Incentive-Compatibility in a distributed autonomous currency system

Kenji Saito, Eiichi Morino, Jun Murai

Research output: Chapter in Book/Report/Conference proceedingConference contribution

2 Citations (Scopus)

Abstract

Peer-to-peer complementary currencies can be powerful tools for promoting exchanges and building sustainable relationships among selfish peers on the Internet. i-WAT[1] is a proposed such currency based on the WAT System, a polycentric complementary currency using WAT tickets as its media of exchange. Participants spontaneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. i-WAT implements the tickets electronically by exchanging messages signed in OpenPGP. This paper claims that the design of i-WAT is incentive-compatible as to protection against moral hazards, or threats caused by selfish peers because they may take advantage of the rules; such hazards are defused in i-WAT if the participants react against misbehaviors of others by pursuing their own benefits. A reference implementation of i-WAT has been developed in the form of an XMPP instant messaging client. We have been putting the currency system into practical use since June 2004.

Original languageEnglish
Title of host publicationLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Pages44-57
Number of pages14
Volume4118 LNAI
DOIs
Publication statusPublished - 2006
Event4th International Workshop on Agents and Peer-to-Peer Computing, AP2PC 2005 - Utrecht, Netherlands
Duration: 2005 Jul 252005 Jul 25

Publication series

NameLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume4118 LNAI
ISSN (Print)03029743
ISSN (Electronic)16113349

Other

Other4th International Workshop on Agents and Peer-to-Peer Computing, AP2PC 2005
CountryNetherlands
CityUtrecht
Period05/7/2505/7/25

Fingerprint

Incentive Compatibility
Currency
Hazards
Internet
Moral Hazard
Peer to Peer
Signed
Incentives
Instant
Hazard

ASJC Scopus subject areas

  • Computer Science(all)
  • Theoretical Computer Science

Cite this

Saito, K., Morino, E., & Murai, J. (2006). Incentive-Compatibility in a distributed autonomous currency system. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 4118 LNAI, pp. 44-57). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 4118 LNAI). https://doi.org/10.1007/11925941_4

Incentive-Compatibility in a distributed autonomous currency system. / Saito, Kenji; Morino, Eiichi; Murai, Jun.

Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). Vol. 4118 LNAI 2006. p. 44-57 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 4118 LNAI).

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Saito, K, Morino, E & Murai, J 2006, Incentive-Compatibility in a distributed autonomous currency system. in Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). vol. 4118 LNAI, Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), vol. 4118 LNAI, pp. 44-57, 4th International Workshop on Agents and Peer-to-Peer Computing, AP2PC 2005, Utrecht, Netherlands, 05/7/25. https://doi.org/10.1007/11925941_4
Saito K, Morino E, Murai J. Incentive-Compatibility in a distributed autonomous currency system. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). Vol. 4118 LNAI. 2006. p. 44-57. (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)). https://doi.org/10.1007/11925941_4
Saito, Kenji ; Morino, Eiichi ; Murai, Jun. / Incentive-Compatibility in a distributed autonomous currency system. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). Vol. 4118 LNAI 2006. pp. 44-57 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)).
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