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1. TimeStope Economic model
1.1. Decentralized Seigniorage
The system we present records time, and ‘Distributed Seigniorage’ used as a currency. Seigniorage is that the monarch integrates into one social organization , it's for have the proper to issue money for control this. because the current state has seigniorage, for varied powers to Challenge it have begun to emerge. This was a seigniorage created by a network made with cryptocurrencies like Ethereum, starting with Bitcoin. More specifically, it's a special seigniorage that's given only to those that discover distributed ledgers. It records transaction history with sending, then shares them to be distributed, but seigniorage isn't .
Seigniorage(3) without privileges clearly distinguished from this is often called ‘Distributed Seigniorage’. The principal agent of human time is a private person , and has 24 hours a day . All citizenry are the masters of your time and become subjects who have authority of Seigniorage. Yes. We are all lords in our world.
1.2. Produce the TIME with ‘Distributed Seigniorage’
All citizenry become one object and produce 24 hours. It produces 24 hours since you become a witness of TimeStope, and produces 24h * 365 = 8,760 hours per annum . it's not produced by the network, but by individuals, and individual have authority over it.
1.3. Distribution for ‘Distributed Seigniorage’
40% of the time produced by a private is distributed to the inviter who invited to the medium of exchange to precise their gratitude, and therefore the remaining 60% is obtained. this is often a really important factor.
The most important thing within the medium of exchange is credit. It are often concluded that credit may be a social belief and believes within the price of the medium of exchange . For this, it's a prerequisite for several people to participate, and therefore the inviter's time increases in proportion to the number of the invitation.
1.4. definite quantity analysis for the 1 hour
Global GDP average for 2019
The World Bank's (4)global GDP average for 2019 is $11,428. Divided this by 8,760 hours (1 year), we reach the worth of 1.3 USD. However, since that quantity is really a Whole-human average indicator index generated by human production activities, Accurately it's said that an individual like the typical value produces 1.3 dollars per hour even when sleeping.
Number of billionaires in 2017
According to a piece of writing from the Oxfam Report(5) January 2018, 82% of the world's asset produced in 2017 was owned by the highest 1% rich, and their assets grow by 13% annually.
This was announced at the Davos Forum in 2018 and gave many surprises round the world. supported this, it's not too long until the half of the rich will own 99% assets, the 1:99 rule is now more and more strongly supported. (At 2034 AD, 1% of the rich will own quite 99% of the assets that the planet produces in one year).
In addition, with the advancement of science and technology, the rapid development of AI, robotics, 5G, big data, and various financial technologies will bring tons of changes to 99% of jobs and labor perspectives. at the present , rock bottom 50% of humanity within the world has zero output in dollar-denominated GDP, and therefore the point when the remaining top 49% will reach zero will definitely happen at some point within the future. Through this basic data, if calculated without including the assets of top 1% wealthy person , the elemental value of 1 hour are going to be reached.
If we calculate the particular value, we reach the worth of $0.0131313... ($1.3/99). it's estimated from this calculation that the intrinsic value of humanity for one hour will converge to 1.3¢ when universal humanity comprehensively considers all the results of labor, capital, mind, and rest.
1.5. a selected suggest of the way to asset time
The unit of the TIME currency is τ, which corresponds to the Greek letter T, and 1τ (Time [Tau]) = 1 hour.
The daily output that a private produces for each day is 24τ, and 9.6τ (24τ 40%) is distributed to the inviter, and 14.4τ (24τ 60%) is obtained.
τ has 6 decimal places, and 0.000001τ = 1ε (entropy).
The basis of TimeStope is to be a witness. Only those that are invited by the witness can create the TIME through TimeStope, and 9.6τ is distributed to the inviter a day .
When the mining period expires, you want to witness for somebody aside from the inviter who invited you and therefore the person you invited, and therefore the attendance score are going to be reset. this is often how to consistently provide fair opportunities to new participants.
Is it really possible to use the new economic model universally round the world?
An American car sales king, Joe Girard(6), came up with the Law of 250 people. He discovered this law within the incontrovertible fact that the amount of individuals showed up for a person’s meetings like wedding is approximately 250. In other words, the amount one person affects another is 250 people. By using the law of 250 folks that anyone can reach, all citizenry become rich.
. The daily output produced by one person is 24τ.
. If one person invites 250 people, the daily output is 2,400τ (250 40% 24h).
. The total output produced in one year is 876,000τ (2,400τ * 365).
. Estimated dollar amount produced in one year 876,000τ * 0.013131... (1.3¢/99)(7) = $11,503.
. Inviting 250 people, it's on the brink of the typical global GDP of $11,435.
. If anyone applies the Joe Girard’s Law of 250 people, he/she can invite 250 people to the new financial system TimeStope.
However, to use the economic model that we argue to be applied to the theoretical and actual economic model, the exchange must actually be made, and that we have an issue of whether this is often possible. In fact, the question arises on whether the worth of an hour are often exchanged for a worth of 1.3¢.
How was Bitcoin valued within the first place? To myriad organizations and individuals
As an alternate payment method for countless organizations and individuals who need anonymity, Starting with an attempt payment initially , over time, because the scale grew, and gained credit as a way of payment to people. In other words, it had been adopted by human needs.
However, an alternate means to pay with anonymity already exists, and a system called the TIME supported time, which may be a system different from Ethereum, which is employed by the requirements of organizations that want to make tokens with smart contracts like Bitcoin, i might wish to suggest enough possibilities for the question of whether it can succeed.
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