3 ms·

Does this mean someone needs to verify every banknote handed over to them? If not, what's to stop me giving people unloaded notes and them assuming they have f

• paulgerhardt 7y ago
  The imagined usability is like cash. Low denominations notes are glanced at to sure they're intact, high denomination notes are scrutinized more closely. The difference is one can validate these notes with a cryptographic operation rather than a highlighter.
  • jiofih 7y ago
    Online validation dissolves you’re anonymity value proposition instantly. Bank notes are recognized as a financial instrument by the government, and have the accompanying legal repercussions to counterfeiting. I expect no such strictness being applied to a private digital token, what exactly de-incentivized someone from going crazy counterfeiting notes? Especially considering their transactions would be anonymous too?
    • ccamrobertson 7y ago
      You could cache a list of existing notes directly from an Ethereum node for offline verification; this cached information would work for verification until the claim date in the smart contract. Correct, there is no secret service that will remove counterfeit Kong which is why you should verify it yourself or only accept it from parties you trust and have attested to previously verifying it. Habits around verification would likely be governed by the prevalence of counterfeits in a local money supply. If I hear about a bunch of 1 Kong notes failing to verify as counterfeit, then I'll likely verify every 1 Kong note before acceptance.