Nostr Web Client

The 10 Rules of Bitcredit Protocol

(which Wildcat mints must adhere to):

1. Proof-of-work: Only commercial e-bills for goods already produced, invoiced to other businesses, qualify for minting of Bitcoin credits (MoE).

2. Verifiable terms: E-bill maturity must match expected reflux from buyers, and no more than 12 months.

3. Verifiable prices: Invoice prices must be plausible.

4. Bitcoin rails: Payment is in Bitcoin, irrespective of e-bill denomination.

5. Verifiable redemption: Upon maturity, e-bills must be verifiably paid via Bitcoin mainchain or Lightning Network.

6. Non-custodial: Not your keys? Not your coins, nor your credits.

7. Privacy by default: Fungibility of credits through bearer instruments and censorship resistance.

8. Decentralisation: Wildcat mints in the Bitcredit Network compete independently under peer supervision.

9. Game theory: A clowder majority can eliminate rabid wildcats through punishment transactions.

10. Future money: No contractual convertibility before maturity.

r4f4 6d ago

It looks like a twist of the Real Bills Doctrine. The notes are issued using ecash?

Does this implies a market where you can discount this notes?

Are implementing this “free bank”?

Sorry if there is a naive question

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Discussion

Bitcredit Protocol 6d ago

1. Yes, but modified to comply with Austrian Economics principles.

2. The wholesale e-bills sit on Nostr, the retail currency format is a novel form of non-custodial e-cash.

3. Yes, but not "discount". Mint. We will explain more upon mainchain launch.

4. Not free banking in Selgin's sense. In Bitcoin/Bitcredit we want banks strictly only as intermediaries of 100% money, not as fractional-reserve issuers.

r4f4 6d ago

Interesting!

Does the credit come from previous savings/deposits?

Isn’t there fractional reserve?

Do you have a Whitepaper? Where I can see the details?

Bitcredit Protocol 6d ago

1. Yes.

2. No.

3. Full Whitepaper will be published upon mainchain launch.