A Case for a Currencyless Economy Based on Bartering with Smart Contracts

We suggest the re-introduction of bartering to create a cryptocurrencyless, currencyless, and moneyless economy segment. We contend that a barter economy would benefit enterprises, individuals, governments and societies. For instance, the availability of an online peer-to-peer barter marketplace wou...

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Bibliographic Details
Published in:arXiv.org 2020-10
Main Authors: Molina-Jimenez, Carlos, Hazem Danny Al Nakib, Song, Linmao, Sfyrakis, Ioannis, Crowcroft, Jon
Format: Article
Language:English
Subjects:
Bicycles
Contracts
Cryptography
Garages
Hand tools
Online Access:Get full text
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Summary:We suggest the re-introduction of bartering to create a cryptocurrencyless, currencyless, and moneyless economy segment. We contend that a barter economy would benefit enterprises, individuals, governments and societies. For instance, the availability of an online peer-to-peer barter marketplace would convert ordinary individuals into potential traders of both tangible and digital items and services. For example, they will be able to barter files and data that they collect. Equally motivating, they will be able to barter and re-introduce to the economy items that they no longer need such as, books, garden tools, and bikes which are normally kept and wasted in garages and sheds. We argue that most of the pieces of technology needed for building a barter system are now available, including blockchains, smart contracts, cryptography, secure multiparty computations and fair exchange protocols. However, additional research is needed to refine and integrate the pieces together. We discuss potential research directions.
ISSN:2331-8422