ChOS Project 10
UN-Yellar
Electronic currency, where is it hiding why is it advancing so slowly;
yes there are credit cards but they have their problems. World needs
an electronic buck, which is stable, international, anonymous,
non-corporated. Something with the internet users can buy and sell
things and services to and from each others. For example UN-Yellars
could be used in buying and selling web space, web designs, homework
aid, translation and secretary services. Also potential use could be
found in using these electronic-bucks as spam- and virus eliminating
stamps for p2p applications and e-mail utilities. There are lots and
lots of potential uses, but not a widely accepted currency solution.
Project tries to build a distributed hash- bank, which controls the
ownership and validity of every individual currency-hash-string (CHS).
UN-Yellar could be seen as one of those (hundreds of) local
currencies. However there is a potential for more; if the project
shows that an electronic p2p currency really can be build and used in
large scale, then there is no hindrance for converting the local
currency into a REAL international money with real exchange rate at
your local bank. Of cause if it would become real money, where would
it come from after all it needs to be 'real'. The answer is simple, in
the future the UN-Yellar would need to bought with real money and
increasing demand of electronic currency would allow the "bank owner"
to make a bit more CASH to equalize the demand. Bank's owner - who,
what - of cause the owner would be either the charity organizations of
perhaps even bigger community lets say United Nations. Being able to
sell their own money could have a giant effect on their finances and
thus allow them to do things even better.