fairCASH - A Digital Cash Candidate for the proposed GCC Gulf Dinar

The contemporary e-commerce is still missing a widely available and acceptable electronic cash (e-cash) system for the masses. This problem is due to the conflict of interests between banks, governments and community. In this paper we first describe the problems faced by past e-cash systems. Then we focus on the so-called success factors, which are essentially required for a highly accepted e-cash system. Based on these success factors, we will present a new system called fairCASH. fairCASH is a multi-purpose, multihop, pre-paid and anonymous electronic payment system. It makes use of a secured chip (CASTOR), which is completely under user's control. The chip uses a new identification technology called Electronic Identity Mutation (EIM) to fabricate uniquely electronic identities.