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Author Topic: Promises contract: a payment and loans instrument  (Read 91 times)
smartcontracts100
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April 01, 2020, 08:33:47 AM
Last edit: May 05, 2020, 09:08:43 AM by smartcontracts100
 #1

Promises contract: a payment and loans instrument
similar to forward contract



What do you think ?

Benefit for buyer:
If your a buyer you can buy product "X" or service "Y" at today's price instead of future price .

Benefit for company:
Company gets a loan without paying interest

Example:
Promise No: 00000001


                            Coca Cola Company Promise
                                VERIFIED COMPANY

 We promise that we will send to you :
-----------------------------------------------------------------------------
 10 bottles of Coca Cola
-----------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM  
-----------------------------------------------------------------------------
 Product(s) Expiration Date: 06/23/2022 9:55 AM  
-----------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Shipping Fee : FREE                                                              
-----------------------------------------------------------------------------
 Price: 0.05 BTC/ETH/USD for this promise
-----------------------------------------------------------------------------
                         Promise Terms And Conditions
-----------------------------------------------------------------------------
                      By Clicking The "BUY PROMISE" button
 i agree with the Coca Cola Company Terms And Conditions
-----------------------------------------------------------------------------

                                 BUY PROMISE

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Chlotide
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April 01, 2020, 06:20:37 PM
 #2

Sorry to bother you again but saw a slight flaw in your "financial instrument"

At first glance it does sound great. But if you think about the product price cycle it's not always growing



  • If you make a purchase promise in the introduction period it's almost the same as pre-order. Nothing new there...
  • If you make a purchase promise in growth period, you (the buyer), would have a gain. But kind of hard to spot it.
  • If you make a purchase promise in the other 2 remaining periods chances are you will pay more now than you will pay later when the promise would be fulfilled

There are cases when a big chunk of the price are taxes and excise that can change over time like petrol or cigarettes. Not sure if it would work in those cases.
Companies that only sell via distributors and might not be able to promise they will definitely have product X on stock 7 weeks from know.

You could have a decent idea there but need to crunch some more numbers and polish it. And who knows, might be the diamond in the rough that will change the economy.
smartcontracts100
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April 02, 2020, 11:14:01 AM
 #3

The companies have to tweak the price ,and buyers of promises have to be careful same with shares,cryptos,futures,options etc ,it's a "financial instrument" it can't guarantee 100% success for buyer ,same case  for company that sells it,they have to be careful using it . Lawyers have to find a way to write a promise purchase contract.

Let's say i am a buyer and seller has salt or honey or gold etc for sale  ...

Example:
Promise No: 00000002


                            Tiffany & Co  Promise
                                VERIFIED COMPANY

We promise that we will send to you :
-----------------------------------------------------------------------------
2 18k gold rings,weight 10g
-----------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM
-----------------------------------------------------------------------------
 Product(s) Expiration Date: no expiration date
-----------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Shipping Fee : FREE                                                               
-----------------------------------------------------------------------------
 Price:2000 USD for this promise
-----------------------------------------------------------------------------
                         Promise Terms And Conditions
-----------------------------------------------------------------------------
         By Clicking The "BUY PROMISE" button
 i agree with Tiffany & Co Terms And Conditions
-----------------------------------------------------------------------------

                                 BUY PROMISE

This is a good promise for people that are engaged and want to get married ,but don't know when. They will not need to worry about price of gold after they buy promise ,they can even make money if gold price increases.




Example:
Promise No: 00000003


                            BeeHive Ltd  Promise
                                VERIFIED COMPANY

 We promise that we will send to you :
-----------------------------------------------------------------------------
50kg of pure unfiltered honey
-----------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM
-----------------------------------------------------------------------------
 Product(s) Expiration Date: no expiration date
-----------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Shipping Fee : FREE                                                               
-----------------------------------------------------------------------------
 Price:10000 USD for this promise
-----------------------------------------------------------------------------
                         Promise Terms And Conditions
-----------------------------------------------------------------------------
         By Clicking The "BUY PROMISE" button
 i agree with BeeHive Ltd Terms And Conditions
-----------------------------------------------------------------------------

                                 BUY PROMISE


If buyer payes 10000 usd now  he does not have to pay 20000 usd in 2021 ,protection against inflation .












Sorry to bother you again but saw a slight flaw in your "financial instrument"

At first glance it does sound great. But if you think about the product price cycle it's not always growing



  • If you make a purchase promise in the introduction period it's almost the same as pre-order. Nothing new there...
  • If you make a purchase promise in growth period, you (the buyer), would have a gain. But kind of hard to spot it.
  • If you make a purchase promise in the other 2 remaining periods chances are you will pay more now than you will pay later when the promise would be fulfilled

There are cases when a big chunk of the price are taxes and excise that can change over time like petrol or cigarettes. Not sure if it would work in those cases.
Companies that only sell via distributors and might not be able to promise they will definitely have product X on stock 7 weeks from know.

You could have a decent idea there but need to crunch some more numbers and polish it. And who knows, might be the diamond in the rough that will change the economy.


Web,dapps and smart contracts development services ,contact me via PM for price and time quote
Chlotide
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April 02, 2020, 11:47:29 AM
 #4

Let's talk about this example:

                           Tiffany & Co  Promise
                                VERIFIED COMPANY

We promise that we will send to you :
-----------------------------------------------------------------------------
2 18k gold rings,weight 10g
-----------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM
-----------------------------------------------------------------------------
 Product(s) Expiration Date: no expiration date
-----------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Shipping Fee : FREE                                                              
-----------------------------------------------------------------------------
 Price:2000 USD for this promise
-----------------------------------------------------------------------------
                         Promise Terms And Conditions
-----------------------------------------------------------------------------
         By Clicking The "BUY PROMISE" button
 i agree with Tiffany & Co Terms And Conditions
-----------------------------------------------------------------------------

                                 BUY PROMISE

This is a good promise for people that are engaged and want to get married ,but don't know when. They will not need to worry about price of gold after they buy promise ,they can even make money if gold price increases.

Rigs are not just chunks of gold. They have different sizes, jewels, engravings, maybe some are custom made with unique design...
How would that work ?
I buy 2 wedding rings from Tiffany & Co
I pay for them.
And will let them know when I need them.

Did I get this right ?

Now there are 2 scenarios (that I can see):

  • Tiffany makes the rings and has to store them somewhere (let's assume for a definite amount of time) untill I call and arrange delivery date
  • They take my money and request 1-2 weeks notice in advance so they can actually start to manufacture it when I call to set up delivery date

The fist option means storage space... expensive storage spaces
The second is risky as specifically on the date I call they might not be able to manufacture the ring in the promised amount of time (the 1-2 weeks mentioned) because reasons: do not have that emerald I picked on stock, supplier issues etc.

The only thing that comes to mind and would be a nice feature is for the second option: refund anytime (only 90% if done more than a week from order). So even if I pay for the ring ... 2 years later if I break up I can claim 90% refund and the company did not produce/ordered/lost anything on my expense, quite the opposite.
smartcontracts100
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April 02, 2020, 02:02:23 PM
 #5

It can be turned in to this:
(For refund : Buyer has to agree with country legal and company refund policy,company has to respect same refund rules as if they sell the product ) :

                            Tiffany & Co  Promise
                              VERIFIED COMPANY

We promise that we will send to you :
-----------------------------------------------------------------------------------------
2pcs 18k pcs rose gold rings,weight 10g 
-----------------------------------------------------------------------------------------
"Buyer can add here color,size or any other info
using a form before showing promise"

-----------------------------------------------------------------------------------------
 Product(s) id / Serial / Bar Code : 00000001,00000002
-----------------------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM
-----------------------------------------------------------------------------------------
 Product(s) Expiration Date: no expiration date
-----------------------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------------------
 Shipping Fee : FREE                                                               
-----------------------------------------------------------------------------------------
 Price:2000 USD for this promise
------------------------------------------------------------------------------------------
Promise callable (similar to bond) :Yes or No
------------------------------------------------------------------------------------------
                       Promise Terms & Refund Policy
-------------------------------------------------------------------------------------------
                    By Clicking The "BUY PROMISE" button
 i agree with Tiffany & Co Terms and Refund Policy
--------------------------------------------------------------------------------------------

                                   BUY PROMISE




Let's talk about this example:

                           Tiffany & Co  Promise
                                VERIFIED COMPANY

We promise that we will send to you :
-----------------------------------------------------------------------------
2 18k gold rings,weight 10g
-----------------------------------------------------------------------------
 Product(s) Manufacturing Date: 04/11/2021 4:55 AM
-----------------------------------------------------------------------------
 Product(s) Expiration Date: no expiration date
-----------------------------------------------------------------------------
 Shipping Date: 11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Expected Delivery Date:  11/10/2021 8:21 PM
-----------------------------------------------------------------------------
 Shipping Fee : FREE                                                              
-----------------------------------------------------------------------------
 Price:2000 USD for this promise
-----------------------------------------------------------------------------
                         Promise Terms And Conditions
-----------------------------------------------------------------------------
         By Clicking The "BUY PROMISE" button
 i agree with Tiffany & Co Terms And Conditions
-----------------------------------------------------------------------------

                                 BUY PROMISE

This is a good promise for people that are engaged and want to get married ,but don't know when. They will not need to worry about price of gold after they buy promise ,they can even make money if gold price increases.

Rigs are not just chunks of gold. They have different sizes, jewels, engravings, maybe some are custom made with unique design...
How would that work ?
I buy 2 wedding rings from Tiffany & Co
I pay for them.
And will let them know when I need them.

Did I get this right ?

Now there are 2 scenarios (that I can see):

  • Tiffany makes the rings and has to store them somewhere (let's assume for a definite amount of time) untill I call and arrange delivery date
  • They take my money and request 1-2 weeks notice in advance so they can actually start to manufacture it when I call to set up delivery date

The fist option means storage space... expensive storage spaces
The second is risky as specifically on the date I call they might not be able to manufacture the ring in the promised amount of time (the 1-2 weeks mentioned) because reasons: do not have that emerald I picked on stock, supplier issues etc.

The only thing that comes to mind and would be a nice feature is for the second option: refund anytime (only 90% if done more than a week from order). So even if I pay for the ring ... 2 years later if I break up I can claim 90% refund and the company did not produce/ordered/lost anything on my expense, quite the opposite.

Web,dapps and smart contracts development services ,contact me via PM for price and time quote
smartcontracts100
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April 02, 2020, 02:46:49 PM
Last edit: April 02, 2020, 02:59:11 PM by smartcontracts100
 #6

Can be added to shopping carts or to markets easy

Step 1


Step 2


Step 3



Orderbooks to buy / sell promises on a secondary market can be created also...

Web,dapps and smart contracts development services ,contact me via PM for price and time quote
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