Until now, it was only possible to move money on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, and Ethereum democratized the creation and storage of monetary contracts. With the Credit Protocol, BlockMason has taken the next logical step in the decentralized economy:
Democratizing the creation of credit through permanently recorded debts and obligations.
These immutable records stored on the Credit Protocol may represent such diverse financial matters as units of account, stores of value, and standards of deferred payment. Because an individual need not own ether to in order to draw debt in ether, it is entirely possible to imagine a future in which debts and credits recorded on the Credit Protocol could exceed the total market capitalization of all cryptocurrencies combined, dramatically increasing the scale of the digital economy.
Foundation creates a single Master ID (e.g. “FoundationID”) from multiple Ethereum public addresses. This FoundationID establishes a unified identity and transactional platform for individuals on the Ethereum Network. It acts as a back-end name resolving protocol that matches multiple Ethereum address to a single FoundationID. Unlike ENS which resolves one address to one ID, Foundation resolves multiple Ethereum address to a single FoundationID.
Information stored on the ledger of one address can be shared and accessed by all addresses associated with the same FoundationID. Therefore, Foundation forms an essential building block for a unified identity that can interact with the blockchain, and lays the groundwork for countless future applications.
POWERED BY THE CREDIT PROTOCOL
Friend in Debt is our first full-fledged (and functional!) implementation of the Credit Protocol. Until now, it was only possible to move money on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, and Ethereum democratized the creation and storage of monetary contracts. Friend in Debt provides a full working demonstration of the next logical step in the decentralized economy: democratizing the creation of credit through permanently recorded debts and obligations between parties. Debt and credit are already extremely powerful financial tools, and now they will be protected and strengthened by the security and flexibility of the blockchain.