A new currency for Greece

givemecreditgivemecredit Member Posts: 20
Hi Everyone

I have an idea but I’m not sure how best to implement it. I really need the expertise of this community.

To start with, It’s highly possible that Greece will need a new currency at some point in the near future and I think this could be a good opportunity for crypto-currencies to get their “foot in the door” - on a much larger scale at least. However, crypto-currencies such as Bitcoin are clearly not suited for this purpose. A new currency is required which will allow the people of Greece (or anywhere for that matter) to create their own wealth and rebuild their economy.

Essentially, my plan is to develop a toolbar which allows people to crowd-fund money into existence, thus resulting in a currency which is a digital representation of value. Value is subjective and should be assigned by consensus, and not explicitly defined.

The toolbar will be called “Give me credit”. The currency units themselves will be called “Credits”, with the currency symbol “GMC”.

The toolbar will have the following features…

Submit project url – This will submit the current page to the database. Once submitted, this project can appear in the “Get Projects” window (see below).

Get projects – This button will randomly select and display a project in a popup window. Only 1 project every 30 minutes can be displayed.

Assign Value – This popup will allow you to assign a value to the project/content. The results are stored in a decentralised database. You can only assign value to one project every 30 minutes. If the value drops below a certain target, the projects becomes unverified. When a project is unverified it cannot receive credits, and any credits it has already received will become inactive.

Donate credits – A popup will open allowing you to donate credits to the current project/content (thus mining the credits).

Provide/show feedback – A popup will open allowing you to provide or view the feedback associated with current page/url.

Show wallet – A popup where you can send money and view transactions etc.

So basically, anything that can be proven to have value can be used to mine the credits!

This idea could also improve the internet as a whole. Search engines rely on algorithms in order to find good quality content. Although human moderation is far more effective, it requires an incentive for people to take part. “Give me credit” provides that incentive.

In the case of Bitcoin, it seems strange to me that we are expending energy and resources to virtually mine a digital currency as opposed to using a real life “proof-of-work” (or proof-of-concept) scheme, which actually adds value to the system. Why don’t we extend the concept of “consensus” and allow people to decide for themselves what has value? It is still possible to maintain a secure network without mining. After all, once all 21 million Bitcoins have been mined, the transaction fees become the incentive for securing the network.

If Greece were to adopt this currency, there could be no such thing as unemployment as there will always be something to do and there will always be a crowd waiting to fund it.

I don’t know where to start with this project. I’m very new to the world of crypto-currencies. I am a web designer and I have some programming experience although not enough to do this alone. If you’re interested in getting involved I would greatly appreciate it. Below is a slightly more technical description…

When the user installs the toolbar they are also installing the client. This can be a full client, lightweight client or a web client.

First, a project will need to be uploaded and submitted by the owner, via the toolbar, to a decentralised database, which is then sent out to all of the other nodes in the network. It will be necessary for the owner of the project to verify that they are a rightful owner. One way of doing this is for users to display their GMC address on the project page, which then get’s hashed with the URL and stored in the database. However, i’m not sure how this would work exactly. I guess they would need to add something to the page like this…

“GMC Address: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy”

By adding this anywhere on the page, the toolbar can find the phrase “GMC Address:” and know that whatever follows is the address.

As soon as the other nodes have received the project, which is displayed in the “Get projects” popup window, they must verify that the project is valid. In order to maintain modularity, I would prefer this to be a manual process. For example, i would prefer it if users can upload their project proposals anywhere, i.e., Justgiving, youtube, Google docs or some other crowd-funding website etc…

Although it should be encouraged that the projects meet a certain criteria, I don’t want to force rules on people. If all you have uploaded is a small description of the project and nothing else, the chances are, the project’s value will not go above the minimum target value, and will thus remain inactive. A criteria should emerge organically.

Now that the project has been submitted, received and verified by the community, who have then received inactive credits as a reward, the community will then need to upload their own projects as well as find projects to donate their credits to, thus activating them. NOTE: They cannot donate credits to a project which they have verified themselves.

Of course, when it comes to crowd-funding, an element of trust is required. Those who are donating their credits need to trust that the project will be carried out. Sure, you can setup an escrow system or a smart contract, but what if the project proposal was requesting an upfront donation for whatever reason? One possible way around this is to rely on feedback, much like ebay. So if the user has submitted a proposal requesting 10,000 credits upfront, and they have zero or negative feedback, the chances are they will not be given the requested amount. Trust, therefore, needs to be earned!

Once the credits have been donated, they become active (mined) and can be spent in any way the owner chooses. The mined credits will always have a reference to the original project and can be verified by other nodes on the network when a transaction takes place.

Anytime a project has been completed, if required, there should be a way for the owner of the project to inform the community that the project has been completed, requesting that they leave feedback. Perhaps we could add a “Request Feedback” button as well as a “Projects Completed” button which opens list of completed projects.

I’m not concerned with anonymity. If people want to be anonymous, they can use dark coin or whatever.

There are various other features that could be included in the toolbar such as the ability to buy shares in other peoples projects/content. Also, a “View Project Requests” feature might be good too. For example, some people might choose to earn credits by seeking out projects for other people to do, kind of like a recruitment agency. There are many avenues to explore but right now i just want to start with a simple toolbar which allows people to submit projects, verify projects and donate to projects.

Your advice would be greatly appreciated!


  • MichaelSmithMichaelSmith Member Posts: 79 ✭✭
    Sounds pretty nice. Just don't get politicians and bankers involved. Do it yourself. It is indeed likely that these kinds of experiments will surface in Athens and elsewhere, sooner rather than later.
  • givemecreditgivemecredit Member Posts: 20
    Thanks Michael. Yes i agree, it's better to keep the politicians out of it. I'm currently working on a slideshow presentation for the project, which I'll upload asap :)
  • MichaelSmithMichaelSmith Member Posts: 79 ✭✭
    I think Ethereum could be the right platform for doing something like this. Not sure if it is production ready yet but there are some interesting Dapps available already. Can you code JS?
  • givemecreditgivemecredit Member Posts: 20
    "Can you code JS?" - Sort of. I mess about with jQuery from time to time.

    My plan was to first build a centralised prototype in order to test the concept. I tried building a chrome extension but i got stuck straight away. For example, the first task was to get the current page URL and display it in a context menu. All i get is "undefined". I've read various posts and tried various things but nothing seemed to work, so i eventually gave up. I tried again with Kango, only i was unable to load the extension into chrome. I then decided to move on to Ethereum but i was unable to install it, as it kept asking me for xcode, which i had already installed. And so on and so on...

    I have to say, I am getting a bit frustrated. The first thing i need to do is build a browser extension with the following context menu items...

    - Submit [current page url goes here]
    - Get projects
    - Assign Value
    - Donate credits
    - Feedback
    - Wallet

    - The 'Get projects' menu item opens a popup (lightbox), which pulls a list of submitted projects from the database.

    - The 'Assign value' menu item opens a popup which allows you select a value between 1 and 10. Once you have done this and clicked "OK", a transaction will be written to the block chain stating that you are the owner of an inactive credit. [the prototype will just use a mysql db or google spreadsheet]

    - After you have assigned value to a project you will need to wait for 30 minutes until the menu item becomes active again.

    - In order to find projects to donate to there will need to be some sort of third-party website which lists and organises the submitted projects. Sure, i could add such a feature to the toolbar but i want it to be as simple modular as possible.

    - Once you have found a project that you like and you want to donate credits to, the toolbar script would first need to check that you haven't already verified the project. If everything is ok, the transaction will take place - transferring the inactive credits to the project owners account, and activating them in the process.

    The feedback and wallet features can be added later. I just to get these first tasks underway. If anyone can lend a hand i would greatly appreciate it.

  • MichaelSmithMichaelSmith Member Posts: 79 ✭✭
    I wonder if there might be a shortage of Dapp developers right now. It is possible that the demand is considerably higher than the supply.
  • givemecreditgivemecredit Member Posts: 20
    Yes i think you are right. I've started building it myself. Well, i'm building a semi-centralised prototype at least. Also, I have made some important changes to my idea. It is a now a web application (i'll send a link asap). Also, instead of a simple GiveMeCredit link, it will now use a more advance widget, with various features built into the widget. I also plan to introduce a "pre-mine" of xxx amount of credits, in order to give the system an initial boost. I've also combined some of the other features together. Also, i would like to place more emphasis on the personal and company profiles associated with the projects.

    P.S. Is there a way to edit my post? I would like to update the specs

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