Bitcoin and cryptocurrencies as they currently have evolved are subject to access and use barriers that hinder their adoption by the world’s unbanked. Currency networks built on networks of trust relationships could provide a better alternative.
The big vision: Financial inclusion of all people
The Foundation aims to encourage efforts towards supporting the big vision of promoting the financial and economic inclusion of all people. It is fostering the development of a blockchain-based accounting system which mirrors and leverages existing networks of mutual trust. When the protocol was originally conceived the first use case considered was that of an immutable accounting system for netted IOU balances between trusted parties, be it with a direct or indirect trust relationship. The Trustlines Protocol is however being developed to support a wide range of use cases leveraging existing formal and informal trust-based relationships that can be mapped onto social graphs.
In this blog post, we will elaborate on the roots of the idea that started it all, i.e. the “people powered money” vision and why it matters.
Read the full post at https://blog.trustlines.network/people-powered-money-on-the-trustlines-protocol/