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05/27/2004 Archived Entry: "More open-minded alternative to PayPal coming along"

FOR THOSE WHO DISLIKE PAYPAL for its nannying attitude toward customers and its laundry list of goods (including guns) you can't buy with it, there's an alternative in the works. It'll be open source and "will not be telling grownups what they can and cannot spend their own money on."

This news (behind the "more" link) comes from Central America and from Sandy Sandfort, freedom-loving author of Panama in a Nutshell.


Pelle Braendgaard
+1 512 692 6133 US
+507 263 0064 Panama

Open-Source Challenge to Proprietary Payment Systems

Panama City, Panama, 24 May 2004 - Developers put the final touches, this weekend on the beta version of NeuClear, an open-source payment protocol and infrastructure. The beta version is on line (http://bux.neuclear.org) and the developers are hoping for feedback from the technology community. Once the beta phase is completed, NeuClear-in cooperation with VERAX Inc.-will deploy their first production services. These will be NeuClear-based systems designed to revolutionize third-world micro-lending projects.

According to Pelle Braendgaard, NeuClear's lead developer, "We want NeuClear to be the Skype of payment systems. NeuClear will change everything from micro-lending to online payments to wire transfers. We even intend to offer an inexpensive alternative to Western Union and MoneyGram."

NeuClear is an open-source protocol for processing payments, exchanges and other business transactions. It is intended to replace today's non-interoperable, proprietary, payment systems. NeuClear differs radically from these old legacy systems by creating an environment of unprecedented transparency--including the ability to monitor any transaction in real-time and to archive and later audit, every step of every transaction.

The first company to use a NeuClear-based system for commercial transactions will be VERAX Inc. VERAX will also help NeuClear provide free assistance to micro-lending projects to streamline operations by eliminating their back offices. It will also prepare them to participate in VERAX's Micro-Exchange, an on-line secondary market where investors can trade micro-loan packages and micro-fund investments.

ABOUT NeuClear - NeuClear was largely developed by Pelle Braendgaard with the help of other dedicated volunteers. It is released under the Lesser Gnu Public License. For more information about NeuClear, visit the NeuClear website (http://neuclear.org/).

ABOUT VERAX Inc. - VERAX is an alternative secured payment system, primarily intended for use on the Internet, but with the ability to support many other market applications. Some of its initial applications will be to provide a stored-value payment system for inexpensive funds transfers, Internet payments, prepaid telephone and Internet payment cards and brick-and-mortar payment services. For more information about VERAX, visit the VERAX website (http://veraxpay.com/).

Posted by Claire @ 10:33 AM CST

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