Webcash: Digital currency, without a blockchain

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3 points·kanzure··5 comments

This is basically GNU Taler/digicash but they are using strange design decisions to dodge regulations.

Also it is another stupid online currency that isn't tied to any specific region, the people involved don't know each other in the real world, they won't use this currency for real world activites like babysitting coupons. It reminds me of that stupid Palai currency.

Unfortunately the only way I see things like this could gain legitimacy is by people crowdfunding a local bank with an actual banking license that then issues a local currency based around this technology.

I am soo, soo tired of all this worthless funny money. Do something actually useful like the Chiemgauer or Sardex.

This isn't a solution. It's centralised.

Solution for what? Many things are centralized, and that's okay.

Having a trusted party isn't the problem.

For one, throughput would be miserable with this system if everyone used it. You need some sort of federation at the very least. The bigger issue is security though. If the entire world used this, everyone would try to hack this centralised server. It would go wrong immediately.

Traditional fiat money, while in some ways centralised, is less vulnerable to both of these issues, because you can transfer money without contacting the central authority, and the central authority can only mint more money.

In my own testing this system is able to achieve 6500 tx/s on my laptop. That’s more than VisaNet handles, on average. I think a beefy server would be enough. No need for federations.

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