So far, money can only be transferred on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, Ethereum democratized the creation and storage of money contracts. With the Credit Protocol, BlockMason takes the next logical step in the decentralized economy: democratizing credit creation through permanently recorded debts and obligations.

These immutable records stored on credit agreements may represent different financial transactions such as units of account, stores of value, and deferred payment standards. Because individuals do not need to own Ether in order to withdraw debt in Ether, it is entirely possible to imagine a future where debt and credit recorded on credit agreements could exceed the total market capitalization of all cryptocurrencies combined, greatly increasing the digital economy.

Technical background

Foundation creates a single master ID (eg "FoundationID") from multiple Ethereum public addresses. The FoundationID establishes a unified identity and transaction platform for individuals on the Ethereum network. It acts as a backend name resolution protocol, matching multiple Ethereum addresses to a single FoundationID. Unlike ENS, which resolves one address to one ID, Foundation resolves multiple Ethereum addresses to a single FoundationID.

Information stored on one address' ledger can be shared and accessed by all addresses associated with the same FoundationID. Foundation thus forms an important part of a unified identity that can interact with the blockchain and lays the foundation for countless future applications.

Powered by the credit protocol Friends in Debt is our first fully fledged (and fully functional!) implementation of the credit protocol.

So far, money can only be transferred on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, Ethereum democratized the creation and storage of money contracts.

The "Friends of Debt" provides ample proof of work for the next logical step in the decentralized economy: the democratization of credit creation through permanently recorded debt and obligations between parties. Debt and credit are already very powerful financial instruments, and now they will be protected and strengthened by the security and flexibility of the blockchain.