Tokenizing Knowledge and Time in a Decentralized Ecosystem
Updated on November 06, 2018
As economic growth and prosperity in several countries around the world are increasing exponentially, economic development has progressively shifted from labour intensive industries, subsequently to capital intensive industries ultimately leading to a major knowledge and technology revolution in the 21st Century. Such revolution has radically morphed the work place from a centralised dichotomic relationship between employer and employee into a highly fragmented regime where people manage a portfolio of jobs across multiple “employers”. This has given birth to the freelancing phenomenon. Indeed it is no coincidence that in the US alone it is estimated that more than 57 million citizens are working through a freelancing model and are expected to grow even further in the coming years. Essentially time and knowledge have become commoditised and indeed a unit of exchange for currencies, goods and services. This phenomenon has been exploited by a number of intermediaries. However such platforms are operated through a centralised system wherein demands of all asset owners and asset seekers are reconciled through a single point of reference exposed to considerable security vulnerabilities, high transaction costs, loss of control over user own data and reduced effectiveness of network externalities.
Era Swap seeks to address the limitations of traditional platforms and will disrupt the market for tokenizing of time and knowledge by empowering users to take control of their data whilst enabling asset seekers and owners to interact directly without the intervention of an intermediary. Generating a peer to peer mechanism for commoditising time and knowledge. Such peer to peer interaction will create the right environment for the generation of a pure knowledge network that feeds on the multiplicity of nodes moving across all directions as opposed to being channeled through a single entity acting as the "Big Brother".
Era Swap will be using blockchain platforms as the underlying technologies for turning its vision into reality with several inter-related applications built around the users’ specific needs in this market. The main application of the Eco-System, called Time Swappers, will enable direct trading of time amongst asset owners and asset seekers in real time. User experience and security of transactions will be enhanced through the Development of the Era Swap Smart Wallet which will accept a host of currencies including BTC, ETH and ERC-20 Tokens.
Moreover, users will further benefit from further reductions in transaction costs in dealing with multiple currency through another application called ComputeEx which includes an AI enabled smart application programmed to maximize gains whilst minimizing costs in exchanging multiple currencies across multiple exchanges.
Finally in an effort to restore user confidence to trade in crypto-currencies, Era Swap will be developing a further application called TimeAlly. TimeAlly will be designed to offer users some form of stability in the value of their tokens by locking up such value over a period of time of their choosing. This is expected to encourage an increased uptake of the tokens and better and more distribution of such tokens across the network.
On another front, as part of their corporate social responsibility, Eraswap will also include Blocklogy which will serve as a platform designed to educate and train students all around the world on the technical elements of blockchain.
The whole ecosystem is expected to be financed through the creation of an Eras Swap Token (EST) linked to Ethers through an Initial Coin Offering (ICO) that will be preceded by a presale. As attested by the variety of applications, the ecosystem is expected to generate significant value to users in the form of improved outcomes through increased exposure and interaction among asset seekers and asset owners and improved stability in the units of currencies in which the transactions are carried out.
Such value may be realized by the ecosystem through a carefully crafted strategy that is largely based on the appreciation in value and net worth of the whole system due to network externality effects as well as shorter term revenues in the form of subscriptions and minimal transaction charges which are likely to have a huge positive impact on the bottom line due to the large scale of transactions that are processed through the ecosystem.
Visit https://eraswaptoken.io to explore more and join the force.
Note: David Galea is an Innovative Digital Transformation Advisor with over twenty years international advisory experience with one of the Big Four Firms, a number of Govt organisations, the Secretariat of the President of Abu Dhabi, as well as various organisations in the United Kingdom. David has led a number of high profile projects, including the roll out of 4G with one of the major telecom players in the UK, together with various digitization strategy and implementation programmes in the financial services, energy and manufacturing sectors.