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User Experience

A common Prowl user experience would be the publication and reporting of currency activity records. A common user goal might include having decentralized payment options that are not dependent on conventional cash or card-based settlement systems. Ultimately, however, individual experience would vary based on the specific accounting models and units used. The following discussion offer highly simplified summary descriptions of ledger-based frameworks that may be modeled in Prowl.

Community-Oriented Models

Most of the mutual credit currency are targeted towards helping build local economies, reciprocal trade networks or some arbitrary community of interest. The ability to trade under community-oriented accounting models is based on membership. If a participant wishes to improve her market access, she should seek membership in communities with established markets and a diversity of product offerings, and/or seek membership in many communities. Accrued debits are owed towards the community as defined by its boundary. Openmoney, LETS and other mutual-credit type initiatives are examples of this type of approach.

Lender-Oriented Models

Other currency or payment frameworks are geared towards being able to pay for products on credit. The ability to trade under lender-oriented accounting models is based on the perceived creditworthiness or trusthworthiness of the credit originator. If a participant wishes to improve his market access, he would try to improve his market reputation as someone who is able to repay loans or to reciprocate on favors. Accrued debits are owed towards a specific participant or market entity. Perhaps Ripple, yootles and Loom may be classified under this approach.

Brand-Oriented Models

Another type of currency or payment framework extends the concept of brands to represent the value that an entity brings to a market. The ability to trade under brand-oriented models is based on cumulative service-provider and seller opinion of an entity's brand. If a participant wishes to improve her market access, she would try to work for an entity that are widely perceived by the market as engaging in positive activities. Accrued debits are owed to the market in general and are cancelled by credits originated by those who benefit from the entity's market specialization. The ocaup-model and satconomy may be classified under this approach.