Chris Robison introduces meTokens to help freelancers and influencers, in particular, to pay and earn using crypto
Crypto entrepreneur Chrish Robison has introduced a new token named meTokens, which has been recently launched on StakeOnMe. meTokens implement two important concepts namely, Synthetic Labor and Curved-Token Bonding. The idea is aimed to include freelancers and influencers into the crypto space.
Today we're officially announcing that meTokens are now live at https://t.co/inq2ge17FY!
💁♀️ meTokens are a new kind of personal token
👹 they can be used w/DAOs, eg @MolochDAO
💎 are collateralized (always have value)
📈 issued using a bonding curve
🌐 now on @ethereum mainnet pic.twitter.com/1oOGFpy1Sd
— meTokens (@meTokens) April 13, 2020
Synthetic Labor and Curved-Token Bonding
Using Synthetic Labor, workers can issue meToken to employers, who can then use those as credits to ask for goods and services from them in the future. It is basically a way for employers to pay and buy the future work of a person or organization.
Curved-token Bonding, on the other hand, allows one to buy tokens at a price determined by the existing token supply. However, as the supply increases, the token price will increase for future purchases from the contract i.e buyers will have to issue more collateral in order to buy meTokens as their supply increases.
meTokens can be created and collateralized using a smart contract, and additional tokens can be minted at a ‘predetermined price curve by the originator or other users by contributing additional collateral.’ As the supply of the token increases, the bonded curve determines the selling price.
Moreover, the area between the two curves determines the collateral price. Hence, as more participants buy meTokens, the originator can redeem tokens at a greater value, and the token price increases at the contract level as well as on secondary markets like exchanges.
meTokens founder Robison stated that the bonded curve implementation benefits from buyers buying tokens as speculation in order to make profits as the price increases. In an interview with Decrypt, he said, “The investments of speculators are used to subsidize the market for a person’s true believers and supporters. Speculation helps stabilize the market for people who intend on actually spending a person’s meToken with its issuer.”
meTokens, which are issued by DAOs are still in their initial stages but promises to be beneficial for those who offer specialized skill sets as on-demand services.