So I have an idea that will allow the asset/physical product market to become fully decentralized and everyone will benefit from every sale in the network, and the coin will be backed by all of the items in the network so you can trade your Qoiinz for items in the network at any time. This will make the price of the coin rely on real physical products instead of just human faith alone.
But to be completely decentralized I will need everyone's help to turn this idea into reality, if a small group of people create a coin it is not completely decentralized, if anyone who is interested in the project is given the chance to contribute and help build the project that is when it becomes completely decentralized.
I am introducing the idea..
Now I need YOUR help to turn it into reality, everyone will be equal and everyone has a say in this project and we will all vote on its future.
Wouldn't it be kool if the whole community could benefit from the resell of physical/digital assets/products? Well I have figured out how to do this, but I am not a programmer so this project needs programmers, logo designers, someone who is good at writing whitepapers to turn my rough draft that describes this project into a good whitepaper and we will need people to get the word out about this project. Each of these positions will be rewarded with bounties and this coin has the potential to become very valuable... So the bounties could be worth A LOT of money.
Anyways, here is a small rough draft of my idea which describes how this project will work so you all can get an idea of what I am talking about and then help me evolve this and turn it into reality. Positive and Negative feedback is welcome, tell me what is wrong with my idea and why it wouldn't work if you see any problems with it.
Thanks!
QoiinZ is a new altcoin which is backed by physical and digital assets and products, unlike most other coins which are only backed by human faith alone. If you want to obtain some Qoiinz you will have a few options:
1st option- You can buy them with BTC or any other altcoins or digital assets.
2nd option- you can ship a physical product to someone in the network and you will receive Qoiinz in return, the item that you ship to the network is now owned by the network and can be purchased by anyone who owns Qoiinz.
3rd option- You can pawn an item to the network and receive a loan, once you pay back the loan plus interest you can get your pawned item back, if you dont pay the loan back after a certain amount of time then the item will be owned by the network. All items which are owned by the network add value to the network which increases the value of Qoiinz.
Whenever an item that is owned by the network is traded/sold for Qoiinz (since Qoiinz are backed by the items in the network you can trade your Qoiinz for items in the network whenever you want) 100% of the profits go back into the network and continue adding value to the network which will make the price of each Qoiin go up
People(Miners) holding onto items for the network are paid by being issued new coins so its the same as POS pretty much.
The people who hold onto items for the network have to stake/lock Qoiinz in a wallet owned by the network, these coins have to be worth double the value of the items he is holding for the network, this will stop people from trying to steal from the network cause if they attempt to steal from the network their Qoiinz will automatically be donated to the network once it is found out that they were trying to scam the system.
So it is kind of like POS mining except the staked coins are locked and can not be spent until the person who is staking the coins returns or sells all the items which they were holding onto for the network.
The network will also be able to give out loans for pawned items in this same way but the loans will have a fee added onto them so that the miners can get paid and to add more value to the entire network.
If you do not pay off your loan you will not get your pawned item back. It will be owned by the network.
So the value of this coin will pretty much just go up the more items that are owned by the network etc.
But to be completely decentralized I will need everyone's help to turn this idea into reality, if a small group of people create a coin it is not completely decentralized, if anyone who is interested in the project is given the chance to contribute and help build the project that is when it becomes completely decentralized.
I am introducing the idea..
Now I need YOUR help to turn it into reality, everyone will be equal and everyone has a say in this project and we will all vote on its future.
Wouldn't it be kool if the whole community could benefit from the resell of physical/digital assets/products? Well I have figured out how to do this, but I am not a programmer so this project needs programmers, logo designers, someone who is good at writing whitepapers to turn my rough draft that describes this project into a good whitepaper and we will need people to get the word out about this project. Each of these positions will be rewarded with bounties and this coin has the potential to become very valuable... So the bounties could be worth A LOT of money.
Anyways, here is a small rough draft of my idea which describes how this project will work so you all can get an idea of what I am talking about and then help me evolve this and turn it into reality. Positive and Negative feedback is welcome, tell me what is wrong with my idea and why it wouldn't work if you see any problems with it.
Thanks!
QoiinZ is a new altcoin which is backed by physical and digital assets and products, unlike most other coins which are only backed by human faith alone. If you want to obtain some Qoiinz you will have a few options:
1st option- You can buy them with BTC or any other altcoins or digital assets.
2nd option- you can ship a physical product to someone in the network and you will receive Qoiinz in return, the item that you ship to the network is now owned by the network and can be purchased by anyone who owns Qoiinz.
3rd option- You can pawn an item to the network and receive a loan, once you pay back the loan plus interest you can get your pawned item back, if you dont pay the loan back after a certain amount of time then the item will be owned by the network. All items which are owned by the network add value to the network which increases the value of Qoiinz.
Whenever an item that is owned by the network is traded/sold for Qoiinz (since Qoiinz are backed by the items in the network you can trade your Qoiinz for items in the network whenever you want) 100% of the profits go back into the network and continue adding value to the network which will make the price of each Qoiin go up
People(Miners) holding onto items for the network are paid by being issued new coins so its the same as POS pretty much.
The people who hold onto items for the network have to stake/lock Qoiinz in a wallet owned by the network, these coins have to be worth double the value of the items he is holding for the network, this will stop people from trying to steal from the network cause if they attempt to steal from the network their Qoiinz will automatically be donated to the network once it is found out that they were trying to scam the system.
So it is kind of like POS mining except the staked coins are locked and can not be spent until the person who is staking the coins returns or sells all the items which they were holding onto for the network.
The network will also be able to give out loans for pawned items in this same way but the loans will have a fee added onto them so that the miners can get paid and to add more value to the entire network.
If you do not pay off your loan you will not get your pawned item back. It will be owned by the network.
So the value of this coin will pretty much just go up the more items that are owned by the network etc.
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