The Round Table Realm
a Local Exchange System Money-less Inter-dependence

Money is not really required in order to give or receive services. Dollars and cents are really only one kind of commodity, one kind of accounting system. And they aren't necessarily always available, even when two people are willing to exchange services. The Local Exchange System solves that problem. You can exchange the service anyway, and simply record that a value was transferred and the provider of the service is credited with the negotiated value of the service, and the recipient of the service is debited for that value. The person who ends up with a credit can then spend that value elsewhere in the network, and the person with the debit needs to be ready to deliver something of value to somebody else.

The giver and taker of the the service or goods will negotiate a fair "price" equivalent to dollars. No dollars will be exchanged, but the amount will be used to account for the value that has been transferred. Both the giver and taker will need to agree on that amount.

Each transfer is recorded in a computer accounting system. The balance of any account can be examined by anybody in the network through any computer with a web browser. Each person can also examine the track record of any other person in the network. Thus one can establish, before entering into a transaction with another person, how satisfied others have been with somebody else's service, and how well a person has satisfied his obligation to deliver services of equivalent value to what he has received.

Nobody is obligated to exchange services with anybody else. Transactions are based on mutual agreement between the parties. If there is no such agreement, no transaction takes place.

Every month a network maintenance fee of 1% (in local exchange currency, not in dollars) of one's positive balance is debited from each account. This in part acts as an incentive to keep the currency flowing, to use the system for getting services one needs, rather than just letting one's account accumulate credits.

All that is required to participate in this system is to join the Chalice Network. An account is automatically established that can be used right away to post exchange transactions to. It is recommended, but not required, that one lists in the directory what kind of services one provides. One can do exchange services or valuables of any kind with others, no matter if those particular services have been listed or not.

  • The Details - and the Math