Thursday, 10 November 2011

SOLUTIONS: PKTP - How It Works!

A collection of vaults stores metals such as gold, silver, and others.  Each vault has a list of PGP/GPG keys that can own metal, signed transactions can move metal from one key to another. No username/password or login is required just sign the transaction.  It is possible to use without a PGP/GPG key. Vouchers can be issued which are just a string of numbers (like DS94V8xKiZXRg7mcZaDmP0YdQc0Pb ) that are used like a bearer certificate. 




Another useful feature is that shares can be issued.   This might be handy if you want to raise funds for a project.  Anyone can issue shares (even bad people so buyer beware!), it is possible to then pay metal dividends to shareholders. Although there are a few other things planned, with just these features you can implement many different payment situations. 

The idea is that each vault acts like an old corner store (and ideally would be a corner store :) {or #Occupy or Pirate Party HQ's in local small towns worldwide - editor ;) ;)}) somewhere local that you can put you valuables in and out of if you do not feel like having gold bars under your pillow.  Vaults that hold metal with each other allow transactions to cover larger areas so that with many vaults running you can pay anywhere around the world.  

By distributing transactions across many vaults the transaction volume of each local node is very small and the local clientele can choose the trustworthiness of the operator. The local vault operator can be chosen as the convenience and trust of well known vs. risk of government finding; or the well hidden hard to find anonymous operator holding your gold.

Problem: this software may not be in compliance with the regulatory system that you are governed by.

Many states in the USA are passing laws about gold and silver becoming legal tender (trying to get back to the constitution perhaps) so it could well become legal soon near you.





All source code is available.

I need some more vault operators to make this system work the way it is intended

Currently the are no fees and charges, with the operator getting expired vouchers and funds from expired keys that do not have a 'next of kin' key, this is IMO heaps of incentive as people tend to let things expire all the time and the actual cost of running a node is close enough to zero.  I know if a revolution was coming to town, I'd want to know where my retirement money was. In a big bank as some promise to tax future generations is not what I want. I would take my money out, put it in a more robust form and keep it safe.  If you find it interesting you can have a look at a working site at http://fincryp.no-ip.info/

There is no fee to use, just register your public key before trying to do any transactionsThere is also a public 'pool' compromised key available that I try to keep a few grams of lead in as a play account so you can try out stuff without any feeling of commitment.

cya, 

Andrew...
Hoard Local Spend Global with PKTP


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