On Thu, 20 Oct 2005, cyphrpunk wrote:
system without excessive complications. Only the fifth point, the ability for outsiders to monitor the amount of cash in circulation, is not satisfied. But even then, the ecash mint software, and procedures and controls followed by the issuer, could be designed to allow third party audits similarly to how paper money cash issuers might be audited today.
One approach, investigated by Hal Finney, is to run the mint on a platform that allows remote attestation. Check out rpow.net - he has a working implementation of a proof of work payment system hosted on an IBM 4758.