I've been pondering the idea of digital microcurrencies lately. Specifically, I've been wondering what would happen if an internet site was launched that provided any subscribers the right to create, access, and exchange currencies. The site would serve as a neutral party, process transactions, and provide a set of tools. Each currency would be configurable, and would be required to file a standard set of rules that would determine the size of the money supply, rules for the exchange of that currency for other microcurrencies, and a list of the rules governing the currency - who had the power to modify the currency rules, and under what conditions.
Why, you ask, would this be a good idea? I think that this sort of a project could be useful at a variety of different levels. It could serve as a valuable teaching tool, allowing students and teachers to create accounts, and to make and experiment with markets. It could also serve as a system to facilitate the use of parallel, alternative currencies. Since many people have skills or talents, but have been pushed out of the conventional cash money economy, they could benefit from access to this sort of currency system - a neighborhood or church group or collection of friends could create a common currency, and use that currency to facilitate the exchange of useful services, without having to resort to the use of conventional currencies.
Unlike bitcoin, these currencies would be intended to serve as tools to facilitate economic activity within bounded cultural and geographic areas. A user of the service would pay a modest fee, perhaps 15 dollars/year + some fee per currency managed. This would give a user the right to trade in and hold any currency, subject to the terms of use laid down in each currency's ground rules. No mechanism would be provided for exchanging any microcurrency units for any other variety of money.
Thoughts?
No comments:
Post a Comment