Friday, March 19, 2010

Description of Promise Language (PL)

Similar to HTML or XML, PL (Promise Language) is a simple framework describing promises that can be read by humans and processed by computers.  For example:

<promise>
 <promissor>
  (person's name)
 </promissor>
 <promisee>
  (person's name)
 </promissee>
 <value>
  (description of value conveyed)
 </value>
</promise>


A Transaction would comprise two Promises. A Transaction is marked as completed when both Promises are delivered. Simple. Templates for forms of Value (such as electronic gold, paper money, electronic silver, labor/time, etc.) allow for efficient processing by banks and related financial entities. Transaction costs go down. Reporting becomes automated, standardized and simple. Conveying reputation to others for credit purposes becomes easier.

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