Peer to Peer Credit Architecture

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Proposal by Chris Cook.



"Chris Cook:

“There is no reason why credit creation should not be re-architected rapidly and virally into a new Peer to Peer credit architecture.

In this model credit is created P2P between sellers and buyers within a networked framework of trust (ie Master Partnership agreements I call ”Guarantee Societies”) . Banks are disintermediated, and become service providers managing the bilateral creation of credit, through setting “guarantee limits”; managing the accounting system; handling defaults; managing risk etc pursuant to policies set out in the master partnership agreement.

Such a P2P credit system is how the dynamic credit necessary for the circulation of goods and services etc could be created. Once productive assets such as houses, power stations or the software I am using, have been created, they have a value in use. This value in use may be monetised through what I call “unitisation” - ie the issue of Units redeemable in use value.

eg About Kilowattcards

The generally acceptable currencies of the future I see as being based upon the commons of land, energy and knowledge, and the use of taxes or levies made by society generally for the exclusive use by individuals of these Commons. Moreover, it is not necessary for an intermediary State to levy these taxes - indeed there is no way that the State ever would make the changes necessary to implement such taxes, thereby abolishing itself. However, we may do so simply by consensually adopting the networked partnership protocols and software that people like us are already building.” (

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