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Cool! What is the cost to produce each note today, and how do you anticipate funding that longterm?
(I could be wrong but from skimming their technical spec it doesn't seem to be redeemable for anything other than digital Kong tokens)
I'm curious, have you tried passing an airport border security with several of these notes, and have you been asked what they are :)? Do you have to declare them?
Yes, they look like a bunch of circuit boards under X-Ray, it's pretty cool. We've travelled with "unloaded" Kong thus far (i.e. not backed by token). See section 4.1 on minting in the paper. Even so, we're unaware of any value to the Kong token independent from Kong notes and we are not taking steps to list it on exchanges. If Kong was to become a means of exchange somewhere then it might need to be declared as a mo…
Cool! What is the cost to produce each note today, and how do you anticipate funding that longterm?
We looked at existing hardware wallets like trezor and ledger and realized we could create something like this for 1/20th the price. Once we realized the numbers we were playing with we ran with it. Conceptually, I prefer validating something with a cryptographic signing operations rather than looking at some watermarks.
Kong is a proof of concept but we could always print these for other governments.
That seems painful for small transactions, but without it you lose absolutely all the security benefits of crypto, right? (e.g. vulnerable to good old fashioned counterfeiting)