Rainbow Seeds (Unique Community Currency Maker)
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Rainbow Seeds! V1.0 Combining the best of local and global currencies for a regenerative economy
Intro and overview article
Rainbow specification development
Nitty gritty tech details: The proposed method for staking dSeeds (which are deferred SEEDS scheduled to be paid out over time from the harvest pool) has these steps:
- 1.Deferred SEEDS which currently exist as "locked balances" in the
escrow.seedscontract are converted to balances in the
- 2.Some or all of a beneficiary's pool balance is transferred to a Rainbow issuer account in the form of HPOOL tokens. One HPOOL token represents one SEEDS token in the beneficiary's pool account.
- 3.The Rainbow Seed token is created by the issuer. It is configured with two simultaneous staking relationships: a. Rainbow Seed is staked by HPOOL at 1:1 (or possibly more than 1 HPOOL per Rainbow), and b. Rainbow Seed is staked by liquid SEEDS at 0:1 (a placeholder for future redemptions) Both of these relationships are defined with the proportional unstaking feature. The Rainbow is also configured with an associated escrow account shared by both of these relationships.
- 4.The issuer issues a number of Rainbow Seeds (say 1000). This automatically transfers 1000 HPOOL tokens to the escrow account. The Rainbow Seeds appear in the issuer account where they can be given or sold to other users. Suppose user
farmerbrownreceives 300 Rainbow Seeds.
- 5.After go-live, the Harvest protocol begins to make payments. Suppose on Summer Solstice, June 21st, there is a 2% payout. The 1000 HPOOL tokens in the escrow account automatically convert into 980 HPOOL tokens and 20 SEEDS.
- 6.The Rainbow tokens are useful for local transactions, but
farmerbrownneeds some currency that can be traded outside his village. He redeems 150 Rainbow Seeds, which returns the stake to him. Before the Solstice, he would have received 150 HPOOL in redemption. However after the 2% harvest distribution he now receives 147 HPOOL and 3 SEEDS.\
farmerbrownholds onto the 147 HPOOL and another harvest comes around, new SEEDS will automatically appear in his account and the HPOOL balance will drop by the same amount.