A Digital Framework for genuine Online Money luxicon inc., November 2011 (c) Artem S. Shafraniuk, 2011 copyright by Artem S. Shafraniuk, 2011 all rights reserved Online banking - An online currency money banknote is a unique computer file. - This computer file has a cryptographical digital signature that is the currency number of this particular banknote. - A market agent is a person, a company, or whatever body (except a virtual bank) that has, or may have, virtual money. - Any market agent has an identifier code. - An online bank is an online institution that may emiss its own virtual money, and keeps track of it using a database of market agents. - An online bank (and only) may convert physical money to online money, and vice-versa. - An online money transaction means transfer of a computer file banknote to another market agent. The online bank that emissed this banknote keeps track of all transfers, associating the banknote's digital signature to the market agent's identifier code, to avoid cheating, including duplication, in its database. -- The online bank authorizes each transaction. - This is being done using bank's software and internet-ware. - Each transaction involving banknotes needs re-associating them to their new holders. - This way, online money mimic the behavior of usual, physical money. Secure money transfer ALGORITHM: Suppose, an online side A wants to transfer a digital banknote to an online side B. Each side (a market agent) has an identifier code and a secret code that correspond to the public and private cryptographic keys. Side A then encrypts the banknote with the identifier code of side B, and sends to B. This way only B is able to decrypt this message, that contains the banknote, using its (B's) secret code. copyright 2011 by Artem S. Shafraniuk artem.shafraniuk@gmail.com IF YOU WOULD LIKE TO USE THIS, PLEASE CONTACT THE AUTHOR BY EMAIL SPECIFIED ABOVE. == ALL RIGHTS RESERVED == |