commit 5f78a0c8ef407ebb386fd6cc1ed81c52683bf4d1
parent 17ddf1ce9256d03249ff4f7de738c3f86673a216
Author: Jeffrey Burdges <burdges@gnunet.org>
Date: Wed, 18 Oct 2017 19:35:09 +0200
Second half of second page
Diffstat:
1 file changed, 8 insertions(+), 7 deletions(-)
diff --git a/ekrona/e-krona.tex b/ekrona/e-krona.tex
@@ -78,7 +78,7 @@ We imagine a hybrid solution, as described in the question below.
We imagine a possible e-Krona solution based on the Taler system to be a hybrid solution, with a register-based component and a value based component, in order to fulfil the maximum requirements outlined in ‘The Riksbank’s e-Krona project’ report.
-The e-krona Taler wallet can exist on smartphones, in web-browsers, on smartcard and on secure USB sticks. It is filled via wire-transfer to the Taler exchange (Riksbank can define who is entitled to exchange Swedish kronar into e-krona), which will create Taler coins (i.e. e-krona) cryptographically and deposit those anonymously with a blind signature into the corresponding wallet. At the same time, the exchange creates an escrow account for the wallet at the Riksbank and deposits the kronas in that account. These 2 elements are value-based for the wallet and register-based for the escrow-account at the Riksbank: hence our description of e-Krona Taler as hybrid system.
+The e-krona Taler wallet can exist on smartphones, in web-browsers, on smartcard and on secure USB sticks. It is filled via wire-transfer to the Taler exchange (Riksbank can define who is entitled to exchange Swedish krona into e-krona), which will create Taler coins (i.e. e-krona) cryptographically and deposit those anonymously with a blind signature into the corresponding wallet. At the same time, the exchange creates an escrow account for the wallet at the Riksbank and deposits the kronas in that account. These 2 elements are value-based for the wallet and register-based for the escrow-account at the Riksbank: hence our description of e-Krona Taler as hybrid system.
The Taler System addresses the following requirements outlined in the report:
@@ -91,23 +91,24 @@ b) Payment size
& Designed to handle micropayments as well as larger payments between consumers, companies and authorities \\
c) Direct claim on Riksbank
- & Via escrow accounts opened by the exchange automatically with the Riksbank to hold the
+ & Via escrow account opened by the exchange automatically with the Riksbank to hold the
escrow amounts. In addition, the Riksbank could entitle the holder of e-krona to change them anytime into Swedish kronor. With this the holder has a direct claim on the Riksbank and it might not be necessary to change existing legislation. \\
d) Accessible in real-time
- & System designed for 24/7 operations \\
+ & Payments clear in one network RTT \\
e) Payments in real-time
& One click instant payments with 24/7 operations \\
f) Offline payments
- & Payer can be offline, connects with USB key, smart card, NFC, etc. Exchange must be online. \\
+ & Payer or merchant must be online % with the other offline but using NFC.
+ Exchange must be online. \\
g) Anonymous payments
- & System designed for payers to be anonymous if they want to. Receiver is never anonymous. \\
+ & System designed for payers to be anonymous, unless regulation requires disclosure. Merchant is never anonymous. \\
h) e-Krona account
- & Escrow account is created automatically based on {\red Wallet ID? (Christian to update according to possibilities???).} \\
+ & Register based account requires for merchants. Exchange has e-Krona escrow account. \\
i) Riksbank functions
& Holds the escrow accounts, can be the operator of the exchange and guarantees the
@@ -135,7 +136,7 @@ We envisage no major challenges with a e-Krona Taler solution outlined above, as
The main complexity we see would be the roll-out of the compatible functionality into the POS systems of merchants in the physical world. But this is no different from the challenges that established systems like SWISH, ... already solved and hence easy to estimate. If this project is Riksbank/government sponsored, that should not be a large.
-This outlined solution should have no major impact on monetary policy because the issues of e-krona are 1:1 backed by Swedish kronor in the escrow account at the Riksbank. But two things will happen temporarily – unless cash is used: Firstly, with the issuance of e-krona commercial bank money gets transformed into central bank money until the e-krona are spent and transformed back into Swedish kronar. And secondly, non-cash commercial bank money gets transformed into cash-like money until the e-krona are spent.
+This outlined solution should have no major impact on monetary policy because the issues of e-krona are 1:1 backed by Swedish kronor in the escrow account at the Riksbank. But two things will happen temporarily – unless cash is used: Firstly, with the issuance of e-krona commercial bank money gets transformed into central bank money until the e-krona are spent and transformed back into Swedish krona. And secondly, non-cash commercial bank money gets transformed into cash-like money until the e-krona are spent.
\section*{*What is missing in our concept?*}
