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Interacting Decentralized Transactional and Ledger Architecture for Mutual Credit

Objective

The objective of INTERLACE is to use the Abstract State Interaction Machines framework (CoreASIM) open source output of the FP7 FET project BIOMICS to develop a decentralized transactional and ledger architecture demonstrator for B2B mutual credit. INTERLACE will add to the work already started by its coordinator, Sardex s.r.l. to develop this architecture. SARDEX will use the Open Transaction protocol (OTX) as an intermediate solution between fully centralized and distributed architectures. OTX involves a pool of Auditor nodes to validate the transactions executed by each Notary node. In INTERLACE there will be only one central Notary, as a first step from the current centralized server towards a more distributed architecture. The persistence layer will be implemented as a private blockchain stored on the central server to create a sparse 160-bit address space implemented as a binary hash tree. This approach achieves continuity with the existing solution while also enabling scalability to multiple circuits (multiple Notaries) under the same mathematical and computational framework. SARDEX has been operating successfully an electronic, B2B, zero-interest mutual credit system on the island of Sardinia since 2009. The Sardex system (also known as Circuito di Credito Commerciale) enables local economic actors (SMEs in particular) to trade with each other in a trustful and circular fashion with a unique digital trade credit unit. It does this by monetizing the spare capacity of the local economy in the form of mutual, and taxable, credit between participating companies, at zero interest, on a strong basis of trust, solidarity, and local cultural identity. Therefore, INTERLACE will address very effectively the Workprogramme objective to generate socio-economic impact from EU-funded research. INTERLACE is uniquely positioned to integrate the very advanced results of BIOMICS directly in a deeply innovative, transformative, and successful fintech platform for B2B trade.

Call for proposal

H2020-FETOPEN-4-2016-2017
See other projects for this call

Coordinator

SARDEX SPA
Address
Via Serra 44
09038 Serramanna
Italy
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 23 000

Participants (3)

THE UNIVERSITY OF HERTFORDSHIRE HIGHER EDUCATION CORPORATION
United Kingdom
EU contribution
€ 11 356,25
Address
College Lane
AL10 9AB Hatfield
Activity type
Higher or Secondary Education Establishments
UNIVERSITAT PASSAU
Germany
EU contribution
€ 18 800
Address
Innstrasse 41
94032 Passau
Activity type
Higher or Secondary Education Establishments
FACHHOCHSCHULE SALZBURG GMBH
Austria
EU contribution
€ 46 822,50
Address
Urstein Sued 1
5412 Puch Bei Hallein
Activity type
Higher or Secondary Education Establishments