Saturday, March 22, 2014

Imagine you are running a stock exchange using the Promise Language specification

Initiating Promise:    100 IBM
Notice - accept: 5000 USD

Initiating Promise:    5000 USD
Notice - accept: 100 IBM

Note the structure is identical for both the Bid and the Ask.  Effectively this means everything is a commodity.

"Notice" messages become part of the contract.  Terms and late payments can be specified.  Clearing companies as well.

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