Leveraging NMC to create counterfeit-proof physical Bitcoins

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indolering
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Joined: Sun Aug 18, 2013 8:26 pm
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Leveraging NMC to create counterfeit-proof physical Bitcoins

Post by indolering »

This will likely remain a proposal for a while due to how behind I am in getting Speech.is running, but I put up a draft spec on the wiki and I have a long blog-post explaining how we could leverage Namecoin to create counterfeit-proof physical Bitcoins.

Even if it the idea just generates some press (reddit, slashdot) that would be pretty great for us (translation: go up-vote!).
“Physical” Bitcoins typically use holographic stickers to conceal the private key of a Bitcoin account which corresponds to the physical coin. The with these systems is no different than with traditional fiat currencies: if you can fabricate just one fake you can fabricate an arbitrary number of fakes. However, using Physically Uncloneable Functions and Namecoin, it is possible to create a “Counterfeit-Proof” physical Bitcoins at scale. This is a major breakthrough for both Bitcoin and currencies more generally.
DNS is much more than a key->value datastore.

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