Reputation Authentication and ID security token for fashion rental insurance.
At first I envisioned a insurance token that worked with an escrow. I found out about ERC-725 Identity tokens and also the more recent ERC-998 NFT-Composable tokens that can posses other tokens. I got the idea to combine the ERC-725 Identity-Reputation and the ERC-998 NFTP-Composible tokens as a mutual insurance super token contract. It would have:
1.Identity verification that can be brought in from Instagram or Snapchat and verified with an invite email address 2. Non-Fungibility representing ownership of ‘collectible physical’ and have that ID own other ERC-20 tokens that can be liquidated using Bancor. So that the Reputation of the user is connected with the ‘Things’ that S/he owns as well as ERC-20’s that are held to insure the items value in escrow while rented. In essence the ID of the ‘Thing’ can also own its own crypto-insurance that gets paid out in an accident. I found this KORD network quote relevant even though its from the music industry:
“Identity and reputation are everything
This open network comes with its challenges; how do you stop spam and spoofing? How do you turn this mangle of claims and counter-claims into something useful?
We believe that the answer lies in building on a robust foundation of identity and reputation. Having a deep understanding of who someone is, their relationship to the claim that they’re making, and their relationship to everyone else that is making a counter-claim, is essential in surfacing the most authoritative version of that claim.
This then unlocks the opportunity to build some really interesting reputation dynamics within the system.
I watched Fabian Vogelsteller presentation and found some gems about ERC:Identity below
How does Raxx Coin Work? Raxx Coin works by translating the social media data of a user and converting the influencer into a coin holder and with those coins comes with them access to a closet where they can monetize their influencer status and tokenize their following. Once they have the invite code they can get a wallet with their tokens already pre-loaded through an air-drop which simply means they are able to use the app. The app is invite only access no one can buy their way in by buying up a vast amount of tokens and that is the beauty of its design is to protect to user from manipulation and protect their closets from poachers and posers. The invitees are granted access via the wallet air drop and then are able to load up items to their Raxx. Users are then able to send a referral code to potential clientele through email or a shareable one time use only link on the blockchain.
What happens when they don’t get returned? Then the tokens that were put up for escrow are sent to the original owner of the item and the claim is then mutually insured by the eco-system and the lost item is either replaced or written off/sold. 1st the item is listed on the blockchain and using the app can be tracked with an RFID Tag. 2nd once the item is found the person is either charged a late fee for each day late return or 3rd charged for the full price of the item and an insurance claim filed. The is a zero tolerance policy for non-compliance to community policy and any one who either steals or intentionally doesn’t return an item is removed form the app and is no longer eligible to rent. We will pursue anyone accused of theft to the full extent of the law and the person who referred them may also be subjected to removal from the app as well. If a said item is not returned the person who rented the item may send a private message asking if they would like to extend their rental as long as it doesn’t conflict with a future booking due to cleaning inspection and relisting. A bid for said item may also be negotiated privately but must be returned if price is not agreed upon before return date.
What if the items are damaged? Damaged items are either accessed for repair or cleaning and then tokens will be used to cover those expenses. If damage is so severe then it would be the same as a lost/stolen item and go through the mutually insured insurance token escrow claims process described above.
Why would people rent fashion? Renting allows more fluidity in fashion styles through the seasons and trending fashionably is in high demand. It is less expensive than owning the items and allows one to change styles in season with even greater mobility.
Why can’t they just buy the clothes? Many use cases are one-time wearers and those who have a high turnover of roles or appearances where their fashion needs are high. A lot of our users don’t have the need to buy when they can just borrow the clothes for the audition. Manly stylists will have a huge closet full of items from video shoots, TV show tapings, red carpet events, award shows. They don’t need to buy clothes when designers will simply give it to them in exchange for publicity.
Why is fashion insurance on the blockchain? Insurance companies such as TaTa AIG, RG, Ace Group, PURE Chubb HNI have side arms of vintage wardrobe but have not yet taken on to the low cost deliverability of the blockchain supply and other real time attribution aspects of this new tech.
What are the advantages to renting items on a blockchain? Renting items on a blockchain gives certain advantages when it comes to real time attribution data on location, weather, and trends as well as the ability to supply chain through the app at cost lower than tradition production manually.
Who is invited? Actors, Artists, Musicians and fashion designers are invited to be users on Raxx Coin and eventually the public but at this time it is a closed loop community because the needs are very specific and use cases require we not allow everyone access because of security reasons. Referral codes for stylist are restricted to Verifying Reputation and Vouches from industry peers and Know your customer policies.
Can I just buy tokens instead of renting? No tokens are not for sale just for the sake of owning them Raxx Coin isn’t a ICO it’s a community and the needs of the community are specific and thus we are not currently soliciting any initial coin offerings or token distribution events. We are a private community for industry peers to share items within a very controlled environment for the
sake of the value of the items involved we prefer to keep it invite only and very selective in who is allow to rent from our Raxx Coin App.
What If I just want to rent something without having to have coins? You most certainly rent something without having to have coins you just can’t rent something from within our community because the coins are insurance packets guarding against theft and unreliability. Also we tokenize the reputation of our user base to ensure that everyone at raxx coin places value in their reputation and upholds the greater good of the community platform.
What are the main differences between RAXX tokens and coins? The main difference in the tokens and coins are they tokens are used for in app reputation verification system based on influence and social media reach and the coins deploy the smart contract that the mutual insurance tokens are backed with. So they are congruent to each other in the since that they have very different functions but they co-exist and are reflexive to the eco-system of the Raxx Coin App.
Who is going to be renting these items? The ideal rental clients are fashionistas who have a high demand for high end clothes, shoes, bags and certain accessories. People who are involved in casting for TV/Movies and their wardrobe department to streamline the process of check-in and checking-out for a shoot. Photographers or people who deal with modeling agencies that get a ton of clothes from designers and models/actors/musicians who always need new clothes to stay in style and look chic.
Why does this even need to exist? There is a need for wardrobe and the ability to have it be just as accessible as an UBER or POSTMATES delivery with a more detailed approach than POSHMARK or “rent the runway” can provide because it is powered with blockchain and crypto.
I read these articles as inspiration for my Frankenstein Token, I will have to write several articles to break down every key point due to brevity of reading.
I also watched these videos and had some insights on how tokens that can own other tokens in a smart contract and how they are Identity based.