Asked By
James Craig
40 points
N/A
Posted on - 04/15/2012
Royal Canadian mint is hoping to digitize money with a new system called Mintchip does that mean they cut paper money
Canada Launches MintChip, a Project to Digitize Currency
Canadian Govt has plans to convert its currency the Canadian Dollar into Mintchip which is not a physical currency itself. We can understand to imagine as a digital currency. After the launch of Mintchip the paper currency and coins will be no more place. Mintchip can be understand as Bitcoin currencies. To understand the concept of Bitcoin currency you can follow the following link.
https://en.wikipedia.org/wiki/Bitcoin
But in case of Mintchip has an advantage of having got a backup and strong centralized management structure.
Mintchip currency will have to be introduced in limited use just for small transactions take place in everyday life like different purchases online it's intended to make these types of transactions easier and cheaper for everyone involved.
Mintchip require from its users to enter some value into their Smartphone, USB stick, computer, tablet, cloud or any other device and use it to pay.
This technology is still in very early form of development and is seems to be appearing very soon.
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Canada Launches MintChip, a Project to Digitize Currency
A MintChip is actually a secure smart card chip that can be integrated with an SD card so it can easily be connected to mobile devices and computers. It is also the idea of a digital currency that allows digital transactions and is supported by the Canadian government. It is denominated in different currencies.
The MintChip project was launched sometime in 2012 by the Royal Canadian Mint together with the launching of the MintChip Challenge contest. The idea behind the contest was to persuade advancement to create fascinating application for it. The card has a private key which is authorized by the mint and can then be used to sign transactions like for example paying something.
The card is already preloaded with a balance. When doing a payment transaction, the sender obtains the ID of the receiver and the chip will then deduct the amount to the stored balance together with a sign that the transaction has been finished. Here is what the MintChip looks like.
The contest ran during the summer of 2012 and among its prizes includes $50,000 in gold bullion.
