So one of the people I personally know has undertaken a project personally, and as the kind soul I am ( * heh heh * ) am getting some feedback for him from a couple different forums & am working with him on it, so I'm basically looking for you guys to listen to the concept and give some feedback.
WARNING! - LONG THREAD AHEAD !
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JAG Currency (Justified Anti Govement Currency ) , is a "crypto-currency" , operating on a principle similar to BitCoin. It's founded on the principle of anonymity and not being manipulated by any shape or form of government or official form of rule. It's goal is to allow a convenient, anonymous, and tax / rate free transfer of money.
( First a bit of information on how the data is protected & secured [ just the basic concepts ] )
A wallet is downloaded from the official JAG website. Once downloaded, the user opens the wallet, the wallet send a new wallet creation tag to the web server, which then references the wallet, blocking spam , or multiple requests from the same location. Once authorized, the request is sent to the back-end database, the wallet is then assigned a number, and wallet key ( similar to a pass-phrase. ) The wallet-key is then passed back to the wallet on the user's end.
The user is prompted to enter a password, then save it on a piece of paper ( not digitally ). The wallet saves the wallet-key to the computer, passes the password to the back-end of the website. The wallet does ( not save the password, and only passes it along. ) The wallet-information ( such as balance & transactions ) are stored on the database of the server running the operation. The saved data about the wallet on the database is encrypted according to a pattern generated by the user-entered password. Each time the user logs on to the wallet, they enter the password, the wallet then sends it's key along with the password to the data server. The data server then simply located the wallet info, and attempts to decrypt it using the user-entered password, if it fails the password is obviously incorrect, and such is displayed on the user's screen. If the data is successfully decrypted, it is then displayed on the user's screen ( the user can only VIEW the data for the wallet such as balance , not influence it at this stage )
The wallet can be loaded using a bank transfer, credit card, or debit card. The payment is not tagged or given any additional data except the payment location. The only data a bank or authority can see from given information about the payment the bank receives is that a payment of say, $10, was made to JAG. Nothing more, as such the loading of the wallet can-not be traced to which exact wallet was loaded. Even if the person's computer was examined by anyone, ( if they had the password ) is that the JAG account was loaded. Proving the balance used for loading the account came from said bank account, would be solely based by assumption from anyone, without any hard proof or way to be traced.
The data center also stores a payment-location address, a string of 15 letters & numbers, stored at the datacenter ( not on the computer of the person payment is indented for ) When someone needs to receive a payment, the wallet of the said person sends a request to the datacenter. The datacenter then randomly chooses a word from the English language, and associates it to the payment-address. Once a payment is made to that word once, it is recycled, and next time it is used it points to a new payment-address. If the chosen word is say, Panda, person 1 requests a payment location and receives the word Panda. Person 1 wants a payment from person 2, so he tells person 2, use the word Panda. Person 2 enters Panda into his wallet, along with his password. The wallet sends the wallet-key, password, and word Panda to data-server, which then using the password authorizes the payment. The datacenter links the word Panda to the payment-address of Person 1, and increases account balance of Person 1, and decreases balance of Person 2. The word Panda is then scrapped, and then put back into the list of words to be used for wallet locations. Next time the dataserver gives out the word Panda to a user, it is to an entirely different person, leading to an entirely different wallet. The transaction is then complete, and money has moved securely & anonymously. If person 1 then wants to withdraw his balance, he enters his password, the amount to withdraw, and the location to withdraw to ( bank info )
The datacenter uses his password to authorize transaction, and an unmarked payment appears in Person 1's bank account for said sum. The new balance in Person 1's bank account is unmarked, and can't be traced to anything other than that it came from JAG.
As long as you remember the wallet password, balance can remain in the wallet indefinitely, unknown to any government or entity, free from any kind of rate or taxation. The person can hold his balance, and withdraw whenever he wants to, free from any tax or rate while it's in the JAG account. This system results in a secure & anonymous transfer of money.
WARNING! - LONG THREAD AHEAD !
-
JAG Currency (Justified Anti Govement Currency ) , is a "crypto-currency" , operating on a principle similar to BitCoin. It's founded on the principle of anonymity and not being manipulated by any shape or form of government or official form of rule. It's goal is to allow a convenient, anonymous, and tax / rate free transfer of money.
( First a bit of information on how the data is protected & secured [ just the basic concepts ] )
A wallet is downloaded from the official JAG website. Once downloaded, the user opens the wallet, the wallet send a new wallet creation tag to the web server, which then references the wallet, blocking spam , or multiple requests from the same location. Once authorized, the request is sent to the back-end database, the wallet is then assigned a number, and wallet key ( similar to a pass-phrase. ) The wallet-key is then passed back to the wallet on the user's end.
The user is prompted to enter a password, then save it on a piece of paper ( not digitally ). The wallet saves the wallet-key to the computer, passes the password to the back-end of the website. The wallet does ( not save the password, and only passes it along. ) The wallet-information ( such as balance & transactions ) are stored on the database of the server running the operation. The saved data about the wallet on the database is encrypted according to a pattern generated by the user-entered password. Each time the user logs on to the wallet, they enter the password, the wallet then sends it's key along with the password to the data server. The data server then simply located the wallet info, and attempts to decrypt it using the user-entered password, if it fails the password is obviously incorrect, and such is displayed on the user's screen. If the data is successfully decrypted, it is then displayed on the user's screen ( the user can only VIEW the data for the wallet such as balance , not influence it at this stage )
The wallet can be loaded using a bank transfer, credit card, or debit card. The payment is not tagged or given any additional data except the payment location. The only data a bank or authority can see from given information about the payment the bank receives is that a payment of say, $10, was made to JAG. Nothing more, as such the loading of the wallet can-not be traced to which exact wallet was loaded. Even if the person's computer was examined by anyone, ( if they had the password ) is that the JAG account was loaded. Proving the balance used for loading the account came from said bank account, would be solely based by assumption from anyone, without any hard proof or way to be traced.
The data center also stores a payment-location address, a string of 15 letters & numbers, stored at the datacenter ( not on the computer of the person payment is indented for ) When someone needs to receive a payment, the wallet of the said person sends a request to the datacenter. The datacenter then randomly chooses a word from the English language, and associates it to the payment-address. Once a payment is made to that word once, it is recycled, and next time it is used it points to a new payment-address. If the chosen word is say, Panda, person 1 requests a payment location and receives the word Panda. Person 1 wants a payment from person 2, so he tells person 2, use the word Panda. Person 2 enters Panda into his wallet, along with his password. The wallet sends the wallet-key, password, and word Panda to data-server, which then using the password authorizes the payment. The datacenter links the word Panda to the payment-address of Person 1, and increases account balance of Person 1, and decreases balance of Person 2. The word Panda is then scrapped, and then put back into the list of words to be used for wallet locations. Next time the dataserver gives out the word Panda to a user, it is to an entirely different person, leading to an entirely different wallet. The transaction is then complete, and money has moved securely & anonymously. If person 1 then wants to withdraw his balance, he enters his password, the amount to withdraw, and the location to withdraw to ( bank info )
The datacenter uses his password to authorize transaction, and an unmarked payment appears in Person 1's bank account for said sum. The new balance in Person 1's bank account is unmarked, and can't be traced to anything other than that it came from JAG.
As long as you remember the wallet password, balance can remain in the wallet indefinitely, unknown to any government or entity, free from any kind of rate or taxation. The person can hold his balance, and withdraw whenever he wants to, free from any tax or rate while it's in the JAG account. This system results in a secure & anonymous transfer of money.
