Post
Topic
Board Bitcoin Discussion
Re: Reinventing paper money in a cashless society
by
Techviking
on 10/12/2019, 08:23:35 UTC
This project seems to be fine, but in comparison to the blockchain, even if they are decentralized, they are still logging the transactions to the blockchain info, meaning to say that it seems to be okay to log transactions because, in the first place, people are still anonymous, we just need to be more discrete and precise so adding transaction history to backtrack transaction could still be a useful idea. In addition, I just want to ask if it will still use the blockchain as the backbone of the currencies or money you are making?

It does not use any blockchain as backbone. Tickets are randomly minted. There is no way to track any transactions since a random ticket is given to a random user. But I plan to use bitcoin as an intrinsic value. I haven't landed how I can do this, but I am currently testing the Bitcoin Lazy API model. A ticket is linked to a specific btc address when purchased and it's value will be presented when using the verify code (in the future). So it's up to the receiver to check if a ticket has value if he/she doesn't trust the payer. BTC private keys are not stored on the Server.