Not any more

A Penny for your thought

In Canada, Government, Money on April 12, 2012 at 14:24

Just a tad…

So a couple weeks back, the Canadian Penny bit the dust during the federal budget…but don’t think that this was the end of the killing.  Saving $10 million or so is one thing.  How about saving $100 million!  Enter the MintChip! Actually I’m not sure how much they would save but Canada Mint wants us to go all in digital.  The first two answers in the FAQ reads like this, “The Royal Canadian Mint launched the MintChip Challenge to enlist the help of software developers in creating proofs of concept highlighting the potential advantages of the MintChip technology.

MintChip can be characterized as an evolution of physical money, with the benefits of being electronic. MintChip is based on two technical propositions: the creation of secure integrated circuit chips to hold electronic value and a secure protocol that allows the transfer of value from one chip to another and ensures the integrity of the MintChip system. It operates without the need for personal identification, thereby maintaining the user’s privacy.

MintChip security tokens can be stored in many ways: on MicroSD cards, on USB sticks, or remotely in the cloud, with no physical access to the token.”  Hackers unite!  You’re going to make my money for my government.  Royal Canadian Mint, why can’t you just stay retro?



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