IEICE TRANSACTIONS on Information
Reduction Over Time to Facilitate Peer-to-Peer Barter Relationships
Summary :
A peer-to-peer complementary currency can be a powerful tool for promoting exchanges and building relationships on the Internet. iWAT [1] is a proposed such currency based on the WAT System [2], a polycentric complementary currency using WAT tickets as its media of exchange: participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. iWAT implements the tickets electronically by exchanging messages signed in OpenPGP [3]. This paper investigates an extension to the design of iWAT to facilitate mutual help among peers in need. In particular, we investigate additional "reduction" tickets whose values are reduced over time. By deferring redemption of such tickets, the participants can contribute to reduce the debts of the issuers, and the issuers help participants by providing exchange media that accelerate spending. This paper describes in detail how incentive-compatibility is achieved by this extended design; we predict that the following properties will hold, which resulted from a game-theoretical analysis.
1. Rapid circulation, or a reduction ticket will typically circulate at high speed until its effective value reaches the scheduled minimum, and
2. Vanishment equilibrium, or the system will be most stable if the values of tickets are to be reduced down to zero.
A reference implementation of iWAT has been developed in the form of a plug-in for an XMPP [4],[5] instant messaging client. We have been putting the currency system into practical use, to which the proposed feature has been added.
- Publication
- IEICE TRANSACTIONS on Information Vol.E89-D No.1 pp.181-188
- Publication Date
- 2006/01/01
- Publicized
- Online ISSN
- 1745-1361
- DOI
- 10.1093/ietisy/e89-d.1.181
- Type of Manuscript
- Special Section PAPER (Special Section on New Technologies and their Applications of the Internet III)
- Category
- Peer-to-Peer Network
Authors
Keyword
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Kenji SAITO, Eiichi MORINO, Jun MURAI, "Reduction Over Time to Facilitate Peer-to-Peer Barter Relationships" in IEICE TRANSACTIONS on Information,
vol. E89-D, no. 1, pp. 181-188, January 2006, doi: 10.1093/ietisy/e89-d.1.181.
Abstract: A peer-to-peer complementary currency can be a powerful tool for promoting exchanges and building relationships on the Internet. iWAT [1] is a proposed such currency based on the WAT System [2], a polycentric complementary currency using WAT tickets as its media of exchange: participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. iWAT implements the tickets electronically by exchanging messages signed in OpenPGP [3]. This paper investigates an extension to the design of iWAT to facilitate mutual help among peers in need. In particular, we investigate additional "reduction" tickets whose values are reduced over time. By deferring redemption of such tickets, the participants can contribute to reduce the debts of the issuers, and the issuers help participants by providing exchange media that accelerate spending. This paper describes in detail how incentive-compatibility is achieved by this extended design; we predict that the following properties will hold, which resulted from a game-theoretical analysis.
1. Rapid circulation, or a reduction ticket will typically circulate at high speed until its effective value reaches the scheduled minimum, and
2. Vanishment equilibrium, or the system will be most stable if the values of tickets are to be reduced down to zero.
A reference implementation of iWAT has been developed in the form of a plug-in for an XMPP [4],[5] instant messaging client. We have been putting the currency system into practical use, to which the proposed feature has been added.
URL: https://global.ieice.org/en_transactions/information/10.1093/ietisy/e89-d.1.181/_p
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@ARTICLE{e89-d_1_181,
author={Kenji SAITO, Eiichi MORINO, Jun MURAI, },
journal={IEICE TRANSACTIONS on Information},
title={Reduction Over Time to Facilitate Peer-to-Peer Barter Relationships},
year={2006},
volume={E89-D},
number={1},
pages={181-188},
abstract={A peer-to-peer complementary currency can be a powerful tool for promoting exchanges and building relationships on the Internet. iWAT [1] is a proposed such currency based on the WAT System [2], a polycentric complementary currency using WAT tickets as its media of exchange: participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. iWAT implements the tickets electronically by exchanging messages signed in OpenPGP [3]. This paper investigates an extension to the design of iWAT to facilitate mutual help among peers in need. In particular, we investigate additional "reduction" tickets whose values are reduced over time. By deferring redemption of such tickets, the participants can contribute to reduce the debts of the issuers, and the issuers help participants by providing exchange media that accelerate spending. This paper describes in detail how incentive-compatibility is achieved by this extended design; we predict that the following properties will hold, which resulted from a game-theoretical analysis.
1. Rapid circulation, or a reduction ticket will typically circulate at high speed until its effective value reaches the scheduled minimum, and
2. Vanishment equilibrium, or the system will be most stable if the values of tickets are to be reduced down to zero.
A reference implementation of iWAT has been developed in the form of a plug-in for an XMPP [4],[5] instant messaging client. We have been putting the currency system into practical use, to which the proposed feature has been added.},
keywords={},
doi={10.1093/ietisy/e89-d.1.181},
ISSN={1745-1361},
month={January},}
Copy
TY - JOUR
TI - Reduction Over Time to Facilitate Peer-to-Peer Barter Relationships
T2 - IEICE TRANSACTIONS on Information
SP - 181
EP - 188
AU - Kenji SAITO
AU - Eiichi MORINO
AU - Jun MURAI
PY - 2006
DO - 10.1093/ietisy/e89-d.1.181
JO - IEICE TRANSACTIONS on Information
SN - 1745-1361
VL - E89-D
IS - 1
JA - IEICE TRANSACTIONS on Information
Y1 - January 2006
AB - A peer-to-peer complementary currency can be a powerful tool for promoting exchanges and building relationships on the Internet. iWAT [1] is a proposed such currency based on the WAT System [2], a polycentric complementary currency using WAT tickets as its media of exchange: participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. iWAT implements the tickets electronically by exchanging messages signed in OpenPGP [3]. This paper investigates an extension to the design of iWAT to facilitate mutual help among peers in need. In particular, we investigate additional "reduction" tickets whose values are reduced over time. By deferring redemption of such tickets, the participants can contribute to reduce the debts of the issuers, and the issuers help participants by providing exchange media that accelerate spending. This paper describes in detail how incentive-compatibility is achieved by this extended design; we predict that the following properties will hold, which resulted from a game-theoretical analysis.
1. Rapid circulation, or a reduction ticket will typically circulate at high speed until its effective value reaches the scheduled minimum, and
2. Vanishment equilibrium, or the system will be most stable if the values of tickets are to be reduced down to zero.
A reference implementation of iWAT has been developed in the form of a plug-in for an XMPP [4],[5] instant messaging client. We have been putting the currency system into practical use, to which the proposed feature has been added.
ER -
English
