Mutable IOUs
Open, Feature RequestPublic


The specification of a "currency" between two peers in the payment network could come with rules for automatically changing the balance in certain ways, either at specified times, or when one side presents the other with a certain kind of message with a signature valid under a specific public key. If done well, that same message could be passed along chains of IOUs, so that approximately the same terms can be applied to indirect holders of a "currency" issued by someone with whom they don't have a direct trust relationship. (The counterparty risk would be different for indirect holders of the currency.)

Possible uses include:

  • dividends, including for hybrid units (see T18),
  • options,
  • prediction markets,
  • funding of public goods using something like the Wall Street performer protocol,
  • demurrage, and
  • interest (if you must).