Your Ledger Stores Balances. I Built One That Stores Intentions.

This story was originally published on HackerNoon at: https://hackernoon.com/your-ledger-stores-balances-i-built-one-that-stores-intentions.
A blockchain ledger records who owns what. I built one that records what each unit was given for, as a consensus rule, with spending gated by on-chain proof
Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #blockchain, #web3, #formal-verification, #distributed-systems, #smart-contracts, #fintech, #protocol-design, #philanthropy, and more.

This story was written by: @whysasha. Learn more about this writer by checking @whysasha's about page, and for more stories, please visit hackernoon.com.

TL;DRIn the account model, a blockchain ledger is a map from Address to Amount. It knows who holds how much and nothing about what the money is for. When money is given for a fixed purpose, that missing field is the whole problem. So I made the state key (Address, Purpose), made non-reassignability a rule of the transition function, and put disbursement behind on-chain verification. Here is how it works, how it differs from ERC-1155 and colored coins, and where it still falls short.