ECash

eCash is the international electronic payment system.

The owner and Internetoperator of the international eCash electronic payment system is the Dutch company DigiCash which developed a number of systems using digital money, for example a payment system of driving through paid roads of Europe.

Main product of the company - digital cash (eCash) - completely anonymous system of network (digital) monetary units. According to the license of this company from Holland two banks - Mark Twain Bankv of the USA and Merita Bankv of Finland using which it is possible to perform any operations with cyberdollars (cyberbacks), including their converting in US dollars and the Finnish brands already real respectively already work.

Product

Money of eCash differs from similar products (for example, CyberCoin) in the fact that they represent the electronic amount, but is not prepayment tools. As well as electronic money of Mondex, they are capable to circulate out of banking networks. As monetary unit serves the cyberdollar (cyberbacks), and in a case with Mark Twain Bancsharesego face value is connected with US dollar exchange rate.

Exchange of money between individuals is possible. The paramount value is given to anonymity. "Even at insignificant payments registration of the one who, when and what paid money for, is violation of the right to confidentiality", - the founder of DigiCash David Chaum considers.

However, unlike Mondex after electronic money of eCash is released, the face value of monetary unit cannot be separated into smaller amounts that limits possibilities of continuous implementation of transfers. Therefore, in many cases sellers are forced to transfer the received electronic money to the account to Mark Twain Bancshares.

For prevention of reuse of eCash the coded number of a series (the so-called blind signature) is assigned to each electronic amount. When the electronic amount comes to bank, number of a series is checked. The amount is accepted only if its number was not used earlier. In other words, if the electronic amount with the same serial number comes to bank more than once, it is rejected. If the user at once transports the received electronic amount of bank, its authenticity can be verified.

Wage rate

Transactions in a system are performed free of charge. However the seller pays for the license from $5 to $25 and 2 - 3% a month.

History

1989.

The basis in the Netherlands DigiCash companies. She is one of the world's leading equipment manufacturers for processing of smart cards.

1994.

DigiCash objyavilyat about creation of the eCash system which serves as an alternative to cash and is available via the Internet. In October of the same year tests near the western coast of the USA began.

December, 1995.

The American bank Mark Twain Bancshares which headquarters is located in Missouri accepted the eCash system of DigiCash company in operation and in the first year managed to involve about 1000 clients and 90 shops of retail with a system.

2000.

Announced system implementation of eCash Deutsche Bank (Germany).

External links

• David Chaum
• E-COMMERCE: LEGAL REGULATION AND TAXATION.