Word: cybercoin
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This week CyberCash, based in Reston, Virginia, launches a product that could change all that, and turn the Web into one giant vending machine. The company's CyberCoin system will allow online "microtransactions" of as little as a quarter. "We think," says an exuberant Larry Gilbert, CyberCash's vice president and general manager, "it's going to be the core of electronic commerce on the Internet...
...CyberCoins could let thousands of such harebrained Web schemes bloom. Take Worbble, a multiplayer word game created by Headgames Inc. of Edmonton, Alberta, that is set to hit the Web next week. From five to 2,000 players at once will look for words hidden in a 3-by-3 grid; the first player to find each word will win $10 to $60. The entrance fee: one buck. The currency: CyberCoin. "The product fits our marketing strategy like a glove," says Headgames president Ray Speichert...
...from usage fees, just like those of credit-card issuers. "On a 25[cents] transaction," says Gilbert, "we'll charge the bank 6[cents], and they'll charge the merchant 8[cents]." As transaction sizes go up, they'll get a much smaller percentage; still, over millions of users, CyberCoin profits could add up to big bucks...
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