2 - The First Proof of Concept
The AddonX value experiment continues this week with an English class, hopefully attended by 6 students. Each student will obtain a provider token and will book the class using their token. The tokens have been created by me on the Cardano blockchain. I am the teacher of the English class and in the AddonX eco-system I am Provider Zero.
Tokens are often called coins, and coins are often called money. Money is a convenient unit of exchange for goods and services. It is used when we don’t want to spend all day bartering, trying to find someone who wants to exchange our eggs for some shoes. Money has come in many forms over the years; it has been gold and silver, salt, sea shells, sticks, cattle and even pieces of paper. If there is complete trust that these things will be accepted in exchange for goods or services then they are called money.
The group of tokens that I have created have a name and a unique I.D. These specific tokens can only ever be created by me because I hold the keys to their creation. I have decided to create 14 tokens. I have agreed that each token can be exchanged for half an hour of my service. The service I offer is an engaging, B2 level, group English class. This means that if someone has 1 of my tokens I have a liability to accept the token in exchange for that person participating my class.
Four of the tokens have been listed for sale on a marketplace, they can therefore be bought in the traditional way using money. For this I have to set a price in a specific currency. After a token is bought and delivered to a wallet, the purchaser will send the token to my wallet as payment and then book the class. In the booking form the student will include the transaction hash; an on chain code which proves that the token has been sent to my wallet. I am happy to say that four fantastic students have followed this process and have already booked a class.
Seven of my tokens are in Paulo’s wallet. I sent them to him in exchange for services he has given me as a blockchain developer. If Paulo wants to join the class he has two options; he can pay with one of my tokens or he can pay with one of his own provider tokens.
As Paulo is Provider One in the AddonX eco system he has been able to create his own tokens and can use them as payment for other services. At the moment the only other service on offer is my English class. Fortunately Paulo likes to learn English so he will send me a Paulo token in exchange for a 30 minute slot.
To confirm that he has done this he will also include the transaction hash in the comment section of the booking form. This process is different to that followed by the other students as a service swap has taken place without a price being set. Paulo and I have personally negotiated the respective value of our services.
There is only one place left in my class and the only other tokens left in circulation are in the wallet of Alan. Alan has accepted 2 of my tokens in exchange for creating a short marketing video, another service swap. Let’s see if Alan wants to attend the class, if he does, he will follow the same booking process as Paulo. Maybe Alan is busy in which case he can save the token and maybe wait to book a class for next week or maybe he has another idea of what to do with my tokens.
I scheduled a class with 6 participants. The class cost 1 of my tokens for each participant.
I listed 4 tokens for sale on jpg store.
Paulo wanted to attend the class and agreed a swap. He sent one of his tokens as payment.
Paulo booked a place in the class including the transaction hash in the booking form as payment confirmation.
Four students bought one of my tokens each from jpg store.
Each student sent the token to me as payment.
Each student booked the class including the transaction hash in the booking form as payment confirmation.
In the end Alan sent me two of my tokens by mistake and booked the class including the transaction hash as confirmation of booking. (I agreed to keep the extra token and owe Alan another class in the future.)
All the bookings and transaction hashes were confirmed by email.
Six happy students participated in an English class.
Last updated