Posted 4 years ago on March 28, 2013, 6:20 p.m. EST by TheMelodicInduction
This content is user submitted and not an official statement
People may have thought of this before, but this is an excellent decentralized economic system we could start up & try out.
The idea starts with a basic barter system.
When a buyer cannot accept a seller's offer, the seller (now termed as the holder) can instead grant the buyer a new value-defined number of abstract currency units (ACU) attached to what the holder wishes to sell, which can be traded by the owner of the ACU as currency redeemably backed up by what the ACU are attached to.
The necessary rules would be as follows:
1) Whenever ACU are created in transaction, the holder and buyer must both record the transaction securely. The buyer becomes the first owner in this tranaction chain.
2) To grant ACU to a new owner in transaction, the holder is contacted and notified of the transaction, then the new transaction is recorded securely by all parties involved
3) Holders still own what ACU is attached to, and can use such property if necessary, but once the ACU is reclaimed by its owner, its backup property changes ownership to that of the person/people reclaiming.
4) Any changes in ACU-attached property's value between source transaction and reclaim must be reimbursed.