Three types of tokens

For a long time I intend to write an article about the three types of tokens, about Mashkino and why I consider this project very important. Mashkino is the first project with the release of secured tokens (in the modern understanding of this word). Naturally, before that, there existed and there are many relatively liquid secured instruments for preserving capital. However, blocking technology and decentralized means of exchange (exchange) allow us to rethink the concept of liquidity.

I will not use the words "money", "currency" or "crypto currency". I propose to look at the economy as a production and accounting of goods and services produced, as well as resources needed for production.

The main idea is as follows. 1. Everyone can create goods and services and issue electronic accounting units for them. 2. There are three levels of accounting units: 1) commodity, 2) shares/bonds, 3) a stable accounting unit as a measure of value.

Since ancient times, almost every person is a producer of something: it can be some kind of material things, art objects, services, knowledge, technology, etc. People created it both for their own consumption (to meet their own needs) and for exchange with other people. The exchange of one person with others (exchanging one's product for another person's product) is an economic activity. The economy requires accounting and control. For this purpose, various fixation (recording) systems were invented. Later, records were kept in barn books, in books, in the form of contracts, etc. In fact, there was a register of records. Previously, the carrier of the registry was clay tablets, then papyri, then paper, then electronic databases, now it's blockchain. Forms are different, and the function does not change for millennia.

The production of goods and services, in general, has always been decentralized. In different places they produced different goods, different services, and used and still use the intermediary for the convenience of economic exchange. Previously, this product-intermediary was shells, then precious stones, then precious metals, then securities (bank notes - banknotes), then fiat papers, then fiat papers in electronic form. The intermediary goods, at the same time, acquired its own value due to the fact that it could be relatively easily exchanged for any goods and services. The intermediary goods had the maximum liquidity. So it was and this state of affairs is still.

However, modern technologies (block and decentralized exchanges) allow to do without an intermediary goods. For example, a producer of geese can easily exchange with the manufacturer of Milk directly, without the intermediary goods. More precisely, the exchange takes place within a decentralized exchange using several intermediate exchanges, but this is done so quickly that the exchange participants do not have time to notice that many operations were performed before the exchange of Goose for Milk was effected - occurs almost instantaneously. In this case, the value of the intermediary goods tends to zero, since the person does not accumulate it, does not use it in daily activities, and does not work with it in any way.

A person encounters Goose, with Milk and other products that become for him the primary value. I emphasize that the primary value is no longer the intermediary commodity, but the primary value is the goods and services. Accounting for goods and services I propose to consider as a record in the register in the form of so-called "tokens". Token, as the right to claim a particular product or service - can be transferred from one person to another.

For convenient accounting, you need to have some measure of value as a measurement system. The measure of value can be either the internal accounting unit of the manufacturing organization or an external unit of measurement tied to something. The internal accounting unit can be a share or a bond of this enterprise, which denotes the total amount of the organization's capital. These shares are also tokens (entries in the register). The number of tokens can be arbitrary. For example 10 million pieces. To distinguish goods and services from total capital, I propose the first kind of tokens to be called "commodity tokens", and the second type is "master tokens".

How it works in practice. For example there is a producer of Goose and a producer of Milk. At the same time, there are 100500 different goods, services and intermediary goods. Producer Gusey exhibits his products on the exchange in relation to its convenient accounting units. For example 1 Goose = 1350 master-tokens of Mashkino's economy. Mashkino's master tokens are put on the stock exchange in relation to other popular stocks, commodities, currencies, etc. On the other hand, Milk Maker does exactly the same thing - puts a price in the Milk Farms tokens and puts the cost of master tokens in relation to popular goods, stocks and currencies.

There is a very high probability that in the system there is such a chain of exchange of Goose for Milk. For example, this will be the common unit - the dollar. Then the exchange operation will be as follows: commodity token Goose -> master tokens Mashkino -> dollar -> master token Milk farms -> Milk. All this is done automatically. Having in his portfolio Goose - you can in real time exchange it for Milk almost instantly. In this case, in fact, four exchange operations will be performed inside the system: 1) Goose exchange for Mashkino master-token, 2) exchange of Mashkino master-token for dollars, 3) exchange of dollars for the Milk-farm master-token, 4) exchange of master tokens for Milk.

In such a system of economic accounting of goods and services, there will no longer be a need for the accumulation of an intermediary goods. And will be interested in investing in goods as a means of saving and investing in shares of organizations with a view to increasing capital. The intermediary goods in such a system performs only an auxiliary function and should not serve as a means of accumulation. Moreover, the accumulation of goods-intermediary - is harmful to the economy. In the economy, the intermediary goods must be contacted as soon as possible to make the maximum turnover. To increase turnover it is proposed to introduce a fee for the idle time of the intermediary goods (demurrage).

You might think that the mediator is not needed at all. However, the intermediary product has an important function - to serve as a measure of value. Each product can have strong price fluctuations, which depend on the market situation, seasonality, etc. The stocks and bonds of organizations can also be quite volatile and potentially have to be deflationary (in this it makes sense to invest in them). It turns out that the intermediary goods are important as a stable measure of value.

As a result, a system is obtained in which everyone can issue accounting units (tokens) for the products they produce (for goods and services), and also issue master tokens for the aggregate capital of organizations. There are three types of accounting units in the system: 1) commodity tokens, 2) master tokens of organizations, 3) a stable accounting unit as a measure of value with demurrage.

Yaroslav Loginov, 07.05.2017