We still don't have digital cash, and no, the thing you are thinking of right now is not digital cash. Here's what digital cash means:

• No company

• No login

• No seed phrase

• No address book

• No account numbers

• No gatekeepers

• No traceability

It's CASH. It should function exactly like cash. We have the tools to build it now, but nobody has taken the challenge. Here's how it could work:

The initial home screen is your balance, nothing else. There is no account creation, no login, no seed phrases. You swipe left to reveal your QR code that allows others to send you cash. You swipe right to open your camera to scan someone else's QR code and send them cash. That's the whole app. No frills, no options. It's digital cash.

The backing asset should be the most decentralized USD stablecoin, which is currently DAI, and it should be on an L2 with privacy (still WIP unfortunately) so that transactions are cheap, secure, and private.

Why not Venmo? Venmo isn't available in 90% of the world, you can be banned for using it "incorrectly" or in the wrong country. You're also giving them all your data for free.

Why not Bank Transfers? Bank Transfers are mostly national, this is global. It's also easier and simpler than entering someones bank details.

Why not physical cash? This works over any distance, doesn't take up room, and doesn't get covered in germs. You can pay someone through your Ring Doorbell or over a Zoom call.

What if you lose your phone? Tough luck. If you lose your wallet your cash is gone, this is the same. Auto-backups to iCloud/Google could be ok, but seed phrases are terrible UX.

What if you want to reverse a transaction? Take it up with the police. This is CASH, you can't give someone cash then take it back later.

Why isn't it stored in Bitcoin / ETH? Most people don't want to hold and spend Bitcoin / ETH. This is for normal people.

How do you onboard / off-board? You can send it to any exchange that supports DAI and sell it there, or send your cash wallet DAI and it will appear. It could be integrated with Shapeshift, or exchanges / banks could add easy on-ramps to this wallet.

Most of the time you'll receive funds from friends and send to other friends, just like the cash you keep in your wallet.

If someone wants to build this, let me know, I'm keen to participate. There is no money in it, this is a public good the world needs as we digitize everything.