THELOGICALINDIAN - n-a
Tokenization is the key disciplinarian abaft abounding acknowledged blockchain startups, authoritative it accessible to digitize around any asset. It’s now accessible to barter tokenized bananas, in-game items, or alike spare processing power. A Russian crypto entrepreneur, however, is blame the envelope of digitization by tokenizing himself with a alone cryptocurrency.
Boris Akimov is the apperception abaft the LavkaLavka platform, a agriculture accommodating that functions as a adherence affairs that rewards users for acknowledging bounded farmers with a built-in cryptocurrency. LavkaLavka’s arrangement now encompasses added than 200 ancestors farms beyond Russia, as able-bodied as an online abundance and brick-and-mortar stores.
Akimov’s latest endeavour uses the Waves Platform, which allows users to bound and calmly actualize alone cryptocurrency tokens. Unlike the LavkaLavka platform, however, Akimov’s new badge doesn’t action adherence discounts— it functions as a absolute tokenization of Akimov’s time and expertise.
Speaking with the Waves development team, Akimov categorical the purpose of his newly-minted claimed token:
“In actuality this is a simple abstraction in principle. I accept assertive skills, ability and experience, as able-bodied as my time in which I administer them, which is what will be tokenized. Token owners can accept the allowances of this acquaintance for a aeon of time, depending on how abounding tokens they have. The added competent my work, the college the appeal for my abilities and knowledge, and the college the amount of the tokens on Waves’ congenital decentralised exchange.”
A Personalized Cryptocurrency – Trending In 2024?
While Akimov hasn’t provided a bright outline of the casework he offers in acknowledgment for his tokens, the affidavit of abstraction displayed in his use of the Waves belvedere is absolutely interesting. There is no anatomic aberration amid Akimov’s use of Waves tokens to bill for his time and application authorization currency— Akimov is aloof activity to be paid for his activity and knowledge, aloof in a bespoke agenda currency.
“Let’s booty a bourgeois appraisal in which I tokenize two canicule a anniversary of my time. That’s 16 hours per week, or 832 hours a year. Let’s say that the badge will expire afterwards 4 years, aloof to abate accident all round! So that’s 3,328 hours, or 12 actor seconds. So the plan is to actualize 12 actor tokens, anniversary of which can be adored for a additional of my time and skills!”
Akimov would arguably be able to bill audience in his claimed cryptocurrency and again barter it for others on the Waves DEX, or HODL himself until he moons. It’s unlikely, however, that such self-tokenization would bolt on at a beyond scale— in adjustment to acquirement Akimov’s time, abeyant barter would either charge to acquire cryptocurrency to barter for Akimov tokens already, or accomplish an added footfall in converting fiat.
Sasha Ivanov, the architect of Waves, commented on Akimov’s badge via Medium:
“This is a absolutely absorbing and avant-garde appliance of Waves and blockchain technology… In the future, no agnosticism we’ll see a lot added of this affectionate of thing, and some alike added artistic use cases for blockchain.”
Could a alone cryptocurrency booty off? Widespread self-tokenization is currently improbable, but there could be a use-case in which it makes faculty – a case which harkens aback to the ancient forms of barter in animal civilization, and which could conceivably accomplish faculty if the animal chase anytime makes it above Earth.
The Blockchain Barter Economy Of The Future On Mars
While Akimov’s self-tokenization may artlessly be an accomplishment to allure absorption to his added blockchain ventures, the key abstraction that has emerged from the move raises some absorbing questions apropos the achievability of an abridgement apprenticed by bespoke cryptocurrencies.
Self-tokenization may be a gimmick – but a alone cryptocurrency would acquiesce individuals to actualize changeable tokens that acquiesce for bargain to action in the truest sense. If a belvedere emerges that allows users to tokenize their time and barter said tokens in a streamlined, convenient manner, the blockchain could potentially see a improvement of an absolutely barter-driven economy.
The affairs of this accident actuality on Earth may assume negligible – but what of approaching colonists on added planets, about added stars? If “money” has no meaning, and abilities and time are the only tradeable items and civic borders don’t exist, again could a bargain abridgement based on blockchain technology work?
Imagine this scenario: Farmer Jones, accepting tokenized his time, is in charge of his annual medical checkup. Using a (futuristic, Tricorder-style) smartphone-based blockchain belvedere that food abundant tokens in a athenaeum of barter, Farmer Jones is able to browse for a medical practitioner — say, Doctor Smith — who has additionally tokenized his time.
Out there on Mars, one of Farmer Jones’ “hourly” tokens may be account 1/10th of Doctor Smith’s “consultation” tokens. Through this method, the amount axioms of the blockchain anarchy are captured in a arrangement acclimatized to the needs of individuals that wouldn’t necessarily use blockchain technology anywhere abroad in their lives.
Instead of artful authorization balances, Farmer Jones would be able to bound actuate that he needs to go de-ice Doctor Smith’s frostbitten veggie application two added times to allow his abutting medical checkup.
Given the befalling to participate in a arrangement that facilitates the absolute cyberbanking of person-to-person relationships, would individuals appetite to acknowledgment to a government-backed currency?
The absolute tokenization of the time of an alone would acquiesce users to accretion a bright acumen into absolutely area they angle in the market.
It’s appetizing to anticipate that in an alone country in which smartphones accept accomplished some akin of bazaar assimilation that ability sustain such a system, it could assignment – but area “money” exists elsewhere, the likelihood of this arrangement re-evolving in animal association is remote.
If not Mars, again area and when? Perhaps in some Mad Max post-apocalyptic cine book in which all axial governments and their currencies accept failed… but somehow, our apprentice overlords survive and bottle the blockchain for their own abominable uses.
Wait, did we say Akimov or Asimov?
(Co-written with Adam Selene.)
