Definition
A
free currency consists in a set of rules and processes that define the issuance, evolution, circulation and redemption of a free, open, sufficient and democratic currency.
It belongs to the commons just like any free software
? or creative commons
? production.
It is designed, developed, tested, documented and released collaboratively, any part of the software and dynamic can be transformed and improved by anyone, and then proposed to the community.
Projects
The
open money project is probably the most advanced project on free currencies today. It was initiated by
Michael Linton and
Ernie Yacub initiated in the early 80's.
Prospective
Free currencies are likely to become the next evolution of money in the next years. Although current monetary systems are still mainstream, their built-in design don't make them appropriate for the emerging economy.
Among the multiple advantages of such currencies are:
- Most initiatives will be architectured in distributed peer-to-peer. Trust and security will not be monopolized by centralized powers. This will strongly enhance public and individual freedom as well as dramatically reduce security costs (see sousveillance).
- Free currency projects can run without software and computers (100% relying on paper notes or any transactional object). This opens the field for under technologized communities.
- Free currency infrastructure doesn't require powerful processing or bandwidth. Most projects can work with one computer that can process the transactions of a whole community. This makes it accessible for a large part of humanity.
- The free software community is evolving toward an economic system that will need such free currencies. They are likely to be the first early adopters and developers.
- Evolution toward free currencies will probably fast and disruptive rather than linear and long.
- Despite its disruptive threatening aspect, some big players provide their full support to the project because because it will liberate market possibilities.
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