An innovative new kind of money for South Africa! A purely peer-to-peer version of South African electronic cash would allow payments to be sent directly from one party to another without going through a financial institution. We propose a solution to various problems such as double spending, unfair monetary systems, trust based model relying on third party financial institutions and more as we will describe in this paper.
Retail & Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
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