Having recently announced that it will discontinue the penny, the Royal Canadian Mint proposes to create the MintChip, a digital currency that’s similar, but is backed by the Canadian government. Aiming to become “the digital equivalent of the coins we use every day,” in the Canadian Mint’s own words, the MintChip will target micro- and nano-transactions conducted both online and offline, whether at the physical point of sale, on mobile devices, or among peers.
Still in the research and development phase, MintChip will ultimately let people pay each other directly using smartphones, USB sticks, computers, tablets and clouds. The digital currency will be anonymous and good for small transactions — just like cash, the Mint says.
To make sure its technology meets the gold standard in a world where digital transactions are gaining steam, the Mint is holding a contest for software developers to create applications using the MintChip.
The old-fashioned prize? Solid gold wafers and coins worth about $50,000.
Check out this video
http://youtu.be/9PX-vW4VccY
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