An interview with Sebastian who published a whitepaper about a new method for exchanging digital vouchers,for example digital Minutos (part 2/2).

This is the second part. For the first part please click here.

David: So, how can the system work?

Sebastian: Unlike cryptocurrencies, it uses publicly known user IDs. Ownership of a voucher is transferred to a new user. The vouchers are sent directly to the new owners as files.

If someone tries to spend a voucher twice, they sign both with their own user ID. These duplicate vouchers move from user to user until they eventually end up with the same user. The software of that user can then detect that the same voucher has been issued multiple times.

Additional mechanisms enable faster fraud detection, if desired. But in practice, depending on the user group, this may not be necessary.

Fraud here is a highly self-defeating behavior, because the identity of the fraudster is known. The community would demand that the fraud be compensated - anyone who refuses would be excluded from the network, which is tantamount to a severe punishment.

To summarize: Fraud is prevented by social mechanisms so that not every transaction has to be checked immediately.

It enables the simple creation of means of payment without the need to invest money or engage in energy-intensive mining.
– Sebastian

David: You have come to an interesting insight! Can you please explain what the main advantages of this system are over well-known cryptocurrencies such as Bitcoin?

Sebastian: This system offers several decisive advantages over well-known cryptocurrencies such as Bitcoin.

It enables the simple creation of means of payment without the need to invest money or engage in energy-intensive mining.

It can also be used completely offline, for example by transferring it directly from cell phone to cell phone, or with available communication means like email or messenger, which offers great flexibility.

Another key difference is the stable value of the vouchers, as they are backed by fixed values and are not suitable for speculation - they are used exclusively for the exchange of services.

Furthermore, the vouchers remain close to the creator, giving them a stronger regional connection and promoting the local economy.

In addition, the use of known user IDs reduces the incentive for illegal activities or theft, as transactions always remain traceable. While cryptocurrencies are often attractive for criminal purposes due to their anonymity, this system ensures transparency without the need for a central authority.

Overall, this creates a completely new type of digital payment system with characteristics that differ significantly from previous cryptocurrencies.

David: That's quite impressive. Do such systems already exist in practice?

Sebastian: I am not aware that this idea is already widespread or even known.

Previous decentralized approaches with vouchers rely exclusively on technical safeguards such as a blockchain. The combination of technical and social security does not seem to exist yet.

However, there is a prototype called eMinuto that uses this system. There is a presentation on it at https://eminuto.org and a free prototype for desktop computers can be found on GitHub at https://github.com/minutogit/eMinuto-Desktop-Prototype.

A digital Minuto closes the gap in that it can also be used over long distances on the internet.
– Sebastian

David: What advantages and disadvantages of a digital Minuto compared to paper Minuto vouchers do you see?

Sebastian: A digital Minuto closes the gap in that it can also be used over long distances on the internet. There are many groups without a regional connection for whom a digital system with an app would be an ideal solution.

In addition, it would often be more convenient to use, as you only need a cell phone or laptop - with the paper Minuto, for example, you first have to get a stamp.

Many young people use technology intensively and see digital solutions as modern. A digital Minuto could spread the idea of creating your own means of payment.

One disadvantage, however, is the dependence on technology. Older people could find access more difficult - although this could be made easier with very good software.

David: What else is needed for people to be able to use a digital Minuto or similar vouchers using this method?

Sebastian: Above all, it now needs committed people who are willing to make a contribution. These can be programmers who invest time in the development, but also supporters who support the project financially or simply spread the idea in the right circles. Every contribution counts.

David: For our readers: Spreading the idea is a pieace of cake. Just use the share buttons at the end of this interview,

Sebastian: How convenient - thank you!

A crucial first step would be to develop a widely available and intuitive prototype - ideally on a website. Such a prototype could make the potential of the system visible and serve as a basis for further development until a solution suitable for everyday use is created.

I am convinced that the necessary opportunities will arise as soon as the time is right.

David: Sounds good! Where can interested parties read your whitepaper and contact you?

Sebastian: The whitepaper and my contact details are available on GitHub at https://github.com/minutogit/decentralized-voucher-payment-system.

David: Sebastian, thank you very much for this interview.

Links

• Whitepaper on A Decentralized Voucher Payment System (GitHub)
• eMinuto website
• eMinuto Desktop Prototype Software (GitHub)

Image credit:
Own work based on an illustration by OpenClipart-Vectors, Pixabay licence

Do you have a question about Minuto?

Check the frequently asked questions (FAQ) of the Minuto wiki, ask in this group on Telegram (German and English spoken) or otherwise send me an email to .

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