Building as Protest

When systems are deemed unjust, we are not always able to build better alternatives. Bitcoin however offered inspiration for the potential power of systems organized first by users rather than banks or governments. The following describes GetLoci’s core unit of exchange, Loci digital assets, and some of their key attributes. GetLoci open systems will build upon this core framework to better serve users of money globally long-term.

Loci, a polymorphic self sovereign unit of exchange, are minted by users of Bitcoin and local currencies. Users who license GetLoci systems may mint and hold a digital proxy of any supported originating currency or crypto-asset to enhance it’s utility. The originating unit of value is held by a non-custodial network repository until the minted Loci is destroyed by extracting a unit from the network (i.e. spent off-network).

Once a Loci is minted, a user holds a digital asset whose value is derived from three key considerations:

(i) the marketvalue of currency or crypto-asset held by its repository
(ii) the performance guarantee of the repository itself
(iii) a utility premium or discount relative to the original

Digital assets, utilizing GetLoci’s peer transfer and exchange systems called the Loci Network, are freely transferable or exchanged with any GetLoci user globally mano a mano, without financial intermediary.

Loci digital assets are described as self sovereign to acknowledge the following unique attributes relative to Bitcoin and fiat currencies:

(i) Only users can mint them.
(ii) Only users can elect to burn or destroy them.
(iii) Digital assets are neither a currency nor cryptocurrency.
(iv) Digital assets are transferred without financial intermediary

Connect Financial, and its team building GetLoci open systems, recognize money systems globally as unjust. Rather than withdraw from participation however, we are building new systems, along side existing ones, that together will make it easier for everyone to participate equally in a global economy.

The evolution of money will not be a zero sum game. We believe digital assets, cryptocurrency, and sovereign currencies, both in the near and long-term, will empower hybrid systems to better serve self sovereign users globally. GetLoci open systems reflect our beliefs.

You can learn more about our guiding values at getloci.com/about.