The idea of sector specific coinage is interesting, however I have several questions about it.
How do you ensure they are easy and cheep to exchangeable, would I need to exchange my "techcoins" to "dentalcoins" every check up, and to "greenerycoin" every time I want to buy some veg?
Why would I use these coins over a globally acepted one like BTC, ethirum or steemit?
Using sectors specific coins how do you design a mining method that aligns producer-consumer interests?
Thank you for your thoughts. I'll start with a disclaimer that I'm not technical enough to give an in-depth answer. I'm happy to contribute to the debate, nonetheless.
How do you ensure they are easy and cheep to exchangeable?
There needs to be an easy and cheap way to exchange tokens. The blockchain infrastructure is not there yet. But it is developing. Alt-coins can be used in this format when they have a minimum level of volatility and high liquidity. This challenge needs solving.
Why would I use these coins over a globally accepted one like BTC, ethereum or steemit?
I can think of two reasons you would use sector-coins instead of BTC or Ethereum. First, as an investor. The crypto-market is like an ETF market, you can invest sectors you want to see improve. The market becomes like a shareholder economy.
Second, as an engaged member of a sector, holding tokens gives you power. For Steem, it's up-voting (advertising). For Dash, it's voting rights in its self-sustainable governance framework. For GreeneryCoin, it could be advertising or first dibs on local suppliers. Whatever works for the sector.
Using sectors specific coins how do you design a mining method that aligns producer-consumer interests?
Mining methods should be designed on a sector by sector basis. Steem's Proof-of-Brain is great for social media, for example.
I don't have a good answer for aligning producer-consumer interests right now. I'll think about it. I suppose we should think about what aligns product-consumer interests in real life? Trust, value, loyalty, and satisfaction come to mind. In which case, we would need to reverse engine a mining method based on these traits.
Thanks for the in depth response. I think it'd a great idea and would be interested in seeing it implemented.
steemit is not globally accepted either. it only has value inside the steemit network. key here is the easy exchangeability trough atomic swaps or decentralized exchanges. Bancor introduced the concept of automated market makers via smart contracts that guarantee liquidity for the supported asset. Lots of the ICO projects that focus on usability implement a mobile wallet with a build in decentralized exchange so that you can flip your coin in the one you need transparently at the point of sale without thinking about it. Like today you would have to pay something in USD and the price is converted for you to BTC at the time the payment is made. The merchant would receive the BTC and convert it back to USD at his bank or in his wallet.