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Explaining Digital Cash

A chaumian cash digital token is generated the same way you do a digital currency transaction, a signed cryptographic transaction occurs where you move the value from your account into the token.  It is the same things as paying another account but instead of sending the value into the other account you send it into a token which any third party can deposit into their account which can cryptographically be proven to  have the value you transferred into the token without any trace of where that value came from (the transaction is private).  In our system, the value of the tokens is backed up by voting pools of decentralized servers controlling bitcoin and other blockchain digital currencies, but the digital currency that is generating the cash tokens is off chain and in being so, private.  The servers act as notaries, keep no records, and cannot change your balance or steal your currency, and your most current receipt for a transaction holds the entire cryptographic proof needed to prove your balance, the servers keep no records, and all previous receipts can be safely destroyed.

In our system if you were for example interested in starting at your bank account in the US, and ending up with value at another persons bank account in the US, without there being any possible way to trace the transaction, and offering the simplicity and convenience of a credit card or digital payment method, and the privacy and security of cash for the transaction, one possible way to do this (there are obviously hundreds of different details about how you move in and out of the currency that could happen):

1) First you put money into bitcoin or some other digital currency (Coinbase is a place to do that, there are many).  If you use Coinbase this is a transaction monitored by the government, with a paper trail, knowledge of your identity etc.  This can be done in more private ways but for our example it does not matter.

2)Use bitcoin or some other digital currency you trade for bitcoin to buy Fr33dom Coin (this is not live yet, we will have the smart contracts and markets set up hopefully within the next month or two this is in testing).  Depending on how you buy this currency, there is equivalent value a the time of the transaction stored in some blockchain asset (bitcoin, etherum, etc.).

3)Use the offchain private application (currently the android application to do this is functional and in testing, there is a desktop application which works and is stable, the android app is invite only currently but should be available to the public soon, as soon as it is ready) to mint a digital cash token with your balance.  There is no record of this happening anywhere, it is a cryptographic transaction where you authorized your value to be removed from your account and placed in this token.

4)Do your transaction.  Meet someone on the street, buy an apple from them for the value placed in the token, they hand you the apple, you hand them the token.  They can use the smart phone app in their hand to put the value in their account and verify it is a valid piece of currency while you are both holding on to the apple, you will need to work out who lets go first on your own similar to if you were buying an apple for a US dollar one of you would probably give the other one the apple or the dollar first.  The token does not contain identifying information about you, if this person does not already know you, the information from the token does not help them (or any governmental agency or nosy neighbor) figure out who you are.

5)The person who sold you the apple can turn the Fr33dom coin they now have into a digital blockchain asset of choice, and reverse the exchange process if they like, or they can continue to make transactions, for example they can now print their own digital cash transaction, and hand the value to someone else.  This can happen via any electronic worldwide communication method, it is not limited of course to face to face transactions.

6)At some point, when someone decides for some reason they want US dollars again, they withdraw the money as bitcoin or some other blockchain asset and create an exchange account (or hand someone their digital cash token for some US cash tokens).  The original source of the US dollars that bought the digital currency at Coinbase in step 1 is hopelessly lost as far as tracing it back.

The transaction does not need to happen at the same Fr33dom Coin server it was created on, if the value is withdrawn it does not need to be taken out of the same voting pool, and there is no way to link the two transactions and no records kept by the servers or any third party.

During this process, no third party or server ever had control of the value in your currency (well Coinbase did for a few seconds until you transferred it out of their exchange, but you can avoid that by getting your original digital currency some other way, we prefer earn in to buy in, as it has no paper trail and you do not need to trust servers, which we don't like to ever do).  The parties who had the value held the crypto keys needed to transfer the value to anyone else at every stage, the servers cannot change your balances.

This is not the easiest thing to grasp at first for most of the people I have discussed this with over the last couple of years, I hope that helps.  You will be able to go through the above process with live Fr33dom Network applications probably within a month or two, it is all functional now in testing.
  last edited: Thu, 17 Nov 2016 10:53:36 -0800  
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  last edited: Thu, 17 Nov 2016 11:18:08 -0800  
Welcome to and the fr33dom channel.

fr33dom is a concept, and a movement.  fr33dom is about making financial markets and tools available to all people, about removing the barriers to entry to create true financial freedom, and creating the tools to create cooperative capitalist financial structures that actually work for everyone who participates.

Digital currencies, and decentralized autonomous organizations (DAOs) make a new type of financial structure and organizational paradigm possible.  DAOs are like companies that function much like traditional corporations but that do not exist inside the legal structure of any country and do not rely on third parties like banks or governments to enforce their agreed terms of participation, and instead are formed and regulated by autonomous decentralized applications relying on encryption and participants agreement to manage their dealings that cannot be interfered with in the same way traditional existing structures can be.

The fr33dom network is comprised of many tools and structures set up to assist creating and managing these new structures for the benefit all people of the world.  We are currently a group of professionals in technology, economics, and law coming together to help guide and usher in the new age of capitalism, which we are calling fr33dom capitalism, where the rules are different, and the beneficiaries of the structures are the many instead of the few.

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