Why Does the Blockchain Make This Technology Work?

6 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.

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.

Method for Proof of Stake Governance

The Item Banc model for securitization of cryptocurrency involves smart contracts that assign or stake an asset against the currency. Unlike loan platforms, the crypto is issued (created) by smart contract when the asset is staked and the crypto is burned when the asset is revoked.
The crypto can be exchanged for any goods or services or fiat or other crypto and the value of the crypto will fluctuate based on the market. The incentives to contract an asset for the crypto are to profit from the liquidity, a general rise in crypto value as additional assets are staked to the crypto and also to make additional markets for the asset.
In a preferred model the staked assets are commodities and BHN (basic human need) hard goods of a minimum value ($10,000 and up, for instance). The staked assets will be transparently published by smart contracts on an accessible site and organized by asset category, location, and original contracted value. This information is managed by the Item Banc Technology.

Token Value: Relative Value Systems with Item Banc Technology

Item Banc is a technology tool designed to bring information currency to markets. A demand for information about value is at the core of every business proposition. Item Banc Technology focuses on delivering this information to the market and capitalizing on its delivery to consumers, industry, the financial sector, and governments.
It is a most advantageous time to introduce Item Banc because the world economy needs new technologies that can deliver efficiencies to the market. World markets are seized up by a downturn in available credit and in addition, the international trade economies are looking for a new currency valuation methodology that can deliver fair market value to all countries. Businesses need commodity-type market prices for products to operate profitably in a world economy. Consumers continue to demand pricing and value information in order to make better buying decisions.
Item Banc will deliver to the marketplace a pricing and product valuation engine. To the manufacturers, Item Banc will deliver commoditization of products and valuation technology. Financial markets will use Item Banc information to capitalize on businesses, individuals and countries. Item Banc will provide a valuation to currency technology to governments. The most significant contribution of the technology to market is that it will deliver the system's structure to operate the decentralized valuation information for communities that use the Item Bank Token and will deliver a new paradigm of information currency.

Alpha Testing Technology 1998–2002

Twenty years ago, the Item Banc Engine was designed and documented. An application for the patent was made to the US Patent Office on May 1999 (60/132,779) and May 5, 2000 (09/566,265). The Item Banc Engine for Conducting Barter Transactions over a Computer Network by Virginia Robertson.
A small team of programmers set out to test and code the design. Forty-five independent building supply distributors in twenty states across the US agreed to contribute their live data for the test. The programmers combined live inventory data into a single system in South Carolina. The data consisted of non-productive stocks (items that had not sold for a year) and was tested on the artificially intelligent naming and categorization technology of Item Banc. The goal of the test was to refine the program design so that the Item Banc Engine could automatically commoditize Items given drastically different naming conventions across platforms and states.

Alpha Testing Commodity

Trade 2002–2013 The next test needed to prove that non-productive commodity inventories represent currency failure (as they have no value). If the currency was misreporting value, then these inventories should find their true value in a different economy. It was also necessary to prove the practicality of moving nonproductive commodity inventories into markets where they could be revalued.

Defining Information Currency in the Developing Crypto World

Combining the Internet of Things (IoT) with Internet of Value (IoV) Item Banc Engine data completes the Internet of Things by assigning to them a relative Value. Prior to Item Banc, the IoV was simply considered as the ability to move value.

Product Development Roadmap

Information Currency Coin Creation (Rwanda) Team Leader:

Code initial ICO structure into Ethereum and create the coin.
Code smart contract on Ethereum with corporate trade contract model.
Test on Eth test-net.
Edit as needed.
Go Live.

Item Banc Smart Contract Team and Beta Testing (Rwanda Nation) Team Leader:

Item Banc Rwanda Nation Coin Team will focus the development of smart contracts for production and inventories within the nation, airdrops for citizens and residents of Rwanda and BHN warehouses within the country. Rwanda Nation is the Beta site for Item Banc contracts on the blockchain and will participate with other national Item Bancs via the Item Banc Engine cross-average-cost system as they are implemented.

Code Item Banc smart contracts onto Information Currency based on IB contract forms (samples at end of whitepaper).
Test on test-net.
Coordinate with BHN team for launching first IB contracts.

BHN Warehouse Pilot Team (Rwanda) Team Leader:

BHN Rwanda Team is responsible to manage BHN distribution in the Country. The team will find an initial property and building suitable for warehousing BHN items. The team is responsible to purchase and stock and manage the sales of the product for information currency on an ongoing basis. The team is also responsible to manage IB contracts for new products and the storage and sales of these items as well. There is a 10% product allocation for BHN team in each IB contract on the blockchain.

Select best items in categories for local use and budget.
Select 10,000–20,000 sq/ft facility with truck dock for warehousing.
Create a purchase plan including forklift, racks and box truck.
Hire management team.
Buy and stake products to the stock warehouse.

Item Banc Engine Team (Atlanta, GA area) Team Leader

V Robertson This team is responsible to code the product design for Item Banc based on Item Banc Engine Technology created by V Robertson. The engine uses algorithms and methods published in the Information Currency book with proprietary program design for item naming systems tested in 2002.

Organize the development team.
Review BHN basic product lists.
Recode system design.
Test on product category datasets.
Design integration with Coin.
Code integration to Coin.
Testnet.
Go Live.

So Information Currency is a value system based on the relative value of BHN products available for consumption around the world. The Item Banc Engine takes as input what BHN products are available where at what value. The production values are (basically) averaged by item by category by BHN “basket” (all of the BHN products) by the nation. The calculations are based on the standard economic theory of purchasing power parity.

The current dollar value system represents the relative supply and demand of currencies by the nation.
The Information Currency value system represents the relative value of BHN products by national currency or literally by Nation.
Blockchain and smart contract technology have created the opportunity to allow the Item Bancs to capture and capitalize live BHN product valuation information and the Item Banc Engine uses this to publish fair market value with Information Currency.
It is with the fair market value that economies can thrive, companies can be secured by their production and people can trust a fair reward for their work. Fair market value finds parity when the currency is Information and Information is currency.

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

Writer:
bitcointalk name: danilhadiwinata123
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