Why JobCoin is an ERC20 Token on the Ethereum Blockchain

Posted by Lee Lorenzen on

Like Kin and other popular second generation tokens that followed BitCoin, JobCoin will be implemented on the public Ethereum blockchain as an ERC20 token.

We chose the Ethereum blockchain not only because it is currently the industry standard for issuing custom digital assets and smart contracts but also because of some of the unique features involved in The JobCoin Economy that require the robustness of and trust already built into the Ethereum blockchain.

Specifically, each 1,000 JobCoin Note has the following “first for any token” feature:

  1. The ability to track a lifelong “chain of ownership” for each physical/virtual 1,000 JobCoin Note based on unique Serial Number entries in the blockchain
  2. Storage in the blockchain of :
    1. Serial number of each note
    2. each note owner’s name/cellphone#/selfie picture
    3. date and GPS locale of note owner at time of receipt,
    4. date of transfer (if any),
    5. reason for transfer (if the note has been transferred) with mutual voice or text message confirmation by owner and transferee recorded securely,
    6. new note owner’s name/cellphone#/selfie picture
    7. date and GPS locale of new note owner at time of transfer
  3. System for creating new 1,000 JobCoin Notes that honor individuals in the Portrait Area on the front of each note
  4. System for viewing/printing the front of the note with the names of the Original Owner and Current Owner visible
  5. System for viewing/printing the back of the note with a listing of the Chain of Ownership
  6. System for creating Collections Stacks in different domains and to have 1 to 1,000 unique portraits honoring individuals in these categories in support of tracking the completion of collections by individual owner's of each note
  7. System for storing JobCoins in an individual's wallet in note sizes below 1,000 so that the individual can save up to afford to convert these smaller denominations into a specific 1,000 JobCoin Note available from the JobCoin Mint

By using the ERC20 token interface we will remain compatible with the existing infrastructure of the Ethereum ecosystem and thereby allow for our partners and JobCoin holders to use existing development tools, wallets, and exchanges.  We will also rely on Ethereum’s ability to deploy Turing-complete trustless smart contracts to support the “first for any token” features that JobCoin uses.

 Here is an example of the types of features that JobCoin uses:

We are getting a VERY POSITIVE RESPONSE to this concept of giving folks who purchase at least ten 1,000 JobCoin Notes (i.e., $100 USD at our current 1 JC == $0.01 USD rate)  the right to have a picture of whoever they wish to honor (i.e., themselves, a friend, a relative, etc.) placed on each of these notes because these honorees’ images will live on for all time (or at least as long as the Ethereum blockchain lives on).  This response confirms our belief that when we launch JobCoin as the world’s first “Influence Token” that folks will enjoy this fun way of showing off and collecting the JobCoins they own.

In addition, the fact that both the Original Owner and the Current Owner of each 1,000 JobCoin note may participate in an “early adopter bonus” if they are the holders of one of the first 1,000,000 “RED SEAL” JobCoin should cause folks to buy the notes early and yet not be too afraid to put them into circulation. They can do this be selling them, gifting them or by trading them with others for specific JobCoins with portraits that they don’t yet have or redeeming them for product purchases in the form of Amazon, Ebay or ShopO gift cards. 

The beauty of the “chain of ownership” is that our earliest adopters will receive not only an uptick in the value of the JobCoin notes they still hold but also a bonus that may be paid to the Original and Current Owners of each note when JobCoin / ShopO / WorldShop determines that such a bonus can legally be paid without violating securities laws.

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This post is © 2017 WorldShop LLC, © 2017 ShopO LLC and/or © 2017 JobCoin LLC. All Rights Reserved.


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