New Coin / Open Exchange Idea

So it's time for a new user ID for this idea, I want to develop an open exchange/contract/coin system.

Here's my idea:
It'll have a blockchain like bitcoin, this is the best way to store data across peers
Probably done with scrypt - need to investigate this (want to stay away from ASICs)
More important that people just run the software on their computer, hopefully any computer can "mine"
Coin reward of sorts? gotta have an incentive to mine
Each instance has a "wallet" to hold a private key, need to look into GPG
Sign a "contract" that gets store in the blockchain
Contracts can only be opened by the user you send them to, public key stuff with GPG
Issue contracts for whatever, bitcoin, dollars, etc
Blockchain web of trust basically
Allows that person to send the contract to a new person
Contract can be sent back to issuer, escrow type system
Once person pays what was owed, contract is given back to original issuer

Basically it's a big public ledger
Option to may contracts viewable by all, to show assets you have to trade
Can also be encrypted

Everything comes back to trust, if you trust the people it will be good.

I don't have a lot of knowledge on how to code right now but I'm going to start up a github tomorrow and pull litecoin in to start looking/learning.

I plan to move this to Project Development when I can.