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Billon is a peer-to-peer payment system based on digital cash solution. As contrasted to Bitcoin it is not a currency and therefore technically it is a not cryptocurrency, but rather cryptocash. The uniqueness of this system lies in the fact that while it brings the huge cost advantage of infrastructure based on a distributed blockchain, it is fully legal and based on national currency. It is entirely software based solution. Other known approaches to digital cash rely on hardware tokens like Canadian MintChip backed by Royal Canadian Mint. Billon digital system is backed by large Polish banks: Alior Bank and PlusBank and it is based on Europe specific legal regulations: EU directive 2009/110/WE passed on 16 September 2009. Based on this regulation the exchange rate of digital cash to national currency is fixed at 1:1 ratio (in case of Billon to Polish złoty). Legally it is recognized as another form of cash and as such it is legally accepted tender, provided of course that a receiving party has appropriate software. == Characteristics of the system == There is no mining process in Billon architecture, instead the money is created by authorised issuer in this case licensed banks. All the users need a software that contains public keys of the issuers. Also this application just like Bitcoin Wallet, has to be capable of parsing Billon's digital files format and verifying signatures on incoming and outgoing money. Most importantly, both the sending and receiving party have to register their public keys at the issuing bank. This is done automatically during registration process. To set up, every user of the system chooses login name and generates its own private keys which are presented to the bank for authentication. Once the one-time registration process is completed, the software automates all the cryptography and the user is only required to click "Yes" or "No" to confirm payment. As opposed to Bitcoin, the speed of transaction is orders of magnitude faster; for a typical transaction it is less than 10 seconds. The designers of the system, company called Zunit, state that their design goal was to provide the same speed of transactions as contactless payment cards with much lower fraud levels, working not only in the physical shops but also between the computers over the Internet and directly between smartphones. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Billon standard」の詳細全文を読む スポンサード リンク
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