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“Homeless Guy Builds Own Cryptocurrency”


Letter to Friends:

Normally I would write the monthly report as if it was a letter to my friends, holders of my personal Life Token. But since I have not discussed the XH5, pronounced Shave, or the Life Token idea with anyone, and since there are no other wallets holding XH5 other than my own, I will keep this brief.

Because it hasn’t been a full month since the inception of the XH5 token, this is Month 0 of the XH5 Life Token Experiment.

I will be completing the Road Map, renamed Trail Guide, and a Grey Paper, rather than a White Paper, before the next report. These will help define the Life Token Experiment and set milestones for the project.

For now, imagine a world where everyone could print their own currency. Imagine a world in which people are no longer paid in cash or bank deposits, but in order book transactions for their self managed Life Token. Nobody has to hold your Life Token as the buying and selling of it back to you instantly is how asset transfer takes place.

The people who hold your Life Token are people whom you have gifted it or people who believe in what you are doing and want to hold the token as a way of giving you a gift or donation. Perhaps purchased by friends and family in lieu of a present on holidays.

Why would anyone hold your token?

The answer is they don’t have to, they could sell it right back to you for an asset of their preference. Because your order book is connected to every other order book, and you maintain liquidity of your own account, atomic swaps can easily be made automatically by anyone trading your asset.

The incentive to hold the token is that it connects them to your feed. Think of it as an economically incentivized social network. They receive updates about your progress and your goals. They hold your token because they believe in your OKR. Your clearly defined, and regularly addressed, objectives and key results.

Upon liquidation of your Life Token Account, at the time of your death, all of the tokens will be repurchased for an equal share of the value of the assets in the Life Token Account.

This is how I determine the Real and Potential Values I noted at the top of this month’s report.

The Real Value is where I maintain liquidity. I will repurchase all outstanding XH5 Life Tokens at that price. This is guaranteed by funds locked up for that purpose. (Unfortunately, the first mistake of this experiment was in limiting my account trust limit to the number of tokens created. This is a hassle because I can’t place a buy order for the total supply, only what I do not have in my account. And since this is all being manually managed from a cheap cell phone…)

The Potential Value is what a Life Token would be worth if the account was liquidated that moment, without any price slippage.

Since I currently have no way to ensure the liquidation of the XH5 account upon my untimely demise, the value of my Life Token is highly questionable beyond the liquidity I provide. In fact, I would not expect anyone to purchase the XH5 as they are guaranteed a loss of all Lumens invested.

If there is no value or no expectation of return, why run the Life Token Experiment?

I imagine a world where little Johhny Ann mows their neighbor’s lawn, and instead of getting paid in cash, the kindly old lady bends down and scans the QR code on little Johhny Ann’s phone. She has chosen the asset she wants to pay little Johhny Ann with and this is Atomic Swapped for an appropriate amount of little Johhny Ann’s Life Token, which is immediately sold back to them at the Real Value.

The payment for mowing the lawn is in the spread of the order book little Johhny Ann has created for their Life Token. The excess is held in their chosen asset, which is different than their Life Token. For the XH5 the chosen asset is Stellar Lumens (XLM).

Why not just use an Atomic Swap to provide Stellar Lumens?

The Life Token is about personal financial responsibility and adding value to the world. By transacting in your Life Token you create a financial record of accountability for all of your actions. By regularly setting and meeting objectives and key results that are socially responsible the world can better evaluate your contribution to society.

It is only later, in the development of financially responsible social networks where someone may want to know more about what you do, or to support you, that they might hold your token. Your early token holders will most likely be friends and family, just as a child’s first experience with money is in gifts from those same people.

At the end of your Life Token account, upon liquidation, the token holders then become the beneficiary of the value you have grown in your account over time.

This will all be explained in more detail in the Grey Paper.

For now there are 1,827,000 XH5 in existence. Monthly token burns will happen at a rate of 182,700 for seven months beginning January 20th, 2020 and ending on July 20th, 2020. These will start with the 182,700 XH5 locked up in the sell order @ 0.1 XLM and progressively work higher through the sell orders with each monthly burn.

There are 1857.142856 XH5 @ 0.05 XLM which will remain until they are sold or the experiment ends.

Though the Real Value is 0.0012 XLM, there is currently a buy order for the first 142 XH5 @ XLM 0.0018 as a sort of bonus. However, since the lowest sell order of the Life Token from the XH5 account is the 1857.142856 XH5 @ 0.05 XLM, it would make no sense to purchase the token unless it was in lieu of a gift for me personally.

It would be cool if someone else was interested in this experiment, but I don’t expect that to happen.

So much for being brief.

Lol.

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XH5 Monthly Report 00
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