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Focusing on the U.S. Federal Reserve System (“the Fed”), the Article outlines a series of structural reforms that would radically redefine the role of a central bank as the ultimate public platform for generating, modulating, and allocating financial resources in a democratic economy—the People’s Ledger.
- I. Integration of Law and Computer Technology
- II. Smart Contracts: Self-Enforceability vs. Legal Enforceability
- III. Common Accord: Turning Smart Contracts Into Legally Enforceable Contracts
"The marriage of law and technology in the late 20th and early 21st century can be divided into three phases. Phase one involved digitizing information itself: taking paper and ink and storing as computer readable information. That phase is well under way: copies of cases, statutes, and regulations have been available on-line for decades in large d...
Smart contracts were first described by Nick Szabo in the late 1990s. He envisioned placing contracts into code that could be both “trustless” and self-enforcing, enhancing efficiency and removing ambiguity from contractual relationship. Beyond increased speed and efficiency, an important benefit of smart contracts over traditional contracts is the...
CommonAccord (http://commonaccord.org) plans to "open source" and automate the drafting of legal documents by creating a global template system of codified legal texts (i.e. something akin to the Incoterms rules for commercial transactions). The goal is to make the documents so modular that much of the text disappears, leaving parties with only spe...
Nevertheless, as Castells argues, frame dominance (usually by whichever entity is at the top of the cascade) is the norm and frame parity (the successful challenge of a dominant frame by less powerful groups) is the exception. As Castells puts it: - “Activation at each level of the cascade depends on how much information is communicated in a ...
This limited purpose banking is a modern version of narrow banking proposed by Frank Knight, Henry Simons, and Irving Fisher. Banks would hold deposits, cash checks, wire money, originate loans, and market mutual funds, including money market funds with no guarantee of par value redemption.
Proof of Value - P2P Foundation. Discussion. From Proof of Work to Proof of Value? Julian Feder: "The PoW protocol allows the Bitcoin network to reach consensus regarding the contribution of each node in the system to the authentication process needed to verify transactions.
These benefits are captured by the notion of well fed neighbors. Inward benefits -- It is claimed that industrialization destroys the aesthetic quality of everyday life. In contrast, Berry (1987) observes that non-industrial work quickens that quality, citing Gill (1983) on the higher calling that manual work fulfills, “…every [one] is called to give love to the work of [their] hands.
Dividuation, on the other hand, is the internal division of entities into measurable and adjustable parameters, in the way, for instance, a digital sound sample is divided into separate parameters of tone, pitch, or velocity. [16] For audio engineers, these parameters, or "modules," can be independently adjusted (some fixed while others are ...
