[47206] in Cypherpunks
DEC's MICROCASH
daemon@ATHENA.MIT.EDU (James M. Cobb)
Mon Jan 15 01:30:27 1996
Date: Sun, 14 Jan 1996 20:19:24 -0500 (EST)
From: "James M. Cobb" <jcobb@ahcbsd1.ovnet.com>
To: cypherpunks@toad.com
Friend,
01 14 96 Edupage includes:
MICROCASH
Digital Equipment filed a patent last August for a payment
system called Millicent, which enables Web-site operators
to charge as little as a tenth of a cent for each customer
"hit."
The system relies on middle-men --credit card companies or
digital banks -- to handle the transactions, but its novelty
lies in its cost-effective design geared toward tracking
minuscule amounts of cash. To keep disk storage at a minimum,
security measures providing privacy and a trail of signed re-
ceipts are not included in the system, but proponents point out
that would-be cyberthieves would have to crack a lot of trans-
actions -- 10,000 at 0.1 cent each -- to make just $10. "There
are easier ways to make 10 bucks," says Millicent's inventor.
(Business Week 15 Jan 96 p90)
Cordially,
Jim
