FreeBank: A Proposal for Bona Fide Decentralized Money
FreeBank is a fully decentralized digital currency with unlimited transaction throughput and near instantaneous transaction execution times. It solves blockchain’s vexing problem of scalability by understanding how it’s unyielding limit can be used advantageously to define elemental states of sovereignty. Blockchain’s natural limitation creates an opportunity for each user to govern their own personal blockchain and yet still trade tokens effortlessly with one another.
With FreeBank, each user becomes a sovereign individual with the power to govern their own sovereign currency. Despite this explosion of sovereignty, users are still able to trade tokens effortlessly and with complete autonomy by using a competitive Nash equilibrium of exchange rates. The discovery of this Nash equilibrium is what allows FreeBank to be fully decentralized. Exchange rates are calculated with compete autonomy with no central authority or central blockchain hub. With FreeBank, all users become sovereign individuals.
One of the more interesting features to emerge from FreeBank’s design is a reputation system which provides the added benefit of rendering tokens imperious to theft. In this way, FreeBank sets the stage for secure, interest-free peer-to-peer lending.
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