I wrote some code to experiment with making a better currency system. I’m sure it wouldn’t take much convincing for others to agree that a problematic currency system can be stifling in so many ways.
How it works
Every account starts with 10000 currency. As an account becomes more reputable, more of that starting currency is unlocked. Since currency is only created when a new account is created, things like inflation and interest are supposed to be disfavored. You make a bounty for something you offer currency for and make an auction for something you want currency for. This currency system is distinguished from others by several points:
- open source: any person can examine how it works or implement their own version.
- community regulated: there is a system for reporting auctions or bounties so that the community can enforce its standards.
- unmineable: currency shouldn’t have any value of its own, but rather be the way for persons to communicate what is valuable to each other.
- easily auditable: to know the amount of currency in the system, you only need to know the number of accounts.
- hopefully not another pyramid scheme: there’s no obvious advantage for early adopters or disadvantage for late adopters; an account’s power is determined by their actions.
Possible future additions
- A voting system for issues outside of the currency system also seems valuable and practical and could use the same account interface.
- Societies representing concerns larger than those of individuals would also be useful, but there would have to be some thought first about interactions of these and currency and splitting rewards among members of groups and coming to decisions when representational groups exist.