Upcoming

January 28 - February 1, 2020

Transmediale

HKW, Volksbuhne

Berlin

February 5-10, 2020

ECSA Team Retreat, Santa Cruz, CA

Santa Cruz, CA

February 14-16, 2020

ETHDenver

Denver

March 7-8, 2020

MIT Cryptoeconomic Systems Conference

MIT

Cambridge, MA

Past

ECSA team Akseli Virtanen, Ben Lee, Ana Fradique, James Foley, Jon Beller at MIT

A distributed Exchange Protocol Jorge Lopez (Chief Architect, ECSA)

October 5-6, 2019

MIT, Cambridge

Protocols for Cryptoeconomic Networks. MIT Cryptoeconomic Systems Summit

MIT’s Cryptoeconomic Systems Summit special session on the ECSA economic white paper. “We show how a distributed issuance of credit can ensure that the economy does not freeze when there is a blockage in the distributed ledger matching process. In a system where all agents can participate in issuance within the distributed exchange protocol and network, when offer matching is mediated through a common asset (or unit of account), netting enables exchange and settlement to occur without the need to actually hold the common asset (or unit of account). It means a non-money-intermediated means of liquidity: a distributed monetary system that can secure liquidity without the need for central control of issuance/un-issuance of a money instrument. The distributed exchange protocol constitutes the backbone of a distributed clearing house and payment system. The goal of the mutual liquidity protocol we propose is not to issue credit with the objective of seeking an income stream (interest payment of debt), but a mutual responsibility for securing inter-temporal matching on a ledger. Credit-for-mutual-liquidity and equity-for-mutual-stakeholding represent a profound change in our understanding of the economic roles of debt and equity.” From Money and credit in a cryptoeconomy

Please find more videos of the Event in our Library here

An economic grammar for post-capitalism (Akseli Virtanen, Co-Founder)

A distributed exchange protocol (Jorge Lopez, Chief Architect, ECSA)

Economic protocols for liquidity creation (Dick Bryan, Chief Economist, ECSA)

A peer-to-peer value creation system (Jon Beller, Chief Media Architect ECSA)

Distributed network protocols as metapragmatic grammar (Prof. Benjamin Lee, Chief Economic Anthropologist, ECSA)

 

ECSA team Eugenio Battaglia, Fabian Bruder, Robin Vodruba at work

September 23-24, 2019

Supermarkt, Berlin

A Shared Economic Grammar: ECSA x DAOIncubator at Supermarkt

What is ECSA’s economic vision and what is its strategy? Why is “disintermediation” not enough? What changes when economy and its key conventions – like money, markets, credit, unit of account, issuance, clearing,  liquidity etc. –  in themselves become programmable? When they become distributed as protocols? When their grammar becomes shared like a language and they turn into media of expression?

What does a distributed economy mean, why is it important, and what are its conditions? How does ECSA’s take on economy differ from Radical Markets and from Hayek and his digital disciples? What happens to money, market, price, unit of account, issuance, and credit when they become distributed as protocols (as a shared grammar)? What if different functions of money were organized separately by different protocols? What is a peer-to-peer value creation, issuance and credit? What are the protocols of securing liquidity in a distributed cryptoeconomy? What is a distributed clearinghouse and how does it work? What is p2p credit? How does p2p stakeholding work?

Schedule and contents

Jonathan Beller: A Peer-to-Peer Value Creation System
Dick Bryan & Akseli Virtanen: What is Stability?
Podcast: ECSA Vision: Akseli Virtanen and Dick Bryan at Supermarkt, Berlin 24.9.2019
Podcast: Crypto-political Economy. Akseli Virtanen & Dick Bryan at Supermarkt, Berlin, 25.9.2019

Supermarkt Berlin

 

 

Eugenio, Lene, Pekko and Akseli playing ECSA with legos

July 16-18, 2019

Full Node, Berlin

ECSA Team Creation and Play Sessions

Building economic space together is a special mission; re-creating subjectivities in post-capitalism is a task equally important as it is delicate. We steadily learn from each other: What is ECSA culture? How do we relate to each other? What does not work? What do we want to change?

These testing rounds are a paramount to what we want ECSA to be: a virtual keel, a strategy for coming together to cross-stabilize and amplify each other, to systemically allow multiple identities, within which firm and flexible relations emerge.

 

ECSA team Akseli Virtanen, Pekko Koskinen, Lene Vollhardt, Erik Bordeleau, Joanthan Beller in Berlin

May 6, 2019

Haus der Statistik, Berlin

After Scarcity: Propositions for a Post-Hayekian Economy. With Kim Stanley Robinson

For many of us, computer technology seems almost inseparable from the corporate hypercapitalism of Silicon Valley. In “After Scarcity”, Bahar Noorizadeh explores the soviet cybernetic past in search of our possible post-neoliberal future. “How might we use computation to get us out of our current state of digital feudalism and towards new possible utopias? Afterall, what would Vladimir “socialism is electricity plus statistic” Lenin have to say about blockchain?”  https://dis.art/after-scarcity/info

This fascinating 30 min. sci-fi essay film will act as a free indirect entry point for a wider discussion around the disruptive potential of crypto- and cyber-economies. Including: Stefan Heidenreich’s recent work around a non-money economy partly based on algorithmic matching formulas, and ECSA’s general proposal to build a financial and computational infrastructure for post-hayekian economy.  

 

ECSA team Jorge Lopez, Dick Bryan, Pekko Koskinen, Bob Meister, Benjamin Lee at work in Santa Cruz

April 4-9, 2019

Santa Cruz

ECSA Economic White Paper, Santa Cruz Session II

Economic white paper sessions. We have been working for some time now quite intensively with something we are very excited about: the Economic Space Agency economic white paper Protocols for Cryptoeconomic Networks. It is in a pre-alpha private review, so still worked on, parts unfinished, and not yet publicly shared — but if you would like to join the process of rethinking economic conventions as protocols, and thus as a design space, please just contact me — we are happy to share the text. We have realized that we are creating a language for new economic expression. It is an economic language that can express capitalist network protocols, but even more, it can go beyond them. It can encompass capitalist value calculus, but express more qualified values and refuse their collapse into the monological value-expression that disqualifies non-money values as economic externalities. It is capable of valuing, for example, the biosphere, care, intangibles and social innovation — without reducing their information into one index of price and one measuring unit of profitability. It is a post-capitalist language (a language for post-capitalist economic expression), in a literal sense. A new economic grammar for the information age.

Towards Post-Capitalism. A Language for New Economic Expression

What is Crypto-Political Economy?

Sant Cruz Session II, Program.


 

Joel Mason with the mic, with Cassio Santiago, Pekko Koskinen, Erik Bordeleau, Jonathan Beller, Akseli Virtanen, at Trust

March 10-12 2019

Trust & Haus der Statistik, Berlin

How to Short Capitalism? The Crypto-Political Economy of Economic Space Agency.

Economic Space Agency is building the next generation network infrastructure for programmable economies. Most blockchain and distributed ledger technologies applications are oriented toward the creation of distributed markets, reinforcing rather than disrupting oligarchic concentration of wealth over time and questioning what “value” is actually traded. ECSA offers something different: a fully integrated, commons-oriented approach to cryptoeconomy. Activities currently deemed desirable but unprofitable and unmeasurable – for example care, art, affect, biosphere enhancement – can not only now be expressed as value-creating activity, but they can also be synchronised and cross-referenced with each other in a way that gives them liquidity.

How to short capitalism? ECSA 3-day event program

Haus der Statistik

ECSA team on stage in Siegen: Erik Bordeleau, Jon Beller, James Foley, Pekko Koskinen, Fabian Bruder, Jacky Vu

Akseli Virtanen on cryptoeconomic protocols

7-8 March 2019

Moneylab

Siegen

Infrastructures of Money. ECSA at Moneylab, Siegen

How can cryptographically enabled distributed economic-organizational systems – aka economic spaces – allow for the building of a radically different political economy and modes of collective individuation? The capitalist profit extracting value calculus and its implied take on “rationality” is a design environment that is geared toward a certain kind of optimal behavior. It is a protocol for the kind of people and sociality it requires to function, seeking, nudging, sifting up and training players toward the required and desired (game theoretic, axiomatized expected utility seeking) competencies – the programmatic abstraction called homo oeconomicus. Economic agencies and DAO’s of different natures are designed to think like corporations and compete in the next level of economic game going ahead. Without techno-social devices and infrastructures that operate at the protocol level for reshaping the economic gamespace toward commons-oriented purposes, we are left without politics, incapable of addressing and intervening efficiently in the processes redefining our rapidly evolving and fragmenting future. Program: MoneyLab, Siegen

ECSA Tem Benjamin Lee, Jonathan Beller, Pekko Koskinen at NYU/Stern

16-18 October 2018

New York University / Stern Business School

Cryptoeconomic Working Session II

The Economic Space Agency project is to create new (post-capitalist) economic space and tools for people to start operating and exploring this space. We think we are discovering a new distributed value form and value calculus which are different to the capitalist commodity form and calculation of value. If this is true, it means reorganization and reproduction of economic space itself.

The ECSA token system can be framed as a put option on capitalist value calculation: people buying the ECSA token are purchasing access and relation to new value forms and thus a difference to capitalist calculation of value. ECSA is offering the right for agents to part with/sell out of capitalist calculus of value. We call it a put option as a statement of our long position as a difference to valuing and calculating just “profit” — the value of a put option rises as the value of the underlying asset (capitalist value, or more precisely, capitalist perspective on value, how it is created and captured) declines. In this session we explain the ‘big put’ as an exploration of how to organize the production of value and how calculate value in ways different from those that define capitalism.

ECSA Cryptoeconomic Working Session II at NYU/Stern

Jorge Lopez working his way through the ECSA Tech Stack, Starfish, San Francisco

October 4, 2018

Starfish, San Francisco

ECSA Tech Stack – A Technical Session

An exploration session on the lower levels of the ECSA Tech Stack: Distributed runtime + Programmable language for organization + protocols for value expression, measurement & exchange.

Gravity: Distributed Runtime. Gravity node provides with secure computational containment, serialization, persistence, networking, and hardware interfaces to be utilized up the stack.

Gravity Protocol: Informational Integrity. The Gravity protocol provides event ordering, scaling, strong security, fail recovery and high availability. It ensures network wide consistency, and enables distributed atomic transactions.

Space: Organizational Expression. Space is a capability oriented organizational development environment and language to easily reason about, describe and program organizations.

Space Protocol: Organizational Interoperability. The Space Protocol allows distributed applications “Spaces” to interoperate, regardless of their implementation substrate.

Program

Planning the session: Akseli Virtanen, Kim Stanley Robinson, Dick Bryan and Jorge Lopez at Davis

October 3, 2018

Starfish, San Francisco

The Big Put: On Post-Capitalist Value Forms and Value Calculus

The ECSA token system can be framed as a put option on capitalist value calculation: people buying the ECSA token are purchasing access and relation to new value forms and thus a difference to capitalist calculation of value. ECSA is offering the right for agents to part with/sell out of capitalist calculus of value. We call it a put option as a statement of our long position as a difference to valuing and calculating just “profit” — the value of a put option rises as the value of the underlying asset (capitalist value, or more precisely, capitalist perspective on value, how it is created and captured) declines. In this session we explain the ‘big put’ as an exploration of how to organize the production of value and how calculate value in ways different from those that define capitalism. Program. Organized by Starfish, Mission, San Francisco.

Jorge presenting at Token Engineering, London

18.9.2018

Token Engineering, London

Distributed Exchange, Synthetic Indices & Network Derivatives

Space is a modular organizational grammar and an organizational development environment that allows us to describe agents, relationships, protocols and organizations through an offer centric association grammar. Space allows us to describe existing, but most excitingly, new organizational forms while allowing them to remain interoperable. Economic Space is a modular economic grammar – allowing not only decentralized exchange but also the design of distributed value production and its organization. It opens a new economic design space of a more longer term (persistent) and multidimensionally value creating social relationships (of belonging, interacting, governing, risking together) than just issuance and exchange of tokens which collapse relationships. Token Engineering Session #3, hosted by Outlier Ventures.

August 24-31 2018

Berlin Biennale

Akademie der Kuenste, Berlin

Thousand Financial Plateaus. ECSA at Berlin Biennale’s Public Program

The Economic Space Agency (ECSA) conceives of  finance as a creative medium and financialization as an artful practice with the potential to exceed the restrictions and extractions of the current market economy. With the emergence of smart contracts technologies, we see the potential for the cultivation of truly p2p ecosystems of value fueled by artists’ capacities to produce new aesthetic and social forms.

ECSA invites you to one day event at Berlin Biennale’s Public Program with presentations, discussions and collective making around new economic theory and design. Our starting points: (1) Economy has a history, and it has a future. (2) Finance is not primarily about monetary value but rather social-political design – a mode of coordinating the future and its emerging possibilities through the design of collective attractors. (3) The new network technologies will produce a radically different economy. Blockchain and smart contracts are making possible the open-sourcing of finance, turning economic and financial forms into modular toolkits. What future can we call into being through a re-programming of our social and financial protocols? What kind of new economic space and agency can we re-engineer?

A special thank you to Pedro Victor Brandão.

Berlin Biennale Official Announcement

ECSA team Jackie Vu, Lene Vollhardt, Jenny Joy Miranda at work, Lohja retreat

July 27-August 22, 2018

Lohja, Finland

ECSA Protocol Organization II, Team Retreat, Lohja, Finland

How to create a human relatable protocol organization? A network with consequences? A derivative community? That is held together by a virtual keel. That understands the new physics of the new economic space: voluntary organization, functional equivality, no central point of coordination, impossibility of turning into private property. Drafting of the ECSA Offer, Protocol Organization and Team Agreements. Part II, in Finland.

ECSA team at work in Portugal

July 4-11, 2018

Fortes Nuovos, Portugal

ECSA Protocol Organization I, Team retreat, Fortes Nouvos, Portugal

How to create a human relatable protocol organization? A network with consequences? A derivative community? That is held together by a virtual keel. That understands the new physics of the new economic space: voluntary organization, functional equivality, no central point of coordination, impossibility of turning into private property. Drafting of the ECSA Offer, Protocol Organization and Team Agreements. Part I, Portugal.

Dick Bryan talking about the unit of account at NYU/Stern

16-18 May 2018

New York University / Stern Business School

Cryptoeconomic Working Session I

In their money role, crypto-tokens can be an alternative unit of account, not just a means of exchange. They open a possibility to invoke a new measure of value, not just facilitate new processes of trade. As such, tokens can have a ‘backing’ in the value of output they facilitate, and not function simply as tools of speculative position-taking. Here is their radicalness, that they open a possibility of re-thinking and re-engineering what we understand by production. What are the new social units of production? How is such production measured as a social contribution? How is output distributed, accessed and owned? Re-defining and re-measuring production provides the material basis of the crypto economy — a basis that gives crypto-tokens a long-term future as the currency of an alternative economic logic. A different way of doing economy.

Cryptoeconomics Working Session at NYU / Stern Business School

ECSA team on stage, Moderna Museet Stockholm

20.1.2018

Moderna Museet Stockholm

Manipulate the World: The New Monetary Perspectivism of Economic Space Agency, Moderna Museet Stockholm

Moderna Museet invites you to discussions with artists and economists on cryptocurrencies and the future of the economy, with a specific focus on the practice of Economic Space Agency. ECSA was one of the key artists at the exhibition Manipulate the World – Connecting Öyvind Fahlström, with its special focus on manipulating the informational layer of our reality called finance and economy.

Öyvind Fahlström’s work “World Bank”, featured in the exhibition Manipulate the World, is closely linked to Economic Space Agency. A gold depot is at the centre of this staged installation, which is a geopolitical analysis of the world economy from 1971. “World Bank” is contemporary with the abandonment of the gold standard and the emergence of the current financialized economy which has come to define today’s debt relations, increasing concentration of capital and uneven distribution of risk.

Economic Space Agency is a startup company in San Francisco aimed at democratizing the financial sector.  Their innovations in cryptocurrency – i.e. digital, non-governmental currencies such as bitcoin – have been described as “an alternative way of occupying Wall Street”. Their network extends from post-Marxist philosophers and human rights activists, to internet innovators and financial engineers.

Moderna Museet official announcement

Stockholm School of Economics Announcement

Pierre Guillet de Monthoux, Jakob Senneby, Simon Goldin, Erik Bordeleau at the Stockholm School of Economics.

18-19 January 2018

Stockholm School of Economics

Economy and Its Conventions as a Design Question

Financial derivatives, blockchain and tokens are breaking the conventions of economic organization. Just as the formation of the joint stock company and the rise of stock markets from the 1840s transformed capitalism (and was the context in which Marx was re-framing our understanding of capital, accumulation, and surplus value) we are now at a turning point of similar significance. It is in the nature of a turning point that we must challenge conventional categories of analysis. The core ‘economic’ categories we need aren’t anymore the categories of the joint stock company and profit; nor are they going to be sufficiently clarified around issues of ‘intangible’ production; perhaps they are not even the emerging popular categories by which blockchain and tokens are being right now discussed. We need different frames of thinking about value and production.

AT ECSA, we create mutant organizations, wild financial instruments and economic pets.
ECSA Open Office Program.
Organized by Stockholm School of Economics

Full house, ECSA team at E-Flux, NYC

September 26-27, 2017

E-flux & Pratt, NYC

Cryptocurrencies and Its Discontents

The Occupy Wall Street movement raised an essential question that we haven’t quite been able to answer yet: How to occupy an abstraction? Financial capitalism hangs above our heads like an extractive cloud that escapes our grasp. It uses monetization as the mechanism by which social, cultural, economic, and ecological values are all flattened out and made equivalent to one another. And obviously, this whole extractive architecture is inherently hierarchical: some privileged few are allowed to issue money, while everyone else can only issue promises to pay money. How can we shift from the individual precarity generated by extractive finance to new forms of mutual indebtedness and metastable stakeholding? For starters, we need  to conceive of money as a technical object of social design; that is, something that can and needs to be re-engineered to serve our collective aspirations. In that sense, the excitement around blockchain and crypto-currencies is an excitement around a new means of encryption that takes one huge step towards the democratization of finance through techniques of decentralization. Organized by E-Flux.

ECSA team Jorge Lopez and Duke Jones talking about poly-centricity and do-it-your-self blockchains at UC Berkeley

August 23, 2017

UC Berkeley

Poly-Centricity. Blokchain meets Object Capabilities, ECSA at UC Berkeley

How blockchain technologies can leverage the secure computation model of object capabilities to expand its reach, capacity, and interoperability towards open web platforms and open web infrastructure, without forsaking security and data sovereignty? Current blockchains provide trustless third parties and the ability to operate smart contracts on a public ledger. Meanwhile, object capabilities are based on transmitting tokens of authorities and rights that allow token-holders the ability to securely perform operations in a distributed system that is private, granular, and scalable. Blockchains make compromising information incredibly expensive through massive replication of data. Capabilities extend the promise of security through more light-weight mechanisms such as “Proof of Authority” and greater decentralization at the application layer.

Jorge at stage with Brian, Mark, Arthur, Zooko and Michael

July 3, 2017

Foresight Institute, San Francisco

The Next Frontier: Blockchain meets Object-Capabilities

On July 3rd GRAVITY is coming out of the garage, and co-hosting a symposium with the Foresight Institute at Alamo Square, SF, entitled, “The Next Frontier: Blockchain meets Object-Capabilities.” The panelists include Mark S. Miller, Zooko Wilcox, Brian Warner, and Jorge Lopez, and the discussion will be moderated by Michael Casey from MIT’s Digital Currency Initiative. For us, starting this dialogue is very important, because GRAVITY implements security and trust/trustlessness in a very different way compared to the more familiar approaches in blockchains like Bitcoin and Ethereum. The object capability framework, we feel, is less well-known than it deserves to be, and we hope that this event can create awareness of its possibilities by explaining how it expands the way in which distributed computation and ledger systems are currently seen.

ECSA team at work in Santa Cruz

May 2017

Santa Cruz, CA

Beyond Blockchain. Santa Cruz Sessions I

Value production is inherently networked. In order to thrive it needs an architecture as granular, scalable, and flexible as possible in order to accommodate the kinds of diverse applications and interactions that will, in turn, support its self-organization. We want to build an ecosystem in which everyone can launch and participate in crowdsales, and exchange tokens without breaking the network. For these reasons we are building Gravity: a new common infrastructure for the crypto-economy.

March 5-7 2017

The New School & The Pratt Institute, NYC

New Economic Spaces: Financialization and the Democratization of Financial tools

The Volatility Working Group (Emanuele Derman, Ben Lee, Robert Wosnitzer etc.), SenseLab (Erin Manning, Brian Massumi etc.) and Graduate Program in Media Studies at Pratt (Jonathan Beller etc.) joined Economic Space Agency to conduct a series of conversations on the current aporias and and possibilities of financialization. The topic at the table: the seemingly irresolvable problems posed by jobless society, capitalist hierarchy, climate injustice, racism, colonialization, neo-fascism in relation to the fact that the coming economic, political and financial structures are opening for design in front of our eyes. In what ways can the new network technologies and the reimagined financial technologies open new economic space?

Jorge Lopez and Mark S. Miller in conversation

November 11-14 2016

Omnicommons, Oakland, CA

Open Source Economy OS!

The classic. Open Source the Economy OS! ECSA’s first open office event in Oakland. Everybody was there: Dick Bryan, Brian Massumi, Jon Beller, Rafe Furst, Mark Miller, Bob Meister, Luciana Parisi, Erin Manning, Marina Gorbis, Robert Wosnitzer, Goldin & Senneby… Three intensive days followed by the late nights at the ECSA Garage.

“We believe that economic, social and technological trends are converging so that we can design and build tools to take more control over the operating system of the economy. Unexpected breakthroughs happen when software architects developing distributed computing and smart contract platforms, thinkers of finance who can work its ideological and organizational potentiality, legal hackers, political activists and social experimenters capable of engaging in such design, artists who are imagining new economic worlds come together in an inclusive atmosphere.

This is a radical moment: We are moving from the Euclidean economic space – a given, flat, rigid, non-changeable, zero-curvatured, linear economic space of equilibriums, scarce resources, neoclassical economics and game theoretical utility maximizing – into a Non-Euclidean economic space which is n-dimensional, topological, non-linear, synthetic, curving and moldable. It is a space where the laws of the old economy don’t hold and where we can start to do new things.”

August 2016

ECSA Garage Oakland, CA

ECSA Garage Opens in Oakland, CA

Glossary

  1. Derivative

    This composable economic instrument of risk exposure works as following: an individual or a collective is taking a financial position on the change in the index on an underlier, without needing the ownership of the underlier itself. Written on one or more underlying assets, the Derivative is designed to manage risk, preserve wealth and provide liquidity. 

    See: Network derivative, Social Derivative

  2. Liquidity Bridge

    The ECSA Token constitutes the Liquidity Bridge between existing capital market and Economic Spaces.

  3. Liquidity Of Value

    The capacity to change, to move (a particular Right) without a dominant unit of exchange.

  4. Money

    We see Money as an order of value abstraction. Classically, the roles that fiat Money is called on to perform, are: measure, medium of exchange and store of value. By understanding Money as a set of Protocols – not as a “coin” but rather a Token – the Protocol can be redesigned to allow ‘Money’ to become something beyond its classical functionality. In this model, the basic functions of Money are being disaggregated and Protocolized separately, because they are different building blocks of the social.

  5. Network derivative

    The Network derivative exemplifies how a Token works, in the way that ECSA’s conceives it. Network derivatives allow valuation to be expressed ‘beyond’ price, an array of qualitative indexes of ‘expressed knowledge’. In programming languages, these Tokens must speak the same transactional language and be interoperable.

    See: Derivative

  6. Network Performance Index

    A unit that measures or tracks one or more dimensions of value (or “performance”), as one magnitude. An index counts performance occurrences, “events”, and increases according to them. A performance index can be Tokenized.

     

  7. Peer-To-Peer Credit

    Peer-to-peer credit is one of the forms that Self-issuance may take. Token issuance starts with an offer and is realized on acceptance of the offer. Users exchange Tokens grafted to their economic Spaces in effect issuing each other credit in an act of mutual Trust. This provides users with liquidity. Rather than paying interest for liquidity as one does with tradition credit in capitalist sytems, here one offers and recieves Trust on a peer to peer basis. This economic dyad becomes the basic building block of the social and economic fabric of the ECSA platform.

     

  8. Post-blockchain

    This is a simple term to cover the combination of cryptography, secure distributed computation, object capabilities and blockchain technology.

  9. Protocol

    A named sequence of expressions, describing actions across real and virtual Spaces to be performed to completion (and as a whole).

  10. Right

    Interchangeable with value

  11. Self-issuance

    The ability and Right to issue Tokens grafted to any project, where Tokens are understood as a primary user-interface and building block of an economic Space. Thus Self-issuance is a way to design economic Space and to write Social Derivatives.

  12. Social Consensus (Governance)

    When we say blockchains are “Trustless,” what we mean is that there are mechanisms in place by which all parties in the system can reach a consensus on what the canonical truth is. Power and Trust is distributed or shared among the network’s stakeholders, rather than concentrated in a single individual or entity (e.g. banks, governments, and financial institutions).

  13. Social Derivative

    See Derivative

  14. Social Derivative

     A social form designed to manage contingency on the way to desirable outcomes in a volatile world. Seeking an upside on the volatility wave of social practices before they were formalized financially. Financial forms include options: calls, puts and then and then more complex Derivative instruments — in all cases, they are positions on volatility. 

  15. Space

    A programmable environment enabled by the Space language. An organisational calculus to reason about and describe networks as relationships and interactions between Agents within a Space.

    Within Space’s Semantics, Space is a stateful container that binds resources and agents together, creating a relationship where their expressions and interactions gain a context.

  16. Token

    The computer generated Token is an asset with a Protocol that describes and enables its functionality. Its programability expands the classical function of Money. It can be a real-world asset, a utility, a meaning, or all of these. It is a structured interface with a network, a building block of economic Space, a form of expression and a Derivative.

  17. Transactions

    Transaction within an Economic Space holds a variety of relational possibilities that aim to strengthen synergies, create securities and value intangibles. Transactions are not simply to clear the market, but to build mutual knowledge that can potentially transform what gets transacted towards a thriving ecosystem. Each individual economic Space Token accordingly shares a common Token.

  18. Trust

    Blockchains minimize the amount of Trust required from any single actor in the system. They do this by distributing Trust among different actors in the system via cooperation with the rules defined by the Protocol.

  19. Unit of Account

    The unit of measure of value, that allows two or more Tokens to be put at par and facilitate an exchange. See: Network Performance Index

     

  20. Value Calculus

    Social relations are majorly influenced by the ways in which value is being determined. It is a well known fact that price is as a form of coordination, with effects on every individual, every corporation and every government participating in fiat markets. The ECSA stack allows a discourse to take place where Finance traditionally does not concede it. This discourse is automatically part of a mathematical procedure, its results take place in the calculation of price. These steadily updated forms of measurement allow value to be distributed and  allow new definitions of “surplus” to emerge.