From: Hal <hfinney@shell.portal.com>
Date: Sun, 28 Aug 94 12:27:26 PDT
To: cypherpunks@toad.com
Subject: Re: In Search of Genuine DigiCash
In-Reply-To: <199408280515.BAA15339@zork.tiac.net>
Message-ID: <199408281927.MAA28701@jobe.shell.portal.com>
MIME-Version: 1.0
Content-Type: text/plain


rah@shipwright.com (Robert Hettinga) writes:

>I suppose what I meant was is there any fully identified offline digital
>cash system in the literature. I haven't heard of any from secondary
>sources, like around here, or from my cursory reading of Schneier, for
>instance.

"Fully identified cash" is not widely discussed in the literature because
it is (relatively) trivial, and here because it is not privacy
protecting.  "Fully identified cash" is equivalent to a check made out to
"cash".  All you need is a signed directive to your bank to transfer
money from your account number such-and-such to the bearer.

Such "cash" can be used on-line if the receiver sends it to the bank
right away and gets confirmation that the money has been transferred from
your account (that there were sufficient funds to cover the check, etc.).
It can be used off-line if the receiver checks your ID so that he knows
if the check bounces he can sue you or press charges.

See?  You already have all the technical requirements for your fully
identified cash by firing up PGP or RIPEM.  Just find a bank which will
honor your signed messages.  The CommerceNet people implied that such
payment options might be forthcoming.

Hal