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The CryptoShredder (blockchain/stablecoin: Langolier/Lango) - "Proof of Shred" Proposal

#1

May 14, 2020

WHAT: In its simplest form – The CryptoShredder (blockchain/stablecoin: Langolier/Lango) is an integrated FIAT cash/bill counting and authentication machine connected to a shredder. Upon the device confirming a positive bill it photographs and shreds the bill and immediately thereafter or on a batch basis issues and delivers the exact equivalent amount of stablecoin (LangoUSD, LangoEUR, LangoJPY, etc.) or free floating crypto currency (if auto-converted) to the pre-designated wallet address (“Proof of Shred”).

The CryptoShredder is a one-way path to convert physical cash FIAT to stablecoins with no intermediaries of any kind. The Langolier blockchain only issues new coins (Langos) when physical cash is shredded. It is synonymous to the phone booths required to exit The Matrix. It jumps ahead of a central bank to retire its physical cash currency for equivalent present value directly.

Features:

  • 100% accuracy in cash/bill verification as found in today’s state of the art cash counting machines.
  • All bills/serial numbers are digitally photographed and attached to the resulting issued crypto currency and such photographs can only be viewed/opened by the holder of the coin at any given time with the added feature such photographs can be irrevocably destroyed/de-linked from the coin if chosen by the holder at anytime.
  • Designed to work with major global currencies only of the highest manufacturing and anti-counterfeit qualities (USD, EUR, GBP, JPY, etc.).
  • Device allows operator to clip the notes for a % fee as determined by the device operator in exchange for the operating risks assumed on behalf of third parties.
  • On board redundant memory will not lose shredded FIAT not yet issued in crypto in the event of power or network connectivity loss.
  • Device is based on the most advanced provisioning and boot protocols (iPhone, Ledger, YubiKey, etc.)
  • Device is controlled and configured via a mobile app or program installed on operator’s computer.
  • Device can only authorize and initiate coin issuance when connected to the Langolier blockchain.
  • Designed to work with only one denomination bills at a time (i.e. $5, $10, $20, $100).
  • 100% private and anonymous for all parties.
  • Makes obsolete current crypto ATMs.

Challenges:

  • Manufacturing should be distributed – with supplier network not knowing what they are providing component parts for – i.e. top-secret assembly whether in factory or at home.
  • Device should exist in three (3) versions:
    1. Large batch format based on existing cash counting machine designs – for large cash users.
    2. Slim batch slip through format (one bill at a time) – for youth market.
    3. DIY home kit assembly version(s) – for hobbyist market.
  • Technically, the longer the devices / network proliferate in secret the more helpful to society it is.
  • Device would likely be considered contraband by cash currency issuing governments.
  • It is advised the core development team work under strict aliases/anonymity.
  • Keybase group: https://keybase.io/team/langoliercommons

WHAT.pdf (58.5 KB)

1 Like
#2

It’s illegal to destroy government issued money for commercial purposes

1 Like
#3

In which country? Maybe in anti-democratic, authoritarian states. I don’t think it is illegal if I burn my own money. However, since fiat is a thing strongly related with the sovereignty of the states, mass-burning action can take their attention and they can use even unrelated laws against this action :slight_smile:

#4

Let’s be safe about this
Please, please, please send me any money you wish to burn, I will protect your rights and burn it for you :wink:

1 Like
#5

I also volunteer to burn any money you plan to shred.

#6

Very interesting concept. Instead of relying on a company like Tether to take $6 billion out of circulation by depositing the money off shore, individuals can take fiat out of circulation themselves. The added bonus is the privacy aspect as well.

Incognito is about privacy and rather than dismiss the shredder idea outright with “it’s illegal”, we can explore the new possibilities around a “shredding idea”.

Someone in Venezuela may be onboard right away. Think about how the dialog can change if the “shredding” idea replaced the Venezuela bolivars for the USD and EUR and the “Lango” with USDT. I think the “shredders” would go “brrrrr” very quickly.

Crypto tends to still have a $Dollar mentality instead of “satoshis” because “satoshis” still require being converted to local fiat currencies before goods and services can be purchased.

I commend @CryptoShredder for exposing the “shredder” idea to us privacy focused individuals. Thank you!