What is a Blockchain Contract?
Exciting things are happening in the business world due to the emergence of blockchain technology. Blockchain opens up the possibility for a new, collaborative and individually empowering means of doing business without borders and without the need for regulatory organizations or other intermediaries.
Blockchain empowers people in two ways that have up to now not existed — a) the ability to legitimize innovation and new products without seeking approval from governments and b) the ability to create financial assets out of non-profit based transactions. If a cause has followers, it can be funded very easily on blockchain which is normally unfundable in a government-based legal regime. For instance, on blockchain, ten people could create their own bank without seeking a license from the government. In a central bank dominated banking system, a bank cannot exist unless approved by the central bank. Another new possibility, a financial asset can be created out of a social cause and the gains from that financial asset will be able to fund that social cause as long as enough people support the cause. In a non-blockchain world, only donations and charities can fund a social cause whereas in the blockchain world a social cause can be funded by profit-seeking behaviour in addition to donations and charity.
A Blockchain is of no use until it can get people to cooperate toward a common cause. That common cause has to be expressed in terms of obligations and benefits of all parties involved in the cause. Obligations are what the parties perform and benefits are what the parties gain as a result of their performance. Blockchain Contracts are an expression of obligations and benefits of all parties involved, as written on the blockchain. Another way of looking at it is that blockchain is a technology and a Blockchain Contract is the human application of that technology. Blockchains are useless without Blockchain Contracts. Human innovation in blockchain is at most a technological innovation, but human innovation in Blockchain Contracts is a social innovation which can transform human lives. When we speak about blockchains being revolutionary, it is the Blockchain Contracts, rather than blockchains themselves which are the cause of the revolutionary transformation. That is the reason why focusing on Blockchain Contracts rather than blockchains would yield greater dividends for mankind. This is why Blockchain Contracts are the core pillar of Ranchi Mall’s efforts and innovations.
The current way of putting business agreements onto the blockchain is called a smart contract for which all the decisions, once coded by the contract creators, are automatically implemented by software. Blockchain Contracts, on the other hand, assign a primary role to human judgment in blockchain-based contract decisions. Human judgments are superior to machine judgments in matters of unexpected events that can occur during the course of a contract. As a result, Blockchain Contracts perform much better than Smart Contracts in real world scenarios where uncertainties exist.
What is the Ranchi Mall Internship Blockchain Contract?
Internship Blockchain Contract securitises assets created by interns. These assets are procured and traded by internet community. If quality of assignments is good and interns perform well, the internship blockchain contract asset will grow in value over time. It alters the traditional internship model by having more students being offered internship opportunities and creates a more diffused financing structure for internship projects. It also realigns students towards in-demand projects as market relevant projects generate higher valuations. Ranchi Mall Internship Blockchain Contracts are of two fundamental types: marketing and technical. For each of the contracts there are four levels of interns: starters, intermediates, advanced and masters. For the contract to operate, there is a list of assignments for the marketing interns and another list for the technical interns. The assignments are determined by administrators of the other blockchain contracts which then is available for all interns to voluntarily subscribe to. Every intern starts at starter level and, depending upon their performance, moves to higher levels.
The Elements of Internship Blockchain Contracts?
Element 1: Projects
- Internship Programme in Technology
- Internship Programme in Marketing
Element 2: Milestones
- Develop a high quality technology course.
- Develop a high quality internet marketing course.
The interns will be graded by their respective blockchain administrators.
Element 3: Administrator
The administrator of the Internship Blockchain Contract is Raja Sekhar Malapati. He is a former venture capitalist, has worked extensively in creating education programmes and was formerly with Control Case. He studied cryptography at the Indian Statistical Institute in Kolkata.
Element 4: Initial valuation
The initial valuation of the contract will be 0.1 RMT per starter level intern, 0.3 RMT for intermediate level interns, 1 RMT per advanced level interns and 5 RMT per master level interns. This contract will be valued based on the assessed value of various projects undertaken by interns in technology and marketing. Initially, this project will be totally funded by incorporation blockchain contract. The initial valuation will form the corpus for expenses toward interns, events and the administrator’s compensation.
Element 5: Running valuation
The valuation of the contract will increase as interns graduate from starter level to higher levels as per Element 4. In addition, every finished project will be valued in RMT terms by the market.
Operational details of the blockchain contract:
The blockchain contract will have the following reporting needs:
- Create a list of interns.
- Create a list of projects.
- Create a list breaking the projects down into tasks.
- Allow interns to choose from amongst the tasks in the various projects.
- Maintain a record of proficiency achieved by each interns, once they’ve reached the intermediate stage.
The technical objectives are:
1. Complete code walk-through of entire code of Florincoin and make a report.
2. Create an app using Facebook marketing API for checking Ranchi Mall related keywords automatically and reporting statistics on it.
3. Create a web site for all Ranchi Mall blockchain contracts.
4. Complete Electrum X comment integration.
5. Expand Flovault for comment.
6. Document all FLO resources in one medium article.
7. Complete Blockchain comment interpretation architecture report.
8. Complete FLO blockchain contract architecture report (contract writing and contract verification report).
The marketing objectives are:
- Create a list of tasks for marketing interns.
- Create publication strategy (Medium, Facebook, Twitter, Instagram).
- Open direct channel of communication with Coin Telegraph.
- Open direct channel of communication with Coin Desk.
- Make Satoshi Nakomoto Drive go viral.
- Promote the word Blockchain contract (and make sure it is distinguished from Smart Contract and Traditional Contract).
- Research top names and keywords in Crypto-World on:
b. Google Analytics
8. Create a distribution list for all our press email contacts and online channels
Each of the four levels of interns, from starter to master, will be allocated a distribution pool depending on the money that the incorporation blockchain contract secures. Interns will be paid according to their performance in each category of distribution.
Long term vision:
The long term vision of the internship blockchain contract is to create a blockchain university.
How are assets created in Internship Blockchain Contract?
The primary asset in this Blockchain Contract is the output of interns and the secondary asset is valuation premiums attached to this blockchain contract available as a result of tradability. Since any Blockchain Contract can be subdivided into individual units and each unit can be sold individually, the same would apply to this Blockchain Contract as well. We’ll describe the general principle of creating financial assets in any Blockchain Contract and then describe it specifically for the Internship Blockchain Contract. A financial asset has value and is tradable.
Step 1: Identify various parties who would interact with each other,
Step 2: Design obligations and benefits for each party.
Step 3: Complete the overall picture of various interactions between obligations and benefits and fine-tune them so that the Blockchain Contract works properly under all imaginable cases including stressful scenarios. If each party’s benefits is larger than the obligations and the Contract as a whole also has benefits in the overall scheme of things then the Blockchain Contract will be successful.
Step 4: Write the text of the contract on the blockchain and subdivide it into multiple units, each of which is to be sold individually to investors.
Step 5: Create a trading platform for those units.
Now we will descrie the steps for the Internship Blockchain Contract:
Step 1: The identified parties are interns (beginner, intermediate, advanced and master). The second party is project owners who will be responsible for training and teaching the interns, allocating the tasks and monitoring the interns. The third party is the Blockchain Contract administrator. The fourth party is Ranchi Mall, and the fifth party is the investors.
Step 2: Obligations and Rewards
The obligations of the interns is to learn and perform the assignments allocated to them. The reward is non-financial rewards in terms of certificates and financial rewards in terms of cash. The assignment obligation is the time and effort expended to complete the assignments and the rewards are the gains from assignments completed. The administrator will get a percentage of the earnings from the Blockchain Contract or a fixed fee. Investors have an obligation to invest money. Their benefits are returns on their investments achieved through higher valuations. The administrator’s obligation is to expend time and effort to manage the Blockchain Contract and the benefit is a fixed fee or a success-based percentage return on Blockchain Contract’s performance. Ranchi Mall’s obligation is to design the whole Blockchain Contract and gains are financial and marketing rewards from the success of the Blockchain Contract.
Step 3: Approximately ten percent of the interns need to perform well and execute tasks for the whole Blockchain Contract to be in profit. About 50% of the project owners have to perform well for the Blockchain Contract to be viable. The assignment of project owners is a critical factor in this Blockchain Contract.
Step 4: This Blockchain Contract would initially be divided into 100,000 units. Each unit will be sold for $1 USD.
Step 5: The technology used will be the Flo Blockchain and Ranchi Mall token trading system on Flo Blockchain will be the trading system.
Conclusion: Ranchi Mall began implementing its Internship Blockchain Contract in November 2017. We enjoy offering a new way of making education and work experience accessible using the power of blockchain technology. We are experimenting with this Contract on a small scale and will be scaling it up over time.