Chapter 1 -- the webcredit

A webcredit is simply a credit or IOU between two counterparties.

It is the smallest piece of DNA required to make up a financial system. Also, every financial system is based on transactions that can be modeled using webcredits.

As such webcredits are a necessary but not always sufficient starting point for any web payment system.

Every payment needs two counterparty and an amount. The amount is denominated in a currency.

In turtle a webcredit will look something like:

<#this>
    a <https://w3id.org/cc#Credit> ;
    <https://w3id.org/cc#amount> 100 ;
    <https://w3id.org/cc#currency> <https://w3id.org/cc#bit> ;
    <https://w3id.org/cc#destination> <http://melvincarvalho.com/#me> ;
    <https://w3id.org/cc#source> <https://workbot.databox.me/profile/card#me> .