Friday, December 15, 2006

Yahoo’s new currency–the Yootle.

I can't pinpoint the reason why I am attracted by this headline. However if interests you, you may please read further.

"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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