Written By Abdun Nur
A blockchain is a public database that irreversibly documents and authenticates the possession and transmission of digital assets, to achieve security each block of data is given a hash and that hash will rely on the hash of the previous block, and this can be checked to prove continuity.
Unlike bitcoin which relies on mining to generate more bitcoin, the only way to generate any coins on the ledger is through an advance of future labour as cryptocurrency, this requires three external guarantee for the return of each advance. The bondsman gaining the advance gives the first guarantee to return that advance of labour, the second guarantee can be through collective bond, surety bond or infrastructure, the final external guarantee is through every bondsman on the entire bonding platform guaranteeing to cover all dishonoured advances proportionately across their local hub, this guarantee is a prerequisite of joining the bonding platform. All advances are interest and fee free.
In this model the only way for a ledger deposit to be created, is as an advance that must be repaid, a zero balance can always be established, through the comparison of existing coins, to the guarantees to advances of coins. Link – Collective Guarantee – Trust Based Guarantee verses Collateral Based Credit
Each account holder has their own blockchain, and interactions between account holders, nodes, is structured in nodes and hubs polycentrically, each hub is geographically local, meaning you are attached to a hub according to the area you live. (Link: Earthcoinage Polycentric Hub Network)
The account holders blockchain is key pair encrypted and held as data within the network, the account holder has the private key, using the RSA (Rivest-Shamir-Adleman) a public-key cryptosystem. Even if their private key is discovered at any point, the blockchain is still secure, even if the blockchain is broken of one account user, the zero balance comparison maintains security and continues to prevent fraud.
The local hub has an independent dual blockchain which records all transactions of its nodes, each nodal account holder communicates with the hub using a public key, that message is structured in two connected parts, the first part is a sequential key unique to that node, when communicating if a message arrives out of sequence or with an unrecognized sequential key, the attached message is deleted unopened.
The sequential key forms the bondsman’s account number, and identifies the account node within the network.
Nodes are organized by location globally; a hub is a localised nodal grouping. Once other platforms, such as the allodium platform, bonding platform or trading platform etc. are attached, it would result in the advancing cryptocurrency platform transactions being predominantly between geographically local exchanges.
Link – Community Formation Platform
The hubs interact with one another, and every transaction identifies the hubs involved. Each trade, before acceptance, is checked for a mutual zero balance on the system, through checking advances compared to external guarantees.
The network interacts peer to peer, and when downloaded onto a computer by a bondsman, the software builds a sandbox, which functions as a separate operating system, with a window of access from the operating system of the host computer.
To join the advancing cryptocurrency platform requires a sealed and witnessed bond, downloaded, and after completion, witnessed and scanned back onto the platform. This model is not open to the public, and excludes certain groups from any access, such as government employees, psychopaths, all constructed legal fictions such as corporations, trusts etc.
To access your newly created account you must provide a face/ear scan and a voice scan, each time you wish to access the network a random sentence is generated by the system which you read, and the system checks your voice, then you are able to enter your password, if your password is wrong you must wait 2 seconds to try again, if wrong again you must wait 4 seconds to try again, if wrong again you must wait 8 seconds to try again, at each failure the time to try again is doubled.
Each bondsman uses an sequential account number on the network, but between bondsmen, a bondsman’s invented avatar is used in interactions between bondsmen, no legal names are ever used on the network, nor titles (Mr-Dr-Miss etc).
There are three basic methods for an advance to be generated on the system, all three are related to external guarantee:
On the trading platform the advanced cryptocurrency can be traded, if traded for fiat the value of fiat for an invoice is determined by the platform based on the US dollars purchasing power, which is then used to determine all other fiats in exzchange. This is done by examining the commodities market, combining the USD fiat values of all perishable goods and dividing by a predetermined number, to achieve a fixed value in purchasing power.
The bonding platform is within a closed bond, the ledger cannot be used to trade externally to the platform, it does not alter in purchasing power, it has no element of speculation, it does not inflate or deflate, it is not controlled to engineer boom or bust, it is not created through a monopoly, it is created by each bondsman on the platform that can secure external guarantee.
This means the value in exchange for any fiat currency to pay any invoice is always fixed to the value of its purchasing power only.
Advances on the ledger can only be exchanged for “fiat in trade”, meaning if you as a bondsman needed to pay a fiat bill, for example, an invoice for a new car, and you had enough in your ledger account to cover the cost, you’d offer the invoice on the fiat trading platform, and any one within the bonding platform could pay all or part of the invoice in exchange for all or part of your ledger coins.
You cannot trade for fiat directly, as it has no value, being fiat, but if others outside of the platforms are willing to take fiat in exchange for real labour through an invoice for goods or services, trade is equitable.
This form a ‘true medium of exchange’ (TME) also allow those within the bond to convert and store their fiat currencies within a safe, stable ledger model. This prevents parasites from tracking trades, knowing the identity of account holders, as no legal names are needed or used and only bondsmen can access the platforms, this prevents any oversight, or access or extortion, whether from govern mental Mafia, banking Mafia or corporate (legal or illegal) Mafia.
As the ledger is anarchic in structure, the State Mafia cannot take it over, cannot shut it down without permanently destroying the Internet, or block access to it, as it’s peer to peer.
This method of invoice offering for trade can be used to pay any bills, placing invoices onto the platform, with a reference attached to what payment it represents, the buyers then transfer funds directly into the invoice account attaching reference to the sellers outstanding bill.
This is a model that allows a completely independent social structure and ends the monopoly presently imposed by the hierarchical corporate (unwritten imaginary) social contract model.
Many platforms can be attached to the ledger deposit advancing cryptocurrency platform by the bondsman themselves, depending on what platforms they find useful.