I’ve been thinking of a dApp to help african rural community with a low tech money creation mechanism based on the tally stick model.
Medieval England used split tally stick as record of financial transaction. This is how it roughly worked.
Say you wanted to allow your less privileged neighbor to use your 1 hectare of land for a year against the promise of 500 kg of fresh wheat after the next harvest.
You would both agree to write the amount of the transaction with knife notches on a piece of wood and then split in it half in such a way that the notches appeared on both halves. You would then keep the longest half (the stock) and him the shortest (the foil). The stock was therefore an unforgeable record of debt that the owner of foil owed you 500 kg of wheat at such date(1).
In the same way that we exchange bank bills today, in medieval England, stock were also exchanged. The legend says that the place of today’s wall street stock exchange was chosen because a beautiful hazel tree was growing there, and hazel wood was appreciated to make tally sticks.
But lets come back to our cryptos and Africa financial low tech solutions.
Wouldn’t it be possible to print on distinct piece of paper, QR codes in such a way that by superposition and transparency, they would let appear a shared password or symbol proving that indeed they were two pieces of the same transaction, one been the stock and the other the foil ?
Easy to carry, store, exchange, this would be like bank bills but printed locally,
This would be a privately generated QR code as stock and foil to enable the creation of an unforgeable paper bills at the local rural community level.
Also local, it would be linked to the global economy as a side chain of the cardano global chain.
I hope this post will generate discussions helping me or the community come up with a pragmatic side-chain low tech, sound, but not necessary fast solution to the money creation problem.