[johnorourke]

This is novel and interesting, and could be used on a micro scale (say a group of friends who regularly split dinner bills) or macro. How would you solve the issue of losing data and nodes (through corruption, hardware failure, etc), or people being offline? I suspect if it grew, people would offer "hosted nodes", where they keep your data and stay online for transactions 24x7, in return for taking that transaction fee... so, like a bank!