AEIOU (An Electronic IOU) is a web application for creating local commodity currencies based on electronic IOU tickets.
AEIOU (An Electronic IOU) is a web application for creating local commodity currencies based on electronic IOU tickets. The software allows currency issuers to register themselves and create IOU tickets. These tickets consist of an electronic document detailing what the issuer owes to the bearer of the document (a specific quantity of goods or services), and a secret key. The ticket can then be transferred via any electronic medium to another party as payment for other goods or services. The recipient then contacts the AEIOU website, uses the secret key to verify the ticket, and receives a new secret key known only to them. This key can be used to redeem the ticket with the original issuer (and receive the promised goods/services), or to transfer the ticket again via the same mechanism.
3 March 2009
3 March 2009
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