Digital Currency systems have two sides: Online and Offline.
For a digital currency like MintChip to succeed, the needs of both sides must be effectively addressed. Regardless of how many connected devices are in use, people will desire offline transactions and this is an obstacle before the transition to digital currency. Our solution helps the progression of this transition and overcomes this obstacle.
MOCHA is a transaction processing system that creates the ability to transfer, verify and redeem MintChip value offline. This allows users to exchange value to and from the digital currency system using vouchers that are created by the MOCHA system.
The system incorporates an online method used for creating vouchers, verifying vouchers and redeeming vouchers. The system is designed to ensure the integrity of the vouchers being issued and redeemed.
When MintChip value is transferred using a MOCHA voucher, the recipient of the value does not need to be known at the time it is issued. Transactions can be anonymous and the issuer becomes accountable for the validity of the voucher.
The MOCHA system is a way for people to store value offline safely, reliably and with utility beyond what old cash and new digital currency offers.
What the MOCHA system does:
- Without the existence of a non-digital trading solution, people will inevitably find a way to exchange transactions without using the digital system.
- The MOCHA system creates entry and exit points for value exchange that are unachievable through the use of traditional cash or an all-digital solution.
- The MOCHA system extends opportunities for people in and out of the value chain. This technology can be applied to any level in the value chain. Any point of sale can become a transaction processing station. Fees can be applied (optionally) anywhere along the process.
- The MOCHA system decentralizes the distribution of printed value but maintains the requisite central authority.
- The MOCHA system creates new opportunities for people who use value and transact both online and offline.
- The MOCHA system fixes problems that exist now in addition to ones that have yet to be identified. Because of the nature of the data being transferred and the method being used, it is easy to adapt this system to suit future needs.
- Any other system requires a known recipient, this system does not. With this system the recipient of the value can be determined later.
- Verification does not require a website and can be done reliably from anywhere there is an internet connection.
- The MOCHA system allows people who do not hold a physical MintChip or hosted MintChip account to transfer and use MintChip based currency.
The technological advantages of the MOCHA system are created using a proprietary payment handling process:
MOCHA voucher creation – Choose the amount and the voucher is generated.
MOCHA voucher redemption – Upload a voucher file and the data is converted and redeemed
MOCHA voucher verifier – Check a voucher ID to see if there is a value record
The MOCHA Demo is a web-based application. The transactions accomplished in this demo could easily be accomplished on native platforms (e.g. Windows/Mac desktop app, iOS app, Blackberry app, etc.) but a browser-based approach for this demo was used to enable the widest possible compatibility and accessibility.
This system does not require the user to have a physical or hosted MintChip to use MintChip value. One of the methods used in this system simulates the purchase of MintChip value using a credit card. That value can be transferred to a MintChip or re-issued without a MintChip.
MOCHA also contains features to support accessibility.
People can use MOCHA vouchers to exchange MintChip value
Stores can sell MOCHA vouchers or include MOCHA vouchers with products as incentives
Retailers can accept and exchange MOCHA vouchers
MintChip value can be embedded into documents and transferred to anyone, anywhere
MOCHA is the missing link in the evolution of currency.