Ever wake up one morning and say “today, I’m going to design my own banknote”? Of course, we all have. But earlier this week, I decided to act on that impulse. And just last night, I printed and laser cut my first batch of bytecoins at Metrix.
For those curious how the bytecoin compares to the (unrelated) bitcoin, I offer this handy chart:
|Not really a coin||Not really a coin|
|Value determined by the free market||Value determined by the free market|
|Making more coins requires proof-of-work
(printing, lasering, etc)
|Making more coins requires proof-of-work (math)|
|Not accepted as payment for taxes or Filets O’ Fish||Not accepted as payment for taxes or Filets O’ Fish|
|Made of cotton paper, just like the US Dollar||Made of bits, just like tweets|
|Transactions are as public or private as cash||All transactions are 100% public but pseudonymous|
|Built-in inflation, as long as I keep printing more||Built-in deflation|
|Looks nice||Pretty as a SHA256 hash|
The design of the bytecoin was influenced by colorful banknotes I’d seen in the past and some of the Dollar ReDe$ign Project winners. Some of my favorite banknotes are the Dutch Guilder, specifically, the late 60s/early 70s ƒ5, ƒ10, and ƒ25, and the early 80s ƒ50:
By the way, I hear if you’re looking to buy or sell bytecoins, you may find interested parties hanging out at Metrix Create:Space (not an official exchange). I’m sure they’d gladly accept bytecoins as tips.