[108130] in Cypherpunks
CDR: DigiGold
daemon@ATHENA.MIT.EDU (John Young)
Fri Feb 5 13:22:56 1999
Date: Fri, 05 Feb 1999 12:56:15 -0500
To: cypherpunks@einstein.ssz.com
From: John Young <jya@pipeline.com>
Reply-To: John Young <jya@pipeline.com>
DigiGold, Electronic Currency Enabling Use of Gold
As Money Over the Internet, to be Demonstrated at
Financial Cryptography '99 Conference in Anguilla
Hamilton, Bermuda, 4 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 www.fc99.ai, www.systemics.com,
and www.e-gold.com
CONTACT: Jim Ray, liberty@gate.net or (800) 909-6590
Create an easy, no-obligation e-gold account.
<http://www.e-gold.com/e-gold.asp?cid=101770>
-----
Note: The last URL is a demonstration account for Crytpome.
