SAXAS Secure Account Pro v2.2
SAXAS is Software
Each party has its own computer running SAXAS and also a
database recording account transactions and balances.
SAXAS is written in Java and can run on most computers.
However, for maximum security, it should run on a dedicated
processor with a good firewall, such as Windows NT or Linux.
All messages between servers can be sent over the public
Internet because they are encrypted with the public key of
the recipient. This is much cheaper than building a private
network, and much more secure. Wherever possible, public
standards are used, such as X509 Digital Certificates, TCP/IP
for transport, Java for portable programming, JDBC for database
Each party can be identified uniquely by a Digital Certificate,
which is a public key signed by a trusted authority. This allows
SAXAS to know that you actually authorized a transaction.
Each person's account balance is denominated in a specific
accounting unit, sort of like a "virtual currency". The conversion
of the accounting unit into the real world is provided by a "Backer"
(eg. receipts for US Dollar deposits, Magellan Fund shares, Hours
of Professional Time, Communication Minutes, CPU Cycles, Promotional
Coupons, McDonalds Gift Certificates, Casino tokens, etc).
SAXAS maintains the account balances in a distributed double-entry
system and manages movements of balances from one account to another.
Through encryption and digital identification, it makes the entire
accounting system secure, private, robust and verifiable. Every
transaction is stored on at least two servers for redundance.
Contracts as Transactions
All transactions are structured as contracts between the parties
involved. The contract can both be read by the human parties and
"read" by the SAXAS server and unambiguously executed. For example,
if Mr. B wants to exchange some Microsoft PromoDollars for an Office
Plug-In that Ms. A makes, he writes a contract between them and
specifies the amount to be moved from his account at Microsoft to
her account. The "text" portion of the contract specifies that he
will receive Ms. A's Office Plug-In in return.
All contracts are signed by the impacted parties using their Public
Keys. This makes the contracts binding in many legal jurisdictions
and hard to repudiate. Once the last party signs, the SAXAS software
executes the contract instantly, the account balances are transferred
among the SAXAS servers, and an encrypted copy of the final contract
is sent to each party.