In a generic fantasy world, there exists an island community in which the inhabitants are freely provided food, board, and entertainment. Their only use for traditional coin is to trade with passing ships for curiosities and the like. Instead, the islanders use secrets, favors, and information as currency amongst themselves.
As I understand it, the functions of currency are as follows:
- Medium of exchange - must be accepted as a way to facilitate trade.
- Store of value - must hold value over time.
- Unit of account - must have a measurable value.
Which poses a few problems. Information isn't truly transferable, and the value of each secret would decay as it spread. Some secrets would be valued differently by different people. If a bartering system would work better, what would that look like?
In short, is an information-based economy feasible? Here are a few ideas I've had so far:
- Truth spells would likely be integral to prevent the spread of fraudulent information.
- The island's culture could focus on the importance of curiosity or knowledge.
- The island itself could have a long and storied history, with new secrets being uncovered fast enough to offset the natural spread and value decay of information.
- Certain secrets might have magical or memetic properties that cause them to be forgotten as soon as they are shared.
This is my first question, so I apologize for any faux pas I may have inadvertently committed.