An international group of monetary experts met at The Hague in June and engaged a process to define a common Intertrading protocol. By using this protocol, complementary currency systems become interoperable and able to exchange in a global marketplace. Culminating substantial discussions in the group, some experts met in Berlin this September and defined an API for complementary currency projects.
This initiative aims to increase the purchasing power of complementary currencies, by enabling a conversion mechanism among different currencies. Using the Community Exchange Payments (CXP) protocol and API, complementary currency systems can reach agreements to trade with other communities, and their users would be able to purchase products and services from other systems.
The conversion mechanism relies on a common base unit in a clearing system managed by member communities.
The protocol would leave it to the participating community exchange systems to decide whether exchange rates would be floating (determined through supply and demand) or fixed, the community being responsible for maintaining a sustainable balance of trade (through limiting trade at certain times, tarifs, or by modifying their own exchange rate). An automated system to set the exchange rate according to the balance of trade should be available for communities to use.
The Community Exchange Payments (CXP) protocol and API will be offered to the largest network of Community Exchanges, CES (www.ces.org.za) which will shortly be redeveloped. It will be suitable for similar exchange networks, such as national timebanking organisations and other community exchange providers, such as hOurworld, Community Forge and others.
The Community Exchange Payments (CXP) protocol and CXP protocol API 1.0 is published under Creative Commons licence, CC-BY-SA 3.0, and it can be found here: https://creativecommons.org/licenses/by/3.0/
For further enquiries please contact:
intertrading AT p2pfoundation.net
You can download the CXP Documentation directly from the P2PFoundation site here.