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<!doctype html>
<html language="en">
<head>
<title>open money glossary</title>
<link rel="stylesheet" type="text/css" href="css/openmoney.css">
<meta charset="UTF-8" />
<meta name="keywords" content="open money, community money, community currency,
community money, common money, commons money, agent centred money,
open measures, open metrics" />
<meta name="author" content="John Waters" />
</head>
<body>
<h1>open money glossary</h1>
<ul>
<li><a href="#terms_account">account</a></li>
<li><a href="#terms_circular_money">circular money</a></li>
<li><a href="#terms_common_money">common money</a></li>
<li><a href="#terms_community_way">community way</a></li>
<li><a href="#terms_co-money">co-money</a></li>
<li><a href="#terms_co-operative_money">co-operative money</a></li>
<li><a href="#terms_co-unit">co-unit</a></li>
<li><a href="#terms_covestment">covestment</a></li>
<li><a href="#terms_currency">currency</a></li>
<li><a href="#terms_instance">instance</a></li>
<li><a href="#terms_LETSystem">LETSystem</a></li>
<li><a href="#terms_money">money</a></li>
<li><a href="#terms_name">name</a></li>
<li><a href="#terms_namespace">namespace</a></li>
<li><a href="#terms_open_measures">open measures</a></li>
<li><a href="#terms_open_metrics">open metrics</a></li>
<li><a href="#terms_open_money">open money</a></li>
<li><a href="#terms_payment">payment</a></li>
<li><a href="#terms_primary_identity">primary identity</a></li>
<li><a href="#terms_registry">registry</a></li>
<li><a href="#terms_secondary_identity">secondary identity</a></li>
<li><a href="#terms_steward">steward</a></li>
<li><a href="#terms_user">user</a></li>
</ul>
<hr />
<p>
The following terms are used in the context of <a
href="#terms_open_money"><em>open money</em></a> software (see <a
href="index.html">specification</a>):
</p>
<ul>
<li>
<h4 id="terms_name">name</h4>
<p>
A string of characters uniquely identifying an <em>entity</em> (a <a
href="#terms_user_identity">user identity</a>, a <a
href="#terms_currency">currency</a>, an <a
href="#terms_account">account</a> or a <a
href="#terms_namespace">namespace</a>).
</p>
</li>
<li>
<h4 id="terms_namespace">namespace</h4>
<p>
An <em>entity</em> enclosing/containing <a href="#terms_name">names</a>
of <em>entities</em>, including other <a
href="#terms_namespace">namespaces</a>.
</p>
<p>
A <a href="#terms_namespace">namespace</a> enclosing another <a
href="#terms_namespace">namespace</a> is referred to as the
<em>parent</em> of the latter, and the latter is referred to as a
<em>child</em> of the former. The nesting of <a
href="#terms_namespace">namespaces</a> leads naturally to the extension
of these terms in both directions: <em>grandparents</em>,
<em>great-grandparents</em>, etc. (<em>ancestors</em> collectively) and
<em>grandchildren</em>, <em>great-grandchildren</em>, etc.
(<em>descendants</em> collectively).
</p>
<p>
Every <a href="#terms_name">name</a> is unique within the <a
href="#terms_namespace">namespace</a> containing it but the same
<a href="#terms_name">name</a> may appear in any number of other
<a href="#terms_namespace">namespaces</a>.
</p>
<p>
In general there is no relationship between entities identified by the
same <a href="#terms_name">name</a> enclosed within different <a
href="#terms_namespace">namespaces</a>. The one exception is that a
<a href="#terms_secondary_identity">secondary identity</a> enclosed
within one <a href="#terms_namespace">namespace</a> <u>may</u> optionally
have the same <a href="terms_name">name</a> as the associated <a
href="#terms_primary_identity">primary identity</a> enclosed within a
different <a href="#terms_namespace">namespace</a>.
</p>
</li>
<li>
<h4 id="terms_user">user</h4>
<p>
A <a href="#terms_user">user</a> is an <em>entity</em> holding/owning one
or more <a href="#terms_account">accounts</a>.
</p>
<p>
A <a href="#terms_user">user</a> may be a person, an organization or a
machine/device.
</p>
<p>
Every <a href="#terms_user">user</a> has a unique <a
href="#terms_primary_identity">primary identity</a> defined within a
<a href="#terms_namespace">namespace</a>, and that <a
href="#terms_namespace">namespace</a> is referred to as a <a
href="#terms_registry">registry</a> in that context.
</p>
<p>
Every <a href="#terms_user">user</a> <u>may</u> have one or more <a
href="#terms_secondary_identity">secondary identities</a>, each
contained within a different <a href="#terms_namespace">namespace</a>
with the authorization of that <a href="#terms_namespace">namespace</a>'s
<a href="#terms_steward">steward</a>(s).
</p>
</li>
<li>
<h4 id="terms_primary_identity">primary identity</h4>
<p>
A <a href="#terms_user">user</a>'s <a
href="#terms_primary_identity">primary identity</a> provides access to
the <a href="#terms_open_money">open money</a> <a
href="#terms_instance">instance</a> by defining a unique identity
associated with a real world <em>entity</em> along with everything used
to authenticate that association.
</p>
</li>
<li>
<h4 id="terms_secondary_identity">secondary identity</h4>
<p>
A <a href="#terms_user">user</a>'s <a
href="#terms_secondary_identity">secondary identity</a> relies upon the
assocated <a href="#terms_primary_identity">primary identity</a> to
provide access to the <a href="#terms_open_money">open money</a> <a
href="#terms_instance">instance</a>.
</p>
<p>
However, the <a href="#terms_account">accounts</a> held/owned by any <a
href="#terms_secondary_identity">secondary identity</a> are distinct from
those held/owned by the associated <a
href="#terms_primary_identity">primary identity</a> and from those
held/owned by any other <a href="#terms_secondary_identity">secondary
identity</a> associated with it.
</p>
</li>
<li>
<h4 id="terms_account">account</h4>
<p>
An <a href="#terms_account">account</a> is a <em>variable</em> associated
with (and its characteristics defined by) a <a
href="#terms_currency">currency</a> with the authorization of that <a
href="#terms_currency">currency</a>'s <a
href="#terms_steward">steward</a>(s).
</p>
<p>
An <a href="#terms_account">account</a> is owned/held by either a <a
href="#terms_primary_identity">primary identity</a> or a <a
href="#terms_secondary_identity">secondary identity</a>.
</p>
</li>
<li>
<h4 id="terms_steward">steward</h4>
<p>
A <a href="#terms_steward">steward</a> is a user holding a position of
authority or ownership over a <em>named</em> <em>entity</em>.
</p>
</li>
<li>
<h4 id="terms_currency">currency</h4>
<p>
A <a href="#terms_currency">currency</a> is a <em>variable type</em> with
which at least two <a href="#terms_accounts">accounts</a> are associated.
Within the context of <a href="#terms_open_money">open money</a>, these
accounts always sum to zero. (Within the extended context of <a
href="#terms_open_measures">open measures</a>, that restriction does not
apply. However, that is beyond the scope of this section.)
</p>
</li>
<li>
<h4 id="terms_instance">instance</h4>
<p>
An <a href="#terms_instance">instance</a> of <a
href="#terms_open_money">open money</a> is a distinct <em>tree</em> of
<a href="#terms_namespace">namespaces</a>.
</p>
<p>
A (web) server may host any number of distinct <a
href="#terms_instance">instances</a>.
</p>
<p>
A longer term (and low priority) objective is to enable any such
<em>tree</em> to be grafted on to (i.e. moved to within) any <a
href="terms_namespace">namespace</a> within a distinct <a
href="#terms_instance">instance</a>, thereby forming a <u>new</u> <a
href="#terms_instance">instance</a>. The <em>root</em> of an <a
href="#terms_instance">instance</a> cannot be grafted on to a <a
href="terms_namespace">namespace</a> within itself; otherwise this would
create a loop.
</p>
</li>
<li>
<h4 id="terms_registry">registry</h4>
<p>
A <a href="#terms_registry">registry</a> is <u>any</u> <a
href="#terms_namespace">namespace</a> in which
<a href="#terms_primary_identity">primary identities</a> are defined.
</p>
<p>
Upon logging into any <a href="#terms_open_money">open money</a>
<a href="#terms_instance">instance</a> using its <a
href="#terms_primary_identity">primary identity</a>, that <a
href="#terms_registry">registry</a> is the <a
href="#terms_namespace">namespace</a> in which that <em>user</em> starts.
</p>
<p>
Upon logging into any <a href="#terms_open_money">open money</a> <a
href="#terms_instance">instance</a> using any <a
href="#terms_secondary_identity">secondary identity</a>, the
<em>user</em> lands in the <a href="#terms_namespace">namespace</a>
enclosing that <a href="#terms_secondary_identity">secondary identity</a>.
</p>
<p>
In either case, the complete <em>user</em>.<a
href="#terms_namespace">namespace</a> string is necessary to identify the
<em>user</em> identity when logging in.
</p>
</li>
</ul>
<hr />
<p>
The following terms are used in the wider context of <a
href="#open_money">open money</a> and <a href="#terms_open_measures">open
measures</a>:
</p>
<ul>
<li>
<h4 id="terms_open_money">open money</h4>
<p>
<a href="#terms_open_money">Open money</a> is a special case of <a
href="#terms_open_measures">open measures</a> in which all <a
href="#terms_account">accounts</a> are <em>scalar variables</em> and
where all <a href="#terms_account">accounts</a> in a specific <a
href="#terms_currency">currency</a> sum to zero.
</p>
<p>
Examples of <a href="#terms_open_money">open money</a> units include
physical quantities (such as time, length or energy<sup><a
href="#footnotes_energy">1</a></sup>) and counts.
</p>
<p>
A special but important case of <a href="#terms_open_money">open
money</a>, from which its name derives, is a unit metrically
equivalent<sup><a href="#footnotes_metrical_equivalence">2</a></sup> to,
but distinct from, the unit of <em>legal tender</em> in use locally. Such
a <a href="#terms_currency">currency</a> is
<a href="#terms_money">money</a> and has significance only in the context
provided by that <em>legal tender</em>, and both are
<a href="#terms_money">money</a>.
</p>
<p>
The only <em>operation</em> associated with <a
href="#terms_open_money">open money</a> is <a
href="#terms_payment">payment</a>.
</p>
</li>
<li>
<h4 id="terms_money">money</h4>
<p>
The term <a href="#terms_money">money</a> refers to anything accepted as
settlement of an obligation or commitment. A payment accepted in
<a href="#terms_open_money">open money</a> is <em>de facto</em> money.
</p>
</li>
<li>
<h4 id="terms_payment">payment</h4>
<p>
In the context of <a href="#open_money">open money</a>, a <a
href="#terms_payment">payment</a> is the simultaneous adjustment by the
same amount of two <a href="#terms_account">accounts</a> in the same <a
href="#terms_currency">currency</a>, one (the <a
href="#terms_payer">payer</a>) being decreased and the other (the <a
href="#terms_payee">payee</a>) being increased.
</p>
</li>
<li>
<h4 id="terms_open_measures">open measures</h4>
<p>
<a href="#terms_open_measures">Open measures</a> generalizes
<a href="#terms_open_money">open money</a> to include <em>compound
currency types</em> and their many associated operations, and places no
requirement for the <a href="#terms_account">accounts</a> in a specific
<a href="#terms_currency">currency</a> sum to zero.
</p>
</li>
<li>
<h4 id="terms_open_metrics">open metrics</h4>
<p>
See <a href="#terms_open_measures">open measures</a>.
</p>
</li>
<li>
<h4 id="terms_common_money">common money</h4>
<p>
The term <a href="#terms_common_money">common money</a> refers to any
form of <a href="#terms_money">money</a> the ability to create and
control which we share <em>in common</em>.
</p>
<p>
By its nature, <a href="#terms_common_money">common money</a> is also
<a href="#terms_co-operative_money">co-operative money</a>.
</p>
<p>
See also <a href="#terms_co-money">co-money</a>.
</p>
</li>
<li>
<h4 id="terms_co-operative_money">co-operative money</h4>
<p>
This is a synonym for <a href="#terms_common_money">common money</a>.
</p>
</li>
<li>
<h4 id="terms_co-money">co-money</h4>
<p>
The term <a href="#terms_co-money">co-money</a> may be used as a synonym
for both <a href="#terms_common_money">common money</a> and
<a href="#terms_co-operative_money">co-operative money</a>. However, the
term has an additional meaning in a different but related context. In the
context of <a href="#terms_open_money">open money</a> specifically, one
or more additional <a href="#terms_money">money|monies</a> might be
viewed as <em>complementary</em><sup><a
href="#footnotes_complemntarity">3</a></sup> to the <em>legal tender</em>
in use locally. So, for example, <em>co-dollars</em><sup><a
href="#footnotes_green_dollars">4</a></sup> might be accepted as payment
in places where <em>dollars</em> are accepted, and <em>co-euros</em>
might be accepted in places where the <em>euro</em> is used. Therefore
these can be viewed as <em>complementary</em><sup><a
href="#footnotes_complementary">5</a></sup> (and <a
href="#tems_metrically_equivalent">metrically equivalent</a>) units -
abbreviated to <a href="#terms_co-unit">co-units</a>.
</p>
</li>
<li>
<h4 id="terms_co-unit">co-unit</h4>
<p>
See <a href="#terms_co-money">co-money</a>.
</p>
</li>
<li>
<h4 id="terms_covestment">covestment</h4>
<p>
Co-operative investment.
</p>
</li>
<li>
<h4 id="terms_community_way">community way</h4>
<p>
</p>
</li>
<li>
<h4 id="terms_circular_money">circular money</h4>
<p>
The term <a href="#terms_circular_money">circular money</a> refers to
<em><a href="#terms_money">money</a> that stays</em> in the
<em>locality</em>, in contrast to <em>legal tender</em> which is
<em><a href="#terms_money">money</a> that goes from</em> the
<em>locality</em>.
</p>
</li>
<li>
<h4 id="terms_LETSystem">LETSystem</h4>
<p>
The ancestral form of <a href="#terms_open_money">open money</a>.
Originally defined as as <em>zero-sum, interest-free, mutual
credit<sup><a href="#footnotes_mutual_credit">6</a></sup> payment
system</em>.
</p>
</li>
<!--
<li>
<h4 id="terms_"></h4>
<p>
</p>
</li>
-->
</ul>
<hr />
<h3>Notes</h3>
<ol>
<li>
<p id="footnotes_energy" class="footnote">
The term <strong>energy</strong> is used in the sense that an engineer or
physicist would understand (so refers strictly to a quantity with physical
dimensions ML<sup>2</sup>T<sup>-2</sup>). A typical use would be for
accounting (e.g. using kWh units) in energy generation, storage, use and
loss in electrical microgrids at various scales.
</p>
</li>
<li>
<p id="footnotes_metrical_equivalence" class="footnote">
The term <strong>metrically equivalent</strong> in this context means
that goods and services are priced the same for <em>legal tender</em> (a
national <a href="#terms_money">money</a>) and its local
<a href="#terms_open_money">open money</a> counterpart, whichever is
accepted as <a href="#terms_payment">payment</a> and in whatever
proportion.
</p>
</li>
<li>
<p id="footnotes_complemntarity" class="footnote">
An inexact analogy would be the way in which <!--a <em>cosine</em> function
is complementary to a <em>sine</em> function in trigonometry, or -->a
<em>coset</em> is complemntary to a <em>set</em>.
</p>
</li>
<li>
<p id="footnotes_green_dollars" class="footnote">
In early <a href="#terms_LETSystem">LETSystems</a> the term <em>green
dollars</em> was often used.
</p>
</li>
<li>
<p id="footnotes_complementary" class="footnote">
It is very important not to confuse this with the term <em>complementary
currency</em> as used widely elsewhere. The complementarity in this
context has a very precise meaning.
</p>
</li>
<li>
<p id="footnotes_mutual_credit" class="footnote">
In the decades since the origin of the
<a href="#terms_LETSystem">LETSystem</a>, the term "mutual credit" has
been gradually stretched too far to make it useful for the
<a href="#terms_open_money">open money</a> context. Therefore the term
<em>mutual commitment</em> has been adopted and is now preferred.
</p>
</li>
</ol>
<br />
<div class="footbar">
<a rel="license" href="http://creativecommons.org/licenses/by-nd/4.0/"><img
alt="Creative Commons Licence" style="border-width:0"
src="https://i.creativecommons.org/l/by-nd/4.0/80x15.png" /></a><br />
This work is licensed under a <a rel="license"
href="http://creativecommons.org/licenses/by-nd/4.0/">Creative Commons
Attribution-NoDerivatives 4.0 International License</a>.
<p>
Most recently updated: 2024
</p>
<p>
Authors/contributors include:
</p>
<ul>
<li>
John Waters
</li>
</ul>
</div>
</body>
</html>