Specification of time currency

Theory and practice

Theoretical form

Issuance is according to the following steps:

Firstly

The users works out a time range and reports that he/she has worked it out (e.g. 12 hours) and produced a good or service. This Time is recorded on his account as emitted and he/she has it to his/hers disposition to buy goods and services in the system

Secondly

The system reports the produced good or service and announces it as available for purchase to its users.

Thirdly

The system imposes a restriction on the user to issue new hours (after the issuance of the first 12 hours) until a transaction is made with his goods (purchase). This is to restrict the issuance of currency without actual production of goods or services.

Fourth

For goods and services whose feature demands more invested time (agriculture, software development etc.) a mixed price is defined - time currency and convertible currency (fiat currency, e.g. Euro), whereas a part of the final price is measured in time (hours, days, etc.) and the other part is defined from the user on a market principle

Fifth (alternative to point four)

For energy-intensive goods, a higher cap is imposed on the limit on the emission of new hours, for example, the emission is not more than 30% of the final price. According to point three, full issuance takes place after a transaction has taken place.

Remark

Points four and five should satisfy manufacturers with more than one employee.

Six

The system keeps a diary of consumers and their accounts, the hours they issue, the goods or services produced, the transactions they make, whereas the part about the goods or services is public.

Seven

In order to attract companies for the system, the system is also offered in a version without the obligation to issue hours, in which only the necessary man-hours for the production of a given product or service are monitored. Based on this information, companies are compared and production delays are found compared to other companies. This service can also be paid for in order to raise resources for the association.

In the practice

Software application

According to points 1-7, an application is made in two parts - server / central and mobile. Through the mobile application, users register (for example, with three names, an e-mail address, a company they work for and a nickname, that is public ) and identify the good or service they produce. The mobile application has a stopwatch function that monitors the time worked by the user; the stopwatch function is started and stopped manually by the user, whereas according to point three the central application issues the currency to his account and imposes a limit (e.g. 12 hours) for issuance until another user buys the produced product or service, which transaction is registered by the central application. After the transaction - the full amount of the time price is issued to the manufacturer's account and there is a larger limit for primary issuance (for example 12 + 1 hour for each transaction). The transaction is carried out through two mobile applications (for example with a QR-code).

Shop

The central application maintains an online store with all manufactured goods and services and connects users to each other. This store is accessible through the mobile app or is public.

Falsification attempts

In the case of obvious attempts to falsify the process, for example manufactured goods and services that took 18-24 hours within 24 hours (physically, difficult to achieve for long periods of time), the system marks users performing such transactions and blocks them or refers to the administrator of the association for further action - inquiry what exactly is produced and whether it is produced (Note - however, it should be borne in mind that such counterfeits are limited by the construction of the currency - for 24 hours can not be issued more than 24 hours; at the same time this possibility is a kind of social service that allows the needy to consume in small quantities; the market also makes adjustments - apparently at a much higher final time price other users will turn to other producers, except if the quality is not also much higher, which will limit transactions).

Option for companies

The application is also available as an option for companies that want to optimize their production in terms of human time invested, but do not want to sell their products in time currency. It is free to promote the system or paid. It has the same functionalities as the regular application, but if they participate in the online store - the final prices are in convertible currency (Bulgarian levs).

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