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David Conger is the founder and President of Cognisaya, LLC, a US-based startup that is developing a software platform enabling anyone to create digital cryptographic currencies and to build innovative new economic systems. He is a Guest Author with many entries at Positive Money. He has produced Youtube videos covering money matters and Cognisaya. The Facebook page for Cognisaya is here.
The Qbit whitepaper describes, a PDF found on this page describes the structure and operation of the digital money system. Quotes are from the white paper.
The Qbit is the digital money medium of exchange. It is uniquely coded/encrypted and association to the owner/holder entity is by physical possession. Transactions take place through Transaction Validation Servers.
"When you use physical cash, possession is ownership. Digital cash has that same feature.
If you lose your digital cash, it’s exactly the same as losing physical cash. The Qbit
system can’t help you recover it any more than you can knock on the doors of you
country’s mint and ask them to replace cash that you lost.
Also, digital cash can be stolen just like physical cash. The Qbit system can’t help you recover it."
Also, digital cash can be stolen just like physical cash. The Qbit system can’t help you recover it."
"After the transaction is validated by a TVS, the seller has possession of the Qbits and the
customer cannot spend them again. If the Qbits are stored in a digital wallet, they can be
backed up to a digital safe."
Evidently, Qbits are "deleted" from the buyers wallet and assigned to the sellers wallet with new encryption/code in the transaction process? That would be one way for the buyer to not spend them twice but there are other ways.
One of the features of the Qbit is it cannot be duplicated or counterfeited.
Qbit digital money uses the old model of cash changing hands in a transaction, it is just digital. Physical possession is ownership. All system money is held by the "owner" not in an account? Transactions between owners that transfer money are only validated by a server? In other words the owner holds all of their money, the bank does no accounting? The bank only lends or exchanges for other currencies? Seems that way.
My digital money system is a new positive, debt free money paradigm previously explained so many different ways in prior posts. It is a digitized, uniquely serialized unit with a value of one dollar maintained as a central record (maybe virtual network) with association to current owner account. The owner has a user view their money as money in their account at a chosen account manager (bank). In reality all their money is the sum total of all the uniquely serialized digital dollars in the value of one dollar that is held as the central record. While the user perceives their money going to the account of a seller in the traditional manner when they buy something they need not know, unless they care to, what really happens in the back office is that at the central point where all digital dollars are stored in units of one, what changes is the association to to a new owner account. The money does not move physically or virtually. The number of unique digital dollars in a value of one each associated to a new account holder is equal to the transaction amount.
Yes there is provision for units less than a single uniquely serialized digital dollar with a value of one dollar and that mechanism goes down to the mill level if necessary but is not explained here since it is just the "small change" problem.
In the system I propose digital money is totally traceable, cannot be stolen lost or laundered.
Some very good ideas in the white paper. As it acknowledged, private money systems are competitive. The best being chosen by the market to succeed. Private money systems would also have to compete with a universal single system with digital dollars held centrally with only ownership relationship changing.
Evidently, Qbits are "deleted" from the buyers wallet and assigned to the sellers wallet with new encryption/code in the transaction process? That would be one way for the buyer to not spend them twice but there are other ways.
One of the features of the Qbit is it cannot be duplicated or counterfeited.
Qbit digital money uses the old model of cash changing hands in a transaction, it is just digital. Physical possession is ownership. All system money is held by the "owner" not in an account? Transactions between owners that transfer money are only validated by a server? In other words the owner holds all of their money, the bank does no accounting? The bank only lends or exchanges for other currencies? Seems that way.
My digital money system is a new positive, debt free money paradigm previously explained so many different ways in prior posts. It is a digitized, uniquely serialized unit with a value of one dollar maintained as a central record (maybe virtual network) with association to current owner account. The owner has a user view their money as money in their account at a chosen account manager (bank). In reality all their money is the sum total of all the uniquely serialized digital dollars in the value of one dollar that is held as the central record. While the user perceives their money going to the account of a seller in the traditional manner when they buy something they need not know, unless they care to, what really happens in the back office is that at the central point where all digital dollars are stored in units of one, what changes is the association to to a new owner account. The money does not move physically or virtually. The number of unique digital dollars in a value of one each associated to a new account holder is equal to the transaction amount.
Yes there is provision for units less than a single uniquely serialized digital dollar with a value of one dollar and that mechanism goes down to the mill level if necessary but is not explained here since it is just the "small change" problem.
In the system I propose digital money is totally traceable, cannot be stolen lost or laundered.
Some very good ideas in the white paper. As it acknowledged, private money systems are competitive. The best being chosen by the market to succeed. Private money systems would also have to compete with a universal single system with digital dollars held centrally with only ownership relationship changing.
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