RipplePay
Posted by Jesse Robbins
April 22nd, 2007 Other posts by Jesse Robbins
Allegra and I met yesterday with Joe Edelman of RipplePay which looks really cool. I really like the ability to create loans of time… “I owe you 1 hour of work”.
“Ripple is a monetary system based on trust that already exists between people in real-world social networks. By cutting out the institutional middlemen, Ripple is both more community-oriented and more efficient as a means of exchange.
National monetary systems rely on trust in large financial institutions. A bank account balance, stored as electronic bits in a computer, represents a promise by the bank to pay the account holder. That promise is only meaningful if the bank is trustworthy. Banks, in turn, leverage those deposits to issue new money by making loans to trustworthy individuals as determined by an often labour-intensive screening process.
Ripple cuts the banks right out of the picture by allowing anyone to act as a bank and grant credit within the Ripple system to anyone they know. The system keeps track of the source of all IOUs, so that debts that are not repaid are automatically borne by the issuer.”
Entry Filed under: examples, banking, ripple, open source
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