# BitCredit: A Peer-to-Peer Electronic Credit System **Abstract.** A purely peer-to-peer electronic credit system would allow individuals to extend credit directly to one another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending and over-leveraging. We propose a solution to these problems using a distributed network where credit capacity is determi...

# BitCredit: A Peer-to-Peer Electronic Credit System **Abstract.** A purely peer-to-peer electronic credit system would allow individuals to extend credit directly to one another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending and over-leveraging. We propose a solution to these problems using a distributed network where credit capacity is determi...

# Decentralized Promissory Notes: The Foundation of Trust-Based Economics For five millennia, the power to create money has been the ultimate form of control. Kings minted coins, governments printed currency, and central banks conjured liquidity from thin air. This monopoly on money creation has been the invisible chain binding humanity to cycles of inflation, inequality, and financial exclusion. But what if money creation could be democratized? What if every individual could issue credit bas...

# Decentralized Promissory Notes: The Foundation of Trust-Based Economics For five millennia, the power to create money has been the ultimate form of control. Kings minted coins, governments printed currency, and central banks conjured liquidity from thin air. This monopoly on money creation has been the invisible chain binding humanity to cycles of inflation, inequality, and financial exclusion. But what if money creation could be democratized? What if every individual could issue credit bas...