We are just a bunch of finance guys who came up with an Asset with a high ability to store value (e.g. Gold or Silver bars, which we keep in a Bank Vault and its' value will limit the amount of StudiCoins in the market). We will always guarantee that all circulating StudiCoins can be redeemed into cash (even if everybody would like to convert them at once!).
That's pretty much what e-gold did:
http://en.wikipedia.org/wiki/E-gold
They were shut down.
Now we need a secure "Vehicle" that allows our Students to use the value behind our asset for everyday transactions. So if I'm talking about integrating Coloured BitCoins (see 2 posts before) I'm just referring to them as a tool to make our assets liquid, not to BitCoins as such. Since the confirmation time of 10 Minutes is just way to slow for daily transactions in a shop, we are now thinking about using the source code of BitCoins and to modify it in a way, that transactions are confirmed decentrally (e.g. by by a number X of independent computer users, who get paid for this service) but at a faster pace.
Who is the "we" in "we are now thinking", and why would anyone trust them? By your own posts here, you have no relevant technical experience yourself. So on what basis (skill, experience, education, etc.) should anyone treat these ideas as anything more than random ideas?
Unless "we" includes experienced technical advisers who already know how to design and implement this, then by your own admission it's just a bunch of finance guys talking, without any grounding in reality.
Rather than going to your own technical advisers, you posted here for what seems to be your sole source of technical advice. You said nothing about why you chose this site, so it's an apparently random choice. This suggests a lot about the reality of your current business plan. In short, the evidence so far is that you have no on-staff technical advisers, no apparent plan to hire or acquire any (as work-for-hire or an equity stake), and apparently none of the finance guys actually knows the first thing about creating or operating networked merchant payment systems.
Without technical advisers, what sane investor would fund this venture?
I have no idea what "coloured BitCoins" really means. It's a cute but content-free buzzword.
Your so-called description isn't a description at all. It just says you accept BitCoins at a fixed conversion rate. Even that makes no sense, because BitCoin value fluctuates against the US dollar, so fixing your conversion rate is extremely foolish: either you'll lose money or the user will. Either one is a huge detriment for a system. One would think finance guys would know this.
You say you're not going to copy BitCoin in any way, yet you want to use their source code. That makes no sense at all. If you know nothing about how software is developed, making suggestions about what source code to use only erodes your credibility.
Think of it as something like that:
http://postimg.org/gallery/5qb657pm/4c790950/
The Security issues we have identified so far are:
1) Confirm that Payer is the real owner of the Account (Strong Password Protection of Accounts)
2) Confirm that Payer has enough credit (no double spending of the same coins) (Solution, decentralized system like BitCoins)
3) Confirm that Seller receives the Coins (and not a hacker)
Again, who is the "we"?
If that's the extent of your security analysis, you've got nothing.
EDIT
FWIW, a google search of
UniCash shows:
- a Canadian company (founded 1990)
- a New Zealand university
- a consortium of European banks (Unico Banking Group)
among others.
If the venture discussed here is associated with any of those, it'd be best to make that clear up front. If it's a completely new and different venture, also best to make that clear.