For those of you following along at home, it might be interesting to watch the Github repository for evancoin. I’ve seeded it with some example code for a simple crypto coin, and I’m going to tinker with that to get the behaviour I want.
I’m also realizing that I’m probably making things more difficult than they need to be by trying to design for perpetuity. Instead, I’m going to try to do multiple ICOs, probably on an annual basis, which should make the whole thing easier.
Probably the mistake I’ve been making is trying to capture value from the current market rate for Evancoin. But that’s not what people buy coins for! They want to buy a coin at a low rate and have it increase in value. They take a risk in order to do that. They should be compensated for that risk.
So, my new design is much simpler.
- Pre-mine a first coin (Evancoin1) with 8960 (= 365 x 24) coins. This is the number of hours I have between Oct 1 2017 and Oct 1 2018.
- Make a percentage of them available for sale. If I split my time in three even groups — sleep, personal, work — and I’m willing to give about 1/3 of my personal time to servicing Evancoin1s, this would mean about 1/9 of the total; let’s say an even 1000 coins.
- I do an ICO on Oct 1 2017 for some percentage of my standard consulting rate. I’m not sure if this should be 25%, 50%, 75% or 100%. Still working this out.
- Over the year, I accept Evancoin1 as payment for work.
- I can release more Evancoin1 for sale at any time, out of my remaining hours. Note that I shouldn’t release more hours than I can actually service — including hours that have already been bought.
- On Oct 1 2018, I offer for sale a second tranche of coins, Evancoin2, maybe for a longer period (like 5 years). This goes at market rate of Evancoin1, or maybe slightly discounted, and I include in the contract that there be 1-for-1 exchange of Evancoin1 for Evancoin2.
- After 5 years, I either do an Evancoin3 or just do something else.
It’d be nice to build some of the trust into Evancoin1 to begin with. There’s some concern that we’ll get to a point where there are more Evancoin1 outstanding than there are hours left in the year. Knowing that the coin will be 1:1 exchangeable for the next tranche might be good, but I’d like not to have a bank rush on Evancoin.