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  • E Mint

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    Rv M Ali
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    The EMINT system allows for gold to circulate digitally like physical cash. It creates, distributes, and verifies authentic ecoins that are backed by specific amounts of gold stored in secure locations. The system aims to eliminate payment risks associated with traditional currencies and electronic transactions, such as float times, fractional banking practices, and currency value fluctuations. It provides anonymity to transactions similarly to cash payments through blind signature encryption. Advantages also include using gold, an asset, as the unit of account rather than a liability like cash. Disadvantages are that gold values fluctuate over time and ecoins cannot be reused, requiring large databases to store transaction records.

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    E-mint

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    The EMINT system allows for gold to circulate digitally like physical cash. It creates, distributes, and verifies authentic ecoins that are backed by specific amounts of gold stored in secure locations. The system aims to eliminate payment risks associated with traditional currencies and electronic transactions, such as float times, fractional banking practices, and currency value fluctuations. It provides anonymity to transactions similarly to cash payments through blind signature encryption. Advantages also include using gold, an asset, as the unit of account rather than a liability like cash. Disadvantages are that gold values fluctuate over time and ecoins cannot be reused, requiring large databases to store transaction records.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views4 pages

    E Mint

    Uploaded by

    Rv M Ali
    The EMINT system allows for gold to circulate digitally like physical cash. It creates, distributes, and verifies authentic ecoins that are backed by specific amounts of gold stored in secure locations. The system aims to eliminate payment risks associated with traditional currencies and electronic transactions, such as float times, fractional banking practices, and currency value fluctuations. It provides anonymity to transactions similarly to cash payments through blind signature encryption. Advantages also include using gold, an asset, as the unit of account rather than a liability like cash. Disadvantages are that gold values fluctuate over time and ecoins cannot be reused, requiring large databases to store transaction records.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    TOPIC: EMINT

    Overview:

    •It is not an encryption technique or standard, rather a


    digital cash system system which uses certain
    encryption methods for its process.
    •It is a patented invention by James J. Turk and
    Geoffrey Turk as on Nov 9, 1999.
    •The main objective of the invention was to eliminate
    payment risks related to electronic cash as well as
    traditional cash transactions.
    Need for the ‘emint’ system?

    A system and method to allow gold to circulate as digital cash through


    the global computer network (internet) and /or private communication
    networks much like cash currently circulates in the physical world.

    What is emint?

    The “emint” is a computer and a communications system which creates,


    distributes and verifies the authenticity of ecoins, and which receives
    information from the storage sites regarding gold held there for storage and
    specifically identified for use in digital cash system.
    THE EMINT PROCESS
    Advantages:
    • Eliminates Payment Risks such as:
    – Problem of “float”- the amount of time the payee should wait for the
    transaction to be processed.
    – The “fractional banking” process- conventional banking process where
    the financial institution lends loan out from the deposits received.
    – Fluctuating national currency values due to inflation and exchange rate
    variations.
    • Anonymity on transactions to both parties with the help of blind signature
    encryption(the same way as of cash transactions).
    • Use of Asset(gold) as the unit of accounts in place of liability(cash).

    Disadvantages:
    • The value of precious metal(gold) also varies over period-The value of 1kg gold
    while depositing and redeeming it later, might be different.
    • Ecoins are not reusable
    • Huge database of ecoin records

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