Board Thread:Micronations/@comment-15776551-20140924022044/@comment-4251620-20140926181134

Raoulduke22 wrote: I agree it would be cheaper, but a card is easily lost and one would need something to hold it in to prevent that. It would seem a bit silly to have a whole wallet for just one card. Keep in mind that this particular system was designed for a micronation with one form of currency and in an attempt to have a completely electronic system. The wallet readers would be heavily regulated and issued only to government organizations and registered businesses, and peer2peer transfer devices would work solely in that fashion. Reprogramming the reader would require disassembly of the device, effectively disabling it through anti-tampering measures. The only practical way for someone to edit their account or wallet would be to insert it into a store reader and be technically adept to the point where they could do so without alerting the security force (on duty 24/7 to monitor and regulate fund activities), bypass the port's primary function of transferring funds to the vault, and figure out a way to create funds from raw code. There would be a finite number of funds produced only by the Treasury with their own security measures on top of the already strict security protocols. All devices would run on a closed operating system with no visual interface on the user-end, though the registers, ATM's, etc., they are connected to would, but have a limited number of possible functions.

In short, though no system is 100% safe, it would be a heavily secured and monitored system with as little networking as possible, and everything would be too unique to mess with inconspicuously. The only way a theft could occur is if the physical wallet was stolen, in which case the thief would also require the owner's pin number to use it, or one would have to gain access to a register and credit their wallet straight from the vault, which would be monitored and the wallet's unique ID logged in the company transaction reports.

This is just one way to implement an all-digital currency system. I'm not asserting my idea is the best or perfect or what have you, but it's just something I came up with and thought might be a cool idea. I would like to have a look at that link you mentioned, too. Well, you can as easily lose this as a paper. Producing a new paper though is much cheaper and easier, and if you know your account number (and you have to, in order to use the e-bank), you can easily make your own. Of course you can not transfer funds from the account unless you know the PIN. It also is intended to be used as the sole currency of a micronation (while you can set up an exchange rate, using it only for intergovernmental transactions is, well, not making much sense in the context of the system). New currency will be issued only if all the member states agree, and split equally to the governmental accounts, if ever needed. If a state joins the system, it will get the equal amount of funds as other states did before, to use it internaly to start the economy on Corona (old currency can be converted to Corona).

I feel this is far more simple and does the same job.