FAQ

This page is frequently updated.
 

FAQ Conceptual

How much does 1 V represent?

What is the reason for the proposed transaction fee?

 

 

FAQ Alpha Version

Introduction
How do I join the Alpha Version?

What can I do with this Alpha Version?

What do I get?

 

Sign Up / Sign In
How do I join?

How do I sign in again or on a different device?

I lost my unique phrase.

 

Profiles / Entities

How to edit your account and entities you created.

How to delete your account and entities you created.

How to log in as an entity you created.

 

User Interface
Why does my balance shown in the account ledger differ from the green number in the purple circle?

What does “Spendable” mean?

What is this purple circle?

 

Functionality

Chat

Marketplace

Pools

Transaction history

How do I send value to others?

How do I find people to exchange Value with?

 

 

 

How much does 1 V represent?

For the installations that we run currently, it is a good measure to think of 1 V to be equal to 1.5 – 2 USD. However…

… a) The comparison to fiat money is somewhat irrelevant, because it is just about what a user can actually do with the token. Yet it helps people in the usability of the token, 
if it’s not something entirely different from what they are used to.

… b) it is IMPORTANT to understand that this is not at all the same for the different installations and networks that can emerge from the use of our concepts and software. It very much depends on how the token is setup in its dynamic, especially the amount of regular payout and the token lifetime, and what the use-case for the token is. First governed by the network that has initially set it up, later in the process possibly adjusted due to learnings from the active token use and eventually irrevocably set into stone.

… c) the price in V tokens of for example a Snickers bar can wildly differ within a network, if the price-finding process has not yet found a balance. Contributing factors to this imbalance are the lack of a decend sized market of goods and services and too little liquidity and volume.

We’d like to frame this question with asking “What is one?” or “What is 1?”. A simple answer is, that it is a “unit of account”, Wikipedia states “It represents a single entity, the unit of counting or measurement. (as of 31st May 2019)”. Of course we could delve into a much deeper philosophical discussion about the concept of “one”. For the purpose of this FAQ let’s not get philosophical and accept that defining it as “unit of account” is core to the vision of the token concept and software proposed by Value Instrument.

Value Instrument proposes, that any value is intrinsically created the moment any form of exchange happens between any entity and its surroundings. In that moment, it is purely a matter of negotiation between the parties as to what amount of units are being attached to this exchange to measure it. There is no need for 1 unit of V to be attached to for example 1 gram of gold of any other commodity, if at the same time, measures are in place to promote the perception of and trust in 1 unit of V having an intrinsic value that can be agreed upon eventually. Our token dynamics and our use software has these measures in place.


 

 

What is the reason for the proposed transaction fee?

Networks have a choice to set a transaction fee in their token dynamic, which either burns in total or can be used in full or in part for other purposes, for example a contribution to the community account.

The purpose of that fee is to discourage the easy gameplay of transferring Value tokens back and forth between users in order to regain the token lifetime.

The fee can be flexibly setup by a network to their choice. We propose 33% – 50%, so after 2-3 transfers, nothing is gained from this gameplay. Experiments have shown that 50% is quite drastic and 33% seems to work well. Further, the high transaction fee is not a big problem, as it is somewhat co-financed through a regular payout.

Another good aspect if the fee is that it acts as a counter balance to the encouragement for timely spending that the demurrage brings (token lifetime, diminishing tokens over time). Tokenholders may still think twice what to use their funds on.


 

 

How do I join?

1. Go to the link provided by the network you wish to join.
2. Enter your preferred name at the bottom of the page. This name should be “human” rather than e.g. your business name.
3. Click or press “Join”


 

 

How do I join the Alpha Version?

1. Go to alpha.valueinstrument.org
2. Enter your preferred name at the bottom of the page. This name should be “human” rather than e.g. your business name.
3. Click or press “Join”


 

 

How do I sign in again or on a different device?

Note that the login form is the same as the field to join initially.

1. Enter your unique phrase that you hopefully have saved on initial signup
2. Press “Join”.

You can find your unique phrase also in your profile.


 

 

I lost my unique phrase.

1. Go to valueinstrument.org/contact
2. Write us a message including the name you chose when joining


 

 

What can I do with this Alpha Version?

In our current alpha tests, we have coded the conceptual idea of the Value Instrument into an “online banking app”, that works in any browser. In the cryptocurrency-world this is also known as a “web wallet”. We combined the wallet with a chat functionality, which allows you to “send” funds via chat, and we included a marketplace for you to add a skill, job, place or pool and find others as well, who accept Value.

The main functionality of these installs is, that you receive Value on a regular basis and that you can use this value as you wish and transfer it to other members in the community for any reason.

Every now and then we reset the Alpha Install. If you want to partake in a serious network please make your interest in this known here.


 

 

What do I get !?

You will receive an amount of Value per day, each payout has a validity, which we call the “lifetime”.

Read more about the principles on our homepage or in our white paper.

 

 

How does the chat work in this version?

Currently, the chat functionality is limited to sending messages to all members in the community channel. It is currently not possible to send private messages between members. This alpha resembles more of an online-banking app and marketplace than a chat app right now.

We are debating how far our chat functionality should go, given the high quality of available apps and software. It is already possible to connect the Telegram App to our software, as a proof of concept, so you can “remote-control” your account and we are going to integrate this for other popular chat apps too.

 

 

How do I send value to others?

Use “send” at the start of your message to trigger a transaction.

Then start entering a recipient’s name and choose from the suggestions.

Finally enter the amount you wish to send.

Your message looks something like this now: “send Mary #2121 15”. This can now be sent and will trigger a transaction.

Include a Reference

You can specify e.g. “for guitar lessons” at the very end of the message to include a reference.

Other ways to send and advanced features

The shortest way to send Value is to enter “+15 Mary #2121”.

“+15 5 20 Mary #2121 Peter #2121” will add the numbers and send to both, resulting in 40 being send to Mary and Peter.

 

 

How do I find people to exchange Value with?

Check out the marketplace we integrated in form of a map. You can find things like jobs, skills and places. You can also find “pools” which resemble crowd funding campaigns.

It is possible to post an offer into the community channel of the alpha app too.

 

 

What is this purple circle?

The purple circle is a visualisation of the days your current amount of Value in your account is going to be valid. We call this the “lifetime”.

Since you always get new Value, in reality this can never go below a certain time frame.

If you rarely or never use your Value, your account will just swing back to a basic amount and timeframe and remain there indefinitely.

 

 

What does “Spendable” mean?

Because of the transaction fee, which protects the network from users doing ping-pong-transactions, the balance you have according to the ledger is different from the balance you are able to spend.

What you are able to spend depends on three factors:

1. Your stored ledger balance
2. The time passed since your account was last active
3. The lifetime of the tokens as set by the network.

All of the above is considered in the moment you wish to make a transfer. Sounds complicated, but it is not really.

The app calculates the “Spendable” amount automatically for you and displays it as the spendable balance in the purple circle. It updates with every login and periodically whilst being logged in.

This is a virtual calculation and it does NOT write anything into the ledger. Essentially asking “what would happen to the ledger balance, just before something is transferred right now”.

 

 

Why does my balance shown in the account ledger differ from the green number in the purple circle?

Please refer to What does “Spendable” mean?


 

 

Transaction history

We have integrated a nice overview over all transactions you received and made, just like a bank account.

You find it by clicking on the purple circle and the number shown within.

 

 

Marketplace

We integrated a marketplace that is easy to use. You can place your offer using the plus-button and you can find others by browsing the map or filtering the list.


 

 

Pools, Crowdfunding and Participatory Budgeting

We integrated a mechanism for participatory budgeting – we call it “pools”. Now, this concept opens quite a white scope of possibilities for use, may it be crowdfunding campaigns or the creation and management of public budgets.

We want to encourage users to put their unused funds they may accumulate through their activities or just through their regular payouts to good use and be inspired by and support others in their causes.


 

 

How to edit your account and entities you created.

You can edit information about yourself in the profile. Navigate to the bottom of your profile to find all the entities you created and click “manage” to do the same for them too.


 

 

How to delete your account.

You can not currently delete your account, but you can ask us to disable it by writing us. We are working on the functionality to “selfdestruct”, which is conceptually more complex than you might think. Meanwhile, if you want to make an entity you created invisible, you can pause it at the bottom of your profile.

 

 

How to log in as an entity you created.

You can “become” an entity to created. Entities, like skills, jobs, places, pools, etc. are no different to you. They work the same, have the same capabilities, with the exception of not receiving any regular token payout.

This means you can log in as an entity. Go to your profile and navigate to the bottom of the page. Select “manage” next to an entity and find the unique phrase for it.

Copy that phrase. Now either use a separate browser to log in – using that phrase – or log out of the current account in your browser first (safe the key!) to log back in as the entity.

Note that the login form is the same as the field to Join initially.