LIU is the first time-based token of the Bitcoin system and is currently (available to people) traded (on the RelayX decentralized exchange (REX)).
The LIU token is at the intersection of time, money, value and market efficiency, and it was created by Chengqi Liu, founder of FloatSV, RelayX and CambrianSV.
Twenty-one thousand nine hundred will be the total circulation of the token. 1 token represents 1 minute. One token represents one minute. (So the total number of tokens in circulation) is equivalent to 365 hours. When the tokens are redeemed, they will be destroyed. I reserve the right to issue new tokens and may maintain the maximum circulation at 21,900. In a calendar year, the number of tokens destroyed will not exceed 21,900, thereby limiting the amount in circulation. I reserve the right not to issue new tokens at any time and to use the number of tokens still in circulation as the limit for the remainder of my time. (Translator’s note: i.e., the number of tokens still in circulation means the number of time remaining, and no new tokens will be issued until the limit is reached.)”
“For orders between 1 and 100 tokens, the initial price will be $5 per token, and for orders over 500 tokens, there will be some volume release discounts at $4 per token. 20,000 tokens will go live for sale, and the remaining 1,900 will be given away as a thank you to those who have worked with me in this ecosystem. Thank you. A new token offering will not take place unless the price of each token exceeds $5.”
A more efficient marketplace
But beyond the LIU token itself and its value in token economics, the idea of a time-based token presents a market opportunity, paving the way for the creation of a BSV-based market that is more efficient than any (other) market we know of.
If a yoga instructor issues just one NFT redeemable for tomorrow’s 9:30 a.m. class, and prices it through a Dutch auction, the token will likely go directly into the hands of a potential student who intends to attend the class,” said Liu Chengqi. For creators and consumers, this is a win, and for investors/speculators, it’s almost unprofitable. Of course, it doesn’t work that well in practice in today’s world, but on overriding principle, the Bitcoin blockchain is capable of achieving such results today.”
Although Liu Chengqi does not mention time in his example, time-based tokens like LIU and the NFTs available for exchange mentioned in his example can create more efficient markets because they have intrinsic value.
Unless you intend to corner the market, if you are selling time or a ticket that can be redeemed in the near future, the goods and services you are selling are more likely to end up in the hands of those who desire them most. A marketplace for trading goods/services like time is much less speculative than a marketplace for trading goods/services driven by narratives and beliefs. This brings the market one step closer to becoming a true “efficient market”.
What inspired the creation of the LIU token?
The LIU token is not Liu Chengqi’s first venture into the concept of exploring time and money based on the Bitcoin system; RelayX launched Dimely, a peer-to-peer video calling service in 2020 that allows everyone to measure their per-minute value in Bitcoin, allowing them to chat with anyone who pays their per-minute fee.
In addition to his interest in products and services at the intersection of time and currency, Liu Chengqi says that working with many of the brightest minds in the bitcoin industry has influenced him and helped him visualize value creation and how quickly such creation can happen when both parties work together. In addition to the opportunities for collaboration that might naturally come to Liu Chengqi’s mind, LIU tokens can also accelerate the collision of people’s ideas.
A time token that I allocate several time slots per week using a service like Calendly (and maybe one day, a homegrown product of the Bitcoin system) allows me to create value with people I don’t know one minute and brainstorm with them the next to shake up the industry while reclaiming my time,” Liu said. taking back control of my own time.”
“If you’re not interested in redeeming your time, then you shouldn’t be buying tokens. Buying tokens based on the assumption that someone in the future will value my time or anyone else’s is not the future of the world. The future is a future where you value your own time, and maybe that will inspire you to issue your own time tokens. Wouldn’t that be a great thing?”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/liu-the-first-time-based-token-on-the-bitcoin-system/
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