From 11fa5909ed2043012c057c15e0bd784c25e12b77 Mon Sep 17 00:00:00 2001 From: Christian Grothoff Date: Mon, 3 Aug 2015 18:35:32 +0200 Subject: formatting Former-commit-id: 720e1de14da5b9c0c3dbded33e9137fac237edbc --- index.html | 108 ++++++++++++++++++++++++++++++------------------------------- 1 file changed, 54 insertions(+), 54 deletions(-) (limited to 'index.html') diff --git a/index.html b/index.html index 89095c09..75ee4c32 100644 --- a/index.html +++ b/index.html @@ -206,66 +206,66 @@ system overview
  1. A customer instructs his bank 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 wallet. In Taler terminology, the customer - creates a reserve at the mint.
    2. + from his account to the Taler mint (top left). In the subject of + the transaction, he includes an authentication token from his + electronic wallet. In Taler terminology, the customer + creates a reserve at the mint.
  2. Once the mint has received the transfer, it allows the - customer's electronic wallet to withdraw 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).
    3. + customer's electronic wallet to withdraw 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).
  3. Once the customer has the digital coins in his wallet, - the wallet can be used to spend 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).
    4. + the wallet can be used to spend 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).
  4. Merchants receiving digital coins deposits - 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).
    5. + 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).
  5. Finally, the mint transfers funds corresponding to - the digital coins redeemed by the merchants to the merchant's - bank 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.
    6. + the digital coins redeemed by the merchants to the merchant's + bank 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.
  6. 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 - auditor, 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.
    7. + proofs that allow it to demonstrate that it is operating + correctly to third parties. The system requires an external + auditor, 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.
  7. 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.
    8. + 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.

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