This is an unofficial abbreviated translation of the preliminary announcement text. "Kansanmarkka - suomalainen paikallisraha" is a strongly Finnish new venture with the account software only in Finnish at the moment. Nothing should be regarded as final, etc. The post will be updated as new info becomes available. Last updated 2016-11-18[2016-10-3]People's Mark (Finnish: kansanmarkka) is based on universal basic income for Finnish nationals and residents
Value is freely floating in the market
Centralised DB, proprietary account software in browser/mobile
Will be transferred to a crypto platfrom "as needed" (with higher market cap target)
Suggested uses: local transactions, internet commerce, supporting activism
"Markkakanta" account system
To register as recipient of universal basic income, complete authentication must be given. Anyone can, however, register as a "project", which is just a numbered anonymous account, ineligible to receive basic income but possible to participate otherwise.
A large part of the information of participants is public as a default, enabling search of other local users and teaming up with them. Social media style platform exists in the system itself, also linking to others (FB) is possible.
There is a direct democracy feature where all users may select a coordinator by voting in a zipcode level, and these will in turn select municipality/borough, city and area coordinators in successive stages.
The using of the account is simple and transactions instantaneous. In addition to the currency, Markka, also tokens can be created and traded. The most important token is the share of the system, which is self-incorporated.
Bureau of Economy and the Treasurer
Bureau of Economy ("taloustoimisto") appoints Treasurer ("taloudenhoitaja") who manages the system, especially the important aspect of the details of new money creation.
The Bureau ownership is divided to approx 10 million shares, of which 5 million belong to the people of Finland and will become free-trading only after a delay, and the 5 million will be able to be sold as "free trading" or "support" shares, which both have same dividend but the former may be traded, while the ownership of the latter gives a higher rank in the internal hierarchy in the economy.
First Treasurer is me. A short bio:
- Majoring mainstream economics in 2000-2006 in Aalto University / prof Wallenius; Austrian economics self studied same time
- Founder of several companies, among them Hopea.fi, Silverbank, EIH, Scenario Investments, Crypto Holdings (most dealing originally with investment silver, later Bitcoin/Monero)
- Creator of
Crypto Kingdom- Lives in Malla Bitcoin Castle, the largest piece of property bought with Bitcoin profits
New Emission of Markka currencyThe Treasurer decides weekly about how to distribute new currency. If it is done, it must be done as follows and no other ways will be available:
*
Universal basic income must be given to every Finnish citizen that resides in Finland, equal amount to everyone.
*
Encouraging basic income is calculated with a script from the personal records in the system, and differs in amount (script being the same for everyone of course). Also foreign persons may be eligible.
*
Split is used to increase the number of currency units in proportion to the existing balances. This is done if their value abruptly rises, to keep the exchange rate in check while not diluting the ownership of existing owners.
*
Dividend is always 10% of the sum of the money creation of all the previous three ways combined, and may not be more nor less. It is given as a dividend to the owners of the Bureau in proportion to the shares.
MiscellaneaPhysical certificates will be issued to complement the payment options.
Bureau may never print new marks to itself, nor to any entity that is not an identified human, except if in connection with Split or Dividend, where the number of marks and shares (respectively) decides the amount of new issuance.
Bureau may never receive any compensation from the issuance of marks, the receivers get them all free.
The exchange value of markka, is targeted to grow but only slowly, and reach parity with EUR. If it dips, less or no new money will be created for a time. If it surges, split will be arranged. There is no cap on the total number of markka.
The Bureau stock is the more speculative item. It will come for trading in Crypto Kingdom soon.
In Finland about 55 billion EUR are in circulation, mainly in bank accounts. If all these can be replaced with marks of equal value, the people will have received basic income totalling 50 billion, and the owners of the Bureau will have received 5 billion as the 10% dividend. A person (especially a non-Finn) cannot meaningfully increase his share of the larger pie, because it is equal for everyone. But the smaller pie is up for grabs, because it is in proportion to ownership. This is no investment advice.
[2016-10-4]Hi all, thanks for encouraging feedback!
First it's important to realise the following:
1. we will make a
new currency, which is first a centrally managed one, but will become a crypto soon
2. before that, we need to create the organisation that will manage the currency! The organisation itself is a
self-existing corporation with stocks. The stocks will be able to vote, and have dividends: 9.1% of the total amount of new currency created will be given to the owners.
I created 500k
shares to myself to be given in the first 3 years slowly to keep myself motivated (only 100k is given right away). 50k is given for free to the owners of Crypto Kingdom, my earlier project. I want to keep people in all of my projects happy - even if I jump to new ones without warning, they should not suffer. The total in all kinds of stocks and options may not exceed 2...10 million units, depending on the number of users (none...all the people in Finland). So the token remains
very rare and 1% tail emission starts only after 1 million identified users!
So if you want to get involved, register to Crypto Kingdom and buy the token
MKA (the share of the Economic Bureau). It is very high risk, so possible to get cheaply if some of the CK players sell the freebies.
More info on the distribution process via CK.
There is
no ICO planned for either these shares or the currency when it comes (later this month). The distribution model is
basic income, so all people will get them first, and then investors buy from the people in the aftermarket that we provide in the account software. If you want to participate in the basic income, you have to be a Finnish citizen.
[2016-10-5]The freebie-spinoff launch of "MKA - Kansanmarkka EB A-share" (Crypto Kingdom item: MKA) went as planned.The total circulation of MKA is now 170,000 units, of which 50,000 are currently registered in Crypto Kingdom platform.
6 hours after commencement of trading, the market has ask/bid of 0.19341 / 0.1894 XMR, which is about $1.2/€1.1 per unit of MKA.
Calculating the market cap is tricky since the grand total of MKA, MKB and MKD issued is 1,150,000 units, but some of them will only be converted to MKA after 5 years.
MKA owners are entitled to 10% seigniorage dividend, calculated from the total of Kansanmarkka (MK) currency issued. The first issuance of the currency will happen approx. between October 17-24 to the small number of participants in the first pilot phase of the software. During the rest of the year, minimum 10,000 participants are projected. This will increase the quantity of currency issued - and thus dividends - markedly.
Thank you everyone who has volunteered to translate!
Since this is a national coin, we are content with Finnish but will reach out to you if plans change.
[2016-10-19]One more basic income round was distributed today, raising the
total issuance to 232,000 MK. The target price per unit is 0.05 EUR, and the actual price in the sole (as far as we know) exchange is 0.0102 XMR (0.062 EUR). The
market cap is 11,600-14,300 EUR.
The stock MKA also had a distribution round today, "CK #2". This causes the 50,000 freebie stocks to be fully distributed ("Office" holds about 600 for claims purposes). In total, the
number of stocks entitled to dividends and votes
is 620,879. More are for sale by the Bureau, but only against a payment in MK (20-25 MK/unit). Since the issuance of MK is so small, not much can be bought. In CK, the price of MKA is 0.310 XMR (1.88 EUR) and the
market cap of the Economic Bureau ("central bank" of the Kansanmarkka economy)
is 1.2 million EUR.
We now try to get the pilot users to actually function as an economy. We have people who are interested in buying MK and MKA, but it is hard to get anyone to sell.
- Communication between piloters is the first issue to be tackled.
- Markkakanta account system is strongly developed to include the promised features that mainly exist as code.
- As much basic income will be doled out as possible, with only the restriction that the price may not dip from the target of 0.05 EUR.
- We continue to offer MKA and B-series shares cheaply to the users.
- Clearing system for both digital and physical currency is being developed and we have already contacted payment processor.
- A new batch of certificates will be designed and issued, estimated 50,000 "banknotes" by the end of November.
- We also seek 2500 users by the end of November.
It is a pleasure to report this
Please ask / comment whatever you wish
2016-11-18 A "Motivating basic income round" was held in 2016-11-30 (about 200,000 MK) and that was given completely as virtual collectible coins, of which 27 types were created. This mimics CK successful approach (they have about 300 types). The coins have a face value, at which the system will always buy them back.
In the 2 weeks since, only about 20% of the coins have been smelted, though, proving that there is much possibility in the system to absorb more money creation.
Because of difficulties to exchange KMK<->EUR and the uncertain value, a "Matching round" was arranged with anyone having the opportunity to enter bids and asks in a manual exchange spreadsheet. This resulted in 21,000 MK changing hands at a fixed 0.070 EUR/KMK price. The sum that was exchanged, albeit tiny, is in fact more than 10% of the readily circulating monetary stock.
The value, 0.070, is 41% higher than the previous Target Price of 0.050 EUR/KMK. This was selected to be the new target price as well, cementing the 41% gain for all the holders of MK.
The stock market was more dormant, however, as MKA in CK is trading at 0.300 XMR (1.86 EUR), a minute -3% in XMR terms and -1% in EUR. (In MK terms, the stock actually shed value drastically due to the MK appreciation).
The challenges to get 1st phase pilot users (77 of them) to function are about overcome. We now move on to gain 500 new users by the early days of December.
25 of the piloters are now promoted to be Coordinators in coordinator levels 9-16 in the 20-step Kansanmarkka levels system. The coordinator levels roughly correspond to Baron(et)-Grand Duke levels in CK (11/12-18)
Planning side is very strong in the meantime. Complete goal roadmaps for a full year have been drafted, including two of the most important:
* Feature (technical/economic) strategy.
* Marketing/communication strategy.
It is not possible to translate these into English with our current focus, however.
Thank you!
