I just finished reading the other posts in this thread, and I'm kind of impressed with the complexity of these two technologies..
The key here, is going to be finding a way to make them operate together harmoniously.
I'm largely ignorant to the backend systems that need to be setup in order make this a reality, but I can share my input on how I believe it should function, from a user standpoint.
The draw of the ring is that I can do things without carrying around a bunch of stuff with me; including a phone.
Bitcoin is new, people don't understand it, and people fear what they don't understand.
To many, Bitcoin is a pyramid scheme, and it is, but so is every other currency on Earth..
[b:v3s4pdck]For this to work, you'll probably have to develop an app similar to Square Register.
Merchant enters the amount due into the app, scans my ring with an NFC-enabled device, hands me the device to enter my PIN.[/b:v3s4pdck]
That's it.. It satisfies b2c, b2b, and c2c.
The app will have to prompt for tip.
The user will need an online wallet that they can log into and manage.
The app will need to automatically generate a receipt into the users online "wallet."
It would be awesome if you could gamify it, so users accumulate points for purchases, but this part will be complicated, because you don't want to do it wrong.. We can discuss it further, if you'd like.
I'd implement this in an entire community if you built it this way.
Yes, that's exactly how it should work. Same as a Chip and PIN card.
We developed an NFC-based protocol that does pretty much exactly what you've described (uses a POS terminal not an app for security reasons).
Final version to be released in dec. Let me know what you think: The (draft) white paper is available for comment at <!-- w --><a class="postlink" href="http://www.opencxp.org">www.opencxp.org</a><!-- w -->
hands me the decive to enter my PIN.
Would be great to avoid giving away the PIN to anyone looking. Or if the hardware is cloning. There may have been a bluetooth-based ring up for pre-order (Kickstarter?) with a display, which could solve some of this. But generally just pre-approving myself with a budget for coffee-places, another for lunches, etc would allow payments without PIN in these places.