A distributed system for people to send and receive payments anonymously, instantly, reliably, and for free. Payments are made in a new kind of money whose total supply is limited and not controlled by any party. e-commerce would benefit and services, for example escrow or securing and remotely accessing your wallet, could be built on this technology.
Think BitTorrent meets PayPal.
Sound good? Well it already exists and I have x000 of them. Keyword: bitcoins.
- walks out of elevator*
Except that bitcoin transactions are not sufficiently anonymous, instantaneous nor free.