LanguidLemer
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YarkoL, the inception of cryptocurrencies had a very strong emphasis on privacy and trustlessness. Both very important to keeping ourselves safe.
The one thing a blockchain accomplishes which is highly needed in a local money system is validation of coin issuance and possession.
In other, older manifestations of local currencies a central issuer was trusted to not abuse and multiply the script (inflation of supply).
In the Ithica Hours currency any individual could be an issuer was the trusted source. (essentially an IOU) But of course we can see how an undisciplined or unethical person could issue far more hours than they could possibly honor…thus destroying the trust.
The blockchain and peer to peer validation schema completely eliminates this problem. We know how many coins exist, how they were allocated, how to trade them and the only thing left is how people choose to adjust trading their goods/services based on relative value.
One way this could be reconciled would be for a guide to be published with suggested adjustments which the community believes are fair trade. This guide could then be adjusted annually or through a voting process (possibly using proof of stake).
In the older econometric measures a government would publish how many hours of average priced labor that a pair of shoes would cost or a loaf of bread or a new shirt. The community could receive recommendations for age old exchange rates to be used, and individual parties could adjust from there depending on their respective interests, surpluses or deficits.
YarkoL, yes there has to be consistency within the discovery, distribution and user community arrangements. My thought was that a good gate keeper for community focused currencies would (initially) be those how volunteer to help the community. But of course this should be decided by those who form the core adopter group, since which ever locality also has its own local temprement, values and perspectives.
Part of the problem for local community economics is the very ‘Borg-like Jello that smothers, which is the “currency” of the national entity. If your community is not competitive with the vacuum pull of the larger economy, then your community and land becomes a strip mine for the larger national (and international) system.
Resources and people get vacuumed out and an empty shell is left, even ghost towns.
So, the larger problem is the massive grinding system of systems with its own imperatives, that destroys all in its path which does not join in its priorities.
Local currencies may have tremendous benefit to free people to conduct their local lives independently from the larger context. In other words, “no thanks, we prefer to work together for the good not eat each other over roasting fires”.
During situations like economic depressions (either inflationary or deflationary) ‘local script’ often is resorted to until things shake out and return to some kind of normal.
Even in “ye olde days”, when localities had few silver or gold coins in circulation, script was used (with signatures) to tally credits and bills in silver and gold as units of account.
The great thing about blockchain is that it completely eliminates forgery, fraudulent manufacture of fake script, over issuance of script by either authorities or individuals, etc.
Another great thing about a limit on coins is that, over time, the coins become more valuable, hence people are given an incentive to save. Lending of coins for interest, based on real business cases, is also enabled. Consumption and extravagance are constrained. Thrift and productivity are encouraged.
PoS can be premined, too, in whole, in part or not at all.
Interestingly, the key signature used to sign blocks is the Developer’s, which is an centralization vulnerability.
From Post #229:
https://yarkol.github.io/cryptocurrency/peercoin/altcoin/2017/05/19/cryptocoins-1.html
YarkoL, I found your writing style to be clear and useful. Easy to follow instructions. Subtle humor. Great job (for a Dev, haha!).
Always good to stand on the shoulders of giants.
I have adapted some older (HP T5740) 32 bit Thin Clients to run Bitcoin Core as full nodes. Have four of them running now. Is there any chance to have the PRA full node s/w complied as 32 bit for linux? These thin clients take about 25 watts power and just do the job for hardly any outlay. I can offer to convert these over to contribute to the PRA P2P network. They are running Ubuntu 14.04 LTS
From Chronobank their front page:
Specifically, we want to create a revolution in short-term recruitment within key professions.
Looks like a similar unit of account, but focus on extra-local professional work done across the web vs what I am thinking which is entirely local to a societal unit of 1000+ people (large village to mid-sized town) or subgroup within a small to mid-size city.
I have created the topic and copied/pasted the text to that topic. Tearo or pra if you wish to remove the lengthy part of post 232 with a link to that new topic, please do so. I did not find an edit button to accomplish that.
What I have to offer to the Practice Coin project:
Familiar and comfortable with Linux and the command line.
Electronics and computer/network training and experience.
DB design, data and reporting.
Customer service, problem solving, etc.
Personal interests: farming, inventing, alternative energy … the usual divergent, creative stuff.
I am a creator and producer best at taking pieces and parts of what is and recombining them into things not yet seen before.
Diving in:
Since the 1970’s I have been interested in alternative currencies vs national fiats. Some of this was covered in the old pre-1982 Mother Earth News magazines. One such as a commodities based currency. Other forms have popped up here and there during times of economic and financial distress. One form that I liked was called the Ithaca Hour Community Currency: http://ithacahours.com/
The problem, of course, is inability to prevent over issuance of promises by individuals to others, which prevents adoption wider than just those you know and trust.
It just dawned on me today that most cryptocurrencies are focused on developing as currencies (money) or contracts, usually similar to your favorite fiat. I do not see any notable ones which focus on quantifying TIME as a unit of account. Ripple does provide for IOUs but the trust thing in terms of over commitments is left to the parties involved.
Cutting to the Chase: to create a pre-mined crypto which uses a blockchain for recording ownership, record transfers, wallet for use by individuals. Each coin represents an hour of work.
In my nascent concept the pre-mined coins are limited for use in a truly “local” area of operation (possibly a town or city) where people provide hours of work in exchange for the coins. Coins then can be exchanged for services or goods based on willingness of others in the community to participate. The rate of exchange is negotiated by the parties (IE professionals may wish more hour coins for their hour of work).
The initial sale of coins would be to Volunteer Organizations (or similar) who also act as gatekeeper/advocates for the system within their communities. The fiat “price” of these coins on sale to the volunteer groups would be low and would be set to recompense for development time, materials invested in establishing the coins, basic p2p network infrastructure, education and outreach programs, with a residual for upkeep.
The organizations would then provide the hour coins to those who volunteered to provide community service on a voluntary basis. This would begin the cycle of economic activity and exchange. Those who volunteered and received coins would then exchange the coins in the community for hours worked by other for them or goods offered in exchange. Wallets would be on smart phones.
This type of hour denominated coin could well be cloned for every community which would like to trade labor for labor, services or goods. The initial distribution of coins would be to those who showed community spirit and willingness to put their time to the benefit of the community, which does not have direct benefit to themselves for such volunteerism.
One benefit of using such hour denominated coins is that people’s time becomes the unit of account. Time really is a very personal dimension of wealth and determinism of the individual, and therefore is a good measure and a good unit of account as it regards to the preciousness of life.
At this point I am thinking of a coin name such as HourCoin and a symbol such as HCnnnnn where HC means HourCoin and nnnnn is the central zipcode for the locality. So, for Boston, HC02201.
Anyway, it seems to me we can do better for ourselves if we work with each other locally and based on the most fundamental unit of contribution we have, which is our time.
I was hoping you would do this project with LiteCoin code base. Seems good for my interests. Thank you.
Hi All. LanguidLemer here. First, Tearo, thank you for your contribution in consolidating, refining and presenting your findings. That’s called leadership and we appreciate your help.
I am in BTC and ETH and mainly have been focusing on those. Doing some mining in BTC.
Diving in:
Since the 1970’s I have been interested in alternative currencies vs national fiats. Some of this was covered in the old pre-1982 Mother Earth News magazines. One such as a commodities based currency. Other forms have popped up here and there during times of economic and financial distress. One form that I liked was called the Ithaca Hour Community Currency: http://ithacahours.com/
The problem, of course, is inability to prevent over issuance of promises by individuals to others, which prevents adoption wider than just those you know and trust.
It just dawned on me today that most cryptocurrencies are focused on developing as currencies (money) or contracts, usually similar to your favorite fiat. I do not see any notable ones which focus on quantifying TIME as a unit of account. Ripple does provide for IOUs but the trust thing in terms of over commitments is left to the parties involved.
Cutting to the Chase: to create a pre-mined crypto which uses a blockchain for recording ownership, record transfers, wallet for use by individuals. Each coin represents an hour of work.
In my nascent concept the pre-mined coins are limited for use in a truly “local” area of operation (possibly a town or city) where people provide hours of work in exchange for the coins. Coins then can be exchanged for services or goods based on willingness of others in the community to participate. The rate of exchange is negotiated by the parties (IE professionals may wish more hour coins for their hour of work).
The initial sale of coins would be to Volunteer Organizations (or similar) who also act as gatekeeper/advocates for the system within their communities. The fiat “price” of these coins on sale to the volunteer groups would be low and would be set to recompense for development time, materials invested in establishing the coins, basic p2p network infrastructure, education and outreach programs, with a residual for upkeep.
The organizations would then provide the hour coins to those who volunteered to provide community service on a voluntary basis. This would begin the cycle of economic activity and exchange. Those who volunteered and received coins would then exchange the coins in the community for hours worked by other for them or goods offered in exchange. Wallets would be on smart phones.
This type of hour denominated coin could well be cloned for every community which would like to trade labor for labor, services or goods. The initial distribution of coins would be to those who showed community spirit and willingness to put their time to the benefit of the community, which does not have direct benefit to themselves for such volunteerism.
One benefit of using such hour denominated coins is that people’s time becomes the unit of account. Time really is a very personal dimension of wealth and determinism of the individual, and therefore is a good measure and a good unit of account as it regards to the preciousness of life.
At this point I am thinking of a coin name such as HourCoin and a symbol such as HCnnnnn where HC means HourCoin and nnnnn is the central zipcode for the locality. So, for Boston, HC02201.
Anyway, it seems to me we can do better for ourselves if we work with each other locally and based on the most fundamental unit of contribution we have, which is our time.
