Money and Reputation
The intersection between Monetary and Reputational currencies
As suggested in this article by Arthur Brock, reputation currencies are orthogonal to monetary ones. In other words, reputation can be monetised, but it is a function of context. Every neighbourhood decides if a particular reputation score holds monetary benefits. Perhaps, it's access to capital in the form of credit limits. Maybe it's access to a membrane, which permits people to engage in commercial activities (ride-sharing, couch-surfing are example of reputation-critical commercial activities). It could also have no monetary value at all, and simply serves as a sense-making framework that other's may choose to rely on to engage with you.Maybe it's a higher rank in search results and social media feeds that lead to greater discovery. The list is endless.
To aid some monetary interactions that rely on reputation, we are developing a set of protocols in alliance with the Economikit Alliance using the REA accounting protocol. This involves building decentralised marketplaces that are rooted in social fabric (AKA Bazaars)
Bazaars is a set of tools for commercial operations rooted in social fabric. Think of it as a cross-membrane co-ordination protocol for monetary transactions in multiple Neighbourhoods. These protocols are specifically suited to avoid common multi-exchange problems like double-spending and differential offers made based on the context. The diagram below and videos from our Hackalongs offer some insight into the architecture of these tools. More details will be published at a later date.
Bazaars structure for commercial activity