BrexitCoin
* It's backed by usual pounds by the treasury, which means only they get to issue new coins (no public mining rewards).
* Court judgements must be able to block, reverse or force transactions. This means either the government gets a copy of all private keys, or simply has master keys for the system.
* UK government would probably want to attach names to all accounts, so new wallets could probably be only generated on some gov.uk site, or participating businesses like existing banks.
In the end, the blockchain is wasteful and inefficient when you could just have a big-ass server somewhere with an API.
You can certainly avoid that, just make it part of the protocol. You could create currency with such rules on top of Ethereum today. Court judgments simply become a part of trusted oracle.
https://en.wikipedia.org/wiki/Public-key_cryptography#Classi...
That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy).
It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly, that can significantly reduce the counterfeiting by the means of somehow cloning the RFID chip (which wouldn't be simple if done properly -- there aren't any successful attacks on proper implementations of stuff like mifare desfire EV1/EV2 afaik). A coin was used on a market on london on 10am and with an ATM on Glasgow on 10:30am? Yeah, flag that coin down.
So you never know - but how would that work inside a metal coin?
That's a good point, I completely oversaw that.
(edit: when I say "cost" I mean the production cost)
Well, a pound coin is used more than once, and there is tax applied on every time it is used, so it'll pay off for itself in a relatively short timespan, imo. Plus, it pretty much beats counterfeits, so loss from that is gone too.
Problem with 1 kurus was that it wasn't used often, the monetary value was small and that it had no anti-counterfeit stuff. Also, people were melting it and selling it. You can't really sell a broken or write-protected rfid chip for much.
Since most money is held in banks, electronic transactions, etc - the question is more the 'value of supporting this denomination in currency to the economy' than the cost of a coin.. Like of $100M USD worth of tax/federal reserve interest revenue is generated from $10M of $100 bills that cost $15M to produce, it's not really a loss, but a business expense...
That’s actually quite an old idea – most european countries’ IDs just have a normal smartcard in them, allowing normal signing and verification.
If the same hardware, then I guess the only different would be that the public keys would be associated with somthing else. But it's probably a huge patent mess to make this a standard for all countries and states.
I know two stores in my area that don't even support chip cards and this was within going in the past year. One has the readers, but they don't work. The other has no chip readers at all.
I always thought paper signing was a bit outdated, especially since schools don't teach cursive really. We spent like a hour on it, and then next topic!
But then if someone stole your ID, lost it, etc... They could sign for things... but people can forge your signature anyways... Maybe if the machine had a camera in it to take a selfie when you use the card, but a bit creepy in a way to.
The Turkish Govt's new ID allows you to- no, it requires you to set a password. You are given an 8 character PIN code when you apply for the ID, and you can change it from the kiosks at the citizenship bureau. It allows between 4 and 16 characters (while I chose 16 myself, most people will choose a 4 character one :( ).
Plus, even if it gets stolen along with the password, technically the certificate can be revoked as soon as you report it, preventing forgery.
In Germany this is actually used in all cigarette or alcohol dispensers.
You can pay via EC card or via cash, but you first need to verify age via EC card or ID.
EC cards (kinda like debit cards) and ID cards have two age verification functions, of which only one per minute can be called, these just verify if the account holder is > 16 or > 18.
So you press the button to get a bottle of beer, the system checks if you’re 16, you pay, and you get it.
Or you press the button to get a bottle of vodka, the system checks if you’re 18, you pay, and you get it.
All this is standard tech, supported by any normal RFID or card reader, and you can use the same reader for secure home banking, for verification, etc.
Here's mifare desfire EV2's leaflet that talks quite a bit about the security features it has: http://www.nxp.com/documents/leaflet/MIFARE-DESFire-EV2-Leaf...
Irrespective of that, it's pretty clear that Brexit will force Westminster into promising drastically increased levels of devolution not just to Wales, Scotland and Northern Ireland, but also to the major urban regions like Greater Manchester and Greater London that will reduce the de facto power of Westminster dramatically and allow the regions to drift even more apart in terms of differences in public policy.
At the same time there is a major split amongst those who considers themselves predominantly or only British or who considers themselves British first vs. those who predominantly see themselves as English, Welsh, Scottish or Irish first, and British second or not at all, with "Britishness" being weak and fractured.
Basically, to a lot of people living here, the UK means as little or even less than the EU, compared to other parts of their identity.
And a lot of the political discourse has been around how the elites ignore people. What people are about to find out is that in that respect the London elite were the ones ignoring them, not Brussels, and accordingly Brexit will not solve any of the problems they had in that respect.
Expect to see increasing upheaval and pressure for more power to be devolved from Westminster as a result. E.g. after the Brexit vote there was a brief flash of people talking about pushing for independence for London, and while that won't happen anytime soon if ever, expect to see those debates flash up again and lead to an actual (if miniscule) political movement at some point over the next couple of years.
I personally think that while the UK may persist in some form, the UK 10 years from now is reasonably likely to exclude Scotland, and the UK 30 years from now is likely to exclude Northern Ireland, and be more like a loose federation with massively devolved powers to Wales and several English regions and at least Manchester and London. Maybe even with increasing support for Welsh independence.
It's been nine months and starting the article 50 process is suppose to happen soon, but I have a feeling the UK will negotiate its way into the Economic Zone instead, keeping trade and immigration without work visas, while forfeiting their place on the EU parliament. Either that or they'll just ignore the will of the people and never leave.
And we need all this new cruft because the current situation is insufficiently complex.
Pretty sure the knowledge that there will be a new £1 coin has been known far longer than brexit has even been a thing.