Workchain FAQs

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Following are some of the more commonly-asked questions and related topics. A work in progress, it will be added to as workchain progresses.

General

Who's behind workchain?

Workchain was invented by the inventor of search-as-you-type (2006) and creator of the Initial Coin Offering (2014) and cryptocurrency pioneer, Antoine Sorel Néron. Workchain is what the ICO was originally intended to be: a decentralzed mechanism for economic control and authority over an organization.

Setting the Record Straight on Some Reporting Inaccuracies...

Did Antoine really come up with the first ICO?

How do Workchain incentives compare with blockchain?

Blockchain provides dual, one-way incentives to the miner (directly) to perform work. Workchain provides a two-way incentive mechanism that can reward participants based on organic consensus (for workers) and weight (for holders).

Why would I want those producers tokens that I can't sell now?

Each Wapp has its own general purpose, and each will have tokens that are useful within that purpose.


If you're participating in a men's products Wapp called 4MEN, for example, then many of the people that hold the token would be interested in those kinds of products. Further, the workers would want to supply them with those products in exchange for receiving their own tokens back with some kind of validation.

If you have received a total of 465,500 tokens from various retailers from being in 4MEN a few months, these have value to you because you are probably interested in what they have to offer. Of those 465,500 tokens, perhaps:


  • You have 29,000 from Kimit store. They are selling a razor that you want that is priced at 21,000 KIMIT tokens plus a validation of 30 4MEN tokens
  • You have 45,340 tokens from a store that sells exercise equipment. You plan to buy a machine for 60,000 tokens + 42 4MEN validations, so you need to hold the 4MEN ITO for a month more to get enough.
  • You have 184,000 tokens that you don't want, so you mark these as unwanted and they are automatically sold to other holders that need them. You get 1,200 more 4MEN tokens in return. [These function do not exist now, but could be implemented with Workchain OS,. They are illustrated here as an example]


The value of something is, of course, determined by the marketplace. In this case, the people buying into the men's products Wapp value the tokens from retailers selling those products because they can use them to obtain what they're interested in.


Why would a worker want their own token as payment?

Because they have a fixed supply of tokens (ideally), a worker would want to be able to distribute those to other potential customers. By charging for a product or service in their own token plus requesting a certain number of validations to go along with it, the holder could potentially receive a product worth $300 for only $45, for example, while the seller (worker) received $800 in rewards for a product that cost $184 wholesale. The worker would need to figure out the best weights between token distribution, prices, and number of validations needed for a purchase. This kind of radically different economic model wouldn't be for everyone, of course.


Why can't I just pay that provider directly? What's the benefit?

You're certainly welcome to use traditional methods of value exchange, but Workchain is designed for a more distributed and decentralized economy that can reward the most competitive parties on both sides..


When a producer prices a product or service in a limited-supply currency of their own creation, they are taking advantage of a unique economic model where costs and rewards can be distributed over a much wider population than found in a one-to-one exchange, potentially allowing them to earn much more than they would be able to otherwise.

Website

Why are there disclaimers?

As an open-source project, no one except for you is responsible for your actions or your use of the information found on this website or of the code.


Code

Who controls a Wapp's private keys?

As can be seen from the code, no private keys are generated. Once a Wapp is initialized by linking its two contracts together, the creator has the same rights and authority as everyone else.


Once a Wapp is released, there is but one setting that can be changed: owner. Although the owner has no authority, the function does allow the 'owner' to change to the Ethereum genesis address.


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