Token Description
The Item Banc Token is backed specifically by products that are 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.
Token Function
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.
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.
Basic Human Needs Product Categories
Examples:
Food (relatively non-perishable): Rice, canned meat, bottled water, lentils, oats, coffee, tea, etc.
Shelter (Building Materials): Lumber, block, rebar, nails, basic tools, metal, etc.
Basic Clothing: T-shirts, Jeans, socks, underwear, sandals, etc.
Paper Products: Toilet paper, copy paper, diapers, plates, etc.
Hygiene/Basic Emergency Supplies: Soap, cleaning and disinfecting supplies, blankets, emergency kits, toothpaste and brushes, flashlights, basic cell phones, etc.
Food (relatively non-perishable): Rice, canned meat, bottled water, lentils, oats, coffee, tea, etc.
Shelter (Building Materials): Lumber, block, rebar, nails, basic tools, metal, etc.
Basic Clothing: T-shirts, Jeans, socks, underwear, sandals, etc.
Paper Products: Toilet paper, copy paper, diapers, plates, etc.
Hygiene/Basic Emergency Supplies: Soap, cleaning and disinfecting supplies, blankets, emergency kits, toothpaste and brushes, flashlights, basic cell phones, etc.
Token Value
The value of the Item Banc Token is based on the collective value of the contracted products. The values of the products are verified in the smart contracts by the Item Banc Engine; a technology that creates value systems based on what commodities are available where at what relative value.
The model is also able to run during periods of hyperinflation pegging the value to sidestep local inflation. Contracts can be partially managed by an oracle (trusted person) in the community if the value of the item contract is not yet calculable by the technology. The contracts are recorded and maintained on the blockchain.
The model is also able to run during periods of hyperinflation pegging the value to sidestep local inflation. Contracts can be partially managed by an oracle (trusted person) in the community if the value of the item contract is not yet calculable by the technology. The contracts are recorded and maintained on the blockchain.
