Tuesday, November 17, 2020

A better, formal definition of money

 Make it a swap within a shared ledger.  Money is the part of the transaction where both parties agree, ex ante, to exchange within the same ledger protocol.  The other half of the transaction may be across ledgers, or within another ledger.

The common transaction is money and delivery, the clerk and customer exchange on a shared ledger, and the clerk puts the goods into the bag. The simple version.  Bearer cash, currency, is money where a local ledger enforces no double spending rule directly.

I think we can get all this under protocol theory, stable network exchange where congestion is bounded. Our contract is the protocol state machine.

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