[ANN] iToken

[kosmost]

Update January 22, 2020

The Future of Workchain

Dear Workchain community;

The past few months have been great for workchain. The economic model is done, as well as the code. The next few months will see a change in strategy.

I originally wanted workchain to be something that anyone could put together themselves, like a computer kit. But, as I've always said, crypto is still stuck in the 2014-2017 mindset and it will take some time for such a radically new idea to grow. But we're going to give it a little push.

Instead of putting out the 'first personal computer' as a kit, like MITS did with its Altair computer way back in 1974 (inspiring both Jobs and Gates simultaneously), we're going to Apple ourselves and sell the kit 'pre-assembled', so to speak. And we're going to make it an amazing user experience. The first real example of workchain will be workchain itself.

This means that over the next few weeks you'll see a bit more of the vision of workchain as an operating system for a new kind of economy, running on blockchain.

"Blockchain is an economic computer. Workchain is the OS"

Workchain OS will be a freemium product that anyone can access over their browser. It will be an interface to the workchain economy and "wapps" (workchain apps, formerly called 'ITOs'). Like Windows is an interface to a traditional computer that makes it much easier for people to use, the workchain interface will also make it easier.

In order to use parts of workchain, users will need the Workchain OS token. This will be 'airdropped', ITO-style, every 14 days to everyone who holds the Workchain token. The more workchain tokens you have, the more Workchain OS tokens you will receive. It will likely work as a subscription model (e.g., "send 500 tokens to this address for a 1-month subscription to Workchain OS")

Using the interface (or deploying a contract from MEW) anyone will be able to build a wapp within minutes, for just about any use case. The OS will not only list those wapps that you can get tokens for but also explore the work being done in each, participants, and lots of other valuable and interesting things.

Workchain token pricing is expected to correlate to the number of addresses that hold the token (0.0001*addresses).

Workchain will be an open-source project that any developer can work on. That means that my development team will be competing for validations just like any other team or dev working to make workchain better. However, token holders will still get the Workchain OS token even if competing teams are validated more.

My other projects fall under the same umbrella and may also produce tokens for Workchain: OTOL (Organization Technology Over a Ledger) will be an incentive-based messaging app for enterprises, similar to some salesforce applications. Goodomy will be the consumer version. Both will be wapps on workchain, like Microsoft has MS Office and Excel running on top of Windows, as an additional offering.

Worchain is the personal computing revolution all over again. Are you ready?

[a link will be posted to the new thread]

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[kosmost]

The price of iToken is fixed at 0.001 ETH and never changes. Anyone that gets the ITOKEN token paid the same price as everyone else, from the same decentralized smart contract, There is a minimum buy of 1 ITOKEN.

The total supply of ITOKENS is a little under 140 billion. iToken could, potentially, distribute hundreds of even thousands of token types, so more economic bandwidth is required. Additionally, tokens can never be dumped onto the market. The greater the percentage of the circulating supply that a buyer has, the greater their reward can be. If, for example, a buyer has 0.3% of iToken's circulating supply at the end of a block they will be scheduled to receive 0.3% of the buyer reward pool.

It is important to note that buyers do not participate in iToken in order to profit, but to have the opportunity to receive more value than they put in by validating good producers. This work helps to maintain the health and vitality of iToken. If you, for example, bought $500 worth of iToken and, over the course of a few months received $1.250 worth of value you are, in effect, getting rewarded for your work in iToken. Best of all, you still get to keep your iToken tokens for as long as you'd like. There is no limit to the amount of rewards that producers can add, or when they can be added.

[kosmost]

Genesis block — Current Rewards so far from the iToken community:

Buyers - token 1: 3,999 FTM
Buyers - token 2: TBA

Producers pool - 0.7541 ETH
[producers, get rewards by adding tokens for buyers]

[Cimmy_revenger]

of the 9 transactions here
https://etherscan.io/address/0x5Cad3A3f3ddbA64336eA2801a2C5b99485eDbDD9

1 transaction to create.
2 failed transactions
and
There are 5 transactions originating from this address

https://etherscan.io/address/0x5c8c9692dac0130c424165f54536a9f46bfb2e7b

how can you convince us to send 0.001 ETH to that address ?
while the total balance at the ETH address is only 0.7541 ETH.

[kosmost]

of the 9 transactions here
https://etherscan.io/address/0x5Cad3A3f3ddbA64336eA2801a2C5b99485eDbDD9

1 transaction to create.
2 failed transactions

The 2 failed transactions had too low of a gas limit. The minimum should be 200,000 (per the instruction page).

The first one had a limit of 21,000, while the second one had a limit of 30,000. However, the sender should set the gas limit manually (rather than having it figured out automatically). That's because the contract needs to send back the tokens to the sending address.

There are 5 transactions originating from this address

https://etherscan.io/address/0x5c8c9692dac0130c424165f54536a9f46bfb2e7b

This is an entirely new concept for crypto. I would imagine that most people would hesitate. There is no need to send anything. The block ends in about 28 days, so I'm guessing some would wait to see what tokens will be added first. There is plenty of time, and one would pay the same price on February 13th as they would today.

how can you convince us to send 0.001 ETH to that address ?
while the total balance at the ETH address is only 0.7541 ETH.

There is no need to send anything. You're welcome to observe how it works (or not). Like I said.. it's a new concept for crypto. I'm guessing it will take at least a year for crypto to catch up.

If someone sends 0.011 ETH, the balance would increase by that much and serve as a reward for producers adding value to iToken.

Any other questions? Feel free to ask. Let me know if I didn't answer something clearly.

[kosmost]

By the way, you're free to request an automated refund from the contract if you change your mind before the first work block is finished. It's not 100% guaranteed, but it should go through if there is enough ETH in the contract. (No ETH is distributed to producers before the end of the first work block. You would then get the amount you put in, minus gas.)

Refer to section 5C of this page: https://workcha.in/buying-into-an-infinite-token-offering-ito/

[Cimmy_revenger]

Any other questions? Feel free to ask. Let me know if I didn't answer something clearly.

I'am visit https://workcha.in/the-itoken-exchange-a-decentralized-reward-based-smart-contract/ and than search white paper but not found.
Does this project have a white paper to learn more ?
for example a plan where this token will be traded for the first time on the market.
thank you for responding to my question above.

[kosmost]

Any other questions? Feel free to ask. Let me know if I didn't answer something clearly.

I'am visit https://workcha.in/the-itoken-exchange-a-decentralized-reward-based-smart-contract/ and than search white paper but not found.
Does this project have a white paper to learn more ?

Check here: https://workcha.in/workchain.pdf

It needs some updating, though, as the pricing model is fixed-price (in the whitepaper it is continuous-inflation)

for example a plan where this token will be traded for the first time on the market.
thank you for responding to my question above.

No exchange is needed, as iToken is, itself, a type of exchange. Having it on an exchange would serve no purpose, as anyone can get tokens directly from the contract, and the price is always the same  

[Cimmy_revenger]

as anyone can get tokens directly from the contract, and the price is always the same 

You said "price is always the Same" , how we ( trader ) can get profit from iToken if there are no price fluctuations ?
is iToken a new competitor for USDT ?
sorry if I ask too many questions and thank you for the reference white paper link you provided, I immediately read it.

[kosmost]

as anyone can get tokens directly from the contract, and the price is always the same 

You said "price is always the Same" , how we ( trader ) can get profit from iToken if there are no price fluctuations ?
is iToken a new competitor for USDT ?
sorry if I ask too many questions and thank you for the reference white paper link you provided, I immediately read it.

One's share of the reward pool is more important than price.

As noted above, "...Rather than being an investment vehicle, it is a method of getting rewarded for performing work in an economy."

Further..

It is important to note that buyers do not participate in iToken Exchange in order to profit, but to have the opportunity to receive more value than they put in by validating good producers. This work helps to maintain the health and vitality of iToken. If you, for example, bought $500 worth of iToken and, over the course of a few months received $1.250 worth of value you are, in effect, getting rewarded for your work in iToken Exchange. Best of all, you still get to keep your iToken tokens for as long as you'd like. There is no limit to the amount of rewards that producers can add, or when they can be added.

Again, it's an entirely new way of thinking about crypto that will take some time for people to really see the value of. We're used to thinking of crypto being about exchanges, price volatility, hacks and scams, etc. But I don't think that's the future of this kind of market. It's the traditional market (i.e., stocks) but crypto has a chance to be much better and more revolutionary.

[ronaldo40]

i just wondering from where revenue that you will share a dividend for each investor?

[kosmost]

i just wondering from where revenue that you will share a dividend for each investor?

This is not an investment, and there are no dividends.

There are 2 parties:

1) Buyers, who buy the token and receive rewards (other tokens) added to iToken by producers

2) Producers, who add external tokens (any ERC20 token) in order to try to claim rewards.

If you hold ITOKEN you are scheduled to receive these rewards from producers. Once you signal your approval of the work done during the work block (by producers) by sending a very small amount of ETH to the contract, then you can receive whatever distribution is due to you.

[ronaldo40]

i just wondering from where revenue that you will share a dividend for each investor?

This is not an investment, and there are no dividends.

There are 2 parties:

1) Buyers, who buy the token and receive rewards (other tokens) added to iToken by producers

2) Producers, who add external tokens (any ERC20 token) in order to try to claim rewards.

If you hold ITOKEN you are scheduled to receive these rewards from producers. Once you signal your approval of the work done during the work block (by producers) by sending a very small amount of ETH to the contract, then you can receive whatever distribution is due to you.

I'm still confused about the underlined parts of any external tokens?
is the token need to have a value before the Producers add it into Itoken exchange?

one more is there any actual website that i can see the exchange?

[kosmost]

i just wondering from where revenue that you will share a dividend for each investor?

This is not an investment, and there are no dividends.

There are 2 parties:

1) Buyers, who buy the token and receive rewards (other tokens) added to iToken by producers

2) Producers, who add external tokens (any ERC20 token) in order to try to claim rewards.

If you hold ITOKEN you are scheduled to receive these rewards from producers. Once you signal your approval of the work done during the work block (by producers) by sending a very small amount of ETH to the contract, then you can receive whatever distribution is due to you.

I'm still confused about the underlined parts of any external tokens?
is the token need to have a value before the Producers add it into Itoken exchange?

Producers can add a minimum of 1 token of whatever Ethereum-based token they wish. Buyers validate the tokens they like by sending 1 or more ITOKEN to its contract address. This increases the weight of the producer's share (that added the token).

So, for example, if you send 100 USDT to iToken (by producing, per the instructions) then a buyer could validate it by sending 20 ITOKENS to the USDT contract address. The 20 ITOKEN tokens will then return to the iToken available supply and your reward weight will increase.

If you have 15% of the validations at the end of the work block then you would be scheduled to receive 15% of the ETH rewards whenever you approve of it.

Someone else might send MickeyMouse tokens, but a buyer will still have to send ITOKENs to that contract in order to increase the weight of the producer that added it.

Hope this explains it a bit more.

one more is there any actual website that i can see the exchange?

There's no interface yet, but everything can be seen on Etherscan. 1) how much ETH is in the contract; and 2) what tokens are in the contract.

If the concept becomes popular then I'm sure there will be multiple interfaces and apps to this and other workchains.

[ronaldo40]

one more is there any actual website that i can see the exchange?

There's no interface yet, but everything can be seen on Etherscan. 1) how much ETH is in the contract; and 2) what tokens are in the contract.

If the concept becomes popular then I'm sure there will be multiple interfaces and apps to this and other workchains.

there is no interface for the exchange? so how we can buy the tokens that the producers add into your contract?

[kosmost]

one more is there any actual website that i can see the exchange?

There's no interface yet, but everything can be seen on Etherscan. 1) how much ETH is in the contract; and 2) what tokens are in the contract.

If the concept becomes popular then I'm sure there will be multiple interfaces and apps to this and other workchains.

there is no interface for the exchange? so how we can buy the tokens that the producers add into your contract?

If you own the iToken token, all of the tokens added by producers are distributed automatically.

Buy once, get a share of all of the tokens.

Think of it like a currency exchange rather than a stock exchange

[ronaldo40]

If you own the iToken token, all of the tokens added by producers are distributed automatically.

Buy once, get a share of all of the tokens.

Think of it like a currency exchange rather than a stock exchange

so we will just receive a share from what the producer add i thought that we can buy any token that the producer add into the smartcontract

[kosmost]

If you own the iToken token, all of the tokens added by producers are distributed automatically.

Buy once, get a share of all of the tokens.

Think of it like a currency exchange rather than a stock exchange

so we will just receive a share from what the producer add i thought that we can buy any token that the producer add into the smartcontract

No need to buy when you get them for free for owning the token

[kosmost]

The Future of Workchain

Dear Workchain community;

The past few months have been great for workchain. The economic model is done, as well as the code. The next few months will see a change in strategy.

I originally wanted workchain to be something that anyone could put together themselves, like a computer kit. But, as I've always said, crypto is still stuck in the 2014-2017 mindset and it will take some time for such a radically new idea to grow. But we're going to give it a little push.

Instead of putting out the 'first personal computer' as a kit, like MITS did with its Altair computer way back in 1974 (inspiring both Jobs and Gates simultaneously), we're going to Apple ourselves and sell the kit 'pre-assembled', so to speak. And we're going to make it an amazing user experience. The first real example of workchain will be workchain itself.

This means that over the next few weeks you'll see a bit more of the vision of workchain as an operating system for a new kind of economy, running on blockchain.

"Blockchain is an economic computer. Workchain is the OS"

Workchain OS will be a freemium product that users will be able to download and use. It will be an interface to the workchain economy and "wapps" (workchain apps, formerly called 'ITOs'). Like Windows is an interface to a traditional computer that makes it much easier for people to use, the workchain interface will also make it easier.

In order to use parts of workchain, users will need the Workchain OS token. This will be 'airdropped', ITO-style, every 14 days to everyone who holds the Workchain token. The more workchain tokens you have, the more Workchain OS tokens you will receive. It will likely work as a subscription model (e.g., "send 500 tokens to this address for a 1-month subscription to Workchain OS")

Using the interface (or deploying a contract from MEW) anyone will be able to build a wapp within minutes, for just about any use case. The OS will not only list those wapps that you can get tokens for but also explore the work being done in each, participants, and lots of other valuable and interesting things.

Workchain token pricing is expected to correlate to the number of addresses that hold the token (0.0001*addresses).

Workchain will be an open-source project that any developer can work on. That means that my development team will be competing for validations just like any other team or dev working to make workchain better. However, token holders will still get the Workchain OS token even if competing teams are validated more.

My other projects fall under the same umbrella and may also produce tokens for Workchain: OTOL (Organization Technology Over a Ledger) will be an incentive-based messaging app for enterprises, similar to some salesforce applications. Goodomy will be the consumer version. Both will be wapps on workchain, like Microsoft has MS Office and Excel running on top of Windows, as an additional offering.

Worchain is the personal computing revolution all over again. Are you ready?

[a link will be posted to the new thread]

[kosmost]

Announcing launch of the WORK token (which allows you to get the WORKOS token for free every 14 days)

New thread: https://bitcointalk.org/index.php?topic=5221093