Mutual Credit Cryptocurrencies: Beyond Blockchain Bottlenecks

Status: Pre-release Draft

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ABSTRACT: We clarify the core elements of cryptocurrency and outline a different approach to designing such currencies rooted in biomimicry. We distinguish efficiencies of distributing process as a foundation for decentralized data and decision-making; then illustrate an implementation of a currency using these principles to bring a centuries old practice into the digital era. We address a basic vulnerability showing how these design principles can be deployed on a large scale. Finally, we confront social challenges involved in managing crypto systems.