Promises as a basis for payments

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Andrew Bransford Brown asks:

  • Can all financial transactions can be described as:
One promise for another.
Did each side deliver?

Abbreviated example of a banking protocol:

 transaction
   promise
     1USD
   endpromise
   promise
     1 pack of gum
   endpromise
 endtransaction
  • Why the word "promise"? Because "promise" connotes time. There is no such thing as an "instantaneous transaction".