"Yootles, just like with government currency, work because of mutual agreement. And just like with any currency, the whole economy is nothing but a score keeping system for favors owed. Participants simply owe or are owed yootles. All yootles transactions, debts, and balances are tracked in a ledger system".
"Yahoo Research is working on an entire Yootle economy with prediction markets inside, as well as other forms of auctions, group decision-making and friendly wagers. It's not hard to imagine Yootles and group decision making mechanisms baked into the Yahoo's virtual social network further down the road. When you have half a billion connected users as Yahoo does, making friendly wagers can be a compelling social application".
Source: zdnet blog
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