The Pledge Bank is the underwriting engine of the timebank. Members deposit pledges as formal promises to provide service to the community under specified conditions. Each pledge becomes a structured record that can be referenced by gigs, verified by peers, and audited by assemblies. The pledge does not create profit, it creates capacity.
When a pledge is accepted, the Pledge Bank grants a credit limit in Voz. This limit controls how far a member may go into negative balance and therefore how much they can draw on the community before repaying through service. The credit limit can depend on pledged hours, service category, expiry date, endorsements, and past completion history.
The Pledge Bank also prevents double-borrowing across the inter-ledger network. If a pledge underwrites credit on one local ledger, it is reserved or locked so it cannot be reused elsewhere without explicit transfer. This is the core safety property that keeps the system coherent across many communities and chains.
In story terms, the Pledge Bank is the place where Hitchhikers deposit their courage. In technical terms, it is a credit policy module with strong audit trails and simple invariants. If the Pledge Bank is honest, Voz remains non-market and the economy remains mutual.