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Author Topic: Brainstorm Thread : What can a Virtual Corp DO?  (Read 3636 times)

jefdiesel

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Brainstorm Thread : What can a Virtual Corp DO?
« on: June 01, 2014, 04:02:33 am »

So i've been thinking and mulling over what a Virtual corp is good for, the myriad of uses and ideas, and all the ways it can help NXT grow.

I imagine the quickest adaptation will come from NXT and Crypto users so lets start with them; Please everyone throw your thoughts into the ring, all the better to dream up uses.

  • Crypto bank
Term deposits are sent, 30, 60, 90 days? and held capital is made available as loans, paying majority interest to depositors. Loans are backed by collateral? leased Assets? Reputation?
  • Crypto Mining Management
Hashes are tradable, buy, sell, and the purchaser receives their work, with operating fees set by contract. Full market board possible, like cex.io. Rent and Payout held in escrow until end of contract, number of hashes and uptime tracked?
  • p2p escrow service
parties fill out a trade form, example, 20NXT for 1BTC (dream a dream), they are given a generated address to send payment to, with a set time limit. Party A sends 20 NXT, Party B sends 1BTC. When EscrowBot receives both payments, they are exchanged and reputation points given. If either party doesn't send,  time limit expires and the party that did send will get their payment back, and reputation will be given accordingly.

All three of these ideas dovetail nicely. Your reputation carries over, helps you get a loan, maybe affects your rate? or collateral percentage. Bank deposits could even be sold as futures for people who need to break their 180 day term deposits.

Looking forward to hearing what ideas or comments on these ideas that others have

jefdiesel

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jefdiesel

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #1 on: June 01, 2014, 01:48:03 pm »

More thoughts here

  • Simple Real world contracts
If you wanted to sell a car, rent an apartment, write a will, or create any simplified contract. Two or more parties choose their form, fill in the relevant info, and when deal is concluded, the details are published to the blockchain. Escrow can be used if needed as an intermediary step.
  • On block chain document storage and retrieval
Basically single party contract, posted with a time stamp, used for quarterly reports, white papers, hashed documents, patent filings.
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #2 on: June 01, 2014, 03:19:40 pm »

hi Jef,

 Some of these ideas have already been discussed such as the Bank concept.  BOOST is working on this idea and they are already on board with VCorps.  We are working with BOOST to build a partnership.

 The main advantage to this set of features is it allows for JOINT MANAGEMENT.  These basic features allow for a flexible and powerful way to manage assets.  I think a crypto-mining company could be managed this way- but not sure how friendly the mining world is with NXT(they generally don't like NXT at all for obvious reasons).

-bm
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #3 on: June 01, 2014, 04:41:53 pm »

the basic value is this:

people feel more comfortable owning something if they have some level of control over how it is managed.

that is the basic utility behind a corporation- it allows shareholders to effect the management of the collective assets.

thus VCorp technology can


1) help to make assets on the AE more valuable

2) encourage community investment and cooperation

3) encourage continual growth and use of NXT



-bm
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #4 on: June 01, 2014, 04:48:36 pm »

a good example of this are web forums.

people are more apt to contribute to a forum if they feel as thought it is a shared space.  This perception can be greatly enhanced, and thus participation greatly stimulated, if these participants can easily buy a stake in the ownership of the forum, and perhaps even have a say in the management of that forum.  If this ownership is easily transfered, then the value of the forum can float according to various statistics(such as web analytics).

Money is ultimately a tool for cooperation- and VCorps allows for fast and efficient collaboration and monetization of collective group efforts.

-bm
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jefdiesel

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #5 on: June 01, 2014, 05:24:41 pm »

Totally agree. Money gets people working.

Look how much more organizing has happened with TEAM. People are putting their hands up and willing to help.

VCorp is a structure that allows the running of the assets, vote, collaborate, and yes monetize.

I'd like to hear some of your ideas. I have read a bit about BOOST, thought it was more of a Kickstarter class idea, but that said, Kickstarter with shares is much more appealing than Kickstarter with some plastic doohickey that take 18 months to show up.

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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #6 on: June 01, 2014, 05:32:50 pm »

what Corporations harness is the power of division of labor.  This economic diversity is the basis of strength.  It is 'The Wealth of Nations'.

So it's possible for me to incorporate the skills of many people, divide the shares and create something of value that no single person is capable of.  Anyone who has ever worked in software knows this all too well because to make good software requires lots of skilled technicians who each know an individual piece of the puzzle.

Even NXTautoDAC uses this principle.  Shares are distributed to people of different strengths and tendencies, and we get the job done faster and more efficiently.

COOPERATION = WEALTH.  I mentioned elsewhere that most of our ideas about corporations came from the Dutch and their necessity of cooperating on public works(dykes).  This principle can be used for practically anything to build wealth- this is why I'm so thrilled about this idea.

-bm
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #7 on: June 01, 2014, 05:35:01 pm »

The greatest improvement in the productive powers of labour, and the greatest part of skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour.

-Adam Smith (1776) The Wealth of Nations Chapter I, p. 7
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colin012

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #8 on: June 07, 2014, 06:40:38 pm »

Transparent data updates and storage. Imagine the silver bullion gateway. There were more assets created than there is silver to back it up. However, there will never be more assets sold by the issuer than exist in sliver bullion forum. If the issuer regularly weighs his silver, then he could store the weight of silver owned vs. the amount of assets he doesn't hold. This would take minimal storage space on the blockchain. This can be used to track historical records useful for both the asset issuer and the asset holders.

This feature could also be used for transaction recipts. Say the VCorp also accepts USD or Bitcoin, this could be used to store transaction data about exactly how much was paid in each type of currency and how much of each type of currency the VCorp owns, thus providing greater transparency.



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jefdiesel

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #9 on: June 09, 2014, 08:11:35 pm »

Transparent data updates and storage. Imagine the silver bullion gateway. There were more assets created than there is silver to back it up. However, there will never be more assets sold by the issuer than exist in sliver bullion forum. If the issuer regularly weighs his silver, then he could store the weight of silver owned vs. the amount of assets he doesn't hold. This would take minimal storage space on the blockchain. This can be used to track historical records useful for both the asset issuer and the asset holders.

This feature could also be used for transaction recipts. Say the VCorp also accepts USD or Bitcoin, this could be used to store transaction data about exactly how much was paid in each type of currency and how much of each type of currency the VCorp owns, thus providing greater transparency.

all actions will be in there. sold, bought, silver shipped in and silver shipped out
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colin012

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #10 on: June 09, 2014, 09:08:53 pm »

Transparent data updates and storage. Imagine the silver bullion gateway. There were more assets created than there is silver to back it up. However, there will never be more assets sold by the issuer than exist in sliver bullion forum. If the issuer regularly weighs his silver, then he could store the weight of silver owned vs. the amount of assets he doesn't hold. This would take minimal storage space on the blockchain. This can be used to track historical records useful for both the asset issuer and the asset holders.

This feature could also be used for transaction recipts. Say the VCorp also accepts USD or Bitcoin, this could be used to store transaction data about exactly how much was paid in each type of currency and how much of each type of currency the VCorp owns, thus providing greater transparency.

all actions will be in there. sold, bought, silver shipped in and silver shipped out

Great!
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jefdiesel

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #11 on: June 10, 2014, 02:17:47 am »

Transparent data updates and storage. Imagine the silver bullion gateway. There were more assets created than there is silver to back it up. However, there will never be more assets sold by the issuer than exist in sliver bullion forum. If the issuer regularly weighs his silver, then he could store the weight of silver owned vs. the amount of assets he doesn't hold. This would take minimal storage space on the blockchain. This can be used to track historical records useful for both the asset issuer and the asset holders.

This feature could also be used for transaction recipts. Say the VCorp also accepts USD or Bitcoin, this could be used to store transaction data about exactly how much was paid in each type of currency and how much of each type of currency the VCorp owns, thus providing greater transparency.

all actions will be in there. sold, bought, silver shipped in and silver shipped out

Great!

and this is for all businesses, register your sales, your costs, your losses and your gains all from a trustee account that can be split effortlessly by elected board members and posted publicly for all shareholders too see
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colin012

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #12 on: June 10, 2014, 09:57:44 pm »

When will VCorpsbe implemented?
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #13 on: June 10, 2014, 10:31:17 pm »

When will VCorpsbe implemented?

we're currently trying to resolve a few issues and should have a solid timeline together soon.

thanks for your interest.

-bm
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nxtgt

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #14 on: June 12, 2014, 01:41:20 pm »

With regards to a DAC bank, how would the bank generate interest to pay back to depositors?

Commercial banks make money by charging fees, and making loans and investments to grow their pool of funds while maintaining a fraction of total deposits. This allows them to pay interest. Without these, the bank doesn't make money and would be paying other people's money to cover interest and it becomes a Ponzi scheme.

I'm not sure how investments could be automated. Loan approval could be to an extent but that would require a robust set of historical credit data and the automation of loan approval sounds extremely risky to me. All that's left seems like generating fees but that would make this bank nothing more than a forging pool.
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bluemeanie1

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #15 on: June 12, 2014, 08:21:11 pm »

With regards to a DAC bank, how would the bank generate interest to pay back to depositors?

Commercial banks make money by charging fees, and making loans and investments to grow their pool of funds while maintaining a fraction of total deposits. This allows them to pay interest. Without these, the bank doesn't make money and would be paying other people's money to cover interest and it becomes a Ponzi scheme.

I'm not sure how investments could be automated. Loan approval could be to an extent but that would require a robust set of historical credit data and the automation of loan approval sounds extremely risky to me. All that's left seems like generating fees but that would make this bank nothing more than a forging pool.

the bank would make money by making loans.  See the the BOOST project.

-bm
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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #16 on: August 16, 2014, 04:18:20 pm »

these are all Great Ideas I have many more Ideas as well but I will
keep them in my head for now I would rather collaborate with people
that share the same values.
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damon

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Re: Brainstorm Thread : What can a Virtual Corp DO?
« Reply #17 on: August 16, 2014, 04:37:13 pm »

A virtual corp, could have the built in ability to tie it all together.  A Corp is started and x people having a,b,c,d,etc. shares, with the CORP Nxt Address holding the Assets and an N of M officers signature for withdrawals.  It pays their employees automatically based on the agreed amount payment per hour daily, weekly, monthly, or even upon hourly entry.  The hours are limited in that if you hire a person for a 10 hour weekly contract, that person cannot enter 11 hours or more and that same person submits a report, built-in of course.  Then, n of m officers check to see he/she actually worked and "accept" the hours, where payment in Nxt or Assets is automatic, and the employee can liquidate for Nxt or save to make extra dividends and him/herself become an Owner.  If 'old' world parts and capital are part of the corp, than the software can issue orders, issue invoices with Nxt or FIAT, than payment can blow through a gateway back into the Corporate NxT account.  Weekly, Daily or Monthly dividends can be issued proportionately.  VERY IMPORTANT:  The language of the virtual corp needs to have ANTI NATION language in it if the VIRTUAL CORP does not want to be PART of any nation state JURISDICTION and their eleventy billion rules..
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