Double accounting tables for player B and C among players {A..Z}: + means to be creditor (receiver) - means to be debtor (sender) player A position B -100

We are going to build tools for an autonomous credit creation and circulation system which is highly influenced by the unique routine of SMEs in Turkey which they create cash-like transferable credit without permission of any central authority. In this proposal, we want to use SNARK and DA gears to build core components that copy a similar structure in order not to compromise of any decentralized characteristic of existing system. We also want to create a ground for discussion for economical/political aspects of this system alongside with technical features. So let's first elaborate how it works in practice and try to present why it is interesting. Credit creation scheme in Turkey An IOU is a cash-like transferable asset that carries promise of an issuer that they will pay a debt in future. With this simple asset, SMEs in Turkey creates an interesting p2p credit expansion system which is a major alternative to fractional reserve banking. Circulation occurs solely between merchants so the system operates without involvement of financial institutions. In Turkey, there are above half of a million of issuers of this type of asset. In 2022 total face value sums approximately to 150 billion USD where GDP in same year is calculated around 905 billion USD. With a very conservative estimation volume of the circulation is covering at least 25% of the country total.