•   almost 12 years ago

Different currency denominations?

Since this is being run by Canadian Mint, is it only going to support Canadian Dollars? If it can support other currencies, what kind of infrastructure needs to be in place before it can be used in say developing world?

  • 4 comments

  •   •   almost 12 years ago

    Support for other currencies is possible with MintChip, but presently the Canadian dollar is the only currency ... implemented? Discussed? No mention of currency codes for other world currencies have been mentioned yet.

    To support other currencies, a Broker in this diagram would have to be set up for that currency with the bank(s) they deal with.

  •   •   almost 12 years ago

    Hi Supranamaya,

    Wayne P is correct. The technology of MintChip is designed to support other currencies. Our Developer Challenge has circulated chips with only one currency implemented, Canadian dollars. We chose to circulate only one currency to permit Developers to focus on the technology and applications as opposed to currency codes.

    Bob
    Developer Support
    MintChip Challenge Team

  •   •   almost 12 years ago

    Presumably the Royal Canadian Mint would need consent to "mint" digital cash in another currency, and to establish protocols with the central bank in question for the security of the encryption keys or "plates" for that currency, just as it does when minting physical cash for customers around the world?

    Is there a way to license the technology to another mint, to produce currency N, without compromising the security of MintChip for existing currencies? What technical measures are there to contain the fallout an insider security breach at a licensee mint?

    Please could we get an explanation of how this scales to other currencies, at both the political and technical level, added to the FAQ?

  •   •   almost 12 years ago

    Hi Terence,
    These are terrific questions which deal with the commercialization of MintChip.
    At this time, MintChip is an a R&D phase technology and the Developer Challenge is designed to create software applications and proofs of concept utilizing MintChip.
    Thanks for your support.

    Bob
    Developer Support
    MintChip Challenge Team

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