From: sameer@netcom.com (Sameer Parekh)
Date: Mon, 18 Oct 93 12:07:15 PDT
To: cypherpunks@toad.com
Subject: Introducing digital cash in a MOO
Message-ID: <9310181903.AA18518@netcom.netcom.com>
MIME-Version: 1.0
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	I remember Eric was talking at the 2nd last (September)
cypherpunks meeting about setting up some sort of digital cash system
in MU*s. It's a very good idea, yes.

	I was thinking that metaverse.io.com would be an interesting
ground to implement digital cash, because this MOO seems like a very
commercial-oriented system. I know that Fringe Ware, Inc. has set up
an office in the MOO where once it's up and running will serve
people's requests for information.
	Paco, in his article on Metaverse in the new Fringe Ware
Review, talks about how small start up companies can get offices in
metaverse, if they can't afford (like apple) an ftp site to serve
their customers.
	This might be extended to an actual *commerce* system. Someone
could lease a plot of MOO-space, set up a digital bank, issue bank
notes, and users could use these digicash notes to purchase products
at the offices of small companies located in the Metaverse.
	Because io.com is a commercial system, it might actually not
be that tough to implement a us-dollars-backed system. I.e.: a
digibank would take actual DOLLARS from users, give them digicash
notes, and users can use the notes to make transactions in MOOspace,
and vendors and users alike may redeem their digicash for us-standard
cash.
	In order to deal with the legal issues associated, it might be
easiest for io.com to actually run the digibank, but not necessary.
Personally, I'd prefer a digibank run by a third-party, but I have no
real problem with io.com running the thing.
	It certainly seems promising.

- -- 
Sameer
sameer@netcom.com

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