Karma is exactly what you are talking about. A bunch of IOUs. If you think that blockchain is too expensive, it is possible to store the current debt list in a Merkle tree and store the Merkle roots only on a daily basis validated by zero-knowledge proofs. Like a zkRollup. This is a storage-efficient and cheap solution secured by the blockchain (you get the same level of security if the state is stored at the end of the day).
One of my favorite theoretical economies was the one described 'Critical Mass' by Daniel Suarez (part 2 in the Delta V series). Essentially a space economy that didn't allow the direct transfer of 'old money' to 'new money'. Anyone could earn this 'new money' via programs similar to carbon credits/capture.
So I'm curious, what opportunities can we create with a new currency that helps to redistribute wealth? How are those doing the most good for society and the environment are the most rewarded?
Hey Philip, you should also definitely check out Brett Scott's Altered States of Monetary Consciousness - great mutual credit content: https://alteredstatesof.money/
Karma is exactly what you are talking about. A bunch of IOUs. If you think that blockchain is too expensive, it is possible to store the current debt list in a Merkle tree and store the Merkle roots only on a daily basis validated by zero-knowledge proofs. Like a zkRollup. This is a storage-efficient and cheap solution secured by the blockchain (you get the same level of security if the state is stored at the end of the day).
Karma: https://medium.com/better-programming/karma-an-erc20-compatible-alternative-money-on-the-ethereum-blockchain-cee660b821ce
zkRollups: https://medium.com/coinmonks/how-to-implement-a-minimalist-nft-zkrollup-b93fd4e326ad
One of my favorite theoretical economies was the one described 'Critical Mass' by Daniel Suarez (part 2 in the Delta V series). Essentially a space economy that didn't allow the direct transfer of 'old money' to 'new money'. Anyone could earn this 'new money' via programs similar to carbon credits/capture.
So I'm curious, what opportunities can we create with a new currency that helps to redistribute wealth? How are those doing the most good for society and the environment are the most rewarded?
Hey Philip, you should also definitely check out Brett Scott's Altered States of Monetary Consciousness - great mutual credit content: https://alteredstatesof.money/
I can introduce you.
Philip, are you familiar with Thomas Greco’s work on mutual credit? https://reinventingmoney.com/thomas-greco-jr/