IOU's team recognizes that ‘tokenized IOUs’, peer to peer transactions on the blockchain can be used to trade value directly for value without fiat currencies or other centralized mediums of exchange. Every echeleon of society can benefit from trading value directly for value eliminating friction and costs. Because 'people's IOUs' usually aren't subjected to the legacy financial system's or other regulations, there are little to no restrictions to use IOUs as p2p settlement instrument.
IOU's can be issued as tokenized promissory notes, by any party, anytime, anywhere and as per agreement be used as payment and the voluntary exchange of value. Issuers can create their own IOU, tokenized promissory notes, backed by value; goods or services.
IOU yearns to assist the nearly 2 billion unbanked, with about 1 billion of them having insufficient amounts of money to partake in the banking system, and about 700 million living in extreme poverty – defined as living on about $150 USD per day. Trading value for value can lift them some from extreme poverty and bring up their level of living. IOU strives to be a technological tool that improves the life of those excluded from the legacy financial system.
To alleviate the double coincidances of wants goods and services are syntheticaly represented by tokens which store value and can be traded or redeemed in the future. For trades to be made direclty with those that may not know each other, issuers of tokens are rated by their counter parties, creating a reputation based system. Community members can assist others with good reputationss by acting as a surety for them guaranting larger projects like a perfomance bond and loans.
The IOU Ecosystem is being developedto include::
- IOUtoken - ERC20-compatible tokens with feedback and p2p rating functionality,
- IOUsurety - ERC20 compatible tokens to provide a surety mechanism (collateral) from participators to back each other's projects,
- IOUswap - Uniswap-based AMM decentralized exchainge to swap IOUs for stable coins or IOU-to-IOU swaps ,
- IOUpath - algorithm to establish the most effective way to exchange one IOU for any another without "central" exchange currency, by using sequence of exchanges 'IOU by IOU'.
React-components (based on material-ui) to IOU.loans
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Full UI plan on Figma