Nothing is moved on chain when the bills are transferred between parties. Token is stored in an escrow contract. The self-generated, non-extractable key stored

Nothing is moved on chain when the bills are transferred between parties. Token is stored in an escrow contract. The self-generated, non-extractable key stored on the note is the only key that can be used to claim funds out of that escrow contract when it matures. This is basically a smart-contract implementation of how promissory notes issued by goldsmiths (the predecessors to modern cash) worked in the 1600's. A big difference is that every note has its own contract. It's possibly more correct to say every bill owns itself and people transfer those bills. Section 3 of the whitepaper[1] expands on this. [1] https://ipfs.io/ipfs/QmRNRCocj4PwKMXrd1jeUGw7ASQSuEk7BDJu5KsGuWBXAX https://ipfs.io/ipfs/QmRNRCocj4PwKMXrd1jeUGw7ASQSuEk7BDJu5Ks...