EECS500 Fall 2014 Department Colloquium

Gideon Samid
Digital Money Technology -- Synergy with AI, Robotics, Distributed Processing & Innovation Productivity
White 411
October 23, 2014

Money was metal weights or coins for thousands of years before transforming to paper. Paper money is about 500 years old, and it now gives way to its ultimate abstraction -- media independent binary sequence. If the past is any guide, we stand to experience a dramatic revolution in commerce, culture -- civilization itself. Let ECCS be the pioneers in stretching our imagination to envision what is to come! Digital cash can be paid anonymously by your refrigerator sensing you are running out of eggs, by your robot outsourcing a service to a fellow robot, by your asset investment avatar pouncing on a choice stock while you are asleep. The unimagined joint power of interconnected humanity will be more deeply realized by enabling free-flowing, just compensation for efforts, solutions, service -- interchanged between strangers through digital cash. Is there a more attractive, a more exciting prospect for our department? Let's spend an hour looking deeper into this imminent future. Will also detail BitMint, an award winning non-speculative, centralized, digital money, consistent with the strictest guidelines of central banks, and law-enforcement authorities.


Gideon Samid -- an engineer with an unusually versatile career, from the depth of coal mines (in Holland) to the height of designing earth revolving satellites (in NASA). Serving as an officer in the Israeli army, a military force planner for the Pentagon, a development engineer at Exxon, eventually finding himself running an engineering boutique in Virginia. The unifying element in his nonlinear career pathway is an attraction to quantifying intractability: estimating cost to complete, and time to finish that which is hard to complete, and difficult to finish. Gideon was intuitively driven by the conjecture that the way to solve hard problems is to gradually improve the credibility of the appraisal of how hard these problems are. In his PhD dissertation Gideon developed mathematical tools to appraise the intractability of a research and development challenge, and he later built a business based on these methodologies. Computer security was a natural attraction because cyber security is measured by the appraised difficulty to compromise one's system. Gideon filed and was granted crypto patents based on a proven intractability. These methods are of critical significance for digital currency that must insure that its underlying integrity (cracking intractability) is not a catastrophic over-estimate of reality. He filed, and was granted a digital money patent based on this thinking. The resultant product, BitMint -- bitwise money, won the First Prize for innovation in an international contest in Germany, and the company he established around it is active in Europe, China, and in the United States. His book "The Innovation Turing Machine" highlights the innovation quantification and acceleration methods. His book "The Unending CyberWar" -- his security approach. And his two recent books: "Tethered Money: Digital Currency & Social Innovation" and "The Dawn of Digital Currency" focus on what Gideon believe might emerge as the biggest story of the first half of the 21st century: paper money -- 500 years old -- giving way to money in a purely digital form.