Digital transactional procedures and implements
View Patent ↗This invention describes a set of related procedures designed to co-operate with mints of digital money in order to allow for said money to be properly, securely, and conveniently traded by, various size and various type of trading crowds. The procedures refer mainly to distribution of responsibility. This invention also specifies the construction of digital coins encapsulated in a physical housing to amount to off-line tradable digital coins.
1. A system for securely storing a digital coin where the value of the digital coin is based on the count of its bits and where payment with the digital coin is provided by emitting bits from the system one bit at a time, comprising:
a secure enclosure, fitted with a payment port that emits bits from the digital coin;
a memory contained within the secure enclosure that stores the digital coin;
payment control circuitry (PCS) contained within the secure enclosure that controls payment from the digital coin by removing one or more bits from the digital coin in the memory and emitting the one or more bits through the payment port one bit at a time; and
a tamper-resistant apparatus contained within the secure enclosure that resists attempts to compromise the secure enclosure by including within the secure enclosure one or more of
a light detection system that erases the digital coin from the memory upon sensing light in the otherwise dark internal of the secure enclosure,
a pressure detection system that erases the digital coin from the memory upon sensing a change of the pressure in the internal volume of the secure enclosure, and
an absorption detection system that erases the digital coin from the memory upon detecting with a radiation detector a change in the absorption of radiation emitted by a radiation emitter above a threshold level, wherein a change in the absorption of radiation emitted by the radiation emitter is a result of a change in the gaseous composition of the space between the radiation emitter and the radiation detector.
2. The system of claim 1 , wherein the PCS includes a preset limitation of the amount of money spent within a specified time interval, in the form of the digital coin of nominal value of X, if allowed to be used for paying y per a time interval (day, week, month), is usable for payments for x/y time intervals.
3. The system of claim 1 , wherein the digital coin requires authentication of its user to be an intended payer using this digital coin; either as being a member of an authorized group, or as being a particular individual; such authentication is exercised via requirement of a preset authentication code input via a dedicated numeric pad, or via a biometric port, and wherein such a digital coin is tethered to its authorized users, such that if lost, or stolen, the digital coin issuing mint it replaces the digital coin with the portion of the unused money.