http://i.imgur.com/UORr1yF.png{ sikoba - the people’s banking system }Sikoba is a global and decentralised money platform based on peer-to-peer IOUs and built on blockchain technology. Visit
our website!
{ Vision }P2P payments are already above $1 trillion annually. From almost nothing 10 years ago, P2P lending has grown to $26bn in 2015 and is expected to reach $900bn in 2024. We believe that P2P IOU systems have a similar potential and that they will soon become the next frontier in finance.
{ Sikoba summary }Using mutual credit systems that are not backed by money, but by IOUs of participants who trust each other, the need for an external money supply is limited to a minimum. Every peer-to-peer credit relationship is governed by a contract with specific conditions, fee structure and repayment rules. Using credit conversion, a kind of configurable rippling, payments between participants who do not trust each other become possible. The system will automatically take care of optimal payment paths, netting and clearing. We will support fiat money via gateways, cryptocurrencies as well as many use cases such as inter-company credit networks. Our goal is to provide a platform for operating any monetary system one can think of, together with the tools allowing all of these different systems to interact.
{ How will it work in practice? }The way it works that you grant other users, whom you know personally, credit on certain terms which you yourself specify. These users can then pay you by drawing on that credit. Fiat, crypto or other assets can still be used for payment, for example if payment by IOU is not possible or not desired. Also, fiat or crypto may actually be required to repay debt. Both for practical and philosophical reasons, Sikoba is not intended to be, or ever become, a pure IOU system.
In the Sikoba system, a user will only ever have exposures to users to whom he or she has explicitly given credit. To give an example: if Bob trusts Alice, and Charles trusts Bob, and Bob allows what we call “credit conversion” for Alice, then Alice can pay Charles. However, Charles will only see Bob as his counterparty, and not Alice.
{ Sikoba token presale }Sikoba has launched a token presale. The goal is to raise enough money to produce a MVP (minimum viable product), based on which a token crowdsale will then be launched before the end of 2017
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We are also looking for people who can contribute time and expertise to the project. Please contact us or leave a comment here.
