PROBLEM

Humans exist in a hierarchical society and live alienated lives. The current political and economic structures are defined by scarcity, competition, and inequality. The result is that everyday people are excluded from the participation in choices and the ownership of resources that is the foundation of self-determination. There is a need for a new way to organize society.

Direct Democracy

Direct democracy is made possible through a polling function and a questionnaire function.

The polling function allows for procedural voting and the questionnaire function allows for plurality voting, ranked choice voting, cumulative voting, and range voting.

Proposals are made, described, and voted on by members of the time charter.

These proposals are posted in the Proposals category similar to how offers and wants are posted in the Products and Services categories.

Each proposal must have 7 sponsors in order for a ballot form to be created and sent to each member.

The purpose is to bring people together, discuss issues that matter to them, and to use direct democracy to decide on community actions.

Time Credits

The credits in this system are called time credits.

Each member of the time charter is issued a credit balance, which is based on an equal distribution of the time reserve.

The time reserve is the total monetary value and the total working hours value of the GDP.

The time reserve, as a ratio between the monetary value and the working hours value of the GDP, is the standard of value of the time credits to assist in the setting of prices.

With the GDP per capita at $88,745 and the working hours to produce the GDP per capita at 895 hours, the time reserve would be the ratio of $88,745:895 hours.

Therefore, the initial credit balance for each account would be 895 time credits with 1 time credit valued at $99.16 and 1 hour.

The credit balance determines the credit and debit limits for each member.

In other words, each member can spend or receive up to 895 time credits. 

When one member provides a good or service to another member, the provider would have time credits added to their balance.

When one member receives a good or service from another member, the recipient would have time credits subtracted from their balance.

The total amount of added time credits and subtracted time credits in the entire system would equal zero.

All of the credits and debits cancel each other out.

This process of credit and debit allows members of the time charter to trade goods and services with each other without the need for a central authority or currency.

A periodic demurrage cycle would be applied every two years, where every balance would revert back to the initial amount of zero based on an equal share of the time reserve.

This would prevent excessive debt, discourage hoarding of credits, and prevent extreme income inequality.

This demurrage cycle would also allow for a recalculation of the GDP per capita and the working hours to produce the GDP per capita to set the credit and debit limits for the next two years.

Library Of Things

The library of things lends out various items from a pool of resources to members of the time charter, similar to how a traditional library lends out books.

The time charter utilizes time credits to facilitate the lending and management of items.

The time charter would define the rules for lending and managing items for borrowing and returning.

Each item in the library of things would be represented as a specific security deposit in time credits.

When a member borrows an item, the corresponding security deposit would be subtracted from their account.

When a member returns an item, the corresponding security deposit would be returned to their account.

Members submit a borrowing request specifying the item and the duration of the loan.

The time charter would enforce due dates and automatically charge late fees based on the security deposit amount if items are not returned on time.

The time charter would keep track of the inventory of items and implement a reputation system where members and items are assigned ratings based on the borrowing history.

The members of the time charter would participate in voting within decision making processes on the management of the library of things.

The pool of resources are held by members of the time charter in a decentralized manner, with the possibility of a physical location for the library of things to be established in the future.