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)
“To long for that which comes not. To lie a-bed and sleep not. To serve well and please not. To have a horse that goes not. To have a man obeys not. To lie in jail and hope not. To be sick and recover not. To lose one’s way and know not. To wait at door and enter not, and to have a friend we trust not: are ten such spites as hell hath not.”
—John Florio (c. 1553–1625)