You will probably never see Amazon or Overstock.com accepting eCache as a method of payment, however, more and more old school digital currency users are spending DBCs (digital bearer certificates). With the e-gold community still rocking in the wake of recent indictments, creative minds are now making moves towards more serious privacy.
Do you want to learn more about eCache? Then get ready to be confused….
Although it sounds simple enough, this is not your ‘fathers’ digital money.
What is eCache? Plain and simple its anonymous digital cash. Just like the fancy green & black paper you have in your wallet, which offers no attached receipt stating where it came from, eCache is 100% anonymous. The only difference from your paper money is you can access and transfer eCache online anywhere in the world. It is entirely 100% digital and the ’serial numbers’ of the ‘cache’ [money] change as it moves.
Their their web site states.
“eCache is a payment system based on Digital Bearer Certificates. It is truly anonymous because we have no accounts, no know-your-customer, no public frontend or anything else that could identify you.”
eCache works on the IRC system. Internet Relay Chat (IRC) So don’t be alarmed when you arrive at a URL like this one, https://ffij33ewbnoeqnup.onion.meshmx.com/index.php?session= that is a page from the actual eCache web. So don’t get excited when you find just a place holder page at http://www.ecache.com/
Each DBC (Digital Bearer Certificate) is unique and it works just like a digital banknote. When you receive a DBC, you first go to the eCache Interface to ‘reissue’ and/or ‘verify’ it. When you ‘verify’ you find its value and authenticity. When your reissue one, the original DBC you received is destroyed and a new one is issued for you. If you ever get the ID already spent error, you know that someone already reissued the certificate and it will never again hold value.
Just like trading in some of your small bills for the Benjamins, you can also ‘combine’ your DBCs. Once again visit the eCache Interface and you will be able to enter up to five DBCs of the same currency - receive a one new certificate and automatically destroy the old ones. Also, just like breaking a big bill, you may also ’split’ a large DBC into smaller ones using the same method as above, pressing the ’split’ button and reversing your action.
eCache has two different types of currency: COW and GG. COW is the play money and is just used for testing, it has no value and they will give you some COW to try out their system.
The GG currency is where real value is held. Each GG is worth one gram of fine gold. The actual gold behind GGs is held in a safe deposit box at an unknown location. eCache is not transparent about where the gold backing is kept or who audits the value. This fact may be difficult to understand for some new users (myself included). Eventually, they plan to include an audit process of their assets on hand to satisfy users feeling security. In the mean time, Raven Escrow holds a deposit of around 20 gold grams which is maintained as a safety net for users in the possible event of fraud.
So while eCache is not yet a household name, Digital Bearer Certificates are making a name for themselves and gaining wider use and exposure as this tumultuous e-currency year unfold.
For any of you online pro regulation activists who stand ready to complain that child pornographers and terrorist are using eCache, you should probably read these sections from eCache’s TOS.
Terms of Service
eCache does not have a physical presence and no law that we follow other then ethics. Since our money is anonymous digital cash, there is not much we can do about abusers.