Oops, looks like somebody beat us to the punch:
US patent 5983207: Electronic cash eliminating payment risk
Inventors: James J. Turk, Geoffrey Turk
Issued: Nov. 9, 1999
> A system and method to allow gold to circulate as digital cash through
> the global computer network (Internet) and/or private communication
> networks much like cash currently circulates in the physical world. A
> computer system (emint) will create digital representations of
> gold (ecoins). Each ecoin will represent a weight of gold held at a
> participating secure storage facility (storage site), and each ecoin
> is given by the emint a unique Digital Hallmark.TM. by which it can be
> distinguished and identified. The sum total of all circulating ecoins
> (denominated in physical measures such as weights such as grams and/or
> ounces and fractions thereof) will equal the weight of all the gold
> held for safekeeping at the storage site(s) for the users of the
> emint. The ownership of gold is not transferred by a computer system
> executing debits and credits between individual accounts, but instead
> by individuals directly transferring ecoins amongst themselves (as is
> done in cash transactions, i.e., without double-entry bookkeeping).
Looks like it covers exactly what we've been talking about. Oh, well,
never mind.
But look at the bright side. By the time this patent expires in 2017
the Chaum and Brands technology will be freely available. Then we'll
really be able to do it right.
BTW, hope the e-gold guys are aware of US5671364, by the same guy:
> A system and method for permitting gold or other commodities to circulate
> as currency requires a network of system users that participate in
> financial transactions where payment is made in units of gold. The
> gold is kept in secure storage at a deposit site for the benefit of the
> users. The payments in gold are effected through a computer system having
> data storage and transaction processing programs that credit or debit
> the units of account of gold held for the account of each system user.
Sounds like Mr. Turk needs to get cut in for a piece of the action.
Maybe e-gold can make a new company for him.
