The Social Currency Network Prometheus is a social network that allows you to pay other members of the network for the products of their labor. Payment can only be made in the most valuable thing we own, Time.

The currency of the Prometheus network is the spark(*) . A spark is worth -1 second of human life. Every man or woman who participates in the Prometheus Network has an account which holds their balance of sparks. They may credit their account 86400 sparks per day(86400 seconds = 24 hours). However this credit declines at a rate of one spark per second until 12:00am the next day, also known as fizzle. You may think of this as the equity of human life which declines with age. Any sparks credited by the account holder must be spent before 12am the next day or they will fizzle, this time period is known as the credit period. Any sparks that are spent within the network during the credit period become contractual obligations of the user to spend their time toward their purchases at 12 am the next day. Any unspent credit will fizzle. Members’ total balance of unfizzled sparks is always visible to those on the network.

Sparks may be spent in payment to other members of the network for Products of Labor. Products of Labor are any good or service that requires the time (or sparks) of a man or woman to produce and is used for the benefit of a man or woman. Men and women put currency into circulation and products of labor take them out. Any member may create a product of labor at will. Products of labor may be physical or intellectual property that can be defined in enough detail that the owner can ascertain its reception. Products of labor generate their own wiki that illustrates the details of their creation. Title to the product of labor is transferred to seller when full payment is made. All payment are made in escrow, with the network itself acting as the third-party. Escrow transactions are completed when both parties agree that all the conditions of the agreement have been met by both parties. Payment is then transferred to the seller’s account. Individual parties may choose to automatically agree that terms of escrow have been met based on a condition of the opposite party. Multiple men and women may receive the benefit of a product of labor but controlling interest in the product of labor is proportional to the amount contributed and subject to the conditions agreed upon by the parties involved. Transaction for Products of ledgered by use of double entry bookkeeping. Transactions are by default visible to the public unless both parties agree to make the transaction private. Public transactions serve both as advertisement and a metric of popularity used to determine supply and demand across the network.

Every transaction on the network may be subject to conditions created by the parties involved in the transaction. Transactions begin with the offer phase, become binding during the acceptance phase, and end with the fulfillment stage. Conditions serve as a form of negotiation during the offer phase of a transaction and after all conditions are accepted by both parties, it serves as the terms by which the fulfillment stage is entered. When all conditions are met by both parties it enters the fulfillment stage. At this point currency held in escrow will be transferred to the receiving party.

Conditions will be written by use of a markup language that serve as shorthand for programing the system. This mark up language will be used to track any data related terms of the transaction such as time based rules, member confirmations, penalties, diminishing returns, recurring payments, increasing returns or whatever other logical and legal constructs can be agreed upon. The network also feature a condition building tool to facilitate easy entry of conditions.