Help Brainstorm on FreeBank Protocol
Details
This is a brainstorming session for FreeBank and you are invited to participate.
Here’s our idea, on half a sheet of notepaper;
FreeBank is a proposal for a lightweight, open source, fully decentralized, moneyless value exchange system, practical for the exchange of goods and services. There will be no ICO, no CEO and no shareholders. Anyone will be able to use this protocol or write a client for it, unencumbered.
We hold that exchange activity, (which includes barter, shared equity, peer-to-peer lending, time exchange, swapping, et al) is a ready source of information on the viability and trustworthiness of individuals and corporations. We suggest that fungible money impairs or renders impossible many transactions in analogue and decentralized environments, especially because fungibility distorts the value of labor. We propose ‘Social Proof of Value’ (SPV) to enable an individual’s contribution to exchange.
As a protocol, FreeBank users record their transactions using a blockchain lattice. As a means of exchange, FreeBank cedes ownership of personal information and labor to the individual. User ‘Alice’ is able to query the blockchain lattice to determine user ‘Bob’s’ SPV relative to her. A standout result is the imperative for FreeBank users to conduct themselves with integrity lest the support of network participants evaporates.
We invite the Edmonton Bitcoin Meetup group to give feedback at a special Meetup. We will brief you on the following: the definition of self-assembly, a-cyclical/cyclical surplus and basic (economic) circuits, and SPV.
We look forward to seeing you there, even if you just want to listen. Speaking up is OK too.
Peace! Ian O'Neill
Grant Lauzon
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The Edmonton Bitcoin Meetup hosts many events ever month to cater to individuals growing their understanding and also to promote growth of this new industry in Edmonton.
Join our Slack group:
https://edmontonbitcoin.org/slack
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Thanks to our sponsor, Bitcoin Solutions who provides us with the meetup space!
After launching Alberta's first Bitcoin ATM downtown Edmonton, Bitcoin Solutions is now a trusted ATM network across Canada.
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