Open transnational system for digital currency payments
Stig F. Mjølsnes, Rolf Michelsen · 2002
Physical cash, in the form of coins and notes, is an anachronism in the information age. A newly developed system of cryptographic protocols realizes digital currency so that electronic payments can be done without online authorization or pre-registration. The user's electronic wallet contains digital currency, and can be used both at physical and virtual (such as Internet) points of sale. An important goal of the CAFE project was to develop a system with significant improvements over existing retail payment systems by developing a truly open system with high standards of multiparty security that can be scaled to international operations. The paper reports on design issues for this type of digital currency systems.