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
        <nsb@fv.com>, <stef@fv.com>

+++

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: <CR42@somewhere.com>
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