A new economic system for free software programmers, contributors to crowdsourced projects, volunteers, ... and everybody else, who use the goods and services made in NEO.
The NEO economy builds on the fact that volunteers are motivated not by economic benefits they could gain from work, but by desire to achieve mastery in the field of their interest, or to demonstrate ability in providing products useful to society. NEO therefore - in addition to a new currency called Chron - introduces a non-economic, non-transferable, reputation-like reward - Merit - with value determined by the market.
How it works...
- Work on any projects of your choosing, including the ones you come up with yourself,
- report your work hours to Rovas - the application enabling participation in NEO,
- Rovas will create and reserve for you 10 Chrons () for every reported hour,
- after two other, system-selected economy participants verify your report, the Chrons are released from reserve for you to use,
- make your product available either for a fixed price or a voluntarily chosen amount,
- if purchased, the buyer pays for the product to Rovas,
- Rovas will grant you the reputation reward - a number of Merits (), equal to the amount paid,
- Rovas destroys the Chrons paid for the purchase,
- use your Chrons to pay for stuff made in NEO or exchange them for other currency.
- Today, the users of volunteer-made goods and services are mostly unaware of the amount of effort expended in their production. As a result, they have little incentive to reciprocate for the value gained, and even if want to, there is often no way to do it. NEO rectifies this problem by providing a mechanism for rewarding the creators with their own pro-social work, or with purchased Chrons that can be used as a reward.
- Every year, one billion people globally volunteer their time and work on society-benefiting projects, generating more than a trillion USD in economic value in the process. NEO allows capturing that value for rewards to the creators.