An interview with Sebastian who published a whitepaper about a new method for exchanging digital vouchers, for example digital Minutos (part 1/2).

This is part 1 of 2. For the second part please click here.

David: Hello Sebastian and thank you for doing this interview with me.

Sebastian: Hi David and thanks for your invitation.

David: You use Minuto yourself, give talks about it and have created platforms such as the Minuto wiki, a Minuto marketplace as well as Telegram groups and channels for Minuto. What excites you so much about Minuto?

Sebastian: Before I go into the benefits, I can honestly say that I found Minuto quite strange at first.

The concept seemed unusual to me. But as is so often the case, you first have to gain practical experience to understand why something works and what doesn't.

I gained my first practical experience with alternative means of payment and their use by people in 2014 when I founded a barter ring. It existed for a few years and it was only through this experience that I recognized the benefits of Minuto.

What I particularly like is the simplicity of the concept.
– Sebastian

David: What are those benefits for you?

Sebastian: What I particularly like is the simplicity of the concept. As the initiator, it saves you an incredible amount of effort and bureaucracy. Anyone who has ever founded an association knows how many hurdles are involved.

All that is eliminated with Minuto. You explain the concept to people, meet up for stamping - and can get started right away.

Another advantage is the cash character, as there are hardly any barriers to use. Therefore, Minuto is a great solution for anyone who wants to set up a barter ring or something similar. I can only recommend it.

David: A few days ago, you published a whitepaper about a decentralized, trust-based electronic payment system. How did you come up with this idea?

Sebastian: Because Minuto is so ingeniously simple, the question kept coming up as to whether Minuto could also be created and passed on digitally. Some people also approached me about it.

As I am a computer scientist, I was open to the idea as it offers a number of advantages, such as the possibility for participants to trade over long distances. However, it wasn't easy as I had high expectations of the system.

It should work almost like cash - you simply pass it on.
– Sebastian

David: And what did you expect?

Sebastian: I wanted a solution where digital Minutos could be created without a classic blockchain, that means without a global transaction ledger on the internet. It should work almost like cash - you simply pass it on.

That presented me with major challenges. In the digital world, everything can be copied, and without a central administration (like a blockchain), it seemed impossible to protect digital vouchers from duplication.

At times, I searched more intensively for a solution and developed concepts, some of which were again based on a blockchain. But after about four years, discussions with others led to new ideas that ultimately led to a completely different, very interesting approach.

David: Can you explain to us in a nutshell what this system is all about?

Sebastian: The system makes it possible to create digital vouchers (not just Minuto) decentrally and use them as a means of payment.

The special thing about it: within trust-based circles, the system works completely without a server or blockchain. Anyone can start immediately, without any special technical requirements. All that is missing is user-friendly software or an app - which unfortunately does not yet exist.

From a technical point of view, it was long considered impossible to establish an electronic payment system without a global transaction ledger. After all, anyone can copy digital files - which means that a voucher could also be easily duplicated.

Continuation: This was the first part of this interview. For the second part please click here.

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