ITEM BANCH TOKEN SALE IS LIVE!

3 min readOct 8, 2018

Item Banc Technology needs a decentralized public record of the assets and commodities in a community that is available to the market. Blockchain enables this by creating a trusted relationship between divergent groups. This record needs to be unchangeable until a producer and buyer simultaneously agree. Blockchain technology can ensure through smart contracts that transactions are recorded on the public ledger. This information will allow Item Banc to create relative value information for the currency.

Token Sale

Timeline Detail on Token Distribution and Token Sale Schedules: TBA

Pre-Token Sale Date: TBA

Project Ordered by Token Sales: TBA

See Terms & Conditions>https://itembanc.nl/terms-conditions/

Token Description

The Item Banc Token has backed specifically by-products that are needed in daily life. The core set of commodity products that back the currency are described as BHN or Basic Human Need products. These products are in five categories: Food, Building Materials, Basic Clothing, Paper Products, and Hygiene

Token Function

Producers are given the Item Banc Token in a smart contract exchange for their BHN products. The products can be stored by the producer or moved to a common warehouse. Producers include, for example; Farmers, Manufacturers, Distributors, and Importers.
Consumers who have fiat cash money can exchange for Item Banc Tokens from the producers which would allow for the purchase of BHN items at discounted rates. Consumers can also work for the producers to earn Tokens. Consumers can also trade or sell other goods or services for Item Banc Tokens.

Token Value

The value of the Item Banc Token is based on the collective value of the contracted products. The values of the products are verified in the smart contracts by the Item Banc Engine; a technology that creates value systems based on what commodities are available where at what relative value. The model is also able to run during periods of hyperinflation by pegging the value of BHN to sidestep local inflation. Contracts can be partially managed by an oracle (trusted person) in the community if the value of the item contract is not yet calculable by the technology. The contracts are recorded and maintained on the blockchain.

BHN (Basic Human Need) Product Categories and examples:

Food (relatively non-perishable): Rice, canned meat, bottled water, lentils, oats, coffee, tea.
Shelter (Building Materials): Lumber, block, rebar, nails, basic tools, metal.
Basic Clothing: T-shirts, Jeans, socks, underwear, sandals.
Paper Products: Toilet paper, copy paper, diapers, plates.
Hygiene/Basic Emergency Supplies: Soap, cleaning and disinfecting supplies, blankets, emergency kits, toothpaste and brushes, flashlights, basic cell phones.

Technology Creation

The Item Banc token technology can be created on an existing protocol such as Cardano that allows for decentralized proof of stake governance and does not require mining. Simple interfaced smart contract forms need to be created that can operate on the blockchain.
The smart contracts will be for products in the target community that qualify as BHN products or additional community assets that will be staked to the currency as agreed. A log of the commodity products staking (traded for) the Item Banc token, with product values, needs to be automatically recorded by the smart contract on a decentralized Item Banc ledger.
The contract legal language can be based on existing legacy corporate trade contracts and can incorporate regional legal requirements where implemented. Corporate trade contracts attached.

Any question will be answered, Join the conversation! Contact team>https://itembanc.nl/contact-us/

Writer:
bitcointalk name: danilhadiwinata123
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