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Currency units created as a numbered and traceable file

Posted: Sun Dec 22, 2013 3:04 am
by Quantar

Love your software and look forward to the Pro release.

I would like to create a community where the units of currency are created as a numbered file for security. The members can then open their trading account and drag the numbered files to the trading account of another member to which they wish to transact. In this way the journey of each numbered file is transparent to the administrator and perhaps even to the whole community, thus maintaining the integrity of the system. Obviously then the numbered files in the trading account cannot be copied or numbers changed, etc.

Will the Pro release have a similar feature to protect the currency, or do you know of a Cyclos developer who could create such a feature for the software, assuming with my limited knowledge that Cyclos does not already operate in this way?

Cheers, Reece Girven.

Re: Currency units created as a numbered and traceable file

Posted: Mon Dec 23, 2013 8:18 am
by admin
The accounting structure in Cyclos is built as a double entry system, and there are various other mechanisms to ensure data and transaction integrity.
I am not sure what you mean with tracebale files but it seems that you mean that the units will be 'earmarked' with unique numbers. This is an interesting approach but technically very complex. Especially when units can be split (having digits after the comma). We have done quite some research on cryptographic protocols and algoritms but decided that this is (for now) now feasible for Cyclos.