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Single Global Currency
Two Pieces:
1. A single global
currency that everyone can
trust
2. Better and faster than
cash
A Single Global Currency that
everyone can trust:
Open public servers store global
account balances
Servers owned by different people
and countries
Money is never created or destroyed
Open conversion into local currencies
Faster and easier than Cash:
Exchange money using any web-
connected mobile phone
4 keystrokes to make a payment
Works both for web and person-to-
person
How to make money?
The 4-keystroke payment system for
faster transactions must be supplied
by a single global server (like domain
names)
Though not required or exclusive, it is
very likely that most transactions will
use this server (network effects)
We monetize the enormous traffic
and data flow through the system
Why will it work this time?
Because now everyone has a web-
enabled cell phone.
Because no one company owns the
servers - it's an open system than
can't be stopped by regulation.
Appendix
User Experience: Buy Lunch
Storeowner types price of item (5 secs)
Storeowner displays 4-digit code ('XP5R')
Buyer starts SGC app (3 secs)
Buyer types code into app (5 secs)
Buyer App displays the amount/items
Buyer confirms amount/purchase (2 sec)
15 Seconds to buy in a store
(faster than making change for a $20 bill)
User Experience: Buy Online
Click 'pay using SGC' button on website
popup displays 4-digit code ('XP5R')
Get iPhone out of pocket (3 secs)
Start SGC App (3 secs)
Enter 4-digit code (5 secs)
Confirms amount/purchase (2 sec)
Website popup confirms that you paid
15 Seconds to buy online
(at least 10x faster than entering Credit Card info)
Revenue
USA = 1,300 debit/credit card
transactions per second
$400M year revenues at
1cent/transaction
Scaling
(it's not hard to do this anymore)
Single 1U linux server can store and
update account balances for entire
planet - 10B people.
~1Mbps traffic can handle all current
USA debit/credit transactions
Easy to make 100's of redundant
copies of data on servers worldwide
Secret Sauce #1: ShortCoder
A simple web service that helps make a
transaction really fast.
Person wanting to request payment sends
amount and description, gets back a 4-digit
alpha code, i.e. "D4F2"
The payor need only enter the code to make
payment
The code has to be used within 2 minutes
4 digit alpha codes with 2 minute lifetimes allow
1.2 Billion transactions per day.

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Single Global Currency

  • 2. Two Pieces: 1. A single global currency that everyone can trust 2. Better and faster than cash
  • 3. A Single Global Currency that everyone can trust: Open public servers store global account balances Servers owned by different people and countries Money is never created or destroyed Open conversion into local currencies
  • 4. Faster and easier than Cash: Exchange money using any web- connected mobile phone 4 keystrokes to make a payment Works both for web and person-to- person
  • 5. How to make money? The 4-keystroke payment system for faster transactions must be supplied by a single global server (like domain names) Though not required or exclusive, it is very likely that most transactions will use this server (network effects) We monetize the enormous traffic and data flow through the system
  • 6. Why will it work this time? Because now everyone has a web- enabled cell phone. Because no one company owns the servers - it's an open system than can't be stopped by regulation.
  • 8. User Experience: Buy Lunch Storeowner types price of item (5 secs) Storeowner displays 4-digit code ('XP5R') Buyer starts SGC app (3 secs) Buyer types code into app (5 secs) Buyer App displays the amount/items Buyer confirms amount/purchase (2 sec) 15 Seconds to buy in a store (faster than making change for a $20 bill)
  • 9. User Experience: Buy Online Click 'pay using SGC' button on website popup displays 4-digit code ('XP5R') Get iPhone out of pocket (3 secs) Start SGC App (3 secs) Enter 4-digit code (5 secs) Confirms amount/purchase (2 sec) Website popup confirms that you paid 15 Seconds to buy online (at least 10x faster than entering Credit Card info)
  • 10. Revenue USA = 1,300 debit/credit card transactions per second $400M year revenues at 1cent/transaction
  • 11. Scaling (it's not hard to do this anymore) Single 1U linux server can store and update account balances for entire planet - 10B people. ~1Mbps traffic can handle all current USA debit/credit transactions Easy to make 100's of redundant copies of data on servers worldwide
  • 12. Secret Sauce #1: ShortCoder A simple web service that helps make a transaction really fast. Person wanting to request payment sends amount and description, gets back a 4-digit alpha code, i.e. "D4F2" The payor need only enter the code to make payment The code has to be used within 2 minutes 4 digit alpha codes with 2 minute lifetimes allow 1.2 Billion transactions per day.