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July 02, 2013, 08:04:32 PM |
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Hi All,
I saw there's been some movement on the area of multiple coloured coins. What I'm wondering is whether there's any movement towards creating automatically enforced contracts. So, for instance:
(Let's call one of the colours BTC, the ordinary coin)
1) Colour X is a type of coin. Colour Y is a kind of coin. Parties with wallets A and B agree a trade. The system credits one and debits the other for the agreed amounts, but only contingent on each other. (That way nobody gets screwed on the trade.) Note this isn't an exchange as such, because it isn't a mechanism for determining price, just one for enforcing agreed prices.
2) Colour W represents shares in a company. It's shares are moved around using the above exchange system, ie people swap their W for BTCs. But W has the special property that once a year, every wallet receives some amount of BTC as a dividend, pro rata according to how many Ws they have. W can be linked to some wallet containing BTC, which everyone can check using the blockchain.
3) Built in futures: Colour F represents some exchange on a given date. On that date, all the miners will credit all long F wallets with some BTC taken from the short accounts.
4) Credit and Default: Being able to be short requires credit. Using the above pieces, you could create a debt system. For instance, one wallet could be guarantor for another. You could enforce rules about taking assets out of wallets that are in the red, and rules about how to divide up defaulted wallets. In short, you could recreate the corporate system of liabilities, cheaply, enforced by code rather than judges.
Of course there are details to be fleshed out, just wondering if anyone has made inroads in talking about this.
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