- December 28, 2018
- Posted by: iygmg
- Category: Praxis Workbench, Smart Contract, tokenize
Time is money. You’ve got skills, talents. You can produce beautiful works. But how can you get value out of those talents and works? Usually by going through some third party platform that takes a big cut. And worse, your market is usually limited by international borders, or other such considerations.
Let’s take a simple example. Say you’re a social media influencer. Your time has real value to many people. What if you wanted to auction 30 minutes of your time? Surely this has real value due to your talent or skill or whatever has made you a social media influencer. Is this possible with current technology? NO. But with Incentum Praxis it is. You can design Smart Contracts in the browser, and use those Smart Contracts to perform virtually anything you can think of, including auctioning 30 minutes of your time.
It’s simplicity itself. After the auction Smart Contract is constructed (we have many examples, including an auction), you auction your time.
- Tokenize 30 minutes of your time (we have a Smart Contract to do this). This is as simple as clicking a link and filling in a simple form.
- Start the auction, adding the tokenized 30 minutes of your time.
- Generate a link (this is done for you) that will perform the bids for your time when clicked.
- Add the link to a social media post.
When anyone clicks the link, a simple form will appear to enter a bid. It’s simple and 100% web based. When the auction is over, the auctioned item will be transferred to the highest bidder, and the highest bid will be transferred to you.
Note that this is done without a trusted third party. Incentum Smart Contracts run on Cosmos, which is a fully decentralized platform. You pay gas fees to run the contract, but that’s it.
Let’s try something else. Assume that again, due to your popularity, many people want to (and do) message you. You can’t possibly answer all the emails and messages. But you probably would if you got something for your effort. This is a very simple Smart Contract to write with Incentum! You essentially sell a response to a message. The Smart Contract accepts some payment and the message. When anyone uses this contract, an entry will be generated on your ledger, notifying you that someone purchased a reply (that’s really what they’re buying). You send the response to the message (through the Smart Contract), and an entry will appear in the buyers ledger with your response!
The same process can be used for virtually anything you consider valuable, like your artwork, music, publications, or maybe a lock of your hair! Tokenize it and use it in a Smart Contract. It’s your own personal business construction kit. You may have recognized that the message example above is similar to existing businesses.
Praxis has a clean and easy to use UI. The ledger viewer allows you to see your tokenized items and other Smart Contract outputs. You can search for and organize Smart Contracts that you want to use. Interacting with the Smart Contracts is always through a fully customized form, making it simple and foolproof.
Let’s be clear about some facts regarding Incentum Smart Contracts. There are no borders. There are no barriers. You can transact with anyone in the world. There is NO third party to trust. Or that will take a cut. Or that will shutdown unexpectedly. Or that will censor you or shut you out.