Open Finance Solution Roadmap

Marc Gauvin for BIBO Currency

Copyright 2013

Reproduction in full expressly granted providing attribution and a link to is provided.


What we know for sure,  is that the foundation for a definitive solution to the financial riddle must be:

  1. Unequivocally objective,  independent and unambiguous.
  2. Must represent a complete and generic science of money sufficient for the evaluation any proposal both conventional as well as "alternative".
  3. Must respond to clear unambiguous requirements and definitions.
  4. Must produce industry standards that provide interoperability between implementations without affecting local identity and autonomy.

If anyone cares to look,  the current de facto standard has none of the above.   Most alternatives are much better in this regard but still they do not cover all the above in a complete and integral manner, in general there is a lack of formality,  clear definitions and well defined scope.  For example, the requirements for the stable representation of value are independent of economic governance and stability. While an unstable  money system will over time destabilise any economy, a stable money system does not necessarily produce economic stability.  Which means that while stable money is a sine-qua-non requirement it does not represent a panacea for all economic issues.  Another example is the question of credit,  credit is a h¡ghly complex social function dependent on a large number of different criteria that is independent of the measure of value consumed i.e. the value of something is independent of the ability to produce other things of comparable value.

We must not assume anything no matter how simple things are,  everything needs to be represented in the most meticulous, rigorous and comprehensive fashion possible.

Local community systems cannot survive on their own independently of the predominant milieu without at least inter-operating with other similar systems.  Our economies have become global and the damages incurred to local autonomy are subject to the entropy of globalisation,  hence any meaningful solution will have to be global while stabilising the current relations and gradually regenerating high quality and sustainable local autonomy.  Key to this,  is abundant and independent global knowledge trade requiring interoperability between implementations of the new finance implementations.



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