Trusted money

Trusted money

You know, when one lacks conventional money, one has no choice other than disrupting it ).

I suggest money that gets generated during a business transaction.

Conventionally both sides of the transaction issue a document for its partner confirming a action - payment or delivery.

Now they issue a hash code that they put into their open wallets.

A wallet record consists of several fields: date, IDs of the parties, issued tokens.

The wallets can be freely accessed by all who use this kind of money.

Everyone can check transactions a token was used in.

Contract parties may choose to use tokens they posess instead of issuing new ones.

A token with long history is more valuable because it was trusted by many people.

That"s it. Everithing else follows from this principles naturally.

No centralized authority, no banks, thriving business activity.

If you gave something valueable in return of a token, you would be willing to exchange the token for many less valueable things.

This builds local communities of personal trust, a different sort of society.

Do you see any problems with this monetary system?