A bearer certificate that is developed by DigiCash
Privacy is its distinct feature- based on the notion: a bank issuing a token should not have to know which consumer receives which tokens.
- A consumer issues, using DigiCash purse SW, blank tokens and sends them to the bank for certification
- Bank certifies tokens, debits consumerís account and send back consumer
- Before accepting a token, a vendor receives first the bank verification that this token has not been spent
- The bank keeps track of serial# of already spent tokens
- Limitations- Online verification of token could be a problem