I am very torn over how to proceed in making this idea a reality, clearly there are many things to implement:
1) Secure Identity
- anonymous interactions and 'secure' interactions mostly incompatible.
- they should not be 'throw away' and to prevent this identities need to be mined. The more difficulty a hash that is found the more 'unique' the identity and the more 'costly' to discard.
- they need to be easy to 'use' and by that I mean 'sign and validate contracts'.
2) Insurance Fund
- The terms / conditions need to be defined.
- Trusted parties would need to hold the funds / Evaluate claims.
3) Surety Bond
- Once again, a trusted party is required to hold the surety and disperse it to victims when presented an arbitration decision.
I am a software engineer and could handle creating phone apps, desktop apps, and web interfaces but this idea requires a level of critical mass and 'commitment'. So initially we need a setup that can be done 'manually' and we can add automation as the idea catches on. The 'manual' approach would be the following:
Individuals write up proposed 'laws' that they would be willing to follow. Then people can sign those laws with one of their bitcoin addresses. Initially agreed laws can all be kept 'public' so someone can write a law by starting a 'forum post' and people can sign the law by posting the signature + bitcoin address.
Among these 'laws' is an agreement to arbitrate, perhaps
http://judge.me.
Then we need some trusted individuals to hold funds in escrow/surety and then publish a list of bitcoin 'IDs' + escrow amount.
But the most critical feature here is the Injustice Insurance Fund. This is something that could provide value to people now if we can identify the terms under which contributions are made and funds paid out. It would also require an advanced commitment of enough people before it could start accepting funds. Providing a means to audit this fund would also be important.
So for those of you who like this idea and want to see it happen, lets talk about how to make it happen. In my view, this is more than just an idea it is a course of action that is achievable if enough people sign on.
