Topic: Creating currency into existence by allowing people to claim their share (Read 208 times)

I've been working on an idea for a while now that involves allowing people to link to and vouch for each other and as they find people who mutually vouch for each other, they both earn some 'Global Credits'.

This is how the currency is created into existence. We then create decentralized IDs (testing of our algorithm shows 99.9% accurate IDs even against attack) using these links between people. We have figured out how to use these decentralized IDs to mine the currency and have a very nice mining algorithm planned.. fast, energy efficient, low transaction fees.

And the plan is to then have spending accounts and savings accounts. Spending accounts have 2% inflation of the money supply, which is used to pay individuals to mine the currency. Savings accounts require 72 hours to withdraw money but they earn enough interest to cancel out inflation, and are therefore inflation-proof.  However, prices and salaries and everything associated with the positives of inflation should behave correctly but investors and savers won't lose the value of their investment. And it provides constant revenue for miners as well, which is everyone who wants to mine.

We reward people with Ͼ20 for the first 10 links, Ͼ15 for the next 10, Ͼ10 for the next 40, and Ͼ5 for the last 40. The idea being that we will have more heavy inflation and currency coming into existence early on than later. We also want to reward users more for the first 20 links because those are most important for creating the decentralized IDs.  Given that referral programs which require a similar amount of work have an average payout of $10 for the user and $10 for the friends, it seems to me like this should lead to Ͼ1 = $1 because users are getting paid an average of Ͼ10 per voucher/referral.

This has an interesting side effect of starting everyone off with an equal share.. which I think could be a good way to generate some buzz.  If people dump, then others can buy cheap and price should rise with time. But the average person also won't have that much to dump on their own.

Also of interest.. people can be valued on a per user basis. Which I believe should lead to more stable pricing.

We are temporarily starting out centralized to give people a chance to thoroughly link to each other and more thoroughly test our algorithms on real world data.


If you'd be interested in helping me thoroughly analyze the economics of this Idea, I've be happy to give some equity. We have a website that is just about ready to launch, I've spent a lot of time thinking this through and have talked to a couple people with an economic background about the economics, I just want to make sure that I've given economists a chance to attack this now instead of after launch. I want feedback, even if it's negative because I still have a chance to make changes to this.