The WONO series goes into the next round, and this fourth article gives me the opportunity to go deeper into the details of the deal function. There is a whole of five pages to this topic in the whitepaper, but I will try to explain it as simple as possible. I linked the three previous articles at the bottom of this one.
However, as always, I would like to point out that my articles are never and in no way any financial advice. They represent solely my opinion on a project nothing more, and I have studied them extensively for my purpose. As with any decision in life, everyone has to self-responsible to get their own opinion based on research. I leave the advice on financial matters to the professionals.
There are five functions that a deal has to fulfil in the WONO system.
First, there is the assurance that all parties can comply with their financial agreements in the contract. This can also be considered as an agreement that specifies precisely what obligations each party has to meet.
Second, the deal controls the entire WONO token movement throughout the whole process, from start to finish. So he is the control tool in the token economy.
In the third place, it represents the apparent connection between the user and the order value, and it does not matter whether it is a material object or service or freelance work.
Fourth, it represents the connection that comes into effect in the event of cancellation. This mechanism is triggered automatically when specific predetermined parameters occur, and thus the contract between both users is considered failed.
Last but not least, the deal is also the link to the arbitrage service, which I will discuss in more detail in my fifth article.
Let's go into more detail with an example.
A vendor has posted his design to rent a car on the WONO platform, and an interested user now selects his offer. Now the deal is completed by both parties or even changed and adapted. I imagine that is a bit like a trade, although I have quite a chance as a seeker to negotiate over the period and the sum. After both have agreed, the final deal is publicly committed, and there is an immediate 100% payment by the tenant of the car, as agreed in the contract. A deposit is always due, they will be refunded later, should the deal be satisfactorily fulfilled, and the vehicle returns safely to its owner.
There are different types of deal. First, the direct deal, where the buyer/tenant can pay the total immediately if he has the WONO tokens in his wallet in stock. Another example is the trusted deal where only part of the requested token sum is available to the buyer. Such a case even arises if the car owner himself has set a freelancer work order on the platform and would like to use this car to perform this work. So he still does not have full access to the WONO tokens, which he will receive as payment because his work has not been done, and thus he can not use those expected tokens, as payment for his car rental. It lacks the certainty that he carries out his work in such a way that he also gets the tokens. In this case, the WONO platform borrows the rest of the WONO tokens from the car owner, and the user immediately pays back this short-term loan once he has received the token from his freelancer contract.
Another deal is the back-to-back deal, and in this role, I see a unique strength of the WONO platform. I continue to use our example for this.
Someone wants to rent a car for a week as he wants to explore the area surrounding his vacation spot. Now he owns a condominium and offers it to the car vendor in return. The car vendor always wanted to spend some time in the hometown of the contracting party and agreed with him to be able to use this condominium at a later date. Time span and possible additional compensation payments are laid down in the back-to-back deal. What we have now is an exchange of services. I particularly love this option because it allows all people to travel, rent and exchange work without the need of money being involved, it is a more straightforward way from my point of view. For example, a freelancer who has completed a few jobs and saved a sum X of WONO tokens on his wallet can pay for his entire vacation without having to transfer money. I have the strong suspicion that this deal will be the most used once the platform is online for a certain amount of time.
The last option is the chain deal, which consists of multiple platform users who are both providers and users at the same time. With this concept, I'm not entirely sure what the visual structure might look like on the platform, but the possibility sounds more than exciting. Especially in the Arab and Asian countries, I can imagine big groups of people are using this kind of deal. This is a fascinating concept with the massive potential to be used all over the world with no boundaries.
Of course, a deal rating system may not be missing, and I'm already excited about what parameters it is composed. The reputation of platform users is just as important as the rating that the item or service has previously received. So even the terms of the deal are included in the evaluation. On a scale of 1 to 100, a rating is awarded and this, in turn, affects after the end of the contract on the personal rank of the parties involved. A complex system, which through transparency and automatism represents a living and fair form of evaluation.
Should something go wrong at any point in the course of a contract, the arbitrage system will be activated. In my fifth article, I will explain among other things how the arbitrage system works. I am pleased to continue this series because for me WONO is an auspicious project in the blockchain sector.
Upvoting my work on Steemit does not hurt you, but it does mean a lot to me. Thanks a lot for this.
The following links will take you to all relevant pages and channels of the WONO project. Please use eBay
Website: https://wono.io/
Telegram: https://t.me/wonoworld
Facebook: https://fb.me/wonoworld
Twitter: https://twitter.com/wonoworld
Medium: https://medium.com/@wonoworld
Bitcointalk: https://bitcointalk.org/index.php?topic=3398728
Steemit: https://steemit.com/@wonoworld
Linkedin: https://www.linkedin.com/company/wonoworld/
Instagram: https://www.instagram.com/wonoworld/
Reddit: https://www.reddit.com/user/wonoworld
Github: https://github.com/wonorepo
Youtube: https://www.youtube.com/channel/UCiOBgJO_VZm-rDXLMi6IP2A
Whitepaper: https://wono.io/assets/i18n/en/wp.pdf
Check out my first WONO article here: https://steemit.com/english/@desposyni/wono-the-blockchain-p2p-marketplace-for-everyone-part-1-overview
Check out my second WONO article here: https://steemit.com/blockchain/@desposyni/wono---the-blockchain-p2p-marketplace-for-everyone---part-2-the-upcoming-ico
Check out my third WONO article here: https://steemit.com/blockchain/@desposyni/-wono---the-blockchain-p2p-marketplace-for-everyone---part-3-a-more-in-depth-look
