Banktrust

Overview

Secure, fast, and easy money transfer from A to B, at the cost of transmission. Trustworthy and transparent design and governance. Banktrusts networked together form the Money Commons.

Design Fundamentals

• Credits can be saved, but no protected "banks" or accounts that charge or pay interest. Interest between users is discouraged, but not actively policed; at own risk.

Real World Case Studies

Paypal

• Not transparent or trustworthy
• Has commerce critical mass, monopoly
• Relatively easy? How could the process be easier for users?

QQ and QQ coins

• Designed in 2002 in China, QQ coins could be bought with money (yuan) or "earned" through playing games (possible to use games like ESP, peekaboom to capture "human cycles?")
• 2006, total trading volume in virtual items worth about $900 million, 45% of that used to buy Tencent items.
• Developed as parallel currency, government forced to act

Major Issues and Concerns

• Exchange will happen with other currencies, like it or not (real-money trade, RMT). What problems will this cause? What design considerations are necessary?

• Through what means can people acquire credits? Exchange, projects for the public good? Opting into propertytrust.

Possible Partners or Friends

A list of sites that should be considered when developing or standardizing a basic banktrust model.

• http://www.commongoodbank.com
• http://www.opencoin.org
• http://ripple.sourceforge.net/

Credentialtrust - component of Banktrust?

Purpose:

Anyone or anyplace I interact with only knows the bare minimum needed to identify me for my purpose of use. I control my private information.

Real World Case Studies

• ??? These examples are particularly weak.
• Sxip
• Steam