"This planet has – or rather had – a problem, which was this: most of the people on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small green pieces of paper, which is odd because on the whole it wasn’t the small green pieces of paper that were unhappy. And so the problem remained; lots of the people were mean, and most of them were miserable, even the ones with digital watches."
- First paragraphs of The Hitchhikers Guide to the Galaxy by Douglas Adams
We are launching a cryptocurrency called WEquilCoin to give members who add more value to our community more power and influence to shape our future. We will do this by creating a wide range of incentives within our new WEquil.App that award tokens for contributions and charge tokens for certain benefits. Power to create and change these incentives will be given to those who have more WEquilCoins, truly empowering members who have shown "Proof-of-Work" ... a concept popularized by Bitcoin, but with far reaching implications that the leadership of WEquil Group embraces.
Students, Entrepreneurs, Parents, Fellows, Investors, College Students and other members of WEquil Group are welcome to contribute to this effort through the Google Doc link below. We hope to launch in mid-September (next month). Thank you for your thoughts and suggestions.
The Rest of this document is organized as follows...
The WEquil Economy - How a WEquilCoin helps the pillars of WEquil Group.
Community Reciprocation Hypothesis - What a WEquilCoin can tell us about the nature and history of money.
Use Cases - Member generated ways members can earn and spend WEquilCoins.
1. The WEquil Economy
WEquil Group is creating a cryptocurrency to facilitate growth of human, financial, and digital capital for our members. We will be hosting a Demo Day at WEquil.School for anyone that would like to learn more about crypto and help research ways to help WEquilCoin be successful. Reach out to our leadership team if you would like to be part of this effort.
Cryptocurrencies are a simple yet powerful way to exchange value. They don’t discriminate based on age, geography or anything else. They require no third party to facilitate. They are extremely difficult to destroy, and impossible to counterfeit. All of these qualities make a WEquilCoin attractive given our global and diverse community.
Students at WEquil.School would benefit from using a WEquilCoin in a variety of ways. One is through added incentive to create useful projects. Parents and students would be given some WEquilCoin as a way to practice exchange money for value creation. For example, moderators could be paid in the coin for helping lead a Demo Day. Students who create projects that others find useful could receive tips as opposed to relying on upvotes. This more closely mirrors the real world which is a core principle of WEquil.School.
Entrepreneurs at WEquil.Startups would benefit from the ability to pay other members across WEquil Group to help with projects such as building a Flutter App. Students could participate in these projects as a way of gaining work experience by doing real things. Startups could also receive funding in the form of WEquilCoins should they have value within and potentially outside our community.
Investors at WEquil Capital would benefit as well in a manner similar to our students...receiving coins for publishing research and potentially paying students in WEquilCoins for collaborating on articles related to shared interests such as 3D Printing, Genomics, Solar, Electric Vehicles, and anything else that touches on the economy, markets, and finance.
Finally, launching our own WEquilCoin would be a fun way to learn more about how blockchain technology works, why many view crypto as a new asset class, and learn by doing.
2. Community Reciprocation Hypothesis
WEquilCoin will test our Community Reciprocation Hypothesis. This hypothesis proposes that a money without intrinsic value can become valuable within a decentralized community of shared mission and principles. We have such a community and are therefore in a unique position to test this hypothesis, and in so doing fill a gap in human understanding of the nature of money. That gap is the process by which a token without any intrinsic value or backing by a government can grow to become valuable because of its usefulness in facilitating trade.
WEquil Group is a decentralized community with the mission of grow freedom for its members by increasing human, financial and digital capital. Leadership provides virtual platforms and tools to assist members, directed by community leaders who are entrusted with keeping leadership focused on our mission. For example, members directed our executive leadership to automate functions of the community in a WebApp that also allows students and parents to easily design their own virtual classrooms, build products, grow their social media presence, and play games together in customized servers like Poker and Minecraft. Our combined imaginations are the only constraint to where we build from here.
Growth in these communities has led to organic examples of the new Personalized Economy. Members are increasingly creating products, launching startups, teaching classes, engaging in barter transactions, and reciprocating favors. Our "Reciprocation System" is not new. They are common in less individualist countries like China where families are known to keep complex notes about all the various favors that have been performed for and received by friends, neighbors, and acquaintances.
Reciprocation Systems are highly complex...and could theoretically benefit from using valuable and accepted money. However, they persist for the same reason you probably don't require payment for doing your neighbor a favor, and would be unnerved by your neighbor requiring collateral should you want to borrow some sugar. Valuable money removes the obligation to reciprocate, and thus removes the opportunity to grow relationships through making good on returns favors.
We are seeing first hand a challenge emerge and with it an opportunity. The challenge is that the potential within our community to achieve our mission is hindered by the costs of any Reciprocation System. One such cost is the Reciprocation Premium...created by the need to over-reciprocate to ensure that a favor is satisfied. Another is the non-transferability of favors across the community. We believe both can be solved by WEquilCoin and therein lies the opportunity.
Therefore, we will test our "Community Reciprocation Hypothesis" by introducing a valueless "Favor Token" ... one that would initially serve only to facilitate our "Reciprocation System". If we are correct then our WEquilCoin will quickly become similar to a scarce and transferable "Thumbs Up", "Heart", "Like" already common in digital networks. The introduction of such a "Favor Token" within a community of shared mission and principles dramatically increases the likelihood of reciprocation...allowing for this timeless method for growing relationships. We believe that these combined effects will lead to greater collaboration, trade, and through this great human, financial, and digital capital for our members.
3. Use Cases
All market mechanisms within the WEquil Economy will be implemented through WEquilCoins. That includes all spending, minting, and exchanging WEquilCoins. How this is accomplished will be governed by members who have demonstrated "Proof-of-work". Members are free to suggest use cases in this Google Doc. Once these are agreed upon we will add them to the list below to socialize with the public.
Ways to spend
Governance - Governance of the WEquiCoin will be a critical and valuable benefit of WEquilCoins because they ultimately control the success of the coin by iterating and improving its market mechanisms within the WEquil Economy. Many governance structures could be established. For example, members with more WEquilCoins could have greater influence on setting the cost in WEquilCoin to invite new members and benefit in WEquilCoins for each member upvote on a creative project. The governance mechanism itself will be subject to change through a constitution built into the Blockchain of WEquilCoin.
New Membership - New members would be given coins by the inviting member so that more active members (publishing projects, teaching classes, attending team building events) have more freedom to grow the community in the direction they believe is most valuable.
Demo Days - Members could spend WEquilCoins to set a date for their desired Demo Day or move it forward in the que. Setting the agenda for Demo Days is already in demand. Members can also offer WEquilCoins as a reward for completing projects relating to ones Demo Day.
Public Goods - The Tragedy of the Commons is a challenge in most every economy, including WEquil Group. We provide many public goods such as a powerful Minecraft Server and free cloud services to facilitate communication between members. WEquilCoins will likely be required for payments when using Public Goods so members will be incentivized to also add value to Public Goods such as our database of creative projects.
Ways to earn WEquilCoin
Proof-of-Work - Members who contribute to Demo Days, publishing projects, collaborating and helping others will receive newly minted WEquilCoins.
Equity Sharing - Members who create "Project Ideas" can set an "Equity Share" as well as a token reward for completing their proposed project. For example, a parent may draft a “Project Idea”, and set a 50% equity share in the project. Then a student may complete the project in exchange for the other 50%. Those who read and like the project or attend on Demo Day may “Tip” the creators, thus incentivizing both the creation and quality of the project. This incentivizes collaboration by clarifying the benefits to both contributors.
Team Building - WEquilCoins will be awarded to members who participate in team building events such as meetings and Demo Days.
Teaching - Teachers could be paid WEquilCoins by class attendees. Teachers will set their own rates. Students may negotiate lower rates by helping to teach other students.
More to come...
Please email WEquilGroup@gmail.com if you would like to receive further notifications or with to help us launch a successful cryptocurrency.