Combining cc models

This LoCuS document describes a flexible currency model to designers of online applications. This software model incorporates a wide variety of types of currencies, and can be configured to work with one community trading one curency or for many independent communities trading multiple currencies. This document does not explain how community currencies work or why we value them.

LETS is a zero sum system in which currency is issued as it is spent.
In Timebanks hours are issued centrally and reimbursed centrally. In our understanding, timebanks can be administered within a zero-sum framework, as can other currency models. More work needs to be done on properties of currencies to ensure that popular community currencies are not excluded from this requirements document.

We understand that many different types of currency can fit within a zero-sum framework as multiple currencies in a scheme. For example Timebanks always the use a currency, called hours, a non-exchangable currency unit valued at 60 minutes, in which members start by earning something from a central source and may not trade below zero.

John Waters says: I believe even the one-to-one Time Dollars model is too far from LETS (systems) to attempt too close a mapping. I suggest we avoid as far as possible all assumptions about how currencies function, aiming simply to include as flexible a framework as possible to support both the currently known types and the as-yet-unknown types (even, to some extent, where an electronic system is not imagined to have any place in it - such as hour notes or account books; statistical data gathered retrospectively may be helpful to the greater system.)

Here are some general requirements of the system, which really should be moved into more specific places within this document:

• It will be possible to set up arbitrary currencies within the
  parameters described
• In order to trade using a currency, members may need to be eligible, either by meeting some criteria, or by being invited. and people will be able to sign up for
  currencies for which they are eligible.
• Later (this has been discussed on MRS-dev) there will be protocols for transacting between instances of the software.
• There will be a mentoring system, so each member has a single parent, or more, who can edit their accounts. The precise meaning of this would be determined by a permissions configuration.
• There wil be support for the geographical subdividing of schemes into hierarchical localities, using villages or bouroughs in people's addresses. These hierarchies will be independent of currencies and will allow some devolution of responsibility for larger schemes
• Members will be able to have more than one account. This will allow things like community centres and organisations to have accounts. It will permit members to have business and private accounts.
• Accounts can be managed by more than one person, like a joint bank account if the system is configured such.

*John Waters: In due course there is much that can be added with respect to currency design issues - including developments from WICC, Jerome Blanc's report on currency typologies, and the next-generation WICC currency design tool.