>Again (becuase I am so incredible!) I know the reason IGs are failing >to grow currently - the reason is there can be no real competition >between multiple IG systems until there is a clearing mechanism >between them. The sentences from Dowd (below) exactly explain this >in perfect prose.
JP is 1000% right on this! (Listen to JP - he is arguably the most successful third-party entrepreneur in the gold currency field. He has created and sold more companies successfully than anyone - including Sidd.) But what is needed is a "routing protocol" that gives merchants the choice of which clearing mechanism (autoexchange) to use. Take XML-X and add a wrapper around it. (Call it XML-Y) For Person A to send 12 grams of e-gold through to person B's GoldMoney account the XML-Y instruction might look like this ************* XML-Y PAYMENT INSTRUCTION Clearing URL : http://open2exchange.com/blalbalba.asp Amount : 12 gAu Fees : 0.4 gAu XML-X Instruction #1 :: 12 grams e-gold from A to Open2Exchange e-gold acct. XML-X Instruction #2 :: 12 grams GoldMoney from O2X to B's GoldMoney acct. ************ Your protocol would have to include a rate URL so that the autoexchange operators have freedom to set their rates. By building the protocol, several exchange providers could set up autoexchanges. Then a merchant when setting up his shopping cart could choose which autoexchanger to use for all his transactions, just like they do now with credit card gateways. The problem for this kind of thing is that currently only Pecunix and e-Bullion have 3rd party verifiable automated transactions via PGP signatures. In order for this to work, the other digital currencies would need to add PGP sigs so that the originator of the transaction (Person A) can obtain incontrovertible proof that the transfer went all the way through to the intended recipient. If you design it correctly, it could be used to do autoexchange from Evocash ($) to gAu systems - provided the dollar systems offer non-reversible transactions... --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
