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author | Christian Grothoff <christian@grothoff.org> | 2015-08-03 18:35:32 +0200 |
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committer | Christian Grothoff <christian@grothoff.org> | 2015-08-03 18:35:32 +0200 |
commit | bc0e9a02e6cca1e6ea8bf86daedc7d77e4b53429 (patch) | |
tree | 07c404f11c80f6f60f23530fd8613ae4ee9728c5 /index.html | |
parent | e256af69579a08801852f057177ab2b32aa7e03d (diff) | |
download | www-bc0e9a02e6cca1e6ea8bf86daedc7d77e4b53429.tar.gz www-bc0e9a02e6cca1e6ea8bf86daedc7d77e4b53429.tar.bz2 www-bc0e9a02e6cca1e6ea8bf86daedc7d77e4b53429.zip |
formatting
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-rw-r--r-- | index.html | 108 |
1 files changed, 54 insertions, 54 deletions
@@ -206,66 +206,66 @@ <img src="images/system.svg" alt="system overview" style="float: right; margin: 5px 5px 5px 5px;" width="50%"> <ol> <li lang="en">A customer instructs his <b>bank</b> to transfer funds - from his account to the Taler mint (top left). In the subject of - the transaction, he includes an authentication token from his - electronic <b>wallet</b>. In Taler terminology, the customer - creates a reserve at the mint.</li> + from his account to the Taler mint (top left). In the subject of + the transaction, he includes an authentication token from his + electronic <b>wallet</b>. In Taler terminology, the customer + creates a reserve at the mint.</li> <li lang="en">Once the mint has received the transfer, it allows the - customer's electronic wallet to <b>withdraw</b> electronic coins. - The electronic coins are digital representations of the original - transfer. It is important to note that the mint does not learn - the "serial numbers" of the coins in this process, so it cannot - tell later which customer purchased what at which merchant. - The use of Taler does not change the currency or the - total value of the funds (except for fees which the mint may - charge for the service).</li> + customer's electronic wallet to <b>withdraw</b> electronic coins. + The electronic coins are digital representations of the original + transfer. It is important to note that the mint does not learn + the "serial numbers" of the coins in this process, so it cannot + tell later which customer purchased what at which merchant. + The use of Taler does not change the currency or the + total value of the funds (except for fees which the mint may + charge for the service).</li> <li lang="en">Once the customer has the digital coins in his wallet, - the wallet can be used to <b>spend</b> the coins with merchant - portals that support the Taler - payment system and accept the respective mint as a business - partner (bottom arrow). This creates a digital contract signed - by the customer's coins and the merchant. Assuming courts accept - cryptographic signatures, the customer can later use this digitally - signed contract in a court of law to prove the exact terms of - the contract and that he paid the respective amount. The customer - does not learn the banking details of the merchant, and Taler - does not require the merchant to learn the identity of the - customer. Naturally, the customer can spend any fraction of his - digital coins (the system takes care of customers getting - change).</li> + the wallet can be used to <b>spend</b> the coins with merchant + portals that support the Taler + payment system and accept the respective mint as a business + partner (bottom arrow). This creates a digital contract signed + by the customer's coins and the merchant. Assuming courts accept + cryptographic signatures, the customer can later use this digitally + signed contract in a court of law to prove the exact terms of + the contract and that he paid the respective amount. The customer + does not learn the banking details of the merchant, and Taler + does not require the merchant to learn the identity of the + customer. Naturally, the customer can spend any fraction of his + digital coins (the system takes care of customers getting + change).</li> <li lang="en">Merchants receiving digital coins <b>deposits</b> - the respective receipts that resulted from the contract signing - with the customer at the mint to redeem the coins. - The deposit step does not reveal the learn the details of the - contract between the customer and the merchant or the identity - of the customer to the mint in any way. However, the mint - does learn the identity of the merchant via the provided bank - routing information. The merchant can, for example when - compelled by the state for taxation, provide information linking - the individual deposit to the respective contract signed by the - customer. Thus, the mint's database allows the state to enforce - that merchants pay applicable taxes (and do not engage in - illegal contracts).</li> + the respective receipts that resulted from the contract signing + with the customer at the mint to redeem the coins. + The deposit step does not reveal the learn the details of the + contract between the customer and the merchant or the identity + of the customer to the mint in any way. However, the mint + does learn the identity of the merchant via the provided bank + routing information. The merchant can, for example when + compelled by the state for taxation, provide information linking + the individual deposit to the respective contract signed by the + customer. Thus, the mint's database allows the state to enforce + that merchants pay applicable taxes (and do not engage in + illegal contracts).</li> <li lang="en">Finally, the mint transfers funds corresponding to - the digital coins redeemed by the merchants to the merchant's - <b>bank</b> account. The mint may combine multiple small - transactions into one larger bank transfer. - The merchant can query the mint - about the relationship between the bank transfers and the - individual claims that were deposited.</li> + the digital coins redeemed by the merchants to the merchant's + <b>bank</b> account. The mint may combine multiple small + transactions into one larger bank transfer. + The merchant can query the mint + about the relationship between the bank transfers and the + individual claims that were deposited.</li> <li lang="en">Most importantly, the mint keeps cryptographic - proofs that allow it to demonstrate that it is operating - correctly to third parties. The system requires an external - <b>auditor</b>, such as a government-appointed financial regulatory - body, to frequently verify the mint's databases and check that - its bank balance matches the total value of the remaining coins - in circulation.</li> + proofs that allow it to demonstrate that it is operating + correctly to third parties. The system requires an external + <b>auditor</b>, such as a government-appointed financial regulatory + body, to frequently verify the mint's databases and check that + its bank balance matches the total value of the remaining coins + in circulation.</li> <li lang="en">Without the auditor, the mint operators could - steal funds they are holding in reserve. Customers and merchants - cannot cheat each other or the mint. If any party's computers - are compromised, the financial damage is limited to the - respective party and proportional to the funds they - have in circulation during the period of the compromise.</li> + steal funds they are holding in reserve. Customers and merchants + cannot cheat each other or the mint. If any party's computers + are compromised, the financial damage is limited to the + respective party and proportional to the funds they + have in circulation during the period of the compromise.</li> </ol> </p> </div> |