Virtonomics is a fundamentally new paradigm and platform for creation of a mainstream cryptocurrency, VICoin, based on the alternative virtual economy development Virtonomics is an online strategy game, based on real world economy, business, entrepreneurship and management principles. The purpose of the game is to create a profitable and competitive business. Each player receives a starting capital, which can be used to develop the virtual company according to their own unique scenario. Users choose their custom business aims, strategies and tactics.
PROBLEM TO BE SOLVED
Tall financial, technological and intellectual hurdles of mining as a means of earning cryptocurrency on the mass market:
– Block mining as a way of cryptocurrency earning is still very much the preserve of advanced technology geeks. Today, by far the overwhelming majority of people lacking specialized knowledge in both blockchain technologies and cryptocurrency economy is barred from the mining market.
-Earning cryptocurrency by mining involves quite substantial investment in technological infrastructure as well as operating costs of running and maintaining mining “farms” and electricity bills. Inevitably, return rate for the owners of small domestic farms decreases, and this downward trend will continue.
Aiming at providing a massive scale for generation and use of cryptocurrencies, they divide the process of the latter’s creation into two fundamentally different processes: first, mining as the technological process cryptographic blocks generation, too complicated for most people to understand; and second, digging as the activity which is meaningful and comprehensible for the general public, forming foundation for generation of tokens and awarding them to people according to the results of their operations. The essence of they concept and Virtonomic$ platform can be summed up in a simple formula:
CRYPTOCURRENCY = BLOCK MINING + RESULTS OF PURPOSEFUL HUMAN ACTIVITIES,
UNDERSTOOD BY AND COMMON TO A LARGE NUMBER OF PEOPLE
Using specially realized smart contracts, the Ethereum blockchain will store the data on:
-the total number of VICoin in circulation;
– the balance of VICoin on player’s account and fund flows;
– purchase and ownership of digging units;
Additionally, the smart contract will implement the functionality of settlements between owners of virtual companies and hired managers according to labor contracts.
Limited size of issue and overdemand.
a. The total amount of VICoin to be issued is set at 800 000 000.
b. The economics of the token’s circulation is self-contained. One can buy any Virtonomics digging assets only for tokens. At the moment of purchase on Virtonomics Marketplace the according amount of tokens is burnt. Settlements between users for services provided (labor market in Virtonomics) are done exclusively in VICoin tokens.
c. Tokens are issued gradually and with decreasing time effect. For example, 19% tokens will be mined in the first year 19% but only 15% in the second year, and so on. The fall of the total amount of mined tokens with the expansion of the project’s audience will boost demand and, consequently, the rate of the token.