Relationship to cryptocurrencies

Cryptocurrencies and the way they are handled can be seen as a very extreme case of payments being final - they literally are, by design. Always. No room for correcting errors - again, by design.

We think this is a key reason why they haven’t caught on for everyday transactions. There is too much focus on the rigor and security required for large irreversible transactions between anonymous potential thieves.

We believe that change is driven by convenience, not by theoretical foundations. Initial effort introducing a new system should be focused on ease of use. A rigorous foundation can be added later.

Flextab is not a payment system - it’s a place to keep track of information that will eventually form the basis for a payment. The information parties enter into flextab informs a casual understanding between the parties that is not externally enforceable - on purpose. This information eventually informs a payment that is made - and only at that point is there interaction with third parties. The payment can be in the form of a cryptocurrency or not.

Payments are final. Flextabs are well-structured drafts payment.