2015/06/07 by Benjamin Munro, Munro, Benjamin, Julia McLachlan +1
Computer Science · Economics, Econometrics and Finance · #Blockchain Technology Applications and Security #Complex Systems and Time Series Analysis #Economic theories and models #FOS: Economics and business #General Economics (econ.GN)
paper · pdf · doi:10.48550/arxiv.1508.05355
openalex publication_date 2015/06/07 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
We propose a high level network architecture for an economic system that\nintegrates money, governance and reputation. We introduce a method for issuing,\nand redeeming a digital coin using a mechanism to create a sustainable global\neconomy and a free market. To maintain a currency's value over time, and\ntherefore be money proper, we claim it must be issued by the buyer and backed\nfor value by the seller, exchanging the products of labour, in a free market.\nWe also claim that a free market and sustainable economy cannot be maintained\nusing economically arbitrary creation and allocation of money. Nakamoto, with\nBitcoin, introduced a new technology called the cryptographic blockchain to\noperate a decentralised and distributed accounts ledger without the need for an\nuntrusted third party. This blockchain technology creates and allocates new\ndigital currency as a reward for "proof-of-work", to secure the network.\nHowever, no currency, digital or otherwise, has solved how to create and\nallocate money in an economically non-arbitrary way, or how to govern and trust\na world-scale free enterprise money system. We propose an "Ontologically\nNetworked Exchange" (ONE), with purpose as its highest order domain. Each\npurpose is defined in a contract, and the entire economy of contracts is\nstructured in a unified ontology. We claim to secure the ONE network using\neconomically non-arbitrary methodologies and economically incented human\nbehaviour. Decisions influenced by reputation help to secure the network\nwithout an untrusted third party. The stack of contracts, organised in a\nunified ontology, functions as a super recursive algorithm, with individual use\nprogramming the algorithm, acting as the "oracle". The state of the algorithm\nbecomes the "memory" of a scalable and trustable artificial intelligence (AI).\nThis AI offers a new platform for what we call the "Autonomy-of-Things" (AoT).\n