So, I spent a lot of time working on the design I spec’d out in a marketplace for hours as digitally unique objects.
Working with Truffle is fun and interesting. It’s a great system for building applications on Ethereum, and I’ve learned a lot using it.
I started off building a marketplace with asks and bids for individual hours of my time. You can see the resulting contract at evanp/marketplace on Github. Ultimately I realized that it had a few problems.
- It’s not really scalable. It’s unlikely that the value of one of my hours is going to go up an order of magnitude or more over the next couple of decades. That’s just not how time works.
- It’s complex.
- It’s trying to fit a lot of out-of-band communications into the contract.
So, I decided to do a simpler design. I’m back to doing an ERC20 token, which means that EvanCoin will work inside your Mist wallet, in Metamask, and in other (?) wallet clients. It also means that it can be traded externally. I’m going to initially have 45 years worth of hours, most of which I will keep.
But I also decided to implement an ask/bid market system, so you can buy and sell EvanCoin (for Ether) directly through the contract and the related front-end app. Instead of doing a crowdsale, I’m just going to make a large initial ask of a few hundred hours, which should make it “easy” for people to buy hours at a reasonable price.
(“Easy” defined as “easy if you already have Ether.”)
My hope is that if I tokenise this time, and put good effort into supporting the currency, I can make it scale past what its value would be otherwise. I’ll still accept EvanCoin as payment, but maybe other people will find EvanCoin valuable as an exchange mechanism, too.
My big concern about the version I have now is security. I want to make sure it’s as close to bulletproof as humanly possible. Hopefully a lot of eyes will help make that the case. I am still shooting for a 1 Oct 2017 launch, but I’d rather have a review before that time. I might launch on one of the test networks at first just to shake out any vulnerabilities.
I have a number of outstanding issues to resolve, and I need to finish the Web interface, but I’m feeling very positive about this version. Code is at evanp/evancoin and I’ll have a sample version up on the Web “soon”.