eCache : Anonymous Digital Bearer Certificates

[R.A. Hettinga]

<http://digitalmoneyworld.com/ecache-anonymous-digital-bearer-certificates/>


DigitalMoneyWorld.com


eCache : Anonymous Digital Bearer Certificates

by MARK on May 7th, 2007

You will probably never see Amazon or Overstock.com accepting eCache as a
method of payment, however, more and more old school digital currency users
are spending DBCs (digital bearer certificates). With the e-gold community
still rocking in the wake of recent indictments, creative minds are now
making moves towards more serious privacy.

Do you want to learn more about eCache? Then get ready to be confused
.

Although it sounds simple enough, this is not your 'fathers' digital money.

What is eCache? Plain and simple its anonymous digital cash. Just like the
fancy green & black paper you have in your wallet, which offers no attached
receipt stating where it came from, eCache is 100% anonymous. The only
difference from your paper money is you can access and transfer eCache
online anywhere in the world. It is entirely 100% digital and the 'serial
numbers' of the 'cache' [money] change as it moves.

Their their web site states.

"eCache is a payment system based on Digital Bearer Certificates. It is
truly anonymous because we have no accounts, no know-your-customer, no
public frontend or anything else that could identify you."

eCache works on the IRC system. Internet Relay Chat (IRC) So don't be
alarmed when you arrive at a URL like this one,
https://ffij33ewbnoeqnup.onion.meshmx.com/index.php?session= that is a page
from the actual eCache web. So don't get excited when you find just a place
holder page at http://www.ecache.com/

Each DBC (Digital Bearer Certificate) is unique and it works just like a
digital banknote. When you receive a DBC, you first go to the eCache
Interface to 'reissue' and/or 'verify' it. When you 'verify' you find its
value and authenticity. When your reissue one, the original DBC you
received is destroyed and a new one is issued for you. If you ever get the
ID already spent error, you know that someone already reissued the
certificate and it will never again hold value.

Just like trading in some of your small bills for the Benjamins, you can
also 'combine' your DBCs. Once again visit the eCache Interface and you
will be able to enter up to five DBCs of the same currency - receive a one
new certificate and automatically destroy the old ones. Also, just like
breaking a big bill, you may also 'split' a large DBC into smaller ones
using the same method as above, pressing the 'split' button and reversing
your action.

eCache has two different types of currency: COW and GG. COW is the play
money and is just used for testing, it has no value and they will give you
some COW to try out their system.

The GG currency is where real value is held. Each GG is worth one gram of
fine gold. The actual gold behind GGs is held in a safe deposit box at an
unknown location. eCache is not transparent about where the gold backing is
kept or who audits the value. This fact may be difficult to understand for
some new users (myself included). Eventually, they plan to include an audit
process of their assets on hand to satisfy users feeling security. In the
mean time, Raven Escrow holds a deposit of around 20 gold grams which is
maintained as a safety net for users in the possible event of fraud.

So while eCache is not yet a household name, Digital Bearer Certificates
are making a name for themselves and gaining wider use and exposure as this
tumultuous e-currency year unfold.

For any of you online pro regulation activists who stand ready to complain
that child pornographers and terrorist are using eCache, you should
probably read these sections from eCache's TOS.

Terms of Service
eCache does not have a physical presence and no law that we follow other
then ethics. Since our money is anonymous digital cash, there is not much
we can do about abusers.

Wow !


-- 
-----------------
R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'