FV Slides used in ISPP BOF and in Friday Plenary presentations at Stckholm IETF, July, 1995 Internet Information Commerce: The First Virtual (TM) Approach Einar Stefferud & Nathaniel Borenstein First Virtual Holdings Incorporated , +++ What should a commerce mechanism guarantee? Credit card guarantee for physical goods: Merchant gets paid, OR gets back goods Statistically, merchant usually gets paid. Information merchants never need returns. So, the statistical guarantee is everything! +++ The Account Application Process Buyer fills out application form via Telnet, Web, EMail, etc. Includes all non-sensitive information: Name, EMail address, Postal Address, phone, etc. Account-ID choice, Optional settings FV sends "almost ready" message Includes 12-digit application-id +++ Activation of the Account To activate account for BUYING: Call 1-800-*** with app-id and CC# $2 charge on credit card Future purchases charged to Credit Card To activate account for SELLING: Send a $10 check to PO Box **** Sales Proceeds are Direct Deposited EMail Notification when ready to use. +++ The Transaction Process Seller receives order (Web, FTP, EMail) May validate account (real-time or EMail) If seller honors the order: Information sent to buyer Transaction record sent to First Virtual FV sends "transfer token" to buyer via e-mail Buyer replies with 1 word: "YES": payment is authorized. "NO": payment is declined. "FRAUD": cancel account. +++ Seller bears risk of non-payment No funds transferred without "YES" "NO" and "FRAUD" = "No-Sale" Buyers who say "NO" too often are suspended +++ The FV Message Security ~ Cryptography Cryptography is one tool among many. +++ FV & Cryptography FV Security EMail closed loop confirmation Sniffing is relatively harmless EMail account compromise problem Crypto Security Digital Signature authentication Encryption prevents sniffing Key Compromise is a problem +++ A Better Solution Combine the two! EMail Loop + Crypto > Either alone +++ Architecture A MIME Type for Money FV Application/green-commerce Eastlake/Cybercash Proposal Generalized ISPP WG Result Generalized MIME Crypto MOSS??? +++ A Simple Example To: sgcs@card.com Content-type: application/green-commerce; transaction=transfer-request BUYER: Joe Is a cool dude SELLER: CrazyRDIM AMOUNT: 19.99 CURRENCY: USD US Dollars TRANSFER-ID: SECURITY-REQUIREMENTS: None DESCRIPTION: Purchase of used stock quotes We gave you lots of useful stock quotes and tips that may have helped you in your investments, and it isn't our fault if a grand jury is interested in you! +++ References http://www.fv.com Three FV Internet Drafts draft-stein-green-commerce-model-00.txt, .ps draft-borenstein-agc-spec-00.txt, .ps draft-rose-smxp-spec-00.txt, .ps MOSS: draft-ietf-pem-mime-08.txt