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back to article IETF boffins design a DNS for crypto-currencies

Digital currency engineers are working on a domain name system (DNS)-style protocol to enable money to be shared across different networks. The idea of digital currency – and particularly blockchains – has taken off in recent years, but there remain a number of competing networks that are unable to talk to one another: the …

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  1. Jan 0 Silver badge

    Thanks to BBC Radio 4 this morning...

    I now understand why governments and banks are so keen on digital currency. When interest rates go negative, sensible people will keep their money as cash under the mattress/<name your favourite hiding place>. If money becomes entirely digital, alternatives such as gold under the mattress will be used but don't have a fixed relationship with money.

    iPlayer: BBC Radio 4 Thursday the 21st of July: "How Low Can Rates Go?"

    3 0 Reply
  2. allthecoolshortnamesweretaken

    My mis-read of the day: "Boffins design DNA for digital monkey." I need a couple fo days off.

    2 0 Reply
    1. Paul Crawford Silver badge
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      At last! Now I can have my robot monkey butler!

      0 0 Reply
    2. Fatman
      Reply Icon

      RE: My mis-read of the day:

      Nah!!!

      You just need more caffeine!!!!!

      0 0 Reply
  3. Ole Juul

    ideas?

    So what other communications could this protocol be used for?

    0 0 Reply
  4. Panicnow

    Address and track everything!

    Ford.corsa.AK66DFT could carry every part used, service history....

    Or indeed UK.Male.445567891 .....

    1 0 Reply
  5. Charles 9

    I don't know if I'd be too keen on the concept becoming a reality as of yet, but I would love to at least see the conversation that ensues, to see just what issues and pitfalls could be involved in such a system. I think the biggest issue here is that of trust, but that touches on an issue that affects civilization itself: you NEED a minimum level of trust for civilization to function at all; otherwise it's DTA mode which inevitably leads to anarchy. It's, as they say, an extremely thorny issue which is exactly why I want to see an extended conversation on it. Get everything out in the open.

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  6. PyLETS

    you NEED a minimum level of trust for civilization to function at all

    Indeed, and the way I read this effort, it doesn't attempt to do away with trust. It does seem to compartmentalise the trust needed for transactions to occur in a _relatively_ straightforward and standardisable way - probably mirroring the way trust operates within the current banking system (and sometimes fails). Whether having a simpler and more universally implementable protocol will provide useful competition to Visa, the 8 digit account number and 6 digit sort code identified bank transfers and IBAN number routed international payments and whatever remains to be seen. Having a simpler standardised protocol doesn't prevent SMTP email being dominated by a few webmail providers for example. It also potentially applies to currency exchanges and recording who owns which bonds and shares etc.

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