ecash Press Release
DIGICASH PRESS RELEASE
World's first electronic cash payment over computer networks.
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FOR IMMEDIATE RELEASE
(Release Date: May 27, 1994)
----------------------------------------------------------------------Payment from any personal computer to any other workstation, over email or Internet, has been demonstrated for the first time, using electronic cash technology. “You can pay for access to a database, buy software or a newsletter by email, play a computer game over the net, receive $5 owed you by a friend, or just order a pizza. The possibilities are truly unlimited” according to David Chaum, Managing Director of DigiCash TM, who announced and demonstrated the product during his keynote address at the first conference on the World Wide Web, in Geneva this week.
Electronic cash has the privacy of paper cash, while achieving the high security required for electronic network environments exclusively through innovations in public key cryptography. “It’s the first software only solution. In the past we’ve pioneered such cash for chip cards and electronic wallets, always with a tamper-resistant chip for storing the value—now all you have to do is download the software and you’re up and running” continues Dr. Chaum.
The product works with Microsoft(R) Windows TM, Macintosh TM, and most UNIX TM platforms. It was shown integrated with Mosaic, the most popular software for people accessing databases, email, or other services on the Internet and World Wide Web. The graphic user interface allows intuitive “dragging and dropping” of icons representing stacks of coins, receipts, record books, etc.
The company will be supplying the technology through other firms who will release the products, under various cooperation and trial programs. The user software, which allows both paying and receiving payment, will be distributed free of charge.
The product was developed by DigiCash TM Corporation’s wholly owned Dutch subsidiary, DigiCash TM BV. It is related to the firm’s earlier released product for road pricing, which has been licensed to Amtech TM Corporation, of Dallas, Texas, worldwide leader in automatic road toll collection. This system allows privacy protected payments for road use at full highway speed from a smart card reader affixed to the inside of a vehicle. Also related is the approach of the EU supported CAFE project, of which Dr. Chaum is Chairman, which uses tamper-resistant chips inserted into electronic wallets.
The underlying ‘blind signature’ technology was described in the article “Achieving Electronic Privacy,” by David Chaum, Scientific American, August 1992.
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For more information contact:
DigiCash bv info@digicash.nl
Kruislaan 419 tel +31 20 665 2611
1098 VA Amsterdam fax +31 20 668 5486
The Netherlands
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Matthew Gream
Consent Technologies
Sydney, (02) 821-2043
M.Gream@uts.edu.au
DIGICASH PRESS RELEASE
I have a gut feel that this DigiCash(TM) system is going to become a really big deal. Real electronic cash, portable software-only solution, free client-side software: sounds like a winning combination. I’m excited.
Jim_Miller@suite.com
Quote from: DigiCash on May 26, 1994, 1:51:20 PM UTCDIGICASH PRESS RELEASE
I have a gut feel that this DigiCash(TM) system is going to become a really big deal. Real electronic cash, portable software-only solution, free client-side software: sounds like a winning combination. I’m excited.
Before you get too enthusiastic remember that electronic cash is not legal tender which means that you will require some clearing system behind this scheme providing conversion between a legal tender and electronic cash before this is getting really useful. Without such a system electronic cash is just prepaid “tokens” with the usability similar to the “tokens” on telephone cards.
For those that thinks this will be “the end of the gouvernment”: Who do you think will be in control of this clearing system? Just asking ;-)
However I do think that this DigiCash stuff is a Good Thing — certainly better than mailing credit card numbers over the net :-)
-- Rolf
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Rolf Michelsen "Standards are wonderful --
Email: rolf.michelsen@delab.sintef.no everyone should have one"
Phone: +47 73 59 87 33 -- Ancient FORTH proverb
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Before you get too enthusiastic remember that electronic cash is not legal tender
I have to mention, yet again, that this sort of phrasing is a product of the notion that digital cash is somehow a currency. It is not. It is an anonymous money transfer method. Saying “digicash is not legal tender” is sort of meaningless — the real question is “is the currency being transfered legal tender”.
Perry
Quote from: Rolf Michelsen on May 27, 1994, 7:02:20 AM UTCBefore you get too enthusiastic remember that electronic cash is not legal tender
I have to mention, yet again, that this sort of phrasing is a product of the notion that digital cash is somehow a currency. It is not. It is an anonymous money transfer method. Saying “digicash is not legal tender” is sort of meaningless — the real question is “is the currency being transfered legal tender”.
Yes, and if you had quoted my entire message you would get my point. Since electronic cash is not legal tender — just a way of transfering legal tender — a clearing system which administrates the “real flow of money” must exist so that participants can exchange their “transfer tokens” to “real” cash.
-- Rolf
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Rolf Michelsen "Standards are wonderful --
Email: rolf.michelsen@delab.sintef.no everyone should have one"
Phone: +47 73 59 87 33 -- Ancient FORTH proverb
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