The Open Credit Network is a network of businesses who have come together, under a simple shared agreement, in order to trade with each other without the need for hard cash.
Each member can access credit on the basis of their capacity to supply goods and services to the network.
Members buy and sell just as normal, but can choose to pay some or all of their transactions in Open Credit Units.
One Open Credit Unit is equivalent to one British Pound.
The agreed number of units are taken from the buyer’s network account, and added to the seller’s.
So the balance of the overall network remains at zero.
It’s as simple as that.