Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
The founder of Biocoin, a cryptocurrency empowering an eco-farming network LavkaLavka, Boris Akimov pioneers to explore a new application for the blockchain technology.
Today, the token concept is central to most social and economic innovations developed with blockchain technology. There are different types of tokens that frequently serve as the digital equivalent to physical assets like the gold or fiat currencies. However, crypto economics is so new, that users are still on early stages of exploring different roles of tokens application by trial and error of what works and what not.
Now the blockchain ecosystem exhibits a new trend of self-tokenisation, and Boris Akimov, a farmer and the founder of LavkaLavka was the first to use Waves Platform for tokenising another intriguing asset class: himself.
LavkaLavka is a farming network supported by its own token Biocoin that enables thousands of eco-friendly households provide homegrown produce directly from farmers. No stranger to blockchain technology and ICOs, Boris has now decided to simultaneously shed a new light on token concept and reap benefits from his own time and skills by tokenising them.
Revealing the incentive of self-tokenisation Akimov says,
“In fact this is a simple idea in principle. I have certain skills, knowledge and experience, as well as my time in which I apply them, which is what will be tokenised. Token owners can receive the benefits of this experience for a period of time, depending on how many tokens they have. The more competent my work, the higher the demand for my skills and knowledge, and the higher the value of the tokens on Waves’ built-in decentralised exchange. Conversely, the lower the quality of my work, the lower the value of the token. This “free market” approach to my own abilities is very appealing and to me, represents one of the great strengths of blockchains and cryptocurrencies.”
Basically, the idea behind a project is nothing new, yet the performing attracts close attention of crypto community. From the times of Ancient Sumer, money serves as a means of tokenising time, with a certain weight of silver representing a given amount of labour. The token that will be hosted on the Waves platform, however, is an uncharacteristically granular approach to this idea, tokenising the unique skills and time of one person – in this instance, down to the second.
“Let’s take a conservative estimate in which I tokenise two days a week of my time. That’s 16 hours per week, or 832 hours a year. Let’s say that the token will expire after 4 years, just to reduce risk all round! So that’s 3,328 hours, or 12 million seconds. So the plan is to create 12 million tokens, each of which can be redeemed for a second of my time and skills!”
Waves, the platform supporting Akimov’s tokens, is an experienced blockchain-based provider of numerous products and services include a multiple currency wallet, the ability to raise funds for the development of projects through issuing tokens and also a decentralised exchange. According to the statistics reported by Waves, over $100 M worth of funds was raised by start-ups through the platform and there are already 150,000 active members of the Waves community.
Sasha Ivanov, CEO and founder of Waves, believes the platform to benefit Akimov’s tokenisation due to its simplicity and user-friendly design that does not require an expertise in use of blockchain and opens up the blockchain economy for any organisation of any size, in any sector.
He describes the promising collaboration, adding:
“This is a really interesting and innovative application of Waves and blockchain technology. You can tokenise just about anything you are prepared to redeem, and this is no different to the diverse forms of value tokenisation used by currencies, businesses and other applications — it’s just a highly individual approach! In the future, no doubt we’ll see a lot more of this kind of thing, and some even more imaginative use cases for blockchain.”