Trade credit for buyers via electronic bills of exchange. Sellers endorse them at decentralised “wildcat” mints
for spendable e‑cash: a sound, autonomous coordination layer for trade.
01 / HOW IT WORKS
PARTY
Seller
PARTY
B2B buyer
WILDCAT
Credit mint
LOCKED e‑IOU
PAID IN e‑CASH
Workers, suppliers, creditors
SETTLEMENT
Bitcoin mainchain
GUARANTEE: LOCKED e‑IOU + SCRIPTED REMEDY TRANSACTION, VERIFIABLE ON MAINCHAIN
02 / GUARANTEES & ON-CHAIN SECURITY
Full backing in bitcoin, extra cover in e‑IOU
e‑cash in circulation is 100% backed by the e‑bills behind it and by bitcoin. On top of that mandatory backing,
wildcats lock e‑IOU in a channel with a scripted conditional remedy transaction, extra cover that makes the
whole chain verifiable on the mainchain.
TOGETHER = 100% COVERON TOP OF THE 100% →
HELD BY THE MINT
e‑bills
TRADE CREDIT
bitcoin
BASE MONEY
e‑IOU
GUARANTEE
↓ BACKS 1:1 ↓
e‑CASH IN ISSUE
credit sat
FROM e‑BILLS
debit sat
FROM BITCOIN
none
e‑BILLS + BITCOIN = 100% OF THE e‑CASH IN ISSUE · THE MIX VARIES BY MINT · e‑IOU IS LOCKED COVER BEYOND THE
100%, NOTHING IS ISSUED AGAINST IT
PROTECTS
e‑cash end users are protected from a default by the e‑bill payer.
FUNDS
The remedy transaction is funded if a “rabid” wildcat fails to fulfil its obligations.
SIGNALS
Proof of wildcat health is transparent on the Bitcoin mainchain.
03 / THE NETWORK
PAY IN e‑CASH
1 sat
Flat, per payment, whatever the amount.
MELT TO BITCOIN
set by the mint
Taking e‑cash out into outright bitcoin is priced by the issuing mint, not by the protocol.
MINTING
agreed per deal
Negotiated directly between the business and the mint: each mint quotes its own rate and guarantee ratio, and
competes for the custom.
PERMISSIONLESS
Anyone can run a mint
Mints operate non-custodially, peer to peer. Download the open-source Wildcat software, run a mint, and
compete on minting fees, service levels, and guarantee ratios: a globally available, 24/7 network with no
single point of failure.
CLOWDER
Self-supervising clusters
The network is clustered in “clowders” of self-supervising wildcats. Intermint mechanisms ensure uptime and
prevent losses if a business payer defaults or a wildcat disappears. All risk is contained at the mint and
e‑bill level.
REAL BILL PRINCIPLE
Minting is strictly limited
Policy only allows short-term e‑bills issued against real value. That is what prevents the inflationary
dangers of fiat money issued against unlimited long-term financial assets.
04 / BITCOIN TECHNOLOGY
Electronic bills of exchange, secured on Bitcoin
An electronic version of traditional bills of exchange, sound and legally enforceable in practically all major
trading nations, secured by international agreements like the Geneva and Vienna Conventions.
MAINCHAIN
Ensures verifiable final redemption of e‑bills.
STATECHAINS
Record e‑bill ownership, encrypted for the parties.