Commodity Vouchers, Ricardian Contract Smart Tokens on Ξthereum Protocol
The purpose of this development is the usage of vouchers or “tokens” representing commodities like gasoline, fuel, communication fees, crops and other agricultural products, food, services, and all kind of consumables. with no regard to who produced them. We focus on Consumables (also known as consumable goods, nondurable goods, or soft goods) are goods that are capable of being consumed; that may be destroyed, dissipated, wasted, or spent, and in many cases have an expiration date. A commodity good or service has full or partial but substantial fungibility; that is, whose individual units are essentially interchangeable, and the market treats its instances as equivalent or nearly so with no regard to who produced them. We focus on Consumables (also known as consumable goods, nondurable goods, or soft goods) are goods that are capable of being consumed; that may be destroyed, dissipated, wasted, or spent, and in many cases have an expiration date.
It is no other than the implementation of the concept that “Anyone who offers goods and services for sale in the market is qualified to issue currency”, -THE END OF MONEY AND THE FUTURE OF CIVILIZATION, by Thomas H. Greco, Jr., 2009-. “Credit Coin is a contract backed by promises of future productivity”, Paul Grignon, Digital Coin, January 1, 2008. Revised August 14, 2009-.
Following Bancor method, tokens ere issued by making a reserve at a Relay of an already trusted Currency, in this case Ether. We use as Relay the Legal Entity holding the Ricardian Contract to which producers and sellers adhere as members or associates (say a Coffee Farmers Association). This entitles them to issue tokens, as a debt. It is in the end a self-credit. Once tokens are redeemed at a seller, buying his products, the seller debt or promise is cancelled, and reserves at the Relay can be liberated, for example to pay VAT or the Association running costs.
Generic Voucher Language https://tools.ietf.org/html/draft-ietf-trade-voucher-lang-07
Voucher Trading System (vtsToken) conventions, Language (RFC 4153) – IETF https://tools.ietf.org/html/rfc4153
The Ricardian Financial Instrument Contract http://www.systemics.com/docs/ricardo/issuer/contract.html
Bancor white paper https://www.bancor.network/Whitepaper
ERC20 Token Standard https://theethereum.wiki/w/index.php/ERC20_Token_Standard