Digital Monetary Trust was an anonymous internet banking system using electronic money.
It consisted of a three-layered computer system. Its function was to abstract the identity of the account owner from the accounts. That is, the account holders transfer money into the DMT network, which becomes the legal owner of the money. Then, the account holder can make a private DMT transfer to another account in the system,. The system is based on trust between the "bank" and the account holders, hence the name.
It was allegedly owned and maintained by James Orlin Grabbe and hosted on Dubai Internet City servers.
Read more about Digital Monetary Trust: DMT Rand, Fraud Allegations
Famous quotes containing the words monetary and/or trust:
“In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.”
—Ezra Pound (1885–1972)
“In order for an individual to partake of the world and contribute to it in a healthy way, he first needs to view that world as a basically kind, friendly, and supportive place. Such an outlook begins to be formed during infancy. It’s essential that the baby establish a fundamental trust in his environment. The infant needs to learn that the world is a nurturing place where his needs will be met.”
—Saf Lerman (20th century)