Social credits?

What are social credits?

Social Credits are a virtual (read digital) value held in your Vault balance.

The value is appropriated and securitised on an Open Finance Treasury, whose ownership is mathematically vested into Planet Earth’s population, and commerce exchange events on the Open Constitution AI network.

Network’s ownership rights are registered through an Open Constitution license, by subscribing to an encrypted token on a public ledger.

The transaction trail of the Contributor License Contract acts as proof of I.P ownership of the Open Constitution Network Estate, by any voluntary contributor.

The Open Constitution I.P. Estate is an incremental contribution-based, fractional ownership property type.

Quantification of the Property Ownership rights is earmarked for the variable limit - Population Index (in simpler words, the quality of OC license tokens is tied to the Planet’s population.

Quantification of the Property Exclusion rights are earmarked for an incremental creation basis. In simpler words, when Contributor n+1 joins community and claims ownership rights on the I.P Estate, it influences the Open Treasury standing of n Contributors, for all contributors to be able to exercise the Property Exclusion rights. The rights are therefore governed by Open Governance Articles of Association of the Open Constitution.

The secondary financial instrument used for accounting and intra-community transactions is a Social Credit.

What are social credits used for?

Social Credits can presently be used on the Open Constitution AI network for representing:

a. Rewards for voluntary contributions

b. Store of value

c. Exchange of values, and energy on the Open Constitution network.

d. Escrows on the Open Tribunal

e. Offering Credit Line by Fund securitization partners between participants

f. Accounting Carbon footprint of the Foundation’s constituents

Are social credits a crypto or digital currency?

No, Social Credits are not a crypto or digital currency. They are a representation of the Open-bank Foundation’s resources on a digital ledger, and the representation provides the ability to perform intra-community events of the global Association.

The Social Credits accounting can be seen as an intrinsic value that is attached to the intellectual property pool of the Open Constitution AI network.

Social Credits are a community currency.

During the value generation on the Open Constitution AI network, several intra-community exchanges take place through social credit.

Are social credits insured by any Central Bank?

If bad market events happen, can I access my Vault and withdraw Social Credits?

Your Vault is a representation of digital and contributions activity, into and out of a collective pool of assets, held by a self-independent, Non-Profit Association.

Your Vault and a Vault balance is a property on the balance sheet of the Foundation. You activate your Vault with an E Residency plan in your account.

Association laws therefore apply in local jurisdictions, wherever the Foundation has a Fiscal Host.

The Foundation is NOT a banking entity or a payment service entity, with a banking license, regulated by a Central Bank, where the Foundation operates.

For acquiring and releasing social credits, the network relies on the use of third-party banking services and vendors, whose services comply with one or more Financial Supervision Authorities.

Open Bank system is a hybrid closed pool of value where once in, the value of your social credits is insulated from the market events that may or may not be affecting your local currency or fiscal position.

So dripping down to simplicity, your Wallet activities of transacting social credits are primarily governed by Association laws and statutes for voluntary associations, and member union laws, and your Vault-related activities are therefore protected by what the Foundation adopts as Articles of Association.

You are transacting or holding a token which holds value only on the AI network and any activity that is deployed on the network.

Your access of resources into and out of the Wallet is benchmarked with International Financial Reporting Standards, adopted by the Foundation.

In simpler words, when you put your own contributions into the Wallet to increase the Social Credits balance, or when you receive a payout, these third-party events are governed by digital commerce, and financial supervision regulations of the economy where the member resides, and which the Foundation brings its compliance levels to.