How ‘Timed Verification Minting’ (TVM) Becomes A Proof Of Value Creation And A Basic Income

TIMERS
TIMERS
Sep 7, 2020 · 4 min read

We at TIMERS believe that a transformation process is already well under way. Ten years from now, we may call this our 4th industrial revolution.

That is why we think fundamentally new forms of cash and stores of value will be needed. Our solution is geared toward a world with vastly changed job-markets longing for new ways to earn additional income and facilitate trade.

Rooted in real life and looking for applications supported by such a store of value, we identified Time itself as a form of money respecting a value that’s intrinsic to all people. For the first time in history, time can be used as a currency for trading. More than that, time is a divisible, fungible and widely used asset. To put it this way: It is the one currency that is digital and analog at the same time and it is the only currency leading to a state of financial freedom.

Time in general is an infinite quantity. Still, for the individual, time remains a recreational and uber-quality construct and as such, is limited and extremely valuable. This is reflected in the circulating supply rate of growth, which will only increase, if the number of unique users within the ecosystem grow as well. It will be labeled as ‘timed verification minting’ (TVM) and used as a Proof Of Value Creation.

TVM is the basis for minting IPM and operates in the background, It will be available in 2 stages.

  • TVM Stage 1
    Tokens will be minted* and distributed to holders whenever new people join the Timers App and set up an IPM account. Similar to current staking, the bonus depends on the size of the amount of IPM you already own. You can make daily claims.

*Note: this will partially happen without real minting and no artificial inflation of the circulating IPM. Team related wallets will not be eligible for the token distribution!

  • TVM Stage 2 (final product)
    Tokens will be minted and distributed to holders. A dedicated activity tracking system will be applied to measure value creation through your engagement in skill, goods, services and forum-based social activities, instead of just using wallet sizes. This should serve as an additional incentive to provide your own quality time in IPM. This way, we at TIMERS want to establish a basic income mechanism for all active users.

Proof of value creation as in these ‘timed verification minting processes’ opens up advantages for platform- and application-providers as well as for users. Growth is also distributed directly to the users themselves in the form of IPM, whereby the total number of users increases for us — a win-win situation for all.

Our maximum supply of IPM as an ERC20 token will be limited to 50 million. In addition, the starting supply tops out at 3,3 million only.

The goal is, to have new demand always ‘eating up’ supply immediately. In other words, the more successful the application, the greater the probability that any given IPM will remain circulating in the system. This results in higher deflationary pressure than on any other comparable system.

It counteracts a well-known inflationary effect, which is, for example, not applicable to other tokens like XRP (Ripple).

In addition, every time a transaction on the TimeChain (blockchain) takes place, a small fee applies, representative of the processing power temporary utilized. This means, increasing collaborative actions within the app will have a deflationary effect, therefore regulating the amount in circulation.

Lastly, the uncertain stability of any given fiat money is thus counteracted. IPM is decoupled, but still gives the users the decentralized possibility to exchange their IPMs into any other currency.

In case of a ‘store of value’ argument — new IPM tokens will be minted on demand only. To counter deflationary pressure our ‘Proof Of Value Creation’ comes into play. There’s no fiat-backing and no minting/burning done to keep a certain ratio to fiat money. Of course, there’s also no pressure on the price by miners needing to sell tokens.

Proof of value creation in a timed verification process [TVM] ensures an incentive operating system similar to staking but designed for optimal sustainability.

While there might be a stabilizing process over time within our ecosystem, it is still very depending on actual supply and demand, where normal free market mechanisms of a marketplace apply. We will offer a programming interface [API] — allowing developers to create multiple applications based around IPM time accounts beyond those marketplaces.

Finally, our goal remains to offer all users ‘sustainable incentives’. A ‘Basic Income’ through the process we laid out as TVM.

Your friends @ TIMERS.network