1 - proposal - buyer and seller each log into their co-op accounts from anywhere on the internet, and enter details for the proposed transaction (seller, buyer, item, value). for verification, committed transaction entries are signed by each party with standard public-key encryption. (see log in and new transaction examples below)
2 - witness - optionally at the request of buyer or seller, one or more 'third-party' members may also log into their accounts and verify & sign the transaction details. transactions with a guest must be witnessed by a full member (eg, the guest's sponsor).
3 - contract - when buyer & seller agree on the transaction details, and everyone has signed, and buyer & seller will remain within their debt & credit limits, then the agreed value in co-op credits is transferred from the buyer's account to the seller's account, and the seller is obligated to provide the agreed transaction item. (at any time before everyone has signed, a dis-agreeable proposal may be 'dropped' by either the buyer or seller.)
4 - completion - the transaction is noted as complete when all parties have logged in and reported that the buyer's and seller's obligations are fulfilled. an incomplete contract may be reported as reversed (cancelled or replaced by another contract), or broken (closed as-is), and the contract is finally closed when the reports of all parties are in agreement.
5 - record - for auditing & reference, a detailed record of every transaction is saved forever in the co-op's transaction archive database, which is mirrored around the network on redundant servers. a summary of transaction volume & status is shown with each member's info, and all the transactions of any member can be listed. (see examples below - find transactions - trans info - find members - member info)
(all of these example forms are non-functioning)
examples - login examples - find members examples - member info
weight class guest light middle heavy credit limit ('savings') +500 c +2,500 c +50,000 c +1,000,000 c debt limit (line of credit) -100 c -500 c -10,000 c -200,000 c min activity volume (voting) n/a 500 c 10,000 c 200,000 c min activity period n/a 1 year 1 year 1 year min abandonment period 1 year 2 years 4 years 8 years min total volume (weight class) none 1,250 c 25,000 c 500,000 c min participation period none 1 year 2 years 4 years