Hello,

We noticed you're browsing in private or incognito mode.

To continue reading this article, please exit incognito mode or log in.

Not an Insider? Subscribe now for unlimited access to online articles.

Tom Simonite

A View from Tom Simonite

Canada to Mint Its Own Crypto-Currency

  • April 5, 2012

The Royal Canadian Mint has invented a new, digital currency called MintChip intended to be an alternative to using debit and credit cards.

MintChip is modeled somewhat on Bitcoin, a digital currency invented by an unknown programmer that looked like it might succeed last year before falling prey to a serious of security and regulatory problems. The promo video for MintChip promises that transactions as small as $0.01 will be possible, something not feasible with credit cards due to the fees on each transaction. A competition is underway that will reward programmers with the best demonstration uses for MintChip.

MintChips are exchanged as digital files that can be verified by software mathematically, without the need to verify your identity or to check in with a third party, as it with a credit card. That’s something it has in common with Bitcoin, but enthusiasts for that currency won’t like the way that MintChips are originally created and issued by a central authority, which is not necessary for Bitcoin.

The AI revolution is here. Will you lead or follow?
Join us at EmTech Digital 2019.

Register now
More from Intelligent Machines

Artificial intelligence and robots are transforming how we work and live.

Want more award-winning journalism? Subscribe to Insider Basic.
  • Insider Basic {! insider.prices.basic !}*

    {! insider.display.menuOptionsLabel !}

    Six issues of our award winning print magazine, unlimited online access plus The Download with the top tech stories delivered daily to your inbox.

    See details+

    Print Magazine (6 bi-monthly issues)

    Unlimited online access including all articles, multimedia, and more

    The Download newsletter with top tech stories delivered daily to your inbox

/3
You've read of three free articles this month. for unlimited online access. You've read of three free articles this month. for unlimited online access. This is your last free article this month. for unlimited online access. You've read all your free articles this month. for unlimited online access. You've read of three free articles this month. for more, or for unlimited online access. for two more free articles, or for unlimited online access.