How to Distribute HURS?
How do we distribute HOURS in a way that is not HACKABLE yet values the work of an individual?
I'm very interested in the idea of trading hours. For example, if I work for someone for 1 hour, I should be paid 1HUR by the person I worked for. But what if they don't have any HURS to give? How do the HURS get distributed into this system? Also, what if I do work that doesn't benefit someone who works like a baby? Am I able to get HURS from that?
So, for Investors, the value of 0oo is discovery of interesting projects and transparent accounting on how the project budget is spent.
And for Doers, the value of 0oo is finding new ideas, getting community feedback directly, finding cocreators, solving project challenges, selling products on the Market.
Right, "Funds" are for accounting only, it's like an investor or purchaser score — to keep track of funds provided.
// Does that Funds number ever go down?
Yes, it goes down, as the transfers are linked with results that have costs.
Here is a little video on that: link. In case of external investors, they are going to be investing, say, dollars, euros, or something else, like machines, or supplies. That all counts as "Funds". Once they put their assets into any of the projects, that appears to them as "Funds provided" in the funds page.
So it is 3 things?
Funds appear under Funds when investor makes a money transaction to a project and declare that they made a transfer by clicking Transfer button within a project (actual Transaction does not happen in 0oo)
Project members then declare Results with HURS, to "use the Funds" (even if they got actual money already).
Then FUNDS for that investor go down to show that projects are "using those funds".
So, FUNDS work like public accounting on how projects are spending money, right?
// If someone tranfers 100$ to me (by clicking Transfer button in one of my projects), does it mean they get my HUR credits?
Yes, their "FUNDS" amount increases by that much (10 blue "funds" by current exchange rate). For the user who transfers you funds, it indicates that they had given that much, and those funds are still available to the users whom they had given them. However, if you, the recipient of funds, would suddenly write a result (+[result]), with say, 50$ costs, and then chose that this result's costs are compensated by the mentioned transfer of funds, then, they would lose their FUNDS value, because that would indicate the consumption of those funds for your result. However, if you don't do that, they might think that they still have their funds with you.
If someone tranfers 100$ to me (by clicking Transfer button in one of my projects), does it mean they get my HUR credits? So 15 credits appear on their profile?
[Ruta], yes, true, in fact, the purchase for transfer affects ledger and your credit balance. :) While this may look complex, whenever we do a purchase, we can choose how to pay, and can match up another transfer as payment. That other transfer must exist under some project (for example, the project of the company that makes the product) to be able to select it. So, buying something this way, at current stage, is not yet optimized for user experience. While not a priority at this stage (we have other features that are much more used currently, like projects and ideas), but it will become important in later stages.
// A problem with microtransactions is fees. //
Oh yes. Had you heard of Mercatoria by the inventor of Bitcoin? He's currently working on making that cheap, through, what I understand, a structure, -"Inductive Consensus Tree Protocol (ICTP) - for distributed consensus and computation at scale. It achieves high throughput, ∼ $0.0002 transaction costs, and high security while preserving privacy."
It introduces something called "inductive consensus tree" ... "The design decentralizes verification, staking, and storage, and supports tens of millions of transactions per second, with capacity increasing as global bandwidth grows." -- worth looking into it.
You could do transactions of £100 at a time. And eat the 3% fee on deposit or withdrawal.
A problem with microtransactions is fees.
It costs a lot of money to handle a transaction if you're doing business transactions of money.
I just used my credits to buy one of the products. That means, in my balance, I should see that some credits I already spend?
Oh, I have questions too to add to this thread. I see HURS as "everyone declares time they spend on projects, no matter if it was a writer or an engineer, and this way all work is equal". [Mindey], what do you think about that?
But then, what is the value of declaring hours for a creator like me? Can someone come on 0oo and invest into my project directly, so that I don't go to Kickstarter? This is relevant for me now for my book project.
Also, what's the key motivator for investors? Why would they come to 0oo to invest? And is it really an investment or more like a donation?
And what happens during the transaction now? Does money go to my bank somehow?
And what happens with P&L when transaction is made?
Well, asking a question is the first step to clarity :) Thank you for listening to my questions!
Great to hear that, [justinmiyamoto], and I hope you find this place fun to be. We are actually seriously thinking about these problems of economy and money. The precise definition actually is at the bottom of the rates page, and you can the historical fluctuation of all currencies as measured in HUR by downloading our database. ;) Feel free to ask questions if something comes up on mind as you continue to explore~ ^__^
Wow, thank you for commenting so thoroughly Mindey. Makes sense! I'm very excited about the potential of 0oo. I've been thinking about these problems for a long time and I'm so glad someone is working on it. Excited to try some of my projects on here.
Hey [justinmiyamoto], first of all, welcome to the 0oo :)
// For example, if I work for someone for 1 hour, I should be paid 1HUR by the person I worked for.
Was your work okay to be published or mentioned for the world to see? If that is so, this place is for you. Then, you use HUR here only as a unit of measure. For example, if your production or service COST was 50$, you would use the button "+[result]" under a project in question, and write 50$ / HUR = 4.95 HUR under the work result that you declared (or just write 50 USD, and our system will evaluate the HUR equivalent). Note that HUR is not something that is distributed or traded -- it is a unit of value that we show for information purposes, not a currency.
Further, if someone paid you for your costs, and they are okay to publish information about the fact of payment, they can register that fact under project with "+[transfer]" button, and register it. Payment can have the work results matched up, so that they cancel out (for example, if the payment was of 60$, the total ledger value would be 10$ in the end), this way, producing a ledger for the public to see.
What comes out of this activity of creating ledgers of works and transactions under project, is informational, and displayed as community credit and funds above your username. Once we have more projects in the community producing real products, we are considering that this community credit will be useful as a form of currency to make (at least partial) payments for things you can buy on our market section.
// Also, what if I do work that doesn't benefit someone who works like a baby?
You can declare hours by registering expenses for whatever you did, in public here, and that will add in to your "credit score" on this community.
I hope this explanation is understandable. Does it make sense to you? You can always take a look at fluctuating value of HUR at 0oo.li/rate.