3 ms·

"Offline digital euro" can be accomplished through traditional checks. I sign a transfer (digitally) and you take it to the issuer and retrieve the money. If yo

by Laaas 3y ago

"Offline digital euro" can be accomplished through traditional checks. I sign a transfer (digitally) and you take it to the issuer and retrieve the money. If you make checks for more money than you have (double spending) you get prosecuted, i.e. violence fixes it.

sigmar 3y ago
That's not how it is described in the FAQ, it refers to currency stored on device, transfers verified by the offline device, and in a private way where the banks and central bank can not look at who made the transfer. >Offline digital euro payments are instant transfers which could be made without an internet connection, as long as there is physical proximity between the devices of the payer and the payee as it happens with cash now. Users would be able to store digital euros in their device for offline use, below a certain threshold exactly as we do with cash in our wallets. Offline digital euro payments would be validated “peer-to-peer”: the payer and payee would directly verify that the transfer of value between them has effectively happened. Such payments would be used mainly for small payments. Just like cash, the details of your offline payments in digital euro would not be visible to anyone – neither your bank, nor the European Central Bank.
- matthewdgreen 3y ago
  Offline payments seem like an invitation for double-spending and fraud, even if the amounts are limited. Plus: we know how to build private payments safely with an online bulletin-board to prevent double spending. Are there really a lot of applications where small amounts of network access is totally impossible?
- Laaas 3y ago
  Should have written "could" instead of "can", it was a hypothetical not meant to describe the actual implementation, which seems odd? What magic are they using? I think they're assuming honest devices, which seems dangerous.

3 ms·

"Offline digital euro" can be accomplished through traditional checks. I sign a transfer (digitally) and you take it to the issuer and retrieve the money. If yo

by Laaas 3y ago

sigmar 3y ago
That's not how it is described in the FAQ, it refers to currency stored on device, transfers verified by the offline device, and in a private way where the banks and central bank can not look at who made the transfer. >Offline digital euro payments are instant transfers which could be made without an internet connection, as long as there is physical proximity between the devices of the payer and the payee as it happens with cash now. Users would be able to store digital euros in their device for offline use, below a certain threshold exactly as we do with cash in our wallets. Offline digital euro payments would be validated “peer-to-peer”: the payer and payee would directly verify that the transfer of value between them has effectively happened. Such payments would be used mainly for small payments. Just like cash, the details of your offline payments in digital euro would not be visible to anyone – neither your bank, nor the European Central Bank.
- matthewdgreen 3y ago
  Offline payments seem like an invitation for double-spending and fraud, even if the amounts are limited. Plus: we know how to build private payments safely with an online bulletin-board to prevent double spending. Are there really a lot of applications where small amounts of network access is totally impossible?
- Laaas 3y ago
  Should have written "could" instead of "can", it was a hypothetical not meant to describe the actual implementation, which seems odd? What magic are they using? I think they're assuming honest devices, which seems dangerous.