The WAT Core
In the WAT-system, a multi-party barter trade is performed using a WAT-ticket,
which resembles a bill of exchange.
A WAT-ticket experiences three kinds of trades in its lifecycle.
- The drawer writes down on a blank WAT-ticket the name of the lender,
the amount of debt, the date and the signature and gives it to the
- The drawer receives some goods or service in return from the lender.
- The one who received a WAT-ticket can use the ticket for another trade.
In order to do so, the user writes down their name and the name of the
receiver on the back of the ticket.
- The user receives some goods or service in return from the receiver.
- Repeating the above, the WAT-ticket circulates among people.
- The WAT-ticket is invalidated when it returns to the debtor as a result
of a trade.
- The debt is now redeemed.
Realization of the WAT core in i-WAT