PIP 42 - Answer to the Ultimate Question of Life, the Universe, and Everything - designing our banknotes and printing money 🤑

#1

This: https://www.independentcurrencies.com/

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And this: https://polymerbit.ch/

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Limited edition of 69 / 100 / 256 / 420

Suggested denomination: 100 BCP

Considerations

Security. Security. Security.

Not storing shipping details in any database.

Production. Will you trust the factory to protect the private key?

Maybe 2-of-3 Gnosis Safe Multisig:

  1. You
  2. Banknote
  3. SSSS (shamir shared secret sharing) among all the people who participate or Aragon DAO Agent

Secure manufacturing process, without a single point of failure is definitely a challenge, but together we can overcome it :innocent:

Logistics / timeline / “reality check”

There must be enough interest.

Then a basic smart contract that will accept payments (in ETH, DAI, or BCP)

Will cover design and production cost.

It will add a massive value - a physical banknote is worth much more than some 010101001011 on the wire

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#2

Cost estimation

  • design: $TBD (negotiable)
  • manufacturing production cost ($10-20 per banknote)
  • shipping ($5-10 per address) - use a coworking space in your town or a shop, we do not want to know your physical address
  • contingencies / sustainable profit to DAO (extra $10)

Numbers are super approximate, I do not know the exact cost just yet.

Once there is enough interest: I’ll start digging deeper.

100 BCP is the unit that will be on the banknote

It is not the cost. You’ll probably be able to keep it “unloaded” or load it yourself.

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#3

I think it is great to have a real world object that represents PieDao assets. The average Joe is familiarized with banknotes thus it be used as a first step to adoption for this kind of person.

As you note, security is of great consideration. I think we are not the first project thinking about printing our own banknotes, any info on other projects?

I think one important thing is missing from your post, it is the why. Current users prefer software/hardware wallets over banknotes, I personally think it would be great to onboard new users. Although the current Covid situation is not very suitable to meet new people in the physical world.

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#4

manufacturing production cost ($10-20 per banknote)

I understand it’s a vague approx but any details on where you came to this number? I like the idea (though covid IMO has put a damper on physical currency, I recognize some folks will have a preference towards it) of PieDAO creating some type of physical currency that could be redeemable so long as it makes realistic sense from a costing/logistics perspective. I would recommend having a look at Kong Cash if you aren’t aware of them already (https://kong.cash/).

#5

TODO: other projects, do you have info to share?

Tell me how many crypto banknotes have you seen in the wild?

I think this is an innovative idea, there are not many existing examples.

Would be nice to know how to securely produce and distribute the thing.

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#6

The idea is very creative, and I would love to have a couple of those on my wallet.
It would be a pretty unique item for collectors and potentially be a great reward to Pie creators.

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#7

Thank you for the shoutout on Twitter!

Aragon retweeted as well.

Some initial feedback is overwhelmingly positive, I guess it is now my job to level up the game :sunglasses:

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#8

Would it be somehow possible to have a linked NFT to the note?

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#9

Absolutely!

I think that if we generate enough interest, there will be various bonuses and NFT drops…

Pretty sure you’ll receive my personal token airdrop.

OPSEC

I was thinking about logistics and OPSEC - how to produce these banknotes without revealing private keys?

Multiple layers :turtle::turtle::turtle:

I think the note will be a regular ETH address.

That address will be a part of a multisig 2-of-3

(2nd key belongs to you, 3rd key belongs to the DAO)

That address will be a part of a DAO.

Something related to: https://en.wikipedia.org/wiki/Shamir's_Secret_Sharing too

TODO: I’m not that deep in terms of theoretical cryptography. Kindly requesting feedback here.

Trusted setup ceremony

Intention: reasonably secure for practical purposes

It has a collectible value, not your cold storage life savings.

#10

Just chiming in here with some more ideas.

So, if we’re going for a multi-sig governed ETH address, then wouldn’t it make sense to also consider a route of novelty, rather than trying to simply recreate bank notes?

I’m thinking of our own personal take on a Piecoin, but have it be an actual pie made out of wood or some polymer clay, and we could load it up with whatever the flavour of the pie would be that it’s loaded onto. Imagining a 100 BCP or 250 BCP pie for a Birthday or Christmas, with individual designs for each token. We could make very limited runs of these pies, to speak to the collectors out there, and give additional value to each physical pie on top of the digital value.

This would make a fantastic present for anyone who wants to give a generational gift; it’s novel, related to our name, and something we can reach out to a much wider audience with than right now.

It will give a super easy one-stop entry point into the world of Ethereum and DeFi, and getting folk off on the right foot in the coming decade will be an important part of giving newcomers a warm welcome into this ecosystem.

If we continue further down the rabbit hole of being seen as the easy way to get started with this new technology, we could really secure this side of the market for ourselves, and it plays right into our current image anyways.

Hope I didn’t go too far off-topic now with this now :sweat_smile:

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#11

For PieDAO it should be the actual pie :pie:

I think it makes sense.

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3D printing pies come to mind

(banknotes are so 2020)

#12

I personally love the idea of weird knicknacks embedded with Pie

#13

I’d like to see bill / certificate style stuff first and then curio / knick knacks for the holiday season :smiley:

#14

I would personally pick up tremendous numbers of little $BCP pies over notes, but I tend to agree with pursuing notes first.

I’m imagining slices of pie, whole pies, tiny ovens… :star_struck:

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#15

Source: IKEA

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Loads of options

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