Difference between revisions of "Social tokens"

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Social tokens are one of the four kinds of [[token]] on the Byteball platform. In a local community, most people have regular money in varying amounts, and it works fine apart from one generally not having enough of it. But there are other resources, personal to the individual, that can be "monetised", with these tokens then being passed around like cash.
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==Overview==
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The Social Tokens system is basically [[Family_tokens|Family Tokens]] for grown-ups.
  
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[[File:Deb-alan-1.jpg|thumb]]
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As with Family Tokens, the general idea is to improve the group by rewarding good behaviour, both individually and in groups. Our system uses Obyte wallets on the group members' personal cellphones.  
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==Backing==
 
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To be more than a [[fun-coins|fun-coin]], useful for practising [[textcoin]]s or [[smart contract]]s but with zero monetary value, a token must be backed by something. That means the bearer can exchange the token with reasonable ease for something in the real world that the bearer considers valuable.
 
  
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===Historical===
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==Set-up==
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In the distant past, "I promise to pay the bearer on demand the sum of 1 pound" on a one-pound English note meant on presentation at the bank the bearer could receive in exchange one pound weight of sterling silver. With fiat money -- where it's still valuable -- the backing is only the confidence that other people will accept it in exchange for usual goods and services.
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===Create the tokens===
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The group leader uses some tokens from the [[fun-coins]] faucet, or preferably creates 1000 personalised "Credits by Group Leader" (or whatever), stores them in the "Treasury" wallet, and is mostly in charge of distributing them.
  
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===Present day===
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===Everyone has a wallet===
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How does this apply today, in 2018, and especially with Byteball? It's not generally practical to create a token exchangeable one-for-one with the national fiat currency, although [[local currency|local currencies]] complementary to the national currency do exist. They are accepted at participating merchants to encourage residents to shop locally.<ref>https://en.wikipedia.org/wiki/Local_currency</ref>
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It is assumed each of the group members has a smartphone already. If not, they can be bought very cheaply. In ASDA (big UK supermarket), one running Android 7.0 goes for £35, or one running Android 5.1 for £20. Both work perfectly for Obyte, including cameras for scanning QR codes.
  
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However, [[Glossary|ICOs]] that collect money in exchange for tokens -- especially on the Ethereum platform -- are very popular, despite threats of government regulatory action.
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===Wallet details===
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Use single-address wallets to reduce confusion.
  
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==Counterfeiting==
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*'''Group Leader:''' Personal Group Leader plain wallet; Treasury 1of2 multisig wallet
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*'''Deputy:''' Personal Deputy Group Leader plain wallet; Treasury 1of2 multisig wallet
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*'''Member A:''' Personal "Member A" plain wallet
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*'''Member B:''' Personal "Member B" plain wallet
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*'''Member''' . . .
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*'''Team K:''' No special wallet, team members just use their regular wallets, etc
  
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The [[File:Bobby-10credits.jpg|thumb|upright=0.67]]  thing about non-crypto tokens is many ideas seem great until you get to the practicalities and realise that any physical tokens one will make (hand-made or computer-printed or even hammered rounds of metal) can easily be counterfeited. It's why national banknotes and passports are so incredibly intricate and beyond creation at home. And creating a crypto token on the Ethereum platform, say, is relatively difficult and costly.
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===Address list===
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Group Leader and any Deputies need the addresses of everyone concerned, in their wallets if not too many. If too many, in a convenient form to make all needed payments promptly.
  
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But Byteball tokens change all that because:
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Each member has the following named addresses in their wallet address lists: Treasury, Group Leader and any Deputies.
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* the cost and effort of creation is negligible, and 
 
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* despite this ease one's token is instantly recognisable and can't be forged.
 
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This is a '''big''' deal!
 
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{{clear}}
 
  
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==The Social Tokens system==
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===Pairing===
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[[File:Social-tokens-1.jpg|thumb|left]]
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It is not essential, but there are benefits to pairing devices with others. Apart from the encrypted chat, one can then use smart contracts if desired.
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===Personal tokens===
 
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One creates a "personal token". This is not an empty token but one backed with some real-world good or service that enough people in one's group would value. The default resource, that most anyone can monetise to some extent, is their spare time. So Bobby Smart creates a token called "Minutes by Bobby Smart" that he issues very carefully. Because the promise is that '''anyone''' holding his tokens can "cash them in" with Bobby on demand in exchange for that many minutes of his time and attention. Obviously one is not expected to drop whatever they are doing to honour the new demand, but a reasonable accommodation, satisfactory to both parties, should be made.
 
  
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===Good faith===
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One party gives the other a pairing code, either written out in full or via QR code. Generate this in Obyte wallet chat by clicking on "+ Add a new device" then "Invite the other device". It will look something like <code>AhHPXCpCSTzD1CF53ELGTAsZ6MCA8Ogvk+koyibfPt/2v@obyte.org/bb#GxVBizZ2DSEf</code>. The other party in Obyte wallet chat clicks on "+ Add a new device" then "Accept invitation from the other device" and pastes the pairing code into the almost-invisible line above the "pair" button.
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This is a good faith system, where "I promise to pay the bearer on demand ..." for once means what it says. Both token issuers and token redeemers are expected to act reasonably and if they don't the value of their "money" will drop accordingly along with their social reputation.
 
  
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===Skills===
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===Transaction fees===
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The time of a professional, whether a plumber or a tax accountant, will have to be specified as social or professional, i.e. whether an hour with the plumber is just chat or includes unblocking your sink.
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Every transaction that moves "Credits" from one wallet to another will cost maybe 1000 bytes. Make sure everyone has enough. One can buy more bytes with regular money. But note that "Credits" cannot be bought for regular money.
  
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"Minutes by Gary Watson", a local plumber, would be a confusing token. Does this time include plumbing labour, or only chat time? "Plumbing Minutes by Gary Watson" or "Casual Minutes by Gary Watson" would be clearer. But "Professional Landscape Gardening Minutes by Sotiris Papadopoulos" isn't going to fit in the space available.
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==How it works==
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The exact system of what behaviours earn how many tokens and what rewards these tokens can be exchanged for (group trips to the movies etc) will need to be worked out by the group concerned.
  
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===Exchange rates===
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===Credits and Rewards===
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Just as 1 Zimbabwean Dollar is not worth the same as 1 US Dollar, "Kisses by Sally Snodgrass" might not be as prized -- or as rare -- as "Kisses by Sarah Sweetbrush". The relative values of various similar tokens in a community will become clearer as time goes by.
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To avoid confusion, it might be best to refer to the tokens handed out to the members as '''credits''' (whether the actual name is ''Credits'' or ''Smarts'' or ''Woos'' or whatever), and what they can be "cashed in" for as '''rewards'''.
  
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===Fiat or token?===
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===Individual and group credits===
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Some items can readily be exchanged for fiat cash, but others could be exchanged for social tokens that don't feel right to sell for cash. For example, spending an hour fixing a good friend's computer would probably be done for free; doing it for a complete stranger might involve a normal cash payment; but how about the awkward area in the middle where neither seems appropriate?
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*Member A arrives on time for a week, and Member B does his assigned task for that week (maybe they have a rota for cleaning up the lunch trays), each receiving credits per the agreed list.
  
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===Examples===
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*Team K get credits for completing their after-hours project on time. Each member of Team K gets the same number to each wallet, except the team leader gets 20% more.  
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These are things friends with skills might do for each other, not full-blown commercial offerings.
 
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* Lambo rides (from a rich family)
 
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* DJ sessions
 
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* Haircuts
 
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* Microbrews (from a home-brewing fan)
 
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* Backrubs
 
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* Horserides (family farm)
 
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* Makeovers (make-up expert)
 
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* Portraits (from someone who draws well)
 
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* Guitar lessons
 
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* Language lessons (bilingual person)
 
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* Listening minutes (sympathetic person)
 
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* Babysitting hours
 
  
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==Textcoins==
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The group credits encourage peer pressure: "If we turn this in late we don't get the 20 credits, so let’s put in a bit of extra time and get it done, all right?"
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Deb is perfect to illustrate all this as she both likes Byteball and loves to give away her kisses with wild abandon. If an intended target does not have a Byteball wallet yet, no problem. She sends some “Kisses by Deb” as a [[textcoin]] in a text message on WhatsApp or whatever is in vogue at the time.
 
  
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===Creating and registering tokens===
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===Individual and group rewards===
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How tokens are '''created''' is covered in the [[asset]] article. To have a token '''display''' in English, "Tingos by Jore Bohne" instead of "O1DbJWbZJfKhjZQYH5RrdRQ2ojMuo2WiaKbjIWSWd4E=", requires registration<ref>https://docs.google.com/document/d/e/2PACX-1vQnpiwTipnBgrhSJcELOYYAOa3mTLZbmLmOebbtHFJFrfgHtlsNNZ9MPEGafvtuTnVAyfWukwu_hYSB/pub</ref> too.
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The members spend their credits on individual rewards:
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*Member A wants to choose the TV channel in the lunchroom tomorrow, and Member C wants to skip his week doing communal sweep-up.
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*Team L cash them in to go for a free meal together.
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 +
====Funding====
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Some of the rewards will probably cost money, so funding for this needs to be worked out. Maybe from membership fees, maybe from "management" as a budget line item.
 +
 
 +
===Credits from Treasury===
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When credits are earned, per the social token system, the group leader or a deputy sends them from Treasury to the member’s wallet. This can include use of a personal oracle, if you wish.
 +
 
 +
===Credits to Treasury===
 +
When credits are exchanged for rewards, the member/s send/s the appropriate number to the Treasury wallet.
 +
 
 +
===Explorer===
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Since all the relevant wallets are single-address, and these addresses are known, everyone can see all the relevant token transactions.
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==But grown-ups are not kids!==
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Does this really work for grown-ups? Well, try it and see. It has to be done with the agreement of the people involved.  
  
 
==See also==
 
==See also==
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*[https://www.verywellfamily.com/create-a-token-economy-system-to-improve-child-behavior-1094888 Very well family website]
 +
*[https://byteball.market To create your own social token in 5 minutes]
  
 
==References==
 
==References==
 
<references />
 
<references />
 +
 
[[Category:Tokens]]
 
[[Category:Tokens]]
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[[Category:Features]]
 

Latest revision as of 18:16, 21 January 2019

Overview

The Social Tokens system is basically Family Tokens for grown-ups.

As with Family Tokens, the general idea is to improve the group by rewarding good behaviour, both individually and in groups. Our system uses Obyte wallets on the group members' personal cellphones.

Set-up

Create the tokens

The group leader uses some tokens from the fun-coins faucet, or preferably creates 1000 personalised "Credits by Group Leader" (or whatever), stores them in the "Treasury" wallet, and is mostly in charge of distributing them.

Everyone has a wallet

It is assumed each of the group members has a smartphone already. If not, they can be bought very cheaply. In ASDA (big UK supermarket), one running Android 7.0 goes for £35, or one running Android 5.1 for £20. Both work perfectly for Obyte, including cameras for scanning QR codes.

Wallet details

Use single-address wallets to reduce confusion.

  • Group Leader: Personal Group Leader plain wallet; Treasury 1of2 multisig wallet
  • Deputy: Personal Deputy Group Leader plain wallet; Treasury 1of2 multisig wallet
  • Member A: Personal "Member A" plain wallet
  • Member B: Personal "Member B" plain wallet
  • Member . . .
  • Team K: No special wallet, team members just use their regular wallets, etc

Address list

Group Leader and any Deputies need the addresses of everyone concerned, in their wallets if not too many. If too many, in a convenient form to make all needed payments promptly.

Each member has the following named addresses in their wallet address lists: Treasury, Group Leader and any Deputies.

Pairing

It is not essential, but there are benefits to pairing devices with others. Apart from the encrypted chat, one can then use smart contracts if desired.

One party gives the other a pairing code, either written out in full or via QR code. Generate this in Obyte wallet chat by clicking on "+ Add a new device" then "Invite the other device". It will look something like AhHPXCpCSTzD1CF53ELGTAsZ6MCA8Ogvk+koyibfPt/2v@obyte.org/bb#GxVBizZ2DSEf. The other party in Obyte wallet chat clicks on "+ Add a new device" then "Accept invitation from the other device" and pastes the pairing code into the almost-invisible line above the "pair" button.

Transaction fees

Every transaction that moves "Credits" from one wallet to another will cost maybe 1000 bytes. Make sure everyone has enough. One can buy more bytes with regular money. But note that "Credits" cannot be bought for regular money.

How it works

The exact system of what behaviours earn how many tokens and what rewards these tokens can be exchanged for (group trips to the movies etc) will need to be worked out by the group concerned.

Credits and Rewards

To avoid confusion, it might be best to refer to the tokens handed out to the members as credits (whether the actual name is Credits or Smarts or Woos or whatever), and what they can be "cashed in" for as rewards.

Individual and group credits

  • Member A arrives on time for a week, and Member B does his assigned task for that week (maybe they have a rota for cleaning up the lunch trays), each receiving credits per the agreed list.
  • Team K get credits for completing their after-hours project on time. Each member of Team K gets the same number to each wallet, except the team leader gets 20% more.

The group credits encourage peer pressure: "If we turn this in late we don't get the 20 credits, so let’s put in a bit of extra time and get it done, all right?"

Individual and group rewards

The members spend their credits on individual rewards:

  • Member A wants to choose the TV channel in the lunchroom tomorrow, and Member C wants to skip his week doing communal sweep-up.
  • Team L cash them in to go for a free meal together.

Funding

Some of the rewards will probably cost money, so funding for this needs to be worked out. Maybe from membership fees, maybe from "management" as a budget line item.

Credits from Treasury

When credits are earned, per the social token system, the group leader or a deputy sends them from Treasury to the member’s wallet. This can include use of a personal oracle, if you wish.

Credits to Treasury

When credits are exchanged for rewards, the member/s send/s the appropriate number to the Treasury wallet.

Explorer

Since all the relevant wallets are single-address, and these addresses are known, everyone can see all the relevant token transactions.

But grown-ups are not kids!

Does this really work for grown-ups? Well, try it and see. It has to be done with the agreement of the people involved.

See also

References

Retrieved from "http://wiki.obyte.org/mediawiki/index.php?title=Social_tokens&oldid=1325"