The system we present records time, and ‘Distributed Seigniorage’ used as a currency. Seigniorage is the monarch integrates into one social system, it’s for have the right to issue money to control this. As the current state has seigniorage, for numerous powers to Challenge it has begun to emerge. This was a seigniorage created by a network made with cryptocurrencies such as Ethereum, starting with Bitcoin. More specifically, it is a special seigniorage that is given only to those who discover distributed ledgers. It records transaction history with sending, then shares them to be distributed, but seigniorage is not.
Seigniorage(3) without privileges clearly distinguished from this is called ‘Distributed Seigniorage’. The principal-agent of human time is an individual human being and has 24 hours every day. All human beings are masters of time and become subjects who have the authority of Seigniorage. Yes. We are all lords in our world.
Produce the TIME with ‘Distributed Seigniorage’
All human beings become one object and produce 24 hours. It produces 24 hours since you become a witness of TimeStope, and produces 24h * 365 = 8,760 hours per year. It is not produced by the network, but by individuals, and individuals have authority over it.
Distribution for ‘Distributed Seigniorage’
40% of the time produced by an individual is distributed to the inviter who invited to the monetary system to express their gratitude, and the remaining 60% is obtained. This is a very important factor.
The most important thing in the monetary system is credit. It can be concluded that credit is a social belief and believes in the monetary value of the monetary system. For this, it is a prerequisite for many people to participate, and the inviter’s time increases in proportion to the quantity of the invitation.
Absolute value analysis for the 1 hour
According to an article from the Oxfam Report(5) January 2018, 82% of the world’s asset produced in 2017 was owned by the top 1% rich, and their assets grow by 13% annually.
This was announced at the Davos Forum in 2018 and gave many surprises around the world. Based on this, it is not too long until the 1% the rich will own 99% assets, the 1:99 rule is now more and more strongly supported. (At 2034 AD, 1% of the rich will own more than 99% of the assets that the world produces in one year).
In addition, with the advancement of science and technology, the rapid development of AI, robotics, 5G, big data, and various financial technologies will bring a lot of changes to 99% of jobs and labor perspectives. At present, the bottom 50% of humanity in the world has zero output in dollar-denominated GDP, and the point when the remaining top 49% will reach zero will certainly happen at some point in the future. Through this basic data, if calculated without including the assets of top 1% rich person, the fundamental value of 1 hour will be reached.
If we calculate the actual value, we reach the value of $0.0131313… ($1.3/99). It is estimated from this calculation that the intrinsic value of humanity for one hour will converge to 1.3¢ when universal humanity comprehensively considers all the results of labor, capital, mind, and rest.
A specific suggestion of how to asset time
1 The unit of the TIME currency is τ, which corresponds to the Greek letter T, and 1τ (Time [Tau]) = 1 hour.
2 The daily output that an individual produces for a day is 24τ, and 9.6τ (24τ * 40%) is distributed to the inviter, and 14.4τ (24τ * 60%) is obtained.
3 τ has 6 decimal places, and 0.000001τ = 1ε (entropy).
4 The basis of TimeStope is to be a witness. Only those who have been invited by the witness can create the TIME through TimeStope, and 9.6τ is distributed to the inviter every day.
5 When the mining period expires, you must witness for someone other than the inviter who invited you and the person you invited, and the attendance score will be reset. This is a way to consistently provide fair opportunities to new participants.