Accounting

Subject to the creation of legal agreements – that concern the acceptance of Comcoins as a return on investment (ROI) – project communities receiving funds collected through CM will be kept accountable by purchasing Class A Investment Shares in the I3 Investment Coop.

Using The Blockchain To Prove ROI

To prove ROI of Class A Investments, Comcoins™ given to content contributors must be identified as ‘first generation’. This will enable them to be distinguished from Comcoins that have been upcycled – or re-exchanged – in other projects.

As Comcoins becomes more established, we could decide to back transactions in the Comcoin Exchange by building a parallel instance of Comcoins on the blockchain, which will mirror the transactions and be used to reconcile accounts. Alternatively, the development of blockchain apps – and increased global access to smartphones and the internet – make it likely that the entire exchange will be run on the blockchain instead.

Secure ExchangeWhy Not Just Blockchain?

Why do we need a simple mobile solution as well as a blockchain? Blockchain wallets require a smartphone and good internet service, whereas Cyclos enables transactions through SMS. Other related issues to consider include:

  1. Using blockchain for accounting transactions uses vast amounts of energy and heavy data exchange. This makes it expensive on resources, and global disparities in wealth and access to internet creates inequality to engage. This leads to a lack of practical implementation.

  2. Although running a currency on blockchain overcomes the need for a bank account, most that exist today have financial models that generate value based on their relative worth in central market exchange.

Note: Internet protocols are being developed for overcoming the same challenges as the blockchain, at less cost. Example: Ceptr