Thursday, September 27, 2018

ITEMBANC - Technology Engine Designed to Create Global Parity Assessment Information


Hello everyone in this article I will present an interesting ICO analysis, called ItemBanc, based on the following criteria:

Purpose
Item Banc is a technology engine designed to create global parity valuation information. Data for the engine is derived from a basket of basic human need goods that are captured and tokenized by smart contracts with producers and organized by Nation. The entry point and growth plan for Item Banc in a community proves a realistic acceptance that to create robust trade the technology must first address the basic needs of the people and their incentive to produce. Item Banc can deliver confidence, security and freedom in a currency-challenged community with a new currency that can grow smart, productive economies.

Technology Creation
The Item Banc token technology can be created on an existing protocol such as Cardano that allows for decentralized proof of stake governance and does not require mining. Simple interfaced smart contract forms need to be created that can operate on the blockchain.

The smart contracts will be for products in the target community that qualify as BHN products or additional community assets that will be staked to the currency as agreed. A log of the commodity products staking (traded for) the Item Banc token, with product values needs to be automatically recorded by the smart contract on a decentralized Item Banc ledger.

The contract legal language can be based on existing legacy corporate trade contracts and can incorporate regional legal requirements where implemented. Corporate trade contracts attached. Method for Proof of Stake Governance The Item Banc model for securitization of cryptocurrency involves smart contracts that assign or stake an asset against the currency. Unlike loan platforms, the crypto is issued (created) by smart contract when the asset is staked and the crypto is burned when the asset is revoked.

The crypto can be exchanged for any goods or services or fiat or other crypto and the value of the crypto will fluctuate based on market. The incentives to contract an asset for the crypto are to profit from the liquidity, a general rise in crypto value as additional assets are staked to the crypto and also to make additional markets for the asset. In a preferred model the staked assets are commodities and BHN (basic human need) hard goods of a minimum value ($10,000 and up, for instance).

The staked assets will be transparently published by smart contracts on an accessible site and organized by asset category, location, and original contracted value. This information is managed by the Item Banc Technology.


A first example is that a crop is staked and minted by smart contract to the Item Banc Token. The staker of a crop receives the tokens and the Item Banc community owns the crop. If the crop is later sold to a new owner for Item Banc tokens then that cost value of tokens are burned by the contract. So if two million Token units were originally staked and minted then two million are burned. A second example is that a manufacturer stakes production of 100,000 t-shirts.

If the t-shirts are sold then that value amount of crypto is burned by the contract. The opportunity with the Item Banc model of Proof of Stake is the ability to allocate distributed governance for the crypto based on the percentage of asset stake to the whole. A set of stake can be set aside for founders, partners and operations based on a percentage of the crypto value in order to uphold the founders’ vision and the contributions of the technology team, operations, sales and marketing.

Circulating supply should equal units issued for assets staked plus the percent set aside for founders, operations, and initial community air drop and technology partners. 


THE ITEM BANC DEVELOPMENT PLAN

BHN Warehouse Pilot Team (Rwanda) :
BHN Rwanda Team is responsible to manage BHN distribution in the Country. The team will find an initial property and building suitable for warehousing BHN items. The team is responsible to purchase and stock and manage the sales of product for information currency on an ongoing basis. The team is also responsible to manage IB contracts for new products and the storage and sales of these items as well. There is a 10% product allocation for BHN team in each IB contract on the blockchain.

Item Banc Coin (Rwanda) :
Code initial ICO structure into Ethereum and create coin.
First Token Sale September 2018

Item Banc Smart Contract Team and Beta Testing (Rwanda):
Item Banc Rwanda Nation Coin Team will focus development of smart contracts for production and inventories within the nation, airdrops for citizens and residents of Rwanda and BHN warehouses within the country. Rwanda Nation is the Beta site for Item Banc contracts on the blockchain and will participate with other national Item Bancs via the Item Banc Engine cross-average-cost system as they are implemented.

Item Banc Engine Team Atlanta, GA:
This team is responsible to code the Item Banc Engine Technology created by V Robertson.
The engine uses algorithms and methods published in the Information Currency book with proprietary program design for item naming systems tested in 2002.

THE ITEM BANC TOKEN IS BACKED BY PRODUCTS NEEDED IN DAILY LIFE.

The core set of commodity products that back the currency are described as BHN or Basic Human Need products. These products are in five categories: Food, Building Materials, Basic Clothing, Paper Products, and Hygiene.

Producers are given the Item Banc Token in a smart contract exchange for their BHN products. The products can be stored by the producer or moved to a common warehouse. Producers include, for example; Farmers, Manufacturers, Distributors, and Importers.

Consumers who have fiat cash money can exchange for Item Banc Tokens from the producers which would allow for purchase of BHN items at discounted rates. Consumers can also work for the producers to earn Tokens. Consumers can also trade or sell other goods or services for Item Banc Tokens.


INFORMATION CURRENCY CREATED BY ITEM BANC ENGINE

Information Currency is a value system based on the relative value of BHN products available for consumption around the world. The Item Banc Engine takes as input what BHN products are available where at what value. The product values are (basically) averaged by item by category by BHN “basket” (all of the BHN products) by nation. The calculations are based on the standard economic theory of purchasing power parity.

The current dollar value system represents the relative supply and demand of currencies by nation.

The Information Currency value system represents the relative value of BHN products by national currency or literally by Nation.

Blockchain and smart contract technology have created the opportunity to allow the Item Bancs to capture and capitalize live BHN product valuation information and the Item Banc Engine uses this to publish fair market value with Information Currency.

It is with fair market value that economies can thrive, companies can be secured by their production and people can trust a fair reward for their work. Fair market value finds parity when currency is Information and Information is currency.

ROADMAP


To find out more. You can connect more with ItemBanc at the link below:


Bitcointalk username: Aray80

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