A public Honour-based credit system where everyone is their own central banker.
When you create credits (IOUs) to spend, you are drawing on your public Honour.
So your Honour rating goes down.
When you earn credits — by selling something, or doing work for someone — your Honour rating goes back up.
Every week the system cancels a percentage of your credits and debits.
It helps restore your Honour rating.
How much Honour do I lose for how many free credits?
A healthy economy needs more than just a smart credit system. It needs a place where people can come to buy and sell.
And it needs a way for people to invest in good business ventures. Explore the vision of a deror Ecosystem.
Interest-free credit supply
Freely created by everyone
Time and population-limited
Classified advertising online
Goods, services, employment
Local directory emphasis
Face-to-face transactions by NFC
Crowd financed equities
Capital-raising by periodic payment
Favours useful enterprise
Contrary to popular myth, the earliest civilisations did not use either barter or coins to buy and sell. Over 5,000 years ago, our ancestors used credit systems, or I Owe You's. The records of Who Owes Who were kept by central authorities such as temple priests, often in the form of markings on clay tokens or slates.
Ever heard the phrase "wipe the slate clean, and start again"? This was a popular ancient practice for dealing with problems caused by too much debt. Kings and rulers would periodically declare a nation-wide debt cancellation, or "Jubilee". All the records of debts (IOUs) were destroyed, so everyone could start over with "a clean slate".
Deror revives this traditionalist practice, with a futurist techno twist. The records of everyone's IOUs are not kept by a central public authority. They are recorded in your own encrypted digital ledger. And instead of waiting a lifetime for a wise and powerful ruler to order a total debt cancellation, the deror algorithm automatically cancels a small percentage of everyone's IOUs, every single week.
Small businessman, served as board member and bookkeeper for heterodox Australian economics professor Steve Keen's non-profit Center for Economic Stability.
German merchant, theoretical economist, social activist, anarchist, and founder of Freiwirtschaft ("free economy").
His magnum opus titled Natürliche Wirtschaftsordnung
(The Natural Economic Order).
Imagine a world with no banks
Because everyone is their own central banker
Download the app
Begin nil credits (black)
Begin nil debits (red)
Your Honour rating 100%
Create 5,000 credits
System creates matching 5,000 debits
Your Honour rating 95%
Spend 3,000 credits
Credit balance less 3,000
Debits still 5,000
Your Honour rating still 95%
Receive payment 2,000 credits
Added to debit balance
Debits now 3,000
Your Honour rating now 97%
To radically shift regime behavior we must think clearly and boldly for if we have learned anything, it is that regimes do not want to be changed. We must think beyond those who have gone before us and discover technological changes that embolden us with ways to act in which our forbears could not.
— Julian Assange, Wikileaks
I believe that the future will learn more from the spirit of Gesell than from that of Marx. The preface to "The Natural Economic Order" will indicate to the reader, if he will refer to it, the moral quality of Gesell. The answer to Marxism is, I think, to be found along the lines of this preface.
— John Maynard Keynes, General Theory of Employment, Money and Interest