Updated: Jan 14
This is version 1 of the whitepaper for Talent Coin. Please contact Pramod at @thepramodgeorge on social media to chat/ discuss more.
What if there was a digital coin whose value cannot be inflated and gives everyone equality of opportunity (not equality of results)? Join us on the journey to create the truest form of non-inflatable money (not currency) in the digital world.
What Is The Talent Coin
Talent coin is a coin that is designed to avoid inflation and offer equality to a new generation of people.
This is done by (1) making sure that each person can only create one account on the network (unique) and (2) that everyone starts with 100 coins (Inflation proof) and (3) there are no options to buy more coins using real money (Equality).
This means that money is created only when a user is validated and joins the network. Exchanges of money only happen when people exchange it with each other. Money is exchanged by offering real-world services and instead of paying people in cash or currency, you pay them in talent money.
To ensure transparency, all our transactions will be documented every hour and sent to global hubs for storage and verification.
Why We Need The Talent Coin
Our current economic system is the biggest Ponzi scheme ever. People we don’t know print currency out of thin air and tax us for using it. Today there is more debt than there is currency in the world. You work hard for your currency, but due to inflation, it loses its value every day. These systems are in place so you can never get out of the rat race.
How The Talent Coin Works
We have a robust biometrics-based system to allow access to the network. Each person only gets to only one account. The biometrics are in place to ensure you cannot create an alternative account.
Each person starts with 100 coins. There are no options to buy more coins using real-world currency.
Money is exchanged by offering real-world services and instead of paying people in cash or currency, you pay them in talent money.
Only one account per person. Everyone starts with 100 coins.
There is only one way to be banned from the system - to be found guilty of creating or aiding to create more than one account on the network. This strict law should prevent anyone from risking trying to game the system.
If an account remains inactive for over 10 years, the money in the account get’s transferred to their nominee as maintained in the system.
People don’t adopt it.
The rich kill the people leading the project.
Is this decentralized?
Not, this is a centralized solution. Decentralized solutions are not scalable, fast, or feasible. Centralisation offers immense opportunities to build a scalable, fast system that solves problems efficiently. What we actually need is transparency, democratic influence, and accountability.
Is the coin immutable?
Even cryptocurrencies are not immutable. Immutability is not easy to achieve.
The Talent Coin will offer an alternative to the current economic system. It will be a secure and transparent way to exchange money and services. It will also have no inflation, meaning the value of the coin won't decrease over time. Additionally, it will be a more equitable system as everyone will start with the same amount of coins.