elective-stereophonic
elective-stereophonic
Tokens facilitating Digital Signatures and Contract Offers and Completion
singapore
Please login or register.

Login with username, password and session length
Advanced search  

News:

Latest Stable Nxt Client: Nxt 1.12.2

Author Topic: Tokens facilitating Digital Signatures and Contract Offers and Completion  (Read 678 times)

leeo

  • Newbie
  • *
  • Karma: +6/-0
  • Offline Offline
  • Posts: 7
    • View Profile

It occurred to me that the Monetary System can facilitate the emergence of Digital Anonymous Corporations by the exchange of tokens that have minimal monetary value but have value in that they appear on the block chain with associated meanings.  I intend to issue these at the rate of 100/NXT and buy them back at the rate of 99/NXT.  That is I can see clients buying them in blocks of 100 for 1 NXT.  I envision that certain accounts are in use for the purpose of issuing certain specific contracts.

Type: Currency Issuance
Name: Aplication (sic) // deliberately misspelled because of the 10-letter limit
Code: APPLY
Type Bitmask: 1
Description: Application token: sending this token to an account willing to issue open contract offers to the sending account will represent a request for an open contract offer. Any application fee, if required, must first have been transferred within a reasonable number of blocks..

If the party accepts the application, it then sends a message describing the terms of the contract, or perhaps its own offer token currency representing an open contract offer.

Type: Currency Issuance
Name: Agreement
Code: AGREE
Type Bitmask: 1
Description: Agreement token: sending this token to an account with an open contract offer to the sending account will represent a digital signature accepting the terms of the contract.

I think, having exchanged these tokens, we go about our business.  At the end of the term, we need at least two types of closure tokens.

Type: Currency Issuance
Name: Closure
Code: CLOSE
Type Bitmask: 1
Description: Notification of release: sending this token to an account previously bound by the terms of a contract represents satisfactory fulfillment in full of all obligations therein.

Type: Currency Issuance
Name: Default
Code: SHAME
Type Bitmask: 1
Description: Notification of default: sending this token to an account previously bound by the terms of a contract to the sending account represents the unsatisfactory fulfillment or abandonment of any obligations therein. This token also represents the intent to pursue any remedy accepted in the contract in case of default.

If the contract has a early redemption clause or some other right, this can be activated with

Type: Currency Issuance
Name: Exercise
Code: FAVOR
Type Bitmask: 1
Description: Exercise right agreed to: sending this token to an account with an active contract obligation will represent the one-time exercise of any right or privilege agreed to therein.

-----

Not being familiar with issuing currencies, any advice would be appreciated: I'm unsure of the way to implement my intention.
 --Lee O
NXT-8TJH-96A7-CKUW-9EXB6
Logged
 

elective-stereophonic
elective-stereophonic
assembly
assembly