DebtNote is a crypto-record (not asset) that will one day completely eliminate global debt and poverty, and provide a better future for every single person living on planet earth.
5 Goals of DebtNote:
Through the use of several built-in blockchain mechanisms, DebtNote has a clear path to achieving 5 main goals:
Goal # 1. DebtNote provides a way out of debt and poverty by rewarding the "little guy" with an easily-mined asset that reduces fiat debt and steadily inflates over time.
Goal # 2. DebtNote provides debtors a way to repay fiat debts and records the re-payments in a decentralized blockchain, a new form of "credit check" database, proving debt repayments and debtor credit worthiness.
Goal # 3. DebtNote replaces un-recovered fiat debt that is owed to you, with an asset that is provably scarce and has steady controlled inflation - unlike any fiat currency.
Goal # 4. DebtNote destroys usury (interest rates) by making lending 'zero-risk', and replaces global lending and credit approval systems that are centralized and bank-owned, with free unlimited and decentralized "credit" that anyone can get.
Goal # 5. DebtNote eliminates the bank-owned global fiat debt and credit system by replacing it with a decentralized credit issuing and debt repayment tracking system, owned and operated by the people.
Who Owns DebtNote:
Before you can understand DebtNote, it's important to understand who created DebtNote and why.
DebtNote belongs to everyone, and no-one. No one single person or entity created it, and no one can own or control it.
DebtNote is chartered with the understanding that all DebtNotes are 'created' by the earth through it's children.
DebtNote, like all software, is an illusion in the minds of men. Since men come from the earth, and to the earth we shall return; it can be said that DebtNote belongs to the earth and was created by it. The earth itself has vastly more equity and value than the world's entire money supply - or even the total global debt. Humans have been stealing from the earth and using it's natural resources for evil, for thousands of years.
The primary method used by leaders of men to enslave the earth, and fellow man-kind, is called: Debt. For thousands of years, man-kind has used and abused the earth, polluting and diluting it, destroying the environment and thousands of species, as we wrecklessly demolish our way through history to the top of the food chain. Once at the top of the food chain, the evil leaders of men have only used their power to further enslave fellow man-kind itself into a never-ending cycle of debt.
Debt is the basis of power for any world leader who was ever in power. Debt is the reason why the earth and 90% of human-kind live in or near poverty. By claiming ownership over earth's natural resources and forcing all humans to pay for usage of it, the leaders of men have effectively STOLEN the earth, and forced all man-kind into debt for even existing. The leaders of men require their subjects to pay a debt to 'society' every month for the water we use, electricity we use, the path-ways we travel on, and in some cases even the air we breath.
This debt-based economy has infiltrated every corner of earth and every government on earth like a global game of hot-potato. The total global debt is 227 trillion or more, and yet the total supply of money on all of the earth is less than 100 trillion. This means there will NEVER EVER be enough fiat money to re-pay the total global debt. It just gets passed around from one entity to the next. Through the use of currency devaluation and inflation, the banks of the world always ensure more debt, enslaving governments, companies, and people in a never-ending cycle. This keeps all money flowing "to the top", in the form of debt repayments, from the little guy next-down on the food ladder, up the chain to the companies, then passed up the chain to the governments, and lastly re-paid back to the global banks. Somewhere at the top is an invisible society of debt owners controlling the flow of credit and money supply back into the economy..
The earth, in partnership with man-kind and through the minds of men, has chartered the creation of the DebtNote blockchain. The DebtNote blockchain itself is a record of the "debt" human-kind owes to the earth and a global promise to repay this debt. DebtNotes are the earth's way, and man-kind's way, out of this future debt, death and destruction.
Therefore, by using DebtNote, you do so with the express understanding that all DebtNotes are 'borrowed' from the earth's equity, and are a gift to man-kind, because simply by trading or holding them, DebtNotes will help deflate and eliminate global debt, and secure a better future for the earth and all man-kind.
What DebtNote is Not:
Before you can use DebtNote, you must understand what it is, and isn't.
DebtNotes are not debt.
DebtNotes are not money.
DebtNotes are not: cash, coins, currency, assets or investments.
DebtNotes are not meant to be bought, or sold on exchanges.
DebtNotes will probably never be accepted as valuable assets by a bank or government body.
You cannot buy DebtNotes from a company.
You cannot sell them on an exchange for cash.
You cannot 'withdraw' them into some other currency.
DebtNotes are not meant to be bought or sold by anyone, only traded.
DebtNotes are not meant to replace any one currency or form of payment.
DebtNotes are not meant to be used like money, but rather, INSTEAD of money.
DebtNote is not crypto-currency, although it is built with a similar blockchain architecture.
What is DebtNote:
Technically, a DebtNote is a record (note) of a transfer of debt.
More specifically, a DebtNote is a record proving that a debt has been paid.
This is because a DebtNote can only be created through mining or forging blocks, which are actually signed, verified, and decentralized records (a block of transactions), of fiat debt that has been paid.
By giving someone DebtNotes INSTEAD of fiat currency, you are creating a record of a fiat debt repayment, in the DebtNote decentralized blockchain. Each block that is created on the DebtNote blockchain contains hundred or thousands of fiat debt repayments.
DebtNotes cannot technically be bought or sold, only earned or traded. The only way to earn DebtNotes is by accepting them as a form of payment for a debt. Once you have DebtNotes, the only way to 'spend' them is by paying a debt with them.
Why Receive DebtNote?
Since only 1 million DebtNotes were ever mined, the only way to get DebtNotes is by receiving them as a form of debt repayment.
When you receive DebtNotes from someone in lieu of a debt, you are receiving a gift vastly more valueable than any fiat currency.
When you do this, you are effectively DESTROYING a portion of the current global debt, and deflating the total global fiat money supply, with every DebtNote that you accept in lieu of fiat debt repayment.
This is because by accepting DebtNotes instead of a fiat currency, there is now less total supply of that fiat currency (deflation), and there is also now less fiat debt than before, reducing the global total debt.
This causes a deflationary effect on the current supply of any fiat currency, by reducing it's debt, and reducing it's circulation supply, both of which are good for any currency.
For example, accepting 500 DebtNotes instead of 500 US Dollars, lowers the total supply of US dollars, lowers the total US dollar debt count, and increases the scarcity of the US Dollars you already hold through deflation and debt elimination.
By holding and staking DebtNotes, you qualify for staking rewards that inflate the total # of DebtNotes in circulation at a steady, controlled rate.
Since DebtNotes are provably more scarce than fiat, and have controlled inflation through staking rewards, and fiat currency is always devalued over time through inflation, there is a natural incentive to accept and hold DebtNotes instead of fiat currency.
Since accepting DebtNotes means you are deflating fiat currency and eliminating debt, it can be said that debt collectors have more incentive to accept DebtNote as a form of repayment than fiat currency. Accordingly, the more fiat currency you own in ratio to fiat debt owed to you, the higher your incentive to accept DebtNotes as a form of debt re-payment.
This means the people with the most incentive to actually collect DebtNotes and hold onto them, are current fiat debt owners. The more fiat debt owed to you, the bigger your incentive to accept DebtNotes. Not only will you recover more debt repayments than ever possible with fiat debt, by doing so, you help participate in global deflation that is good for all fiat currency owners.
Why Give DebtNote?
Giving DebtNotes is acknowledgement and remuneration for, a debt outstanding. DebtNote is a way to accept and pay fiat debts, helping end the vicious cycle of fiat currency debt.
By paying your debts with DebtNote, you are acknowledging the existence of the debt that you owe, and making it publicly proven that the debt has been re-paid by recording the repayment on the DebtNote blockchain.
By choosing to spend your DebtNotes instead of holding on to them, you are participating in the global elimination of debt. You are helping to deflate your fiat currency, as well as give more value into the world than you are taking out of it. Most of all, you are helping the receiver of DebtNotes to realize their debt impact on the world and reduce it by giving them and their debtors a way out of debt.
When you transfer DebtNotes to someone else in lieu of fiat debt, you effectively 'buy back your debt' and the fiat currency is destroyed through deflation and debt elimination. In reality, you are actually over-paying your debt, by removing it from the fiat currency system and replacing it with someone much more scarce.
Giving DebtNotes as repayment of fiat debt is a great way to improve the world around you, increase global and personal debt awareness, help destroy the fiat currency slavery of the world, and help eliminate global debt completely one day.
DebtNote = Deflation
DebtNote will one day completely deflate all fiat currencies and record all global debt. Once all global debt has been entered into the DebtNote blockchain, this will balance out the world's inflated currencies through deflation and help determine the true value of each fiat currency once debt is completely taken out of the global money supply equation.
Before that day comes, there will be what is know as a 'tipping' point, or point of 'mass adoption' where enough people have used DebtNote enough times, and enough of the global economy already invested in DebtNote, that is only discourages use of fiat to borrow or repay credit.
Once this critical adoption rate is achieved, it will start to make more and more sense for a company to use DebtNote as a form of credit and debt repayment, instead of fiat currency, due to the riskiness of fiat credit.
When that day comes, the rich can never again get richer off the poor, and anyone can borrow credit or repay debt without paying usury fees (interest).
This is because it will be too expensive to loan out actual fiat currency as opposed to loaning out DebtNotes, and too risky because fiat debt most likely won't be re-paid in fiat currency anyway.
That means DebtNotes will be the only truly freely available and non-discriminatory form of debt or credit left on earth. Nobody will ever be disqualified from using or owning DebtNote, and 'Credit' will be transformed into a universal human right, taking it's control from the banks and putting the power to issue credit back into the hands of the people.
DebtNote will then be a living record of the world's total global debt fully self-contained in a decentralized blockchain designed to support the world's debt without taking value from man-kind or stealing it from the earth.
DebtNote = The New Credit
DebtNote is in reality a 'new' form of credit.
When you freely give DebtNote or share it with others, you are sharing your 'credit' with them, giving them purchasing power to buy their way out of debt.
When you pay your fiat debt with DebtNotes, you are buying your way out of debt.
When you accept DebtNotes in lieu of fiat debt, you are buying your way out of future debt.
When you hold on to DebtNotes, you gain staking/forging rewards through steady, controlled inflation.
All participants in the current fiat debt system will benefit by using DebtNote, and be incentivized to play their role in the DebtNote system.
How To Enter (Get) DebtNotes
Since DebtNote technically cannot be bought or sold, and was only mined by early developers for a very short time, not all participants have the same 'entry point' into the DebtNote system.
Early adopters may have been the first to mine a DebtNote, thereby creating it directly from the expense of computing power, and thereby natural resources, however that mining period ended quickly and only 1 million total were ever mined.
The only way to truly enter the DebtNote system and benefit from it's use is by accepting DebtNotes in lieu of fiat currency, or to be given a gift of DebtNotes.
DebtNotes cannot be bought or sold by companies for a profit, however they can be freely exchanged or given away.
Anyone on earth has the ability to collect DebtNotes, simply by accepting them as a form of debt repayment.
By accepting DebtNotes from whomever currently owes you a debt, you are increasing your DebtNote supply and deflating fiat money supply, thereby reducing global inflation of fiat money.
If nobody currently owes you a debt, then the only way to collect DebtNotes as a form of repayment, is by creating a fiat debt obligation to be paid back to you, typically the only way to do this, is by giving out 'credit' or by providing value up-front to someone with the promise to collect the debt later.
Once you have established a fiat debt owed to you, simply alert debtors that you now accept DebtNotes as a form of debt repayment.
How To Exit (Spend) DebtNotes
When you own DebtNotes, the best way to spend 'or exit' DebtNote is by using it to repay your outstanding fiat debts.
If you are truly fiat debt free, and don't anticipate ever needing to go into debt again, then you are encouraged to find a way to give or share DebtNotes with others. You can freely give them away to better improve our world, or you can trade DebtNotes in return for any other property or service.
However, you are highly encouraged to NEVER exit the DebtNote system until the mission of DebtNote is completed - the full deflation of all fiat currencies and total elimination of the entire world's global debt.
By holding DebtNotes in a staking wallet, you are helping to accomplish this mission, as well as securing DebtNote's blockchain, and a better future for yourself through staking rewards.
Most of all, in return for holding and staking DebtNote, you are earning an eternal place in history as a savior of earth and man-kind from total destruction caused by the global fiat debt and banking system.
Eventually, everyone on earth will at some point enter the DebtNote economy. However, the method of entry and the timing involved will be different for everyone.
The largest and richest of the global banking elite and their government puppets and corporations will probably be the last to ever enter DebtNote because it's actually a form of 'anti-currency'. The use of DebtNote transfers away their power and control and ownership, which is what they fear most. As such, global banks will hold out and resist accepting DebtNotes until it makes more financial sense to do so.
At some point however, most of the world except banks and governments will have decided to stop using fiat debt and only use DebtNotes to issue and track debt/credit. By this time the world banks and governments will realize they are the only ones left 'holding the bag' of fiat debt, and that they have effectively lost the global game of fiat debt 'hot potato' that they originally started.
The people who first will be incentivized to use DebtNote will be those living in 3rd world countries and those with the biggest poverty levels or those nearest poverty, followed by countries like the USA with the biggest debt levels.
The 'little guys' will be the first to actually need and want to use or own DebtNote, as they have the most to benefit from it's immediate usage.
However, as DebtNote continues to grow and eliminate global debt, and becomes a bigger incentive to use, more and more entities up the 'debt ladder' will begin to participate in the DebtNote economy.
This momentum will cause an eventual tipping point called mass adoption (similar to market saturation) at which the usage of DebtNote feeds itself and causes more and more use.
As DebtNotes are traded from debtor to creditor and then back to debtor again, they will eventually wipe out all the world's fiat debt completely, replacing all forms of credit and debt with the DebtNote system - a moment called 'global adoption' of DebtNote.
Once this mission of DebtNote is complete, the new credit and debt system will live on forever in a decentralized blockchain, never owned or controlled by any one person, and fully available to everyone.
DebtNote Technical Properties
Now that you understand the philosophy and terms of using DebtNote, it's goals and mission, you will need to understand the technical specifics of DebtNote in order to best benefit from playing your role in the DebtNote eco-system.
The only way to create DebtNotes is through mining (PoW), or forging (PoS). Mining will be limited to only 100 notes created per block, for the first 10,000 blocks, a total of 1 million total DebtNotes will ever be mined.
Mining is extremely limited, and only the first 1 million DebtNotes in existence will ever be mined, with zero pre-mined, and none will ever be mined again after the fist 1 million, a very small total supply for any crypto-asset.
Compared to the current global debt of 227 trillion, total global fiat currency of 100 trillion, and total BitCoin's 21 million, DebtNotes are extremely scarce and most likely always will be.
However, DebtNotes can still be created after the PoW mining stage is completed, in the form of forging.
Securing DebtNotes Through Forging/Staking(Pos)
Once the mineable supply of DebtNotes is exhausted, DebtNotes can only be created through forging (PoS).
By holding and staking DebtNotes, the amount of DebtNotes you own will increase over time through the staking rewards created by the forging process, which secures and protects the blockchain.
DebtNote Technology & Developers
Although technically not a crypto-currency, DebtNote does have several similar properties as a blockchain. However, what makes DebtNote truly unique is the intended usage or utility, target audience, internal workings, and philosophy behind it.
Currently the development of DebtNote is in the final stages, however nearing beta testing stage.
During the beta testing stage, technical details will only be available to developers.
DebtNote is a developer-owned project, however will be switching to community-owned once a development leader has been chosen.
The project inventory would like to turn over all development decisions as soon as possible to the developer community that is forming around DebtNote.
DebtNote Future Roadmap
DebtNote has a goal of being community-owned by the year 2021.
To apply for a developer leadership role, please contact WorldDebtNote through GitHub. With the help of a few developers, we can complete the final beta testing stage and reward early developers with DebtNote assets in exchange for running nodes, mining, developing or tweaking features, etc.
Once the wallet and node are ready for download, details will be posted publicly.