Now in addition to paying to normal permanent contact points, you can also pay to “[Cash: New]“, which you will see in the contact drop-down menu. When you do this, it creates a new temporary contact and moves the asset there. You then copy and paste the token and send it to the payee.

When the payee receives the token, he logs in and pastes it into the “Receive Cash” field. The received assets appear and he can claim them normally with a single click.

This new “cash” feature is handy when you want to pay someone but don’t expect to interact with him very often in the future. This way, you and the payee can avoid the step of adding a shared permanent contact point to your folders — which you would probably never use again. It’s also useful for quick invitations — just pay 100 usage tokens to “cash” and send the token to the invitee.

Of course, when two people *do* pay each other frequently, the shared permanent Contact point is still the most convenient method by far, since the two parties don’t need to copy, paste, and securely send a brand new “cash ID” every time they pay each other.

Both modes of usage are highly convenient in their own right, depending on the circumstances.

(thanks Patrick)

There will be more on Loom.cc in this months’ DGCmagazine.

The MetaCurrency Project from alan rosenblith on Vimeo.

Introduction to The MetaCurrency Project. For more information visit metacurrency.org

Also check out these exciting web sites.

• http://openmoney.ning.com/
• http://p2pfoundation.ning.com/
• http://trubanc.com
• http://www.bitcoin.org
• http://loom.cc

I have added storage fees to Trubanc.

One of the drawbacks of Loom is that there’s no way to make money from Loom itself, except for small amounts of one-time income from new users for asset tokens. In order to make Trubanc a money-making proposition for the asset issuers, I have added storage fees. I expect that most Trubanc assets will be backed by precious metals in storage. It makes sense for the issuer, who must pay for the space and security of that storage, to be paid a small periodic fee. He can now set a yearly percentage rate charged for all users of his asset.

I’m going to describe the new feature with an example. I’m assuming two users, John and Mary. John creates a gold-backed asset, named “John GoldGrams”, with a storage fee of 1%. The market will determine how much storage fee is viable. The Free Lakota Bank charges 1/20,000 per month, or 0.06% per year. C-gold charges 1% per year. E-gold too. Trubanc allows the asset issuer to decide what to charge, and to change it at any time.

Rather than keeping track of an average monthly balance, and assessing the storage charges monthly, Trubanc includes storage charges in every transaction, paid by the holder of the asset. So when you make a spend, you pay the fee on your original balance for the amount of time it’s been there. And when you accept a spend from someone else, you pay the fee on the accepted amount, for the time that it’s been in your inbox. Trubanc keeps fractional amounts on fees, so that these small amounts can add up for the asset issuer.

Read all about it and see all the screenshots here.

Like Loom, it allows anyone to issue assets (digital currencies). Unlike Loom, which relies entirely on (very good) obscurity for security, Trubanc’s digital signatures allow the bank and the customer to prove to each other that they agreed at a particular time on their balances. It does this while allowing destruction of transaction history for closed trades.

Trubanc will initially provide server-based trading. Eventually, it will provide digital checks and bearer certificates. These, however, WILL require permanent storage of transaction history.

Check out Trubanc here and thanks to Bill for all the hard work.

http://billstclair.com/blog/trubanc_web_client_public_beta.html

Trubanc is an anonymous, digitally-signed vault and trading system. Like Loom (https://loom.cc/), it allows anyone to issue assets (digital currencies). Unlike Loom, which relies entirely on (very good) obscurity for security, Trubanc’s digital signatures allow the bank and the customer to prove to each other that they agreed at a particular time on their balances. It does this while allowing destruction of transaction history for closed trades. Trubanc will initially provide server-based trading. Eventually, it will provide digital checks and bearer certificates. These, however, WILL require permanent storage of transaction history.

Mirror URL     git://repo.or.cz/Trubanc.git

http://repo.or.cz/r/Trubanc.git

Push URL     ssh://repo.or.cz/srv/git/Trubanc.git