Kwedit an interesting fuzzy credit virtual currency
Pelle Braendgaard
http://www.techcrunch.com/2010/02/03/kwedit-launches-the-first-completely-unreliable-payment-network/
They themselves describe themselves like this:
"Kwedit Direct allows you to make payments at a local store such as a
7-Eleven, by mailing cash, or by asking a friend or relative to pay on
your behalf using a convenient service called Pass the Duck -- the
world’s first social payment network. Friends and relatives who agree
to pay on your behalf via Pass the Duck can use any of the methods
provided by Kwedit Direct, or they can pay with a credit or debit
card.
Kwedit Promise is an amazing new way to get goods now in exchange for
Promises to pay for them later. When you’re ready to pay back your
Promises, you can use any of the methods provided by Kwedit Direct."
You receive credits by promising to repay it. I guess you can use it
for virtual products in social games. You can then pay what you owe at
7-eleven stores or by post. The interesting twist is that they don't
necessarily expect you to repay as nothing really happens if you don't
besides affecting your "kwedit score".
For me it is interesting as it is one of the first commercial services
out there that smells a little bit like Ripple.
Thoughts?
Pelle
--
http://agree2.com - Reach Agreement!
http://extraeagle.com - Solutions for the electronic Extra Legal world
http://stakeventures.com - Bootstrapping blog