What are WebCredits?

 

“Fiat money is money which derives its value from government regulation or law. It differs from commodity money, which is based on a good, often a precious metal such gold or silver, which has uses other than as a medium of exchange.”

 Source: http://en.wikipedia.org/wiki/Fiat_money

WebCredits is a Technology standard for communicating IOU’s.

WebCredits provides a secure means to enable point to point IOU Transactions over WWW.

WebCredits provides a Fiat Instrument for e-contracts.   In this way, WebCredit technology provides a means for users to “mint” agreements in relation to identity credentials.

Potential Applications for WebCredits includes;

–       Acknowledgement systems

–       Financial transactions

–       Distribution of Encryption Keys for digital objects in relation to identity credentials

–       HTTP Accountability

TECHNOLOGY OVERVIEW

WebCredits integrates BitCoin technology with Semantic Web Technologies, such as Resource Description Framework (“RDF”), Read Write Web (“RWW”), Linked Data and WebID.   Design innovations embodied by WebCredits enable a much higher transaction rate, decentralized systems architecture & applicability to an array of alternate applications (rather than simply ‘BitCoin currency’) whilst maintaining the ‘proof of work’ capability embodied within BitCoin / Blockchain technologies.

Technology Benefits

The Maximum Transaction Rate per second (tx/s) for BitCoin is approximately 6-10 tx/s.  Web Credits  is theoritically limited to approximately 1 million tx/s

RESOURCES

http://webcredits.data.fm/create.html

http://webcredits.data.fm/ledger.html

http://webcredits.data.fm/webcredits_create.html

http://webcredits.data.fm/webcredits_ledger.html

http://www.w3.org/community/webpayments/wiki/Web_Credits

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