Time Money: A versatile sharing economy blockchain platform
The sharing economy – in which ordinary individuals perform on-demand services for each other, usually facilitated by companies – has gained prominence and widespread acceptance over the recent years. Whether from necessity or from convenience, more and more people turn to companies like Uber, Airbnb or Wag! to make a living, expand their incomes or meet their day to day needs. This economic model certainly has its detractors, who point out various service level problems and the power held by the intermediary companies, but it is nevertheless here to stay.
Some of those problems could feasibly be resolved through the incorporation of blockchain technology, with its advantages of security, transparency and decentralisation, resulting in a more authentic and reliable sharing model. However, Time Money's platform goes farther than that. Noting that there are many types of services unaccounted for on the current sharing economy market, the company has developed a blockchain platform that would cater to any kind of service that can be quantified in time or tasks performed. This could vastly expand the reach of this model and create new economic opportunities for each and every user.
How will you work with Time Money?
Accessing the platform through a mobile app, users will be able to put out service requests for other users in their area. Those willing and able to perform the required tasks will be able to get in touch with them and agree on the terms, such as time, place, dress code and necessary equipment, as well as payment. “Meetings” will be registered on the blockchain when the requester and the service provider meet up at the same GPS coordinates, activating the payment smart contract. Once the agreed-upon time expires, the requester can end the meeting, though it can also be ended earlier or later if the provider accepts the change. After that, the payment will be carried out and both sides of the deal will be prompted to rate each other on the 5-star scale. Any users with a rating lower than 4.5 stars will be reviewed manually, while users below 3.5 stars will be suspended by the Time Money service department, as will any fake accounts.
The previously specified payment will be up to the requesters (within changing platform limits) and can be tied to tasks performed or minutes spent. All payments will be made in TMONEY tokens, with additional tokens issued after every transaction. Time Money will allow easy automatic conversions from crypto and fiat currencies with the help of Coinbase's API. Service provides would need to pay a relatively low 10% ETH fee at the end of every transaction, and a further 10% fee when withdrawing TMONEY in fiat. Later, Time Money hopes to launch its own credit card, allowing direct TMONEY or fiat payments.
What are the advantages of Time Money?
Time Money offers a simple and versatile system that can be used to support any kind of on-demand services. It could be used to plan parties, to give lessons or give expert advice, and its payment system can be scaled to match its audience. At the same time, it wants to take steps to ensure a more rigorous control of service quality. Combined with the previously mentioned blockchain advantages, particularly anonymity and reliability of payments, this should make it very appealing for a broad and varied demographic.
The project is to launch in Florida in 2019 and then gradually expand through the United States and beyond, hoping to gain worldwide reach in 2025. Its initial focus is rooted in the demographics of that state, with its growing population and high number of retirees that could make use of the offered services. Time Money will have English and Spanish language support from the start and will add more languages later. The platform's continued development and expansion will be supported by the Time Money reserve fund.
Token sale details
The next stage for the on-demand economy?
Despite its relative simplicity, Time Money is a project that might have extraordinary implications. After all, it stands to both provide a platform for a potentially infinite amount of on-demand peer-to-peer services and ease the way for cryptocurrency adoption. That may make it a vanguard for a new, more genuinely decentralised economic model.
Of course, it will take time to tell whether or not it can actually live up to this promise. Its technology will need to hold up, as would its quality of service. The rating system may seem like a positive step in that direction, but it seems potentially vulnerable to abuse and, in any case, would require good human support. Of some concern is the small size of the team as it is currently announced. Still, if the project launches successfully, its versatility should work in its favour. Even if some things don't go quite as planned, it may find some unexpected uses and users, both in Florida and elsewhere.
Links:
Website: https://tmoney.io/
WhitePaper: https://tmoney.io/tmoneywhitepaper.pdf
Telegram: https://t.me/joinchat/FDl6hhFPILtJlbtPvXxBlQ
Facebook: https://www.facebook.com/timemoneyapp/
Twitter: https://twitter.com/tmoneyio
Medium: https://medium.com/@fightstv
ANN: https://bitcointalk.org/index.php?topic=4510275.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
ETH: 0x52031420541AE92622745A9417B11E73fb470BE9
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.