“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.”
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
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.
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