Credit Commons Open Protocol and Accounting System for Interoperable Local Currencies

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* The CREDIT COMMONS is a proposed accounting system to allow users of any local currency to exchange with any other, developed by Matthew Slater.



"A protocol for recursive mutual credit accounting

The Credit Commons Protocol supports independent entities to keep track of their exchange on a ledger which they control. Ledgers can be recursively nested, allowing trading blocs of all scales to exchange with each other without using money.

When trading partners record trade imbalances using any unit of account they please it is called mutual credit. This accounting is used commercially by business barter systems, and socially by LETS and time banks. Nested mutual credit allows exchange between independent groups, and groups of groups, being indefinitely scalable."