new technology enabling
secure payments over the Internet, in gold.
Beginning in 1999, millions of people will learn to reckon prices in new
currency units. Much attention has focused on the euro, a synthetic unit
mandated and promoted at taxpayer expense. DigiGold, denominated simply in
grams of gold, is designed to challenge both euros and dollars as the
currency of choice for the borderless world of Internet commerce. DigiGold,
unlike all payment systems involving national currencies, is also
completely independent of any national banking system.
"DigiGold is about cost and transaction security," asserts Stefan Metzeler,
Technical Liaison. "Internet commerce is currently conducted with credit
cards. DigiGold represents a complete departure from this deferred
settlement model. With DigiGold, the consumer spends value he already owns.
Payment is 'pushed' rather than 'pulled.' Overdrafts are impossible. There
are no charge backs, interest charges, high merchant fees - in fact
DigiGold entails no transaction fees at all. A bootstrap shareware vender
in a third world country would enjoy faster payment and lower transaction
costs with DigiGold than any multi-national firm that accepts plastic."
DigiGold is backed with e-goldŽ, a privately administered account based
currency 100% backed by gold. The e-gold system has been in operation since
1996 and currently provides service to over 1700 customers. "Previous
attempts to introduce electronic cash have failed because consumers were
disinterested in holding 'cash' that was a derivative of bank deposits,"
explains Ian Grigg, President and Director of Technical Development at
Systemics. "e-gold is an ideal backing for electronic cash. It provides an
efficient and transparent mechanism for purchase and redemption,
representing actual tangible value."
DigiGold is an implementation of the Ricardo system, embodying SOX
(Systemics Open Transactions) technology developed by Systemics, Ltd. Ian
Grigg will demonstrate DigiGold at the Third International Financial
Cryptography Conference scheduled for 22-25 February in Anguilla, West
Indies.
Additional information is at http://www.fc99.ai, http://www.systemics.com,
and http://www.e-gold.com
Contact: Jim Ray, liberty@gate.net or (800) 909-6590
**************************************************************************
Subscribe to Freematt's Alerts: Pro-Individual Rights Issues
Send a blank message to: freematt@coil.com with the words subscribe FA
on the subject line. List is private and moderated (7-30 messages per week)
Matthew Gaylor,1933 E. Dublin-Granville Rd.,#176, Columbus, OH 43229
Archived at FA@coil.com">http://www.reference.com/cgi-bin/pn/listarch?list=FA@coil.com
**************************************************************************
This archive was generated by hypermail 2.1.5 : Fri Nov 01 2002 - 15:03:09 MST