As an adjunct to Izabella Kaminska's July 16 Dizzynomics riff "
Does trust imply collaboration?" we have Wired, July 18:
Bitcoin turned money into something
completely virtual. Using a worldwide network of machines and the power
of pure mathematics, it put currency in the hands of computer
programmers, free from the rules and regulations of big government and
big banks. But J. Chris Anderson wants to do something even more
radical.
Anderson
is starting a new digital currency project tentatively dubbed Document
Coin. It’s a bit of an odd duck, but it’s intriguing, and Anderson is
worth listening to. He’s the co-founder and chief software architect of Couchbase, a kind of new-age database with some serious cred among Silicon Valley developers.
Instead of using pure mathematics to prevent things like the same
person spending the same money twice, Document Coin will rely on personal reputation
to keep all transactions in order. And each unit of currency created
using Document Coin could have different values in different situations.
If you use a coin in one place, it might be worth more than if you use
it in another. The goal, Anderson says, is to get people to completely
rethink the entire idea of money.
Unlike with bitcoin, anyone will be able to create a new Document Coin anytime they want.
Unlike with bitcoin—which keeps its currency scarce by rewarding it
only to those who participate in what amounts to a race to solve complex
cryptographic puzzles—anyone will be able to create a new Document Coin
anytime they want. The value of each coin will be completely
subjective, depending on who creates the coin and why. “For example, the
coin my disco singer friend created and gave me at my barbeque might be
what gets me past the rope at the club,” Anderson says. A coin minted
by tech pundit Tim O’Reilly might be highly prized in Silicon Valley
circles, but of little interest to musicians. “It’s a bit like a
combination of a social network with baseball trading.”
Ultimately, he hopes to get developers thinking about the social
implications of crypto-currencies, and to get people to question the
idea that everything needs to have a set, numeric value. “If bitcoin is
the toy version of what we’ll all be using the future, then I want to
build the crazy art project version of the future,” he says. Document
Coin’s usefulness as a real currency is limited, but Anderson does hope
people will eventually want to use it. “If you build something, you
don’t want to be disappointed if it succeeds,” he says. “You need to
build things that you would be happy to see take off.”
To that, end, Anderson is working on getting the technology right.
The idea is that each new Document Coin will be a cryptographically
unique token that contains two parts: a set of encrypted data that only
the owner of the coin can see, and a set of public data about the coin.
“I could show you that I have a Tim O’Reilly coin without showing you
exactly which one,” he says....MORE
