Boris Akimov, a farmer and the founder of organic food start-up LavkaLavka supported by its own blockchain token, will use the Waves Platform to tokenise his own skills and time. He is one of the first entrepreneurs to explore this new application for the blockchain.
Akimov, Founder of LavkaLavka and BioCoin, stated: “In fact this is a simple idea in principle. I have certain skills, knowledge and experience, as well as my time in which I apply them, which is what will be tokenised. Token owners can receive the benefits of this experience for a period of time, depending on how many tokens they have. The more competent my work, the higher the demand for my skills and knowledge, and the higher the value of the tokens on Waves’ built-in decentralised exchange. Conversely, the lower the quality of my work, the lower the value of the token. This ‘free market’ approach to my own abilities is very appealing and to me, represents one of the great strengths of blockchains and cryptocurrencies.”
The token that will be hosted on the Waves platform is a granular approach to the idea, tokenising the unique skills and time of one person down to the second.
Akimov explained: “Let’s take a conservative estimate in which I tokenise two days a week of my time. That’s 16 hours per week, or 832 hours a year. Let’s say that the token will expire after 4 years, just to reduce risk all round! So that’s 3,328 hours, or 12 million seconds. So the plan is to create 12 million tokens, each of which can be redeemed for a second of my time and skills!”
Start-ups have already raised over $100m worth of funds through the Waves platform and there are 150,000 active people in the Waves community. Waves’ market capitalisation has increased to over $500 million, with over 50 employees in Moscow and Amsterdam. In 2018 offices are planned to open in Berlin, London, New York and Singapore.
Sasha Ivanov, CEO and founder of Waves, remarked: “This is a really interesting and innovative application of Waves and blockchain technology. You can tokenise just about anything you are prepared to redeem, and this is no different to the diverse forms of value tokenisation used by currencies, businesses and other applications – it’s just a highly individual approach! In the future, no doubt we’ll see a lot more of this kind of thing, and some even more imaginative use cases for blockchain.”