The Island Development Token
The Genesis project partners with the blockchain to tokenize the agricultural component of the Caribbean economy to lower food to table production costs, while supplying local jobs, creating a viable profit opportunity through export, improving quality of food, and in turn fueling positive economic growth.
This document will outline how the Genesis Token can help resolve this for ever growing problem throughout the world.
LOCATIONS
Project 1: (Antigua)
Project 2: (Jamaica)
Project 3: (Barbados)
Future participating counties
The Genesis Development Token is distributed for 25 cents equivalent ETH/FIAT. The Token will immediately spawn three Island Development Tokens (IDT). The three Island Tokens will be distributed to the GDT holders as outlined below.
With every new project the Genesis Development Token holder receives Additional future Development Tokens for each GDT they hold. The Future Development Tokens will be distributed to the GDT holders as Outlined below. With every new ICOD project, the Genesis Development Token holders will receive 20% of the total allocation of the new project tokens and will be distributed proportionately based on the 20% allocated.
The new tokens will be distributed to the token holders as outlined below.
Repurchasing Plan
Every quarter, 20% of net profits are used to purchase Island Development Tokens (IDT) that are up for sale in the open market. Purchased tokens are burned thus decreasing the total supply of tokens in existence.
All buy-back transactions will be announced on the block chain.
Caribbean eWallet
The Participants can hold their Genesis Tokens, their Island Development Tokens and future Tokens in the Caribbean eWallet.
This allows Participants to buy, sell or hold their Genesis Tokens and their Island Development Tokens. The eWallet also allows users to buy and sell Bitcoin and Ethereum. EWallet users can get loans by using the crypto currency as collateral.
Island Development Token and Future Token Disbursement
The smart contract has a dictionary to store addresses of token buyers and their balances as key-value pairs. So when we are ready to distribute Island Development Tokens, we can store Island Development Tokens in a similar dictionary of Genesis Token Holders and Island Development Tokens amounts to be paid out.
As in a table:
Address1 => IDT 10
Address2 => IDT 5
... And so on.
ERC223 vs ERC20
1. Eliminates the problem of lost tokens which happens during the transfer of ERC20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC223 allows users to send their tokens to either wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens.
2. Allows developers to handle incoming token transactions, and reject non-supported tokens (not possible with ERC20).
3. Energy savings. The transfer of ERC223 tokens to a contract is a one step process rather than 2 step process (for ERC20), and this means 2 times less gas and no extra blockchain bloating.
We won't "push" the Island Development Tokens out to token holders. We will place them in lock boxes so we know the Genesis Development Token holders are able to go and receive them.
This is our processprocess
We will "lock" the contract until it's time to distribute Island Development Tokens.
Fund the contract and allocate Island Development Tokens in the dictionary as described above.
The contract owner (CNET Group) needs to call "unlock" function at which point Island Development Tokens are ready to be collected (not pushed out).
Notify token holders that Island Development Tokens can be collected. This needs to be an off-chain process. It could be email, phone call, announcement on the website, etc.
Token holders use the App and with the help of Metamask call a function to withdraw the Island Development Tokens.
This has 2 benefits:
The burden of proof is with the token holder to prove that they have the private key used to purchase the tokens. We can rest assured that the right owner of the tokens has claimed the Island Development Tokens.
Everyone can see Island Development Tokens have been paid out because there's only one way to collect them. The same method works for Future Development Tokens
CNET Group, the Contract owner,"locks" the contract until the next Development Token period.
Mark the contract state as "Island Development Tokens Distributed"
New Development Token Disbursement
This follows exactly the same process. The Genesis Development Token holder is informed of the new distribution.
Token holders use the dApp and with the help of Metamask call a function to withdraw the New Development Tokens.