Secure electronic monetary transaction system

A method for conducting a secure electronic monetary transaction over a network, comprising:

• assigning a system participant to a portion of an electronic storage medium;
• storing financial data in said portion of said electronic storage medium, wherein said financial data reflects the amount of money available to the system participant assigned to said portion of said electronic storage medium, and wherein said network comprises all of said portions of said electronic storage medium;
• allowing the system participant to connect to said network;
• receiving from the system participant, identification data to access said portion of said electronic storage medium assigned to the system participant, and transaction data to conduct a transaction;
• and
• processing said identification data and said transaction data entered by the system participant to verify the identity of the system participant and to perform said transaction.

A system for conducting a secure electronic monetary transaction over a network, comprising:

• means for assigning a system participant to a portion of an electronic storage medium;
• means for storing financial data in said portion of said electronic storage medium, wherein said financial data reflects the amount of money available to the system participant assigned to said portion of said electronic storage medium, and wherein said network comprises all of said portions of said electronic storage medium;
• means for allowing the system participant to connect to said network;
• means for receiving from the system participant, identification data to access said portion of said electronic storage medium assigned to the system participant, and transaction data to conduct a transaction;
• and
• means for processing said identification and said transaction data entered by the system participant to verify the identity of the system participant and to perform said transaction.