Lesson 8:
contributing to assurance contractsIf you want to contribute to the achievement of the objective stated by the assurance contract, everyone can contribute with an amount with the command 'assurancetip', which takes as arguments the user who will receive the contribute and the amount of MED, for example:
#MediterraneanCoin assurancetip @smallplatf 200 MEDIn this way, you are contributing 200 MED to the assurance contract previously established. In case you are the first contributor, 800 MED are still necessary to reach the target, before the expiration date.
If we get to the expiration date without reaching the target of 1000 MED (see below), then each contributed amount is given back to the tipping users.
Lesson 7:
assurance contractsThis idea was inspired by this:
https://en.bitcoin.it/wiki/Contracts#Example_3:_Assurance_contract
An assurance contract is a way of funding the creation of a public good, that is, a good that, once created, anyone can benefit from for free. The standard example is a lighthouse: whilst everyone may agree that one should be built, it’s too expensive for an individual sailor to justify building one, given that it will also benefit all his competitors.
One solution is for everyone to pledge money towards the creation of the public good, such that the pledges are only committed if the total value of all pledges is above the cost of creation. If not enough people contribute, nobody has to pay anything. So, using the tipbot system, it is possible to promote an assurance contract in favor of a user:
#MediterraneanCoin assurancecontract @smallplatf 1000 MED 2014-06-30This means that, in favor of user smallplatf, it is started an assurance contract funding, which will last until the expiration date (2014-06-30).
Users all over the internets can contribute to this funding using the "assurancetip" command. If the target amount is reached before the expiration date, than the target user will receive the amount. Otherwise, if by the expiration date the target amount for funding is not reached, the target user will receive nothing and the contributed amounts (using "assurancetip") will be given back to all contributing users.