As we expand the analogy of bitcoin-as-a-game, let’s look at how players not only use Bitcoin IOUs, but also have the ability to create their own Bitcoin IOUs.
Using the example of the Monopoly, physical notes serve as a simple way for players to interact and engage with the game. These notes represent money, enabling players to save wealth, pay rent, and buy properties without needing to worry about how the money is created or managed.
Players can easily exchange Monopoly money during transactions, facilitating gameplay.
This system eliminates complexity, allowing everyone to focus on strategy and fun rather than the mechanics of the currency itself. Similarly, Bitcoin can be imagined as a game where players use physical Bitcoin IOUs.
These IOUs act as a store of value (players save them, hoping their worth increases) and a medium of exchange (used to settle trades and transactions). Like Monopoly money, Bitcoin IOUs let players participate without managing technical details, making the concept of Bitcoin more accessible and tangible.
In this game the Bitcoin IOU cards are physical, permissionless, and open-source, allowing anyone to participate in the game while maintaining the simplicity of interaction.
Creating Bitcoin IOUs
Players can design and issue their own Bitcoin IOU cards using open-source templates. To ensure authenticity and prevent fraud, each card is embedded with an NFC tag (Near Field Communication technology) that allows quick verification using a smartphone or similar device. The NFC tag has a unique identifier linked to a bitcoin wallet. This makes the process secure yet straightforward.
How Players Create Bitcoin IOUs:
Open-Source Templates: Players download a publicly available template from our GitHub to create their Bitcoin IOU cards. This includes standard designs and formats to ensure consistency across the network.
Physical Key Cards: Players create physical metal cards that represent Bitcoin. These cards can be custom printed or engraved but must follow the open-source protocol to remain verifiable.
NFC Tag Integration: An NFC tag is embedded in each card. This tag links the physical card to the Bitcoin network, allowing anyone to verify the card's legitimacy and associated value by scanning it with an NFC-enabled device.
Bitcoin Linkage: Each card represents a specific amount of Bitcoin held on the blockchain. The card’s value is tied to a specific Bitcoin public address, and the NFC tag provides verifiable proof of ownership.
Time-Locked Wallet: Each Bitcoin IOU card is connected to a time-locked wallet address. This wallet holds the real Bitcoin, and the card’s ‘value’ is equal to the Bitcoin stored in it. However, the time lock on the funds held in the actual wallet prevents players from accessing the Bitcoin until a pre-determined period has passed.
Players cannot exit the game or withdraw their Bitcoin until the time lock expires, adding an element of strategy and long-term planning to their participation.
Playing with Bitcoin IOUs
Just like in Monopoly, players use these Bitcoin IOU cards to interact with each other in two key ways:
Store of Value: Players can hold onto their Bitcoin IOU cards as a way to save wealth. The cards are secure, verifiable, and easy to store, acting as a physical representation of Bitcoin’s value.
Medium of Exchange: Players exchange these cards to pay for goods, services, or settle debts during the game. Transactions are simple: one player hands over their card to another, and the NFC tag can be scanned to confirm the card’s validity and value instantly.
Permissionless Participation
The beauty of this system is that anyone can create and use Bitcoin IOUs. There are no central authorities or gatekeepers. Players don’t need special permission to participate; they simply follow the open-source protocol to make cards and join the game. This mirrors Bitcoin’s decentralized nature, where anyone can join the network without needing approval.
Advantages of Permissionless Bitcoin IOUs:
Accessibility: Players don’t need advanced technical knowledge. Creating and using Bitcoin IOUs is as easy as printing cards and embedding an NFC tag.
Trust through Verification: The NFC tags ensure cards can be quickly verified as genuine and linked to the Bitcoin network.
Decentralization: No single entity controls the issuance of Bitcoin IOUs, keeping the system open and inclusive.
Physical and Tangible: The cards provide a physical way to interact with Bitcoin, making it more accessible for those who may find digital wallets or private keys intimidating.
Spend into Circulation: players can transact IRL using their Bitcoin IOUs.
Timelocked Funds: players cannot exit the game or withdraw their Bitcoin until the time lock expires, adding an element of strategy and long-term thinking to their participation.
This approach provides a physical, interactive, and secure way for players to engage with its core functions—storing value and enabling transactions—while staying true to Bitcoins decentralized principles.
In the next post we will take a deeper look at the primary environments in bitcoin-as-a-game.
