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Checkoin: Open standard to secure the circulation of physical crypto coins

Fri Apr 08, 2016 7:55 am

Physical cryptocoins are mediums holding sealed cold storage information for cashing cryptocurrencies (or more generally any redeemable asset). As Bitcoin addressed the digital currency's issue of double-spending, Checkoin aims to address the issues of the hand to hand circulation of physical cryptocoins (geolocation, counterfeiting, altering, copying, etc.), while protecting the freedom and anonymity of the users.

It allows to check the integrity of physical cryptocoins without having to break their sealing, with a high level of trust and ease, like checking a banknote under a UV blacklight. Thus, they can circulate safely, by hand from peer-to-peer, until they eventually get cashed by having their irreversible sealing opened, then trashed.

In other words, you don't need to “crack the nut” to know if it is “rotten”, you just perform a reliable “health evaluation” that helps you to decide if you accept it as a payment, if any doubt you simply reject it, return it, or crack it to be sure, and eat it!

Why physical coins in the digital age? Because it's fun, easy, socially interacting and pedagogical for bringing the use of cryptocurrencies to the masses. Furthermore, as the digital age is also the time of mass surveillance (gaining ground on our privacy under the war on cash), and as the global fiat currency war has already started, having alternative means of exchange that rest most of their time off-the-grid in our pockets (and which worth more than the paper it's written on) is interesting way to stay away from these threats. Finally, Satoshi's motivation for Bitcoin wasn't the beauty or convenience of technology, but freedom, pursuing the dynamic to the physical world is more than ever bitcoinish.

In its current form Checkoin is a technical proposal for the standardization of such specifications, a pre-RFC-like work in progress. You are welcome to get in in order to manifest this open economical ecosystem of trust, freedom, fluidity and innovation into reality!

How it works
Additionally to the Sealed Cashing Data common to most physical cryptocoins, Checkoin Coins present a Visible Scan Data on their outer surface. When a user gets a Coin handed to him/her, the user Scans the Visible Scan Data of the Coin with a Blacklight application (or device) to check the Coin.

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