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Minter Check

Minter Check is like an ordinary bank check. Each user of network can issue check with any amount of coins and pass it to another person. Receiver will be able to cash a check from arbitrary account.

Introduction

Checks are prefixed with "Mc". Here is example of a Minter Check:

Mcf89b01830f423f8a4d4e5400000000000000843b9aca00b8419b3beac2c6ad88a8bd54d2
4912754bb820e58345731cb1b9bc0885ee74f9e50a58a80aa990a29c98b05541b266af99d3
825bb1e5ed4e540c6e2f7c9b40af9ecc011ca0387fd67ec41be0f1cf92c7d0181368b4c67a
b07df2d2384192520d74ff77ace6a04ba0e7ad7b34c64223fe59584bc464d53fcdc7091faa
ee5df0451254062cfb37
Each Minter Check has:
  • Nonce - unique "id" of the check.
  • Coin Symbol - symbol of coin.
  • Value - amount of coins.
  • Due Block - defines last block height in which the check can be used.
  • Lock - secret to prevent hijacking.
  • Signature - signature of issuer.

Check hijacking protection

Minter Checks are issued offline and do not exist in blockchain before "cashing". So we decided to use special passphrase to protect checks from hijacking by another person in the moment of activation. Hash of this passphrase is used as private key in ECDSA to prove that sender is the one who owns the check.

TODO: describe algorithm

How to issue a Minter Check

For issuing Minter Check you can use our tool.

You will need to fill a form:
  • Nonce - unique "id" of the check.
  • Coin Symbol - symbol of coin.
  • Value - amount of coins.
  • Pass phrase - secret phrase which you will pass to receiver of the check.
  • Private key - private key of an account with funds to send.

How to cash a Minter Check

To redeem a check user should have:
  • Check itself
  • Secret passphrase
assets/redeem-check.png

After redeeming balance of user will increased instantly.

Commission

There is no commission for issuing a check because it done offline. In the moment of cashing issuer will pay standard "send" commission.