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Distributed opencoin

by Jörg Baach last modified Sep 28, 2007 12:55 PM
Can a currency be distributed in term of redeeming the value

Just a short note on the idea:

  • You have a network of issuers of tokens (coins, vouchers etc.).
  • They issue on par with the pound.
  • They commit themself to redeem any token that was issued from an issuer within the network.
  • A central instance issues blank tokens for the issuers. The amount of blanks it gives to an issuer is limited by some rule, e.g. trust of
    other issuers in the network, similar to a credit limit.
  • The central instance does not necessarely redeem tokens, or issue tokens itself.

This all would have ideally the effect that as a customer I can buy a voucher, use it anywhere in the network or get my money back if I don't need the voucher any more.
There is a central instance, but that is not really holding any value, therefore distributung risk
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