I'm not sure. Feels like opening Pandora's Box. Historically, taking big centralized things (like the Internet) and letting smaller players participate has interesting results. By taking a technology like printing currency, and innovating in the security domain so non-counterfitability is cryptographically guaranteed I would expect a cambrian explosion in cash-like instruments.
So this is primarily physically currency that is hard to counterfeit? Cash (in the US) already has billions of R&D in defenses to the point that most people will never see it, and centralization ensures that cash is always accepted.
I just don't see why people would switch to something to ensure 100% real bills and lose all the other benefits of cash. How is there going to be a cambrian explosion with an issue that affects almost no one?
This is primarily a demonstration of how cash instruments can be decentrally issued.
Secondarily, it demonstrates how we can move validation from physical properties of cash instruments (such as fine printing and exotic inks) to cryptographic properties.
We believe the latter to be superior and a path to ratchet down the cost overheads that go into securing cash issuance and payment channels.
