A promise of delayed payment; an IOU of 50 EUR at 30 days means that the debtor will pay the amount thirty days later from the moment of transacting.
A connection means that two users know each other and might be willing to transact with each other on credit. A connection request initiated by one user must be accepted by the other user for the connection to become effective.
A credit line represents a relationship of trust in which one user enables another user to pay with an IOU. Each credit line is configurable individually: you can select a preferred currency, set the maximum amount you are willing to be owed, determine the repayment target and interest rate.
Users can grant credit lines to each other:
Or users can grant one-way credit lines:
A time target is the number of days after which the debtor will have to settle the debt.
Credit conversion occurs when one user enables another user to use his/her credit line to transact with his/her network. For example, A wants to buy something from C, but C does not trust A. If C trusts B, and B trusts A, and B enables credit conversion for A, then A can transact with C. As a result, A will owe B, and B will owe C.
Take a look at how this works:
Global conversion max
Determines the maximum amount of conversion credit that can be used on the credit line at any given moment.
Single conversion max
Default value to be granted to conversion permits; this value can be overridden.
Allows a user to use another credit line for payments that has not been granted to him directly; granter grants a permit to a grantee, for a given max. amount and potential additional fee.
Describes the extra fee that a granter of a permit can impose on all payments created with the permit that he grants.
Clearing Flexibility is about offsetting IOUs that have different payment target dates. The higher the Flexibility, the more possibilities there are for clearing to occur.
Take a look on how clearing works:
It is a cryptographic key for protection of other keys.
The privacy level is a level of visibility of the user's data fields (display name, first name, last name, country, birthdate, phone number, email, city, Ethereum address) to other users. It can be:
- private - no other user can see this attribute
- searchable - other users can find the user by this attribute, but they cannot directly see its value
- shared - users that already have a connection active with the user can see the attribute value. Users that are not connected can search the user by this attribute, but cannot see its value
- visible - all users can see this attribute