Electronic Currency

Electronic currency also knows as electronic money, electronic cash, electronic currency or digital currency. Electronic currency refers to money or scrip which is exchanged only electronically. Normally, it involves use of computer networks, the internet and digital stored value systems. The examples of electronic currency are the Electronic Funds Transfer and the direct deposit. Electronic currency can provide many benefits such as convenience increased efficiency of transactions and lower transaction fees.

Peppercoin is a cryptographic system for processing micropayments. Micropayments are means for transferring very small amounts of money, in situations where collecting such small amounts if money with usual payments systems is impractical or very expensive, in term of the amount of money being collected. The peppercoin system was developed by Silvio Micali and Ron Rivest and first presented at the RSA Conference in 2002.Peppercoin Inc. was a company that offers services based on the perception method. The “Peppercoin” method uses universal aggregation, which we sometimes times also call cryptographic selection. The Peppercoin system ensures that consumers are never billed for more than he has spent.

Peppercoin’s micropayment system is the first that allows online merchants, banks and other companies build market adoption quickly through a consumer-friendly, pay-as-you-go approach that eliminate prepayments. Peppercoin integrates easily with existing business models and systems to accelerate revenues and increase profits while dramatically lowering transaction and customer services cost. Peppercoin collect 5-9% of transaction cost from the merchant. In 2007, Peppercoin was bought by Chockstone for an undisclosed amount.