The public ledger is a system that holds the current balance and past transaction history of the money system.
The current balance of accounts
The prefs that are owned on an account
The transaction history between accounts
It may also hold:
- Registered forms of artificial and real capital and their ownership history. An example of artificial capital would be shares in a limited liability corporation.
The public ledger is secured via a form of cryptography that ensures that back histories cannot be manipulated. Any transactions that need to be done via rule of law need to be new transactions at the top of the stack and registered as rule of law transactions. This will hold courts and state agencies accountable. Abuse of the system may result in veto of an agency's account.
The public ledger has a number of benefits:
Public transparency of government agencies is enforced through the public ledger.
Black market activities should be reduced because only individuals can participate in private transactions and those may incur an additional tax. The removal of other kinds of money from the system will force criminals back to other forms of value like gold or diamonds that do not have the long term benefits of prefs.