Want to explore the possibility of a blockchain based barter token. The concept is thus
- BitBarter tokens themselves have no value, but are a ledger of debt. The token is allocated a label for a good or service it was traded for. The recipient then has a tradeable credit to the value of the good or service which they traded for it. Values of items are decided in an ad hoc manner during each transaction.
-Example:
John has a bag of apples. He owns an apple orchard and produces a lot of apples. He really needs wooden apple bins.
Sue has a dvd player. She owns an electronics store. She really needs apples.
Mike owns a wooden packaging factory, he needs a dvd player.
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Sue goes to John's apple orchard (there's a shop out front). She has a bitbarter wallet. She wants a bag of apples. Sue creates a transaction in her wallet to create a bitbarter token. The token is labelled as "1 bag of apples" and sent to John's bitbarter wallet. John gives Sue a bag of apples.
John has sold 20 bags of apples and has received 20 bitbarter tokens, each worth 1 bitbarter token.
John needs to buy some apple bins. He can buy them in 1 of 2 ways. He can either create a debt, by issuing a token for a wooden apple bin and sending it to Mike's wallet, or he can agree with Mike as to the number of bags of apples he would need to purchase 1 apple bin.
In this example, Mike and John agree that 1 bin is worth 10 bags of apples. So, John sends 20 bitbarter tokens, each worth 1 bag of apples, to Mike's wallet. The wallet records the value of the transaction to the blockchain. There is now a precedent, 1 bag of apples = 1/10 of a wooden apple bin.
Mike goes to Sue's electronics store. He has no idea how many bags of apples or wooden bins are needed to buy a dvd player, so he issues 1 bitbarter token labelled as "1 dvd player" and sends it to Sue's wallet.
These tokens represent debt, and can be traded around the network, based on values represented by trades already made, or by ad hoc agreements to their worth.
They can also be used to issue shares, 1 share on paper is issued, and 1 bitbarter token would be paid to the issuer per share, either a new share token would be issued, or other tokens would be traded.
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If anyone here knows how to write new wallets, which don't use an algorithm, it would be great to get some help. Also, this would be open source, but would need to have a governing body, or Digital Automated Corporation controlling the system, to ensure that tokens aren't issued for nonexistent trades. Need some kind of IoT system to ensure legitimacy, perhaps using barcodes or QR codes.
Also, entry into the bitbarter network would require a rudimentary application process, requiring a vote or something by existing members, or at least a sponsoring in system. This would ensure that people who use it actually have a good or service of value to trade. We don't want a situation where someone tries to buy stuff on bitbarter, with no intention of ever contributing goods into the network. The only exception to this would be people who buy tokens on the market using an exchange. The idea here is not to deprecate the value of the market by allowing illigitemate market makers to come in. So, selling real estate on the moon, or for example, fraudulent diplomas, would not be able to be allowed into the network. However, someone selling advertising, mining rig rental, etc would be ok.