According to Coinmarketcap.com, the cryptocurrency market has gone down by almost $55 billion since last December and now is worth $457 billion. The most popular cryptocurrency, the bitcoin is in a downward spiral after a record $19,783.21 in December of 2017; it has a market cap of an all-time low of $231.8 billion. But the cryptocurrency as a whole still shows immense promise as seen from the self-tokenization by the Russian Boris Akimov founder of the organic food chain LavkaLavka.
Russia has its own blockchain platform called the Waves Platform on which Boris plans to tokenize his skills, knowledge and time. He incidentally is also the creator of the Bitcoin, Russian cryptocurrency which can be used to redeem farm goods and produce at discounted prices.
The Waves Platform
All blockchain technologies have the same goal in mind- avoid the middleman and promote peer to peer transaction. Unlike the usual blockchain management, the wave platform is different and does not require smart contracts. The main focus of this platform is to facilitate the easy creation of tokens by just about anyone without any experience. And these tokens can be used immediately on the waves exchange.
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LavkaLavka is an online agri market where people can sell and buy farm produce. The Akimov coin can be used here to avail discounts and make purchases. So, how can you determine the value of this token; simple if the demand for Akimov’s time and expertise is more the value of the coin increases and if there is no demand for his time it will come down.
Akimov states that his tokenizing is based on the simple economic principle of time is equivalent to money. He is planning to create 12 million tokens which can be redeemed by users when they use his time, knowledge and skills. Each token is valued as a one-second increment wherein the holder can access Akimov’s skills and expertise.
Akimov is the first individual to tokenize himself but the idea itself is not new. TokenStars a Russian startup has already tokenized athletes and celebrities. The CEO of TokenStars, Pavel Stukolov states, “We help promising talents raise funds by tokenizing their income, talent support and time.”
He further adds that by tokenizing themselves celebrities can get upfront payments for all their exclusive interactions with fans. Anton Solodikov, CEO of Sharpay another startup that develops applications for blockchains also comments that tokenization is a brilliant idea that needs to be pursued more. He believes that we should take advantage of the technology and tokenizing is a great way of doing it.
IS Tokenization the future
Cryptocurrency has not just changed the way we think about currency but it has opened the doors to how one can monetize the skills and expertise that one has. Till recently skill, time and expertise were a non-tangible asset which could not be monetized but not anymore; anyone can commoditize their expertise and know how.
Tokenization has liquified these assets adding monetary value to them. What makes tokenization so attractive is that you need not worry about operational security as you trade on a blockchain network deemed to be the most secure platform for now. Celebrities have already started pegging their time to cryptocurrency. If you have a skill set worth monetizing it is time to tokenize it like Boris Akimov.