Basic Rules¶
Currency¶
Time currency is a breachable labor futures contract.
Everyone can issue currency under their own name, protected by digital signatures. All transactions are completed using decentralized blockchain.
When issuing currency, you must specify: a time period and an identity signature.
The issuer can promise: any holder of the currency can hire the issuer for labor during that time period and obtain all rights to the results of their labor. However, the issuer can declare in advance to refuse labor rights.
The issuer can also tax currency users, for example:
| Tax Type | Definition | Effect |
|---|---|---|
| Circulation Tax | Taxed each time the currency ownership is transferred | Anti-liquidity |
| Storage Tax | Taxed for each unit of time the currency is stored | Anti-hoarding |
| Hiring Tax | Taxed when currency is exchanged for labor; can be distributed to those who circulate the currency | Targeted anti-exploitation while increasing liquidity |
The issuer can track the flow of their issued currency via blockchain and has the right to abolish specific currency if necessary.
Market¶
In this document, "market" generally refers to two types:
- Commodity market: Free pricing and exchange of goods
- Exchange market: Free exchange between currencies of different people and time periods
Currency Organizations¶
People in the same industry or region can voluntarily form a currency organization. The organization can issue organizational currency, which maintains a fixed or rule-based floating exchange rate with members' personal currencies. The organization autonomously establishes its charter and system under the constraint of agreements with members' currencies.
All social organizations will exist in the form of currency organizations:
- Unions: People in the same region or industry can form a currency organization, acting as a labor intermediary. Enterprises can purchase organizational currency to hire members for labor
- Exchange Rate Stabilization: Some organizations issue a currency for use by all members, pegged to members' currencies at a fixed rate, helping stabilize exchange rates
- Cooperation: Individuals can freely form or join organizations, and organizations have the right to decide on individual membership, requiring good internal cooperation systems
- Ideological Integration: Like-minded people can form a currency organization. By promoting the use of organizational currency, they can influence more people