Implementing the registry is much more efficient if access to technology is abundant. Sometimes, however, this is not always convenient (think, tickets at a canival, yard sales) or feasible (a large, catestrophic event that brings down the entire internet in a local, or even global, area).
Everything that is done in the registry can be implemented by a special type of currency that has the following attributes:
- Anyone can validate that the person giving the currency is the owner
- Anyone can identify it's type as either charge, exchange or value.
- The registrar can change it's type from charge to exchange, exchange to value, or value to exchange, and no one else can.
It can also be implemented through software, but both can exist simulatenously, similar to our existing monetary system and banks - at any time, you can approach the registrar and request charge, exchange, or value currency based on your current registered balance - that amount would be deducted, and registered in the software as printed - you could even annotate the notes with unique identifiers recorded in the registry as a means of implementing the attributes above. Features such as invalidating the notes could also be implemented.
Every day (or epoch), the registrar would print and give everyone the same amount of charge currency. This would involve the registrar printing the money and depositing it in a vault that could be deposited into, but not withdrawn from, except by the owner, or printed on demand if recorded electronically.
Exchange currency can be given by a purchaser to a seller, just like how people give cash today. The seller would confirm owner, as per #1 above. It is culturally understood not to accept currently from someone whom you could not validate the owner is the same as the individual giving it to you.
The seller would present the purchasers exchange currency and a correct amount of their own charge and value to the registrar to take advantage of the the Registry Formula formula, or purchase Transients directly at some mutually agreed upon time between the parties of the exchange, once the commerce for the day/event is complete and the registrar is available.
Periodically, before the next epoch, the registrar would reconcile all posted transactions delivered to them with the currency. The charge and value currency given by the seller is converted into exchange currency, and given back to the seller in the same means the charge is delivered. Similarly, the exchange currency presented by the purchaser is then converted to value currency and returned to the purchaser.
The amount of charge and value presented by the seller must be enough to cover the Registry Formula given the supply of the utility and the amount of exchange presented. Value currency is one to one - one value currency is one exchange currency. Charge currency is multiplied by the supply - if there are 5 of the items for sale at the time of reconciliation, then 5 charge currency backs up 1 exchange currency presented by the purchaser - and all 5 charge is converted to 5 exchange.
If the seller did not have enough charge or value to cover the amount of exchange the purchaser has given, the leftover exchange is then used to purchase Transcients for the seller. The balance of these Transcients is recorded on a ledger by the Registrar. The registrar also keeps track of how much Transcient Exchange the seller currently has in hand. Using the formula of the next Transcient Exchange costing one Transcient more than the last, the registrar converts Transcients into Transcient Exchange until the remainder is less than the new amount of Transcient Exchange the seller will now have. The Registrar delivers these Transient Exchange with the regular epoch drop off. (Is there a way to do this by annotating the exchangeg with an epoch date?)