The latest research on how a currency banker has to manage time based debt. And the answer will be that the banker holds secret information about events, otherwise the currency systems drop back down to sandbox and optimum congestion (asynchronous, adjustable interest flow).
I didn't read the whole thing, but knew the conclusion once I understood the model assumes all bandwidth limits must be met, which is equivalent to meeting budget over a multiple periods of fixed time. Authors then discovers a problem, for Eulerism to be true, everyone has correct information everywhere. Not necessarily infinite bandwidth information, but there must be a complete information set, ergodic and known to all parties for eulerism to work.
The paper should show that the assumption is false, traders will engage in time plotting. Time plotting is real, go read Einstein.
What does redeem mean?
I have been trying to understand the redeem, and I finally looked it up. Redeem means return the principle by some date. Since time is a smart contract problem, let us define redeem for the smart contract layer. It means to expect some party to complete a ledger service by some date and establish ownership.
In the old system, they always start with the safe rate, then build banking from that. So, essentially, all the ledger services are time synched, a clear give away for time plotting. So the bank keeps hidden assets it can take or put on the market, counter the time plotters.