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If the private key is inside of the note and stays the same when it changes hands, how do I know you did not make a copy of it when you created the note?
There is also a private key inside simcard, and debit cards. Good luck fetching it. I mean, you can technically do this, but it would be really hard.
Potentially more people will accept it. But I doubt it.
So you can't backup Kong.cash? That's one main benefit of digital currency, why go backwards towards physical cash? Instead you should go towards the Wechat model of instant mobile payments.
Cash is the dominant form of consumer payments (77% world wide!) and the move to ban cash in various places disproportionately affects the underserved and marginalized members of society - ostensibly the audience cryptocurrency is trying to serve first. This is an effort to meet others with terms and technology they are comfortable and familiar with.
> They consist of a flexible circuit board, specialized secure element chips and an independent NFC interface capable of powering the secure element. Each secure element stores an internally-generated ECDSA key pair that is associated with a unique smart contract on the Ethereum blockchain
Who wants bills that cost $3 ea, and are not likely to survive a wash?
> flexible circuit board
FPC != "meant to be constantly flexed". Most are not designed for a certain (not small) bend radius and to be bent no more than a dozen times. They are more meant to be curved once into a particular shape than to be constantly bent.
> I2C, raspberry pi connector
That will do great with dry pockets and ESD
> raspberry pi connector
tiny holes, so your notes can catch on your keys and any other thin sharp object in your pocket
This seems like a VERY cool technical solution in a desperate and fruitless search of a problem. > They consist of a flexible circuit board, specialized secure element chips and an independent NFC interface capable of powering the secure element. Each secure element stores an internally-generated ECDSA key pair that is associated with a unique smart contract on the Ethereum blockchain Who wants bills that cost $3 ea,…
Americans are already used to this.
This seems like a VERY cool technical solution in a desperate and fruitless search of a problem. > They consist of a flexible circuit board, specialized secure element chips and an independent NFC interface capable of powering the secure element. Each secure element stores an internally-generated ECDSA key pair that is associated with a unique smart contract on the Ethereum blockchain Who wants bills that cost $3 ea,…
> Who wants bills that ... are not likely to survive a wash? Americans are already used to this.
Is Kong stabilized/a stablecoin or is it a commodity-style asset?
We considered various stablecoin constructions, but most of them effectively pin to fiat which (1) seems to defeat the original intent of cryptocurrencies (i.e. think back to 2009) as not subject to the whims of central banks and (2) seems to just duplicate fiat currencies in a more expensive format.
Likewise we are doubtful that most folks holding BTC/ETH/etc. would actually be willing to spend it on something, vs. just continue to hodl in a cooler format.
How does this work? Is the first 2,500 part of your own ICO?
There is no ICO. We're selling packs of Kong in a limited fashion to cover the costs of manufacturing the hardware. We have a limited number of units available so we're slowly opening up sales to our mailing list. Take a look at sections 4.2 and 4.3 of the paper for information on our lockdrop; this is the only other way to get Kong token. Lockdrops are a novel means of distributing token based on opportunity cost ra…