Open Source Money

Open Source Money is money based on principles that are the same as Free Software, everyone who participates has the freedom to see how it works and the freedom to change how it works. This could be done by setting up distributed money system that are controlled by the people who participate.

What if we could use our cell phones to confirm transactions with one another as simply as pressing a button? We don't even need to shake hands with each other, only with the central server, which can confirm that both parties have agreed. As Paul put it in an email, "enabling the back-end for a truly decentralized marketplace with buyers, sellers, traders, and sharers is the open-source 'killer app' of the next century."

Another term we can use for Open Source Money is Free Money.

Examples of open source money are Ripple ...