Credit Commons Protocol: Difference between revisions
(Created page with " =Description= Mutual Credit Services: "The Credit Commons Protocol defines a shared ledger through which participants can perform mutual credit accounting for exchange in any agreed unit (such as national fiat currency, hours, or kWh of electricity). It can be applied recursively, meaning that ledger groups can voluntarily federate into a nested structure that can be visualised as a fractal-like ‘tree’. This fractal structure mirrors that of sociocracy, suggesti...") |
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Also see [[Credit Commons]] | |||
=Description= | == Description == | ||
"The Credit Commons Protocol defines a shared ledger through which participants can perform mutual credit accounting for exchange in any agreed unit (such as national fiat currency, hours, or kWh of electricity). It can be applied recursively, meaning that ledger groups can voluntarily federate into a nested structure that can be visualised as a fractal-like ‘tree’. | "The Credit Commons Protocol defines a shared ledger through which participants can perform mutual credit accounting for exchange in any agreed unit (such as national fiat currency, hours, or kWh of electricity). It can be applied recursively, meaning that ledger groups can voluntarily federate into a nested structure that can be visualised as a fractal-like ‘tree’. | ||
This fractal structure mirrors that of sociocracy, suggesting a natural fit between the resulting economic and participative governance structures. Trade and decision-making is supported across and between networks, enabling scale and diversity of economic activity without the requirement for centralisation. Groups can therefore remain small, trust-based, and self-governing within a larger, decentralised, yet complex economy of similarly autonomous actors that is referred to as the ‘Credit Commons’. | This fractal structure mirrors that of sociocracy, suggesting a natural fit between the resulting economic and participative governance structures. Trade and decision-making is supported across and between networks, enabling scale and diversity of economic activity without the requirement for centralisation. Groups can therefore remain small, trust-based, and self-governing within a larger, decentralised, yet complex economy of similarly autonomous actors that is referred to as the ‘Credit Commons’. | ||
The requirement for exchange rates between groups also means that ledgers can support different but interchangeable monetary instruments within the same community. The Protocol therefore provides a key part of the technical and collaborative finance infrastructure necessary to rebuild the commons economy. | The requirement for exchange rates between groups also means that ledgers can support different but interchangeable monetary instruments within the same community. The Protocol therefore provides a key part of the technical and collaborative finance infrastructure necessary to rebuild the commons economy. | ||
At the macroscopic level, the resultant scaling properties of the fractal structure may also have profound implications for the trajectory of economic growth, with substantial empirical and theoretical work suggesting that both natural and human systems with such network geometries eventually reach a steady state (rather than following open-ended growth)." | At the macroscopic level, the resultant scaling properties of the fractal structure may also have profound implications for the trajectory of economic growth, with substantial empirical and theoretical work suggesting that both natural and human systems with such network geometries eventually reach a steady state (rather than following open-ended growth)." | ||
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(https://www.mutualcredit.services/credit-commons-protocol) | (https://www.mutualcredit.services/credit-commons-protocol) | ||
== History == | |||
White paper was written by [[Matthew Slater]] and founder of [https://community-exchange.org Community Exchange Systems] Tim Jenkin in 2016. | |||
REST protocol and reference implementation built by [[Matthew Slater]] in 2020. | |||
2 deployments in the next two years for small exchange groups. | |||
In 2024, [https://clearingcentral.org Clearing Central] upgraded from Jenkin's first implementation to a Credit Commons node. | |||
=More information= | =More information= | ||
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Further reading | Further reading | ||
* The [[Credit Commons]]: A Money for the Solidarity Economy | * The [[Credit Commons]]: A Money for the Solidarity Economy, [[Matthew Slater]] and Tim Jenkin, [https://creditcommons.net/assets/credit-commons.pdf 2016 whitepaper] | ||
* About the Credit Commons, Credit Commons Society, | * About the Credit Commons, Credit Commons Society, [https://creditcommonssociety.org/about-the-credit-commons/] | ||
* Credit commons accounting, [[Matthew Slater]], [https://creditcommons.net/blog/credit-commons-accounting] | |||
[[Category:Community_Owned]] | |||
[[Category:Crypto_Economy]] | |||
[[Category:Data_Commons]] | |||
[[Category:Standards]] | [[Category:Standards]] | ||
[[Category:P2P_Accounting]] | |||
[[Category:Commons_Economics]] | |||
[[Category:Money]] | [[Category:Money]] | ||
[[Category:Credit Commons]] | |||
[[Category:Commons | |||
Latest revision as of 07:13, 25 July 2024
Also see Credit Commons
Description
"The Credit Commons Protocol defines a shared ledger through which participants can perform mutual credit accounting for exchange in any agreed unit (such as national fiat currency, hours, or kWh of electricity). It can be applied recursively, meaning that ledger groups can voluntarily federate into a nested structure that can be visualised as a fractal-like ‘tree’.
This fractal structure mirrors that of sociocracy, suggesting a natural fit between the resulting economic and participative governance structures. Trade and decision-making is supported across and between networks, enabling scale and diversity of economic activity without the requirement for centralisation. Groups can therefore remain small, trust-based, and self-governing within a larger, decentralised, yet complex economy of similarly autonomous actors that is referred to as the ‘Credit Commons’.
The requirement for exchange rates between groups also means that ledgers can support different but interchangeable monetary instruments within the same community. The Protocol therefore provides a key part of the technical and collaborative finance infrastructure necessary to rebuild the commons economy.
At the macroscopic level, the resultant scaling properties of the fractal structure may also have profound implications for the trajectory of economic growth, with substantial empirical and theoretical work suggesting that both natural and human systems with such network geometries eventually reach a steady state (rather than following open-ended growth)."
(https://www.mutualcredit.services/credit-commons-protocol)
History
White paper was written by Matthew Slater and founder of Community Exchange Systems Tim Jenkin in 2016. REST protocol and reference implementation built by Matthew Slater in 2020. 2 deployments in the next two years for small exchange groups. In 2024, Clearing Central upgraded from Jenkin's first implementation to a Credit Commons node.
More information
Further reading
- The Credit Commons: A Money for the Solidarity Economy, Matthew Slater and Tim Jenkin, 2016 whitepaper
- About the Credit Commons, Credit Commons Society, [1]
- Credit commons accounting, Matthew Slater, [2]