Using Medium as a medium to document my blockchain ideas. In order to obtain more information please email me: russellpmccullough@gmail.com
Fall is upon us and summer has officially come to an end. More ideas begin to flow now than ever before. I interrupt briefly in Part III of the series to introduce two ideas that were created between last night and now.
Merit Token (MT)
Provide Employees method for receiving merit from achievements made towards team goals.
Merit Token (MT) is paid when achievements are made. As an example, MT can be earned through Smart Contracts created for GitHub commits and completing Jira Tasks (<= .o1 MT). Additionally, peer to peer MT transactions can be executed among colleagues (trx only approved and confirmed through consensus / majority vote). Management can provide incentives and awards in the form of MT. Likewise, management can also invoice (deduct) MT from employees. Deductions are sent back to the board’s wallet address.
An e-store (managed by the board of directors) will be created allowing employees to receive benefits for their MT on a quarterly basis. MT will be used to aknowledge job promotions, define salary increases, and even exchange for lump sum bonus payouts. Transactions will be public within the MT ecosystem and address holders will be identified internally. Reports and analytics will be made available for peer review.
The MT distribution, minting and burning is managed through the board of directors (minimum two directors) for the business (consensus majority vote among the board is required for all decisions relating to MT and for all tokens issued). Amounts are provided based on equity ownership or employment roles and job duties. When an employee departs, their MT is burned. Any owner of MT has the ability to write a smart contract and submit for the awarded MT amount to be reviewed and approved by the board of directors. The board also has the ability to hard fork the original contract and set forth new terms and rules based off a majority consensus vote (ALL MT holders will be allowed to vote). This allows for continued growth and expansion within the merit ecosystem.
Stayment
Similar to a payment - this is a stayment (a stable digital asset payment).
I created this word and defined it as a payment made using a stable coin or a digital asset that is pegged 1:1 to a fiat currency. The most notable stable coin to date is USD Tether aka USDT.
Taken from the Tether whitepaper:
A digital token backed by fiat currency provides individuals and organizations with a robust and decentralized method of exchanging value while using a familiar accounting unit. The innovation of blockchains is an auditable and cryptographically secured global ledger. Asset backed token issuers and other market participants can take advantage of blockchain technology, along with embedded consensus systems, to transact in familiar, less volatile currencies and assets. In order to maintain accountability and to ensure stability in exchange price, we propose a method to maintain a one-to-one reserve ratio between a cryptocurrency token, called tethers, and its associated real world asset, fiat currency. This method uses the Bitcoin blockchain, Proof of Reserves, and other audit methods to prove that issued tokens are fully backed and reserved at all times
There are others besides USDT, such as Gemini’s new stable ERC20 token, GUSD. I am favorable towards this means of currency over the traditional dollar for a few reasons. Gemini has done a good job of summarizing several of these points in their white paper:
Resolve vulnerabilities;
Extend the system with new features;
Improve the system and optimize its operational efficiency; and
Pause, block, or reverse token transfers in response to a security incident (i.e., catastrophic event) or if legally obligated or compelled to do so by a court of law or other governmental body.
I created a web application with a free service that will exchange USD to a specified USD pegged Stable Digital Asset or “SDA” at an exchange rate of 1:1. Stayments will be available to users fee-free within the Stayment ecosystem after transferring to an SDA. The Stayment ecosystem is defined by a category or range of “vanity” ERC20 wallet addresses. The gateway will accept transfers of USD to the SDA of your choosing, allowing your personal preference of Stable Digital Asset to be used. Transferring USD to a USD SDA will be free of charge in addition to 0 fees for SDA transactions through native Stayment channels, however, any transaction sent outside of the established Stayment address range will be assessed a 2.5% exit fee.
Technical Resources:
Tether White Paper: https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf
Gemini White Paper: https://gemini.com/wp-content/themes/gemini/assets/img/dollar/gemini-dollar-whitepaper.pdf
