[p2p-research] discussing money on ning

[Michel Bauwens]

Thanks Joerg,

I already updated http://p2pfoundation.net/Open_Coin

Joseph, do you want to have a further go at this for the blog, or publish as
is?

Michel


On 6/6/09, Joerg Baach <mail1 at baach.de> wrote:
>
> Hi *,
>
> > Would it be possible to write up a little status report on opencoin,
>
> Here a summary from my point of view, maybe somebody else (Josef?) can
> turn this into a proper blog post?
>
> Cheers,
>
> Joerg
>
> ========================================================================
>
> What is opencoin
> ----------------
>
> Opencoin is a system to create digital cash - that means one can have an
> issuer mint electronic coins, which are handled by the wallets of
> clients. The clients make transfers between them, without the issuer
> being able to record those transactions, and they might later on redeem
> the coins as well. Opencoin based coins behave very much like cash as
> opposed to bank transaction.
> Opencoin provides everthing to deal with the coins - creating them,
> wallet software etc.
> The system can however not create/built the social side of an
> (complementary) currency - trust, social agreements etc. This is outside
> of the system. E.g. a group would decide to create a LETS, and could
> then use opencoin to get the currency onto the mobile phone.
>
> History
> -------
>
> The initial project was funded by the LDA, and brought together a team
> interested in law, cryptography, software, money theory, mobile phone
> development. This team produced the protocol, a first iteration of
> software, a legal report and a cryptographic report.
>
> Now, after a break of about a years time, the project is getting
> momentum again, with usuable software being developed, and a strong
> desire to get it used in the real world(tm).
>
>
> Cryptography
> ------------
>
> Our electronic cash system is based on the invention by David Chaum, who
> delivered the basic cryptographic building block. Those blocks can then
> be used to setup a flow of communication, which gets standarized into a
> protocol.
> Opencoin has developed such a protocol, and the protocol got a first
> audit by cryptographic experts. Result: 'we did not fall off our chairs
> laughing' - no obvious flaws were found.
>
>
> Implementation
> --------------
>
> Right now opencoin is in the 2nd iteration of the software, with a focus
> on a mobile phone client. There is a installable client for newer Nokia
> mobile phones. The client can handle multiple currencies, does all the
> cryptography, talks a 'real' protocol. It shows what can be done, but is
> not stable enough to be rolled out in a production environment.
> The server side is 'real' as well - crypto is in place, protocols spoken
> etc - but right now just works enough to show the 'good case' scenario.
>
> The ongoing development work will focus more and more on making client
> and server more stable, able to handle more attacks and errors.
>
> Legal side
> ----------
>
> There is a report by leading experts in the field of banking and
> financial law that looks into the legal side of using an opencoin system
> in the real world. There are ways to use opencoin in full legal
> compliance (as opposed to the grey zone of being tolerated). The report
> looks into the issues of financial regulation, money laundering laws,
> anti-terrorism laws etc.
>
> ========================================================================
>
> Maybe that can serve as a starting point?
>
> Cheers,
>
> Joerg
>
>
>


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