29/05/ · A Local Exchange Trading System (LETS) is aimed at developing local economy and is usually used by people of a locality in the vicinity of each other. For a brief overview of LETS see this link, which also describes an ErgoScript implementation of a committee managed LETS. We call such a system a managed or permissioned, since it depends on a committee of trusted members to enroll new members 15/04/ · WebLETS is a fully web-enabled LETSystem (Local Exchange and Trade System), incorporating most if not all typical functionality of traditional LETS software and/or paper based systems. This may now be the best open source LETS software availiable.5/5 Local Exchange Trading System (LETS) Description A Local Exchange Trading System offers an alternative to the conventional money system when conventional money is limiting the possibilities of the community economy. The amount of conventional money available in a community depends on how much comes in
A Trustless Local Exchange Trading System | Ergo
A Local Exchange Trading System LETS is aimed at developing local economy and is usually used by people of a locality in the vicinity of each other. For a brief overview of LETS see this linkwhich also describes an ErgoScript implementation of a committee managed LETS.
We call such a system a managed or permissionedsince it depends on a committee of trusted members to enroll new members into the LETS. Here we describe a trustless LETS, i.
Each user in LETS has an account, which contains the LETS balance of that user in Local Euros. On joining, each user has a balance of zero. The balance is stored in a possibly decentralized ledger.
At any local exchange trading system software the sum of LETS balances of all the users is zero. As an example, Alice with zero balance wishes to purchase one liter of milk for 2 Euros local exchange trading system software Bob who is also a member of LETS with zero balance. Bob can then transfer some or all of his balance to another LETS user in exchange for goods or services. Since we desire a trustless LETS, we cannot depend on any trusted group of people to admit users.
Note that we will still have a committee to perform some tasks such as setting up the LETS parameters local currency, the maximum number of members, etc and consuming any joining fee. We will only assume a trusted pricing oracle that gives the current rate of euros to ergs identified by some global id rateTokenID and a singleton box containing exactly one token with this id. A singleton box, described hereis a box containing a singleton tokeni.
This box also contains the rate of ergs to euros at any given period of time. The rate is updated by spending this box and creating another singleton box with the new rate. At any instance, our LETS is uniquely defined by a global token box that contains some membership tokens with id letsTokenID.
This box defines the LETS parameters such as the location, the currency unit, rateTokenIDetc. The token box is initially started with, local exchange trading system software, say, membership tokens.
Users can spend this box and create their individual LETS boxes as outputs of the transaction, such that each such output has exactly one membership token and the balance membership tokens are put in a newly created token box. A LETS box represents a LETS member and must be used in every transaction.
For simplicity, this article restricts all LETS transaction to involve exactly two members, local exchange trading system software, one being the sender and the other the receiver, such that the sender transfers some positive amount of the LETS currency local euros to the receiver. The ergs will be locked until at least minWithdrawTime number of blocks have been mined.
A box is allowed to have a negative LETS balance upto the amount that can be covered by the locked ergs using the rate at the time of trade. The script requires exactly one sender, receiver pair per transaction. We say that some public key is the receiver if the LETS balance of local exchange trading system software output is higher than that of its input.
The last condition requires that either the input and output boxes belong to the receiver so that the ergs are preservedor, in case they belong to the sender, a signature is provided and the output is backed by the required number of ergs if its LETS balance is negative. The above is the basic variant, which we call LETS It has the following features:.
The above two variants require the total LETS balance to be always zero. Here we consider a positive value for this sum. In particular, this variant has the following properties:. We can also allow topping up the LETS balance during a transaction by adding the equivalent amount of ergs. We considered LETS transactions involving a single sender-receiver pair. More advanced models can allow multiple senders and receivers, and need not be in pairs.
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LETS Local exchange and Trading Scheme explained
, time: 2:41Local exchange trading system - Wikipedia
29/05/ · A Local Exchange Trading System (LETS) is aimed at developing local economy and is usually used by people of a locality in the vicinity of each other. For a brief overview of LETS see this link, which also describes an ErgoScript implementation of a committee managed LETS. We call such a system a managed or permissioned, since it depends on a committee of trusted members to enroll new members 15/04/ · WebLETS is a fully web-enabled LETSystem (Local Exchange and Trade System), incorporating most if not all typical functionality of traditional LETS software and/or paper based systems. This may now be the best open source LETS software availiable.5/5 Local Exchange Trading System (LETS) Description A Local Exchange Trading System offers an alternative to the conventional money system when conventional money is limiting the possibilities of the community economy. The amount of conventional money available in a community depends on how much comes in
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