Anna invites Barney for an hour, so both bring ¬£10. The conditions of the eco^2 social contract must be agreed before the hour and are as follows:
- at the end of the hour, Barney leaves with ¬£20, both his and Anna’s
- whatever is co-created in the hour is open source, the commons, available to everyone.
The first condition refers to¬†mttp, and the second suggests¬†dmp. By entering into this contract, both Anna and Barney constitute the eco^2 entity. If they are the only two people in the world performing this social contract, then the eco^2 entity consists of only Anna and Barney.
Money-time-trust-protocol (mttp) is a relationship of trust between people in terms of a contract of money and time. This refers to the first condition of the social contract (1.¬†at the end of the hour, Barney leaves with ¬£20, both his and Anna’s), so Barney trusts Anna enough to believe that at the end of the hour, he will receive ¬£20.
Quite simply,¬†mttp¬†is a contract of engagement where people decide which way the money goes before the time period. This bond of trust creates the right working environment for collaboration.
This is simple to perform and does not offer any challenge to the average man on the street. What makes¬†mttp¬†different is that this social contract happens at different levels of scale, such as ¬£100 for a day, or ¬£1k a week. If Anna was to invite Charlie for a day, both would bring ¬£100 at the beginning of the day, and Charlie would leave at the end of the day with ¬£200. The following image shows the scale, where =V= stands for the value that is produced over that period:
Again, this is unproblematic to the man on the street, at any discrete level of contract. Complexity occurs if we wish to consider how these different levels interact, for example, how Charlie can then invite Dave for an hour while he has been invited for the day by Anna — and still leave at the end of the day with his ¬£200. But this does not concern the man on the street, only those who are interested in how the whole eco^2 maintains a healthy dynamic homeostasis.
Base level, mttp¬†performs the equivalent functions of traditional institutions such as employment, investment, crowd-funding, all in one self-similar social contract. Invite someone to code an app, clean the kitchen, fix the plumbing, or invest ¬£10k for a 100% return in a season. But the real power of eco^2 is an open invitation to produce value rather than “paid employment”, or to turn a simple petition into direction action — at ¬£10-hour, just fifty participants can match an executive’s salary of ¬£1m thus justifying an equal footing for an hour’s meeting.
To get a balanced view at this overview of understanding, let us consider the other essential aspect of eco^2,¬†dmp.
Distributed-money-protocol (dmp) is a contract of trust where all surplus is distributed equally to all participants.¬†This is suggested in the second condition of the social contract (2.¬†whatever is co-created in the hour is open source, commons, available to everyone), so¬†whatever is said or done or made between them in the following hour, it is available to both Barney, Anna, and indeed anyone else. Furthermore,¬†dmp¬†stipulates that any money attracted to what is produced (nominally termed the ‚Äúvalue‚ÄĚ), is distributed equally to all members of the entity.
Quite simply, there is no ownership of what is co-created.¬†
Let‚Äôs say that Anna and Barney produce a picture between them over their hour. Each of them could take the picture and sell it at the market, and take the money for themselves; doing so will not endear them to one another or the rest of the community. Or, they can equally distribute the money between all members of the entity, not just themselves. Doing this, is executing the¬†dmp¬†aspect of the social contract, and encourages social cohesion.
[See Subjective-Enumeration-Algorithm for a more qualitative distribution of one’s equal share based on subjective evaluation.]
The combined effect of¬†dmp¬†and mttp¬†create the eco^2 entity as a whole. It is not a company or charity or government. It simply provides an economic wrapper for networks — but the implications of such a basic social contract are quite startling.
- How are people remunerated more precisely for the value they create?
- How do people engage if the basic contract is not based on transaction?
- How is the money tracked at longer scales of time?
- What does this mean in terms of business methodology?
Operational solutions are covered under¬†financial protocols, social ligaments, physical mechanisms, and mindful practices, which can be found in the drop-down menu of the specifications tab.