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Erschienen in:
2006 | OriginalPaper | Buchkapitel
Incentive-Compatibility in a Distributed Autonomous Currency System
verfasst von : Kenji Saito, Eiichi Morino, Jun Murai
Erschienen in: Agents and Peer-to-Peer Computing
Verlag: Springer Berlin Heidelberg
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Peer-to-peer complementary currencies
can be powerful tools for promoting exchanges and building sustainable relationships among selfish peers on the Internet.
i
-WAT[1] is a proposed such currency based on the WAT System, a polycentric complementary currency using
WAT tickets
as its media of exchange. Participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust.
i
-WAT implements the tickets electronically by exchanging messages signed in OpenPGP.
This paper claims that the design of
i
-WAT is incentive-compatible as to protection against moral hazards, or threats caused by selfish peers because they may take advantage of the rules; such hazards are defused in
i
-WAT if the participants react against misbehaviors of others by pursuing their own benefits.
A reference implementation of
i
-WAT has been developed in the form of an XMPP instant messaging client. We have been putting the currency system into practical use since June 2004.