The time to tokenize yourself has come!
One of our underlying goals at LexDAO is to develop a library of Web 3 tools we stand behind. Today we’re launching the new version of https://lexdao.org and our first “certified” dApp, a personal token factory. Visit the site to learn more about LexDAO, and personal tokens!
People and their business relationships are pretty much all online these days. But, the dynamic of working relationships hasn’t changed much. We think personal tokens are core infrastructure to drive this change, and a great way to start is to focus on “consulting”. There is a lot of overhead we think we can reduce in the space.
Imagine if you could turn yourself into a vending machine on the internet. You could retain complete control over how you price your time or let the market determine how much a minute increment of your time is worth. Your pricing was completely in your control. That’s the hype behind the “Personal Token” everyone has been talking about.
A Personal Token is basically an offer to provide SOME thing, such as consulting services, a pitch, or a site review to people who redeem them. The goal is to map readily onto different ways of thinking about the relationship. With tokens we can ultimately take part in markets that reflect dealings over time, and capture the value inherent in possible network effects. Personal tokens are also about so much more. They are fungible, collectible, and ultimately signal reputation. What better way to get a referral than to have a satisfied client or colleague send a ERC20 token with a recommendation.
Built on Web 3, these tokens are true digital property that can be sent anywhere in the world and never copied. Built by a bunch of legal engineers, so you can trust them to be predictable with some sensible and pragmatic safety rails and best practices.
This is a token factory built by legal engineers. Consideration was undertaken to make the process of minting your own personal token as easy and streamlined to use with some built in guard rails. Including:
Default Terms of Service: If this personal token economy is ever going to work, it needs to play nice with the existing business and legal structures. In the real world, consultants use engagement agreements, and terms of service to protect themselves against all kinds of things. These agreements set expectations, and also the understanding of what happens if something goes wrong. This is what we call “legal predictability.”
If you’re a consultant and already have docs for this, 👍 you can use your URL. If not our dApp will automatically generate a vanilla template TOS document for you, and attach it to your token Smart Contract. Hopefully the default agreement will provide a base to further customize the template. The dApp generates a default terms of service to guide the space and demonstrate the ability of the legal layer to play nice with Blockchain technology. Obviously you, your token, your client, etc. will always fall under the protection of meatspace laws. We strongly recommend that you have any legal relationships reviewed by a legal professional licensed in your jurisdiction.
Dispute Resolution: Alas, sometimes we won’t get along and disagreements happen wherever business happens. And no one actually wants to bring in the lawyers if they can help avoid that and find amicable solutions. Even with a contract, things still go wrong. This is why we’ve built in LexDAO powered dispute resolution.
If anything goes wrong with your token, LexDAO is able to pause your token contract, and arbitrate the dispute as a DAO. (But only via DAO vote.)
Standardized Values: Simply put, this means we’ve made a bunch of other choices for simplicity and interoperability. Here’s what they are:
- 1 Token = 1 Minute of Your Time
- Initial Offering: 60,000 Tokens (1,000 Hrs)
- Total Cap: 240,000 Tokens (4,000 Hrs)
- Decimal places: 6
- LexDAO Fee: .0009 ETH
Easy of use: We think a minute is the most competent atomic unit of a consulting relationship. (And really, the only thing of real value in the world, but that’s a philosophy lecture.) Our scheme aims to deal with minimum practical decimal places. An hour is 60 tokens. That’s our starting scheme.
Fungibility: When we get to a point of swapping personal tokens, having standard terms and standard units of measurement will make personal token swaps as easy as cash. Tokenized value will stream in one direction while video consults zoom in the opposite direction. Six decimal places gives us pretty good precision in streaming, while still being readable on a damn device. 😎
Fee: We built this and have a mission to contribute to the space. We keep it ship shape and helps promote legal engineering in Ethereum. You can throw us a .0009 ETH bone, no?
Get Set Up
- Install Metamask
- Go to LexDAO Token Factory
- Connect Metamask with the “Connect Wallet” button.
Name Your Token
The second step is the hardest, naming your token and selecting a token ticker symbol. We suggest your name and initials, for clarity. But go crazy with it, if you want.
If you already have a TOS or Consulting Agreement you use, put in link to the document. The smart contract works its magic to stamp it to your token code. The token and TOS stamp will be visible on chain where token holders can refer to the personal token terms and conditions.
Also, you might want to associate an email with your issuance. It’s not required, but if you include it we’ll add you to our internal directory. (See the post on the the page for why this might matter, hint: it’s legal stuff.
Once this stuff is done (or not) hit “Mint” confirm your transactions, and your tokens will be ready in a few minutes.