On 09/07/2021 11:56, Daniel Hardman wrote:
(And I thought I framed my suggestion not as an "Occupy!" one, but in terms of the need to integrate VCs with offline digital cash -- a need being investigated by an estimated 70% of the world's governments right now... Yet I think I was still seen as a wild-eyed revolutionary. Sigh.)

The only good use case I can see for combining VCs with blockchains is if the wallet holds digital cash and credentials. But I am not yet convinced that users will want to hold both in the same wallet. The same device yes, but it could still be different apps.

"Digital cash" has very little to do with cryptocurrency.

My bad then. We are talking about the same concept. I did not use the term cryptocurrency (like bitcoin) because I don't mean that. I mean the digital equivalent of fiat currency. I called it digital cash. What do you call it?

I'm talking about a digital version of a British Pound, a Euro, a Dollar, etc. Governments were galvanized to research this when Facebook announced Diem. The Bahamas went live with the digital "Sand Dollar" in the past few months. China is nearly live with a digital renmenbi. (Google search term: "CBDC")

The use cases are numerous and compelling. Most of the narratives we've used about VCs+KYC over the past few years apply to digital cash. Also, cross-border remittances, simple reputation when deciding whether to trust a buyer, etc. The point is that money and trust questions go together. And if you can exchange your money offline (e.g., smartcards and NFC), but you can't answer your trust questions without exchanging VCs over http, all the use cases become intractable. Governments investigating digital cash are ALL eliminating solutions that are incapable of offline.

But I already have this facility. I have an account with Wise (formerly Travelwise). I insert fiat currency into my account, Wise transfers it into any currency that I need, and then I pay in that country for it in their local currency. Transfers are fast and painless and very low cost. I have an app for this on my phone. So I am not sure I want to store VCs in the same wallet. Hence my comment. If Wise move their backend system to a DLT one, then it should be transparent to me.

Kind regards

David