Brendan Quinn and Leslie M. Goldschlager, Computer Science Dept, Monash University
This paper presents a new means for conducting electronic commerce, using a
form of electronic cash. Unlike other schemes for electronic trading, this
electronic cash can be reused like paper cash. There is no need to communicate
with the banks during each transaction. This makes our system the only one
which is truly cash-like. It works by using the underlying principles of a pure
credit monetary system. The concept of double spending is used as a positive
aspect of the system, allowing users to double spend notes, add value to notes,
and split other peoples' notes into notes of smaller value. A
platform-independent implementation has been completed in Java. The system
exhibits the properties of transferability, scalability, security, and low
transaction cost, and a degree of anonymity.
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AusWeb97
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