5 February 1999. Thanks to JR.
HAMILTON, BERMUDA, 4 February 1999 -- DigiGold.net, a Bermuda partnership, in conjunction with Systemics Ltd., announces new technology enabling secure payments over the Internet, in gold.
Beginning in 1999, millions of people will learn to reckon prices in new currency units. Much attention has focused on the euro, a synthetic unit mandated and promoted at taxpayer expense. DigiGold, denominated simply in grams of gold, is designed to challenge both euros and dollars as the currency of choice for the borderless world of Internet commerce. DigiGold, unlike all payment systems involving national currencies, is also completely independent of any national banking system.
"DigiGold is about cost and transaction security," asserts Stefan Metzeler, Technical Liaison. "Internet commerce is currently conducted with credit cards. DigiGold represents a complete departure from this deferred settlement model. With DigiGold, the consumer spends value he already owns. Payment is 'pushed' rather than 'pulled.' Overdrafts are impossible. There are no charge backs, interest charges, high merchant fees in fact DigiGold entails no transaction fees at all. A bootstrap shareware vender in a third world country would enjoy faster payment and lower transaction costs with DigiGold than any multi-national firm that accepts plastic."
DigiGold is backed with e-gold®, a privately administered account based currency 100% backed by gold. The e-gold system has been in operation since 1996 and currently provides service to over 1700 customers. "Previous attempts to introduce electronic cash have failed because consumers were disinterested in holding 'cash' that was a derivative of bank deposits," explains Ian Grigg, President and Director of Technical Development at Systemics. "e-gold is an ideal backing for electronic cash. It provides an efficient and transparent mechanism for purchase and redemption, representing actual tangible value."
DigiGold is an implementation of the Ricardo system, embodying SOX (Systemics Open Transactions) technology developed by Systemics, Ltd. Ian Grigg will demonstrate DigiGold at the Third International Financial Cryptography Conference scheduled for 22-25 February in Anguilla, West Indies.
Additional information is at www.fc99.ai, www.systemics.com, and www.e-gold.com
CONTACT: Jim Ray, liberty@gate.net or (800) 909-6590
Create an easy, no-obligation e-gold™ account.
http://www.e-gold.com/e-gold.asp?cid=101770
[Account 101770 established as demonstration for JYA/Urban Deadline.]
[JYA: Following explanation provided by E-Gold:]
Anyone clicking into the www.e-gold.com site through
http://www.e-gold.com/e-gold.asp?cid=101770
who then ends up creating an e-metal Account will automatically become your Progeny. Whenever new Progeny are created with you as Originator, the email address listed as your account point of contact will get an automatically generated email with their Account Name and Account ID. Also, if you hit the Account Info icon in manager, the fine print at the top of page will indicate you are an Originator and tally up how many Progeny you have accumulated.
Currently, the only way to review incentive payments which you have received is to use the History facility, accessed via
https://www.e-gold.com/acct/manager.htm
page. You would use the default "All Records" from the transaction type pulldown list. [For all other History queries, specifying a specific transaction type yields more detailed information].
May your Progeny be many!