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Peer-to-peer complementary currencies can be powerful tools for promoting collabora- tions and building relationships on the Internet. i-WAT(13) is a proposed such currency based on the WAT System(18), a polycentric complementary currency using WAT tickets as its medium of exchange. Participants spon- taneously issue and circulate the tickets as needed, whose values are backed up by chains of trust. i-WAT implements the tickets electronically by exchanges of messages signed in OpenPGP(4). This paper clarifies the trust model of i-WAT, and investigates how it is related with that of PGP(17). To implement the model by dynamically building an appropriate web of trust (WOT), the author claims that it would suce if the behaviors of participants satisfy the following three properties:

WOT for WAT: Spinning the Web of Trust for Peer-to-Peer Barter Relationships