It sounds more like a clone of Mondex from the 90s. http://www.wired.com/wired/archive/2.08/eword.html

agreed. my second job in the industry was writing a complete (back + front-end) system for mondex (and beenz...).

[google] this was us! http://www.mail-archive.com/cryptography@c2.net/msg00993.htm...

Not really. bitcoin is p2p with cloud-acceptance of transactions. This is just a trusted hardware computing model able of holding "value".

By "learn from" BitCoin, I did not mean "blindly clone". They claim there's some ability to transfer value without an intermediary, which implies some sort of... something... which would enable that. The website doesn't make it clear to me exactly what that is, or I'd be more specific.

They do seem to be fixing one of my primary objections to BitCoin by providing it some real backing... or again, so they glibly claim without details.

If it is just "Hey, we'll store monetary values in the cloud" they're going out of their way to obscure that.

It's really nothing like bitcoin as far as I can tell.

monetary value is stored on the hardware itself it seems, as you can do an offline transfer between two people.

bitcoin needs the cloud as an intermediary to transfer value (cloud acceptance of transactions)

as well bitcoin has traceability with unique identifiers and the text on this site suggests "no user data is transmitted with payment".

It feels like a step backwards from bitcoin....