7 ms·

Agreed. Smartphone or payment terminal like a cash register. ATM's could do validation as well. Getting into the spectrum of how cash is used this doesn't have

Agreed. Smartphone or payment terminal like a cash register. ATM's could do validation as well. Getting into the spectrum of how cash is used this doesn't have 1:1 parity with every way in which cash is used but does fill many of the same use cases and while it does need a smartphone to validate it does not need network connectivity thanks to the nature of merkle trees.

jacquesm 4y ago
I think what wrong footed me about that is the artwork on the page linked, it shows people paying with the notes as if they are cash, there isn't a smartphone visible in the images as though a smartphone is not a requirement.
- paulgerhardt 4y ago
  Oh sorry to clarify. The smartphone is not necessary to pay with this. In the field it is used just like cash (older concept used at ethDenver before covid: https://twitter.com/alexmasmej/status/1228771055524704256?s=21&t=y8i_Sr2wsfReiuegiYzMlA https://twitter.com/alexmasmej/status/1228771055524704256?s=...) The smartphone lets one validate the funds are stored on the note. This dynamic exists with cash too. In high trust/low value transactions we skip validation. In low trust/high value scenarios we don’t. Technically I can make the case one needs a highlighter to spend or receive American dollars to validate the note is authentic by checking the acid content of the linen substrate. In practice I don’t when conducting peer to peer payments but would when conducting C2B payments of a certain nature. Validation is an optional step which correlates with the trust environment and varies greatly by market. Given the nature of cryptocurrencies it’s imagined there would be stronger correlation with validation initially; then become lax as notes were commonly circulated or going through certain chokepoints like ATMs; tighten in regions were counterfeit notes were introduced. But strictly speaking? These style of notes have been deployed in marketplaces where a smartphone check wasn’t necessary or appropriate.

jacquesm 4y ago

I think what wrong footed me about that is the artwork on the page linked, it shows people paying with the notes as if they are cash, there isn't a smartphone visible in the images as though a smartphone is not a requirement.

paulgerhardt 4y ago
Oh sorry to clarify. The smartphone is not necessary to pay with this. In the field it is used just like cash (older concept used at ethDenver before covid: https://twitter.com/alexmasmej/status/1228771055524704256?s=21&t=y8i_Sr2wsfReiuegiYzMlA https://twitter.com/alexmasmej/status/1228771055524704256?s=...) The smartphone lets one validate the funds are stored on the note. This dynamic exists with cash too. In high trust/low value transactions we skip validation. In low trust/high value scenarios we don’t. Technically I can make the case one needs a highlighter to spend or receive American dollars to validate the note is authentic by checking the acid content of the linen substrate. In practice I don’t when conducting peer to peer payments but would when conducting C2B payments of a certain nature. Validation is an optional step which correlates with the trust environment and varies greatly by market. Given the nature of cryptocurrencies it’s imagined there would be stronger correlation with validation initially; then become lax as notes were commonly circulated or going through certain chokepoints like ATMs; tighten in regions were counterfeit notes were introduced. But strictly speaking? These style of notes have been deployed in marketplaces where a smartphone check wasn’t necessary or appropriate.