Thursday, March 6, 2014

Preventing a perpetual fee (for being born)

An EDI format for monetary transactions prevents a perpetual fee. EDI formats are free.

Bitcoin uses an algorithm designed by the NSA. Is there a back door on that algorithm? I do not know. However, knowing the people involved, I suspect there is. While Bitcoin (and other digital currencies) reduce the fees, it is not perfect.  So, how to prevent a perpetual fee?

All transactions can be described as:

Two people.



End transaction.

Time stamps on each stage clarify risk and accountability.

That is "Promise Language" - a simple EDI format to describe all transactions, regardless of currency. For free.

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