Financial Services
Manage money in any currency
e.g. in our global currency
We want to offer these benefits:
- one currency for any trade from any place;
- a currency with a value that hardly ever changes;
- reduce to 0.8% the cost to manage all the money one ever owns;
- reduce the income gap;
- make money theft improbable.
Only the employees of the sol bank (SBE) can edit the global money database. A service provider (SP), a service user (SU), and a SBE witness every change in the database. The SP and the SU can let others view any transaction to which they are a party.
We issue the global currency sol in order to credit service.
A SU concludes a written agreement with another person that they provide at least one service to them.
The other person provides the service.
The SP issues the invoice in SOL (the ISO code of this currency) and in a second currency. The SP and the SU agree on the 2 amounts. The SP submits the invoice to the SB. The SB informs the SP and the SU of the final invoice amount in SOL.
The sol bank (SB) issues sol credits for the SP and credits their account with 99.6% of this amount.Â
For the first purchase by a SU the SB issues 1% of this amount, and subtracts the issuance fee of 0.4% from this 1%. The SU pays the SP 99% of the invoice amount in the other currency.
The SB issues 1% more of an amount owed by a SU every time they purchase a service, so it takes at least 100 purchases to switch to the single currency.
1. How the SB issues sols
The SU proves to a SBE that the service has been provided. We require to view e.g.:
1.1 recordings of the communication between the SU and the SP
1.2 recordings of the goods provided, or files that include designs, software, writings etc.
1.3 time logs
The SP lets the SU view the invoice and the SBE store a copy of the invoice.
If the difference between the invoiced amount of sols and the SU's balance of sols is a positive number, the SBE issues to the SP this difference.
2. How we limit the invoice amount
We want the sol to be a solid currency, so we'll try to stabilize its value by imposing reasonable limits to invoice amounts and by calculating the average exchange rates decided upon by its users. After many transactions, SOL can become one of the most stable currencies.
It seems difficult for a human being to live fully for more than 62 years. Let's say that they could invoice sols between 18 and 62, i.e. for 44 years / 528 months! Let's say that a person can work for 1,800 hours a year, for 30 years, i.e. for 54.000 hours!
Let's say that the amounts one invoices between 18 and 62 must buy one what one needs for a balanced life between 0 and 71, i.e. for 852 months or about 25,930 days! If 20 sols covered more than 100% of an average day's needs, let's say that one would have to work for up to 52,800 hours in order to earn 528,000 sols, so some of the lowest wages would approximate SOL 10 / hour or 1,000 / month!
Possible limit: SOL 15 / man-hour
For each person you may invoice up to 10 hours per day, 50 hours per week, 200 hours per month, and 2,000 hours per year.
In the improbable case that some people work 2k hours for 30 years, they will have worked for 60k hours and will have earned up to SOL 0.9m. Should they be only 48, they may have spent at least 0.35m. So even old people can spend a maximum of about SOL 0.5m, so one could buy up to 25k man-hours or 14 years of work.
To the extent that we reduce the difference between the minimum wage and the maximum wage, we make it less probable for people to abuse each other. We have been using destructively the ability to order people to work for years. Let us reduce slavery! It has never been abolished.
3. How the SB transfers sols
The SB transfers sols from the account of a SU to the account of their SP.
We manage databases including agreements and time logs. a service for which we charge the receiver 0.4% of the transferred amount.
If person 1 pays person 2 SOL 100, and person 2 pays person 3 SOL 50, the bank takes 0.4% of SOL 150. If person 2 asks person 1 to pay SOL 50 to person 2 and SOL 50 to person 3, the bank takes 0.4% of SOL 100.