The Big, Big Picture = Identity Money Topology – A Conversation

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Big, Big Picture Identity Money Topology - A Conversation

Tuesday 3J

Convener: Trey Tomeny

Notes-taker(s): Trey Tomeny

Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:

In this session, we discussed a big idea proposed that might solve the problems of identity, money and privacy.

It involves simultaneous bottom up and top down approaches. From the bottom up, all people with access to a device and at least an intermittent connection can participate in the world's economy by creating "Minute Money".

Minute Money is using time directly as money. Money has always represented stored work and the work that consistently has positive externalities is education. A Minute of Money, "Meny" is earned when a user has verifiably focused full attention on a learning activity. This Meny currency can be earned by all, but only those, the young and the poor, whose alternative uses of time are compensated at low rates, will have the incentive to devote time to creating the currency.

This currency should be inherently stable on the long term, as the portion of one's lifetime devoted to creating it should stabilize as large numbers are involved in the system. To prevent generational inflation, the widely dispersed currency created by each individual is withdrawn from the system upon the individual's death.

To create Meny, users log in with an Internet Guardian site and select an app to work in. The app may involve a wide variety of learning tasks, and each app must be approved by the League of Internet Guardians. The League is a competitively cooperative organization. Each Internet Guardian is a self selected individual leading perhaps an enterprise of which he or she is ultimately responsible.

The League represents the top down component of this plan, but it is comprised of Internet Guardians who have risen from the bottom up. The Internet Guardians are all competing, constantly, to be the most trusted entity in the world. Internet Guardians have the incentive to become the largest and potentially most well compensated organizations in the world, as not only does money creation happen there, but they have numerous revenue opportunities as their user base expands.

To join a particular League of Guardians, individual Guardians must be allowed into the League by existing Guardians. The whole process may start with the simultaneous start up of two or three Guardian enterprises, by individuals of sufficient stature to have already earned trust in the communities they wish to serve.

The creation of Minute Money will start with an individual Guardian finding sponsors who are willing to pay people, in an existing currency, to learn specific material. Two possible use cases are churches, desiring people to read sacred texts, and companies with worker shortages, desiring a low cost way to train and perhaps to keep workers in compliance regimes. These sponsored payments set a floor price for Meny, but soon Meny, when understood as a currency, will float alongside other world currencies, and have an intrinsic market based value.

The fundamental principle of value behind Meny is that work was verifiably done to create it, and that it is maintained by real people leading enterprises that they are personally responsible for, and that the whole system operates in parallel to any and all existing currencies and government imposed systems.

Freedom from "men with guns" aka government intervention is achieved by not requiring the use of any government resource, and running the League and Internet Guardians with no physical assets. Internet Guardians and the League will be operated as individuals each use devices to communicate and authorize transactions in the cloud, with not fixed physical presence anywhere. Those with the most transparent operations will likely evolve to be the most trusted, and therefore the most remunerative for their operators. Users will enjoy the benefit of constant and consistent online identity provision by the Guardian they select. A trust breach by a Guardian will likely be the end of that Guardian.

When the entire system is up and running, being excluded from joining any League will be the ultimate penalty for any individual. Being a client of a League member, mutually selected by the individual and a Guardian, becomes essentially citizenship in the new online world. If your past behavior makes you ineligible to be associated with any Guardian, in any League, life will be very primitive and difficult, as it essentially "kills", for at least a time, your online life, until you can re-establish yourself as trustworthy, and likely specialty Guardians will arise to help in those circumstances.

This session, which was a multi-hour conversation, will be followed up with today by more specific conversations about Minute Money, Internet Guardians, and the implications of being fundamentally identifiable, biometrically, in all public places.