Prof. of Economics
						Dmitry I. Mironenko

		The Internet Money Standard, version 1.0
			        (RFC 4000)

			       Okhotsk, 2007


Lately on several discussion groups in Internet the problem of e-money was
mousonned. Several blogs were monitored on such an activity. As the discussion
tends downto 1970-ies I decided to clear the matter. Government hunts for
the solution. Although the property of the decission is held in my private hands.


This proposed standard is scientific desision of so called "electronic money problem".
The normal (common-sense) definition of electronic money is that it is number to
pay for goods which you may send by e-mail to Seller.
The model was extended onto banks (controlling money aggregate), and digital
certificates (used in issuence).
So, let me describe the best solution:

(1) Your bank issue an electronic coin on the amount he desires. For example,

		Bankers Trust Co. of NY 2317-1973 $100.00
		Bankers Trust Co. of NY 4597-1274 $100.00
		Bankers Trust Co. of NY 6723-1384 $100.00 << yours
			...		...
		Bankers Trust Co. of NY 3312-2145 $100.00

(2) The bank trades for money with you: you deposit money onto your account.
(3) Bank sends you the coin on your request (for example, by e-mail).
(4) You collect and hold the money. At your wallet (piece of software).
(5) At the moment of purchase, you convert your e-coins for goods. But, you
send the Seller only the first part of coin, e.g.:

		Bankers Trust Co. of NY 6723= $100.00

At the same time you deliver the second part of e-coin to bank (6) as a sign of
payment (on the same connection to Internet, on other channel), for example:

		John Doe =1384 $100.00

(7) The bank holds the money, the 2nd till the clearance same day, and converts
the money, the 1st for the money, the 2nd with the Seller. Then it purses the coin.
(8) The Seller accepts 2nd parts of the money, and returns it (9) to you:

		Tip Toes Co. =1384 $100.00

(10) Now you have the same e-coin fired with check, or invoice.

		John Doe 6723=1384 $100.00 02.10.2007 15:03

To avoid the fradulent activity the following measures are acquantied:

A) All E-coins are issued on the basis of digital certificates, I mean every next
coin number is bigger than previous onto the digital certificate byte, then next
coin and next byte.
B) That means that juridically the issuance of fradulent money is subject to
the digital law of the U.S.A. and is under criminal investigation.
C) To issue a valid coin bank should accquire a digital certificate that is not
sold to private persons. The process of issuance of certificates is subject
to federal government monitoring.

Figure 1. Electronic exchange of money.

Internet Money Standart


The banks are instituted in imperialist economy simply to monitor money,
they should not issue bigger amounts than allowed. This acomplished
by the mechanism of governmental control through Federal Reserve system.
They may issue money in their allowed quantity if they want more they
should trade with government on the money market for FedRes margin.
For example, 0.2% annually for increasing your bank reserve (deposited)
onto say $1 billion dollars.

Copyright (c) 2007, by Dmitry I. Mironenko
Bankers Trust Company of New York