It's great that you mention Hayek; in fact, I was originally gonna call the system "The Hayek Net" owing to the fact that the world Hayek envisioned is still nowhere close to reality despite all our successes with cryptocurrencies like Bitcoin. You see, Hayek was never fond of the idea of returning to the Gold standard (or at least was less fond of that idea compared to the idea of having a plethora of currencies competing with each other for preserving their value against inflation, ultimately leading to an inflation-free, multi-currency, distributed, state-less, sovereign society which according to him would have a potential that would far exceed that of a society that lives under the Keynesian-controlled society.
[from his monograph titled "Decentralization of Money"]
Hayek would rather be proud of the present-day voucher schemes that many private companies have deployed (such as that of Starbucks), though they're not interchangeable for one another and are really just locked to their own platforms... Things will change though...
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As for your Metric Reserves System (yup, read it... ought to say, it was very explanatory), I doubt it solves any problem. In fact, quite the contrary; it creates more problems than it attempts to solve! And I quite don't see how it's a multi-currency thing!
Plus the problems you highlighted about Ripple aren't problems per se. Especially the social problem that you addressed. Ripple was really a demonstration of multi-hop mutual-credit credit-clearing; it doesn't matter if you connect with friends or small trustworthy "Ripple Banks" or private organizations... You shouldn't have taken Ripple's whole "friends' social circle" thing literally...
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Let me rephrase the problem statement:
- Inflation is bad, centralized trust is worse, digging Gold is a nightmare (i.e., BTC mining).
- Value exists everywhere, yet money doesn't.
- Privately issued currencies can cure the above (like no other).
- Multiple competing currencies require discoverability, swap-ability, and individual exchange-rates (set by the free-market operations).
- Not all value is tradeable; all money is. Money can only 'currencify' tradeable values.
- Neither money (i.e., currency) nor value drives growth (i.e., progress); trade does. [the wisdom of Adam Smith]
- Trade drives specialization (via. labor allocation), which in turn drives efficiency, which compounds over time, which makes all the difference (the industrial revolutions, for instance).
- Trade requires property privatization. (Socialism is out of the way)
[One could go into more depth and reasoning with Austrian praxeology, but I'd end it here... ]
Given the above, design a system of value-exchange that drives trade (primarily).