Tuesday, November 9, 2010

Transactions today require common trust in govt/central bank, Promise Language distributes that trust.
At its most basic, Promise Language is a simple standardized protocol describing transactions between people.  However the structure of that protocol will transform the banking system into a system of trust and accountability.  It can be started at a small local credit union or at a large central bank, but either way it will be adopted by all institutions due to its simplicity and significant cost savings. The protocol is similar to how internet browsers standardized on a single version of HTML.  It is more than a protocol however.  The entities in the diagram above already exist today, but the protocol changes how we view them.  Subtly changing the banking system from a system of theft and corruption to a system of trust.  Eventually forcing all central banks to back their products (money) with something of tangible value.

Promise Language is the result of reverse-engineering the concept of money.  Money becomes obsolete.  Currency becomes optional.  All transactions become wealth that is transferred.  The distinction is critical.  Wealth has an owner.  Money and Currency have hierarchical authorities behind them who extract a price and maintain their position through force.

No comments:

Post a Comment