I think this is a great idea and economists have been looking at this for nearly a century now, for example, there is Knut Wicksell's "Pure Credit Economy" from

I think this is a great idea and economists have been looking at this for nearly a century now, for example, there is Knut Wicksell's "Pure Credit Economy" from 1919 but not much progress has been made. There's a nice paper you can read called "money is memory" which argues that keeping track of past transactions is actually a more effective way of allocating resources than using money/tokens. I've been figuring out how such a system would work in practice. I believe that when we can more effectively and fairly manage reputation in the context of transactions (I'm not advocating some horrid "social credit" system that the Chinese government foisted on the country), then we won't need money anymore. That means no central banks as monopoly issuer of currency and I think the World will be a better place because of it.