The first prototype of Card2Coin, a Bitcoin distributed exchange mechanism that allows you to pay BTC in return for the right to charge a remote contactless credit card (Mastercard PayPass, Visa PayWave, etc.) for the corresponding amount in fiat.
The prototype uses a cheap Raspberry Pi and a ACR-122U contactless reader to interface with the real credit card and a Nexus 5 to simulate that card remotely. Transaction data is passed from the Nexus 5 over the TOR network to the real credit card that could be located anywhere in the world.
As soon as the terminal requests a payment, the Bitcoin wallet is started to pay the corresponding amount in BTC. As soon as it receives the payment, the Raspberry Pi connected to the card verifies the amount and then authorizes the remote reader to charge the card. If the amount is insufficient, the transaction is denied.
- Post Time: 12-01-16 - By: http://www.rfidang.com