Anthony Ratkov • almost 12 years ago
Programmable Digital Currency
I've written several articles on websites about an idea I have, it's called 'programmable digital currency'. It's a concept for creating digital currency units that can be programmed by the user. Programming a digital currency unit involves adding 'tags'. These 'tags' restrict how the digital dollar can be spent. For example, suppose a man has a teenage son, and he wants to give his son an allowance. He is afraid that his son will buy cigarettes with the allowance, so he programs the money with anti-tobacco tags before he gives the money to his son. After his son gets the money, he takes it to a store and tries to spend it. The anti-tobacco tags ebbedded in the money would be recognized by the cash register at the store, and the cash register would refuse to sell tobacco to the boy, since the money has anti-tobacco tags in it. The digital dollars could be tagged to prevent the purchase of alcohol, tobacco, @#$%, and so on.
Of course, tagging currency to prevent juveniles from buying forbidden items is only one of the capabilities of programmable currency. It may also be possible to use programmable currency to establish and enforce economic boycotts.
Let's consider the 'Occupy Wall Street' movement. They claim that they are protesting against the big 'Wall Street' banks. If we create programmable currency, we would be able to program our digital dollars so that our dollars would 'avoid' or boycott certain companies,organizations and institutions.
For example, suppose we wanted to boycott a bank. Our digital dollars would be 'tagged' with 'tags' that prevent our dollars from being spent at a certain bank, or at any of it's subsidiaries. This would establish an effective boycott of the bank. A boycott of a company or corporation may be established democratically, through a process of voting. A group of people may circulate a petition, and the petition would call for a certain company to be boycotted. If the petition has enough signatures on it, then the 'tags' that would establish a boycott would be put into the digital dollars. The tags woulddo nothing more than limit how and where the money could be spent. There may be several classes of tags. Some tags would be permanent, others would be temporary. The temporary tags would be erased after one transaction.
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