VentureCoin (VCN) - Connecting Ideas and Work on Ethereum Blockchain
What is the Ventured Network?
Ventured is building a Network Layer of smart work contracts and pre-trained models to give people the necessary information to make optimal choices about their work. Empowering people to choose their best work will mean individuals are no longer bound by companies.
What Ventured Offers
Ventured will expand the freelancing marketplace by creating a network protocol for a smart dynamic work system where the vast majority of the work required for a project, startup, or event could be crowdsourced. Ventured is providing a decentralized way to work that is still able to tackle the world’s biggest problems. It is key for the network to create a new system of loyalty where it is obvious which workers can be trusted with core projects. Part of the loyalty system will be based on using Ethereum to create token-shares as an equity currency for freelancing. These token-shares will provide a direct incentive for freelancers to make a Venture succeed. Additionally, by supplying context for work, helping keep track of past work history, and rewarding continual work on one project workers can be incentivized to become loyal. The Ventured network protocol will take advantage of the Ethereum network and major advances in machine learning. Modern machine learning techniques can be used to match people with work and make accurate estimates at the real value of a piece of work. These matches and estimates can be communicated programmatically through oracles within smart work contracts created on Ethereum to accurately pay people. In the Ventured Network people and companies will have the required information to understand the cost and benefits of their work. Facilitating large projects to use contracting is key to the future of work. It will be a necessary step in fair payments and expediting the most important work in the world. Freeing people to choose the work that is most valuable or most interesting will be empowering and completely change the landscape of business.
The Ventured App
The Ventured App will expose the Ventured Network systems of smart contracts and pre-trained models as a web platform with additional functionality. It will enable users to create Ventures out of their ideas or existing projects. Within a Venture admins can create work and allocate payment with token-shares of the Venture or currencies like Ether and VC. This project management system on top of the Ventured Network will allow users to efficiently exchange three things: work, cash-equivalents, and token-shares. The users we are building this product for fit into two main categories: people who have ideas that require work to execute (Venture creators) and people who have some skill they are looking to apply to a project that interests them in exchange for some cash-equivalent or stake in that specific project (Venturer). This means there are two general use cases for the Ventured App:
- A user will be able to come to the platform and search until they find a Venture that meets their criteria (pay rate, schedule, location, social match, skill match, interest, etc). Then that user will be able to apply to do work for that Venture in exchange for some amount of money (ETH, BTC, LTC) and/or some amount of Token-Shares of that specific Venture.
- A user will be able to come to the platform and create a new Venture that is an idea for some product, service, event, organization etc. Once the Venture is created that user will be able to offer their own unique token-share and/or money (ETH, BTC, LTC) in exchange for work.
Search - As a user I want to be able to find Ventures that are a good match for me. Some of the search/filter categories include: pay rate, schedule, location, social match, skill match, and interest.
Discovery - As a user I can directly input my preferences for Ventures that are a fit for me and the system can also discretely learn which Ventures are a fit for me over time. This means that as I continue to use the Venture Platform the “Recommended Ventures” will become more and more accurate. This will allow me to discover Ventures that are a good fit for me that I otherwise would not have thought to seek out.
Ventures Creation Tool - As a user I should be able to create a new Venture using a step-by-step template that makes the process as easy as possible. There are many complex questions such as how to organize the Venture’s management structure and how to decide the number of Token-Shares to create that should be simplified into a suggested template format which can be customized to the user’s satisfaction.
Guilds - As a user I may enjoy working with a specific group of people. I find that we all have a good chemistry and our skills complement one another’s. So I create a Guild which allows us to offer our services as a group and take on larger and more complex work tasks.
Friends - As a user I will encounter many other people while doing work on the Ventured App. If I like working with a specific person I may add them as a friend and write a note about them in my friend’s list. Ex: “Great front end dev. Really seemed to be on the same page.” Later I may direct message a friend and ask them to join a Venture with me or I may filter the list of Ventures to see only ones that include my friends.
Reputation - As a user I want to be recognized for the amount of time I have spent working on a specific Venture. There is a difference between someone who has been putting in tons of hours on a Venture and someone who has just joined. If there is a critical task that the Venture needs done it may be helpful to see which of the candidates has the highest reputation. Additionally, a Venture may decide to reward people with high reputation as a bonus in order to incentivise individuals to work on the project for longer periods of time. The key assumption here is that in some cases an individual's ability to contribute value to a Venture is enhanced by amount of context and background knowledge that the individual will gain over time while working on that specific Venture.
Work Management Systems - As a user I want to understand how my piece of work fits into the larger picture. Why does the specific task I am doing now matter? Additionally, how is this Venture organized? I am doing work for someone who is managing this piece but who do they report to and how does that piece fit into the big picture? One aspect of this feature will be a dynamic visual representation of all the tasks and groups of tasks and where they are located in space relative to each other.
Integrated Ethereum Smart Contracts - As a user I want to create contracts between the Venture I am representing and a person who has agreed to do work for the Venture. I may or may not have the skills required to write a smart contract on the the Ethereum Network so I should be able to create a contract using a GUI and existing smart contract templates. As a user signing up to do the work I want to be able to propose to accept a contract on the condition that something is changed. This counterproposal or amendment to the smart contract should be easy to suggest and easy for the original work creator to review and approve/reject.
How it works
Once a user finishes the setup process a custom page for managing the Venture and a set of Token-Shares are dynamically generated within the platform. On this page a user can create work, allocate tokens for work, and manage permissions for people working on the Venture. Additionally, Ventures have public information regarding who has done past work, the status of a project, and the eventual goals. After it’s creation, a Venture will be a fully autocratic organization, but this can be changed into several management systems including a full DAO (decentralized autonomous organization).
Once a user creates a profile they can discover or search for Ventures that interest them. As that user does work their ratings will change based on the work they have done (customer satisfaction rating, skill rating, teamwork rating, timeliness rating, etc). Over time a user’s profile should become an accurate reflection of the type of work they are good at and the preferences they have. Eventually the system may make suggestions for new opportunities based on profile preferences, friends list, and which Ventures the user is following. Venturers can team up to form guilds or add each other as friends to do work together in the future. And of course any Venturer has the ability to create their own Venture at any time.
VentureCoin (VCN) will have a hard cap of 40M USD, and a minimum of 4M USD. These caps will be set as a number of Ether 24 hours before the crowd sale begins. If the minimum is not reached, we will return all ETH to the address owners. VCN will be generated at a rate of 6000 per 1 Ether for the crowdsale. At the end of the sale the VCN generated will be allocated into four pools as shown below. Pool allocations:
- 33% crowdsale contributors
- 33% core team
- 20% for reserve tokens for future stakeholders
- 10% early contributors and investors
- 4% token sale costs and bounty program.
VentureCoin will have a hard cap of 40M USD, and a minimum of 4M USD (4M USD) in ETH. If the minimum is not reached, we will return all ETH to their address owners. There will be 1 Billion VCN minted, with 330 million for sale in the initial coin offering. Core contributors of the Ventured project will retain 500 million VCN with a one year vesting schedule. The remaining 500 million VCN will be used to promote the framework and to make donations to the Ethereum Foundation. No future VCN will ever be minted. • Total VCN = 1 billion • Total VCN for sale = 330 million Sale information:
- Exchange rate: 1ETH = ValueOfEth * 12.
- Token contract address: Will be published through our website 24 hours before launch date.
- Launch date and time: 8AM PST November 10, 2017
- Token launch time-frame: One month.
- Token launch completion: Token launch will end when either the maximum number of ETH are raised or after a period of one month.
The funds raised from the ICO will be allocated in the following manner:
VCN is itself a Token-Share and will have it’s value tied to the Ventured platform. Tasks that will improve the overall platform like crowdsourcing work ratings and reputation will be payable with VCN. Additionally VCN can be used to invest in other Ventures and in general transactions within the platform at a discounted rate to Ethereum. These transactions include governance, creating new Ethereum tokens, assigning new tasks, network arbitration, and other functionality.
Newly created Ventures and Guilds will automatically generate an ETH address associated with the organization. The amount of VCN consumed to create either will depend on the initial settings for the associated item. Larger and more complex Ventures and Guilds will require more VCN to create.
Ventures will be able to create their own tokens through the Ventured platform. They are able to dictate the initial value of their token through an ICO funded by ETH, as a ratio to VCN, or by declaring no inherent value to the token.
The Ventured platform will provide a simple user interface to create smart contracts. Smart contract execution and deployment will require a variable amount of VCN depending on the contract parameters.
The core of the VCN token will be a fork of the MiniMe token open sourced by Giveth. This token contract was chosen for its great functionality and flexibility. Clones of itself can be easily generated at any given block number, and anyone can give extra features to the token holders without having to migrate to a new contract. Some of the applications that the MiniMe token contract can be used for are:
- Generating a voting token that is burned when you vote.
- Generating a discount "coupon" that is redeemed when you use it.
- Generating a token for a "spinoff" DAO.
- Generating a token that can be used to give explicit support to an action or a campaign, like polling.
- Generating a token to enable the token holders to collect daily, monthly or yearly payments.
- Generating a token to limit participation in a token sale or similar event to holders of a specific token.
- Generating token that allows a central party complete control to transfer/generate/destroy tokens at will.
- All other applications that an ERC20 compliant token is capable of