I don't know where the value is coming from here. Who issues money for every hour I sleep and who give it to?
What you're proposing sounds like time banking
, a concrete case of LETS
in which the unit is denominated in hours.
But in these systems, in a transaction the payer owes "the community" and the central node credits the seller for the same amount.
Try to peg all wages to the same unit has proved to not work in LETS projects, that are more ambitious than time banking in the variety of services and goods that can be traded for the currency. When the unit of credit is the hour, they use to define value of the hour as "an hour of work of unskilled labour" and let people negotiate their wages.
The Ithaca hours are valued this way too, but they're not based on mutual credit: there's nothing backing them, not even laws or taxes, yet they're used for commerce. Like bitcoin, they're fiat without a state. People accept ithaca hours voluntarily because the issued bills are given to non profits or by 0% loans. An ithaca hour is supposed to be worth 10 USD.
LETS is only a concrete form of a ripple
network in which the community runs a central node that the rest of nodes are connected to, by a credit account. More generally, Ripple allows every user to establish a connection with any other user (in any unit they agree), and payments are possible through paths in a network that doesn't need a central node to operate.
This makes ripple far more resilient, scalable and flexible than LETS.
The interest rates disappear because the money is no longer scarce, anyone can trade without it, and the wares can flow to where they are demanded and can be afforded without capital-money staying in the middle to rise its tax for crossing the river.
Specialized professionals need different things from what they produce, and their wares cannot wait to cross, that's why they pay.
Robinsons didn't pay interest for lended fish, there's no interest without scarce and everlasting money.
Ripple destroys the scarcity interest needs (but you can charge interest on ripple debts if both parties agree).