Sandbox and the Swift ledger

 Now, underneath the various ledger systems is digital bearer cash, built into the generic smart card. The generic smart card will not emit currency off the ledger more than once. And generic smart card responds to 'fails to deliver' requests, and can validate cash.  That is the simple contract, out of the ox.

The next layer of contract, down the graph, is the validate and request recall for a fee of diminishing returns.  This is where ledger swaps happen, block chain to Swift to Ethereum to auto ownership exchanges to gold exchange etc.  All ledger systems have a recall within timeout, it is the grease of finance, fails to deliver.  This is in mos currencies, and in all currencies that swap within the standard generic smart card.

Below this are finite paths to closed exits, most to the start of another contract phase, or just done.  Some of ti third layer is about recovering from recalls. And below this a lot of currency protocols can get complex, but provable and veriified.

So Swift has a differentiated version of smart card accounts, one with a hierarchical ledger, and it works.  Each card holder, all of us, are Swift banks and execute their protocol and can carry bearer dollars in out cards.  We can switch from bearer cash to Fed accounts, or bind it in third party contracts, at the fourth level.  The smart card makes the relationship between ledger and transaction asynchronous, adjustable to acceptable risk.

So the holder of a generic smart card can become a Swift bank by down loading and joining their ledger protocol.   All contracts have timeouts.  This is mark to dead battery, actually But forces mark to market.  Bearer cash can simply go through timeless autonomous recombinations, for a Fed fee. 

Entry and exit fees are a flow control, the Fed needs enough deal flow o squash arbitrage. When an account closes a loan in advance then it should receive a portion of its minute insurance costs. When a deposit in advance arrives, it needs to pay a charge almost guaranteeing risk equalization.  Deposits are encouraged to use cash in advance loans and better utilize their minute currency insurance.

The Fed master S/L, the currency emitter, is non-profit and visible, and slightly a half step ahead of deposits or loans.   And, under the start up conditions of the new contract, the Fed market risk will veer beyond our bound for half a year, minimum.  There is no complete method to eliminate the Nixon hump. The system held together by bound market risk, due process, and fees from monopoly. The headwind being the 2% devaluation rate.