Web Credits Writeup from Melvin Carvalho on 2012-01-20 (public-webpayments@w3.org from January 2012)

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Fri, 20 Jan 2012 20:47:04 +0100
To: Web Payments <public-webpayments@w3.org>
Message-ID: <CAKaEYhJarrQFyvrT_6P2UNLW4=_URpV4WjD0rSWdeKtD8kr55g@mail.gmail.com>

Here's a quick writeup of what I previously posted as the opentabs
protocol.  I've codenamed it 'Web Credits' for now and put it on the
wiki.

Introduction
==========

Web Credits is an ultra simple system for storing and transferring
IOUs (credits) between agents.

*The aim of this spec is not to exceed 2 pages*, be usable to create
distributed payments, and arbitrarily extensible to add encryption,
workflow, trust and aggregation systems of your chosing.

95%+ of the money in the world is in the form of an IOU. A bank
balance is an IOU from the bank to you, Cash is often an IOU from a
govt. to an individual.

The protocol is inspired by the Linked Data and PaySwarm standards,
and is a usable subset that focuses on the data layer (JSON) and
communication to apps (HTTP).

[Read More]

http://webcredits.org/

Received on Friday, 20 January 2012 19:47:35 UTC