ATTENTION: THIS POST IS OUTDATED AND MAY CONTAIN INACCURACIES. FOR ACCURATE AND UP-TO-DATE INFO ON RSTORY VISIT: https://steemd.com/cryptocurrency/@insightgreen/rstory-revised-project-description-new-basket-issuances-current-accounting
Introduction and brief company history
Insight Green, LLC is an information services company headquartered in the state of Minnesota. It is a small company, run by two people who both have other jobs. As a for-profit enterprise, its primary objectives are to make money and pay taxes. Insight Green, LLC is committed to doing this in manner that benefits the public good.
Initially, the company planned to work in the emerging decentralized economy towards meeting these objectives as per the graphic below, from October of 2017.
But after formalizing in January of 2018, it quickly became apparent that widespread fraud, price manipulation, data quality issues, regulator missteps, and other issues prevalent throughout the cryptocurrency space summed to an insurmountable barrier that the company's initial plan could not profitably overcome. So during its first year in operation, Insight Green, LLC did not turn a profit. Instead, it cut its losses, adapted to the market realities uncovered by its research, changed direction, and drastically revised its business plan.
In December of 2018, Insight Green, LLC began executing this new plan by producing an important asset.
Primary Asset 19
This asset was created by entering an immutable record of an estimate of the total financial value of the global informal economy into the STEEM blockchain.
This asset itself wholly consists of the information derivable from the memo of STEEM blockchain transaction 591576bcdee0d9168efc9d02a120028d75e15ef2, in block 28,753,977, created by Insight Green, LLC, which reads as follows:
INSIGHTGREENLLCESTIMATEOFPROJECTEDCALENDAR2019TOTALGLOBALINFORMALECONOMYEQUIVALENTGDPEXPRESSEDASUNITEDSTATESDOLLARVALUE=10000000000000
Insight Green, LLC's ownership of this asset does not constitute ownership of the information contained in this asset. Instead, Insight Green, LLC asserts a claim of nonexclusive ownership of this asset as a business logic component. While Insight Green, LLC may use this asset as a component in larger business logic structures, comprised of components both on the STEEM blockchain and elsewhere, this asset may be used by anyone for any purpose.
Unless otherwise specified, this asset will be referred to in Insight Green, LLC's public-facing communications as Primary Asset 2019 (PA19).
Insight Green, LLC considers the estimate contained in PA19 to be a useful reference point for multi-component business logic procedures. Please note that this estimate of the informal economy's size does not consider economic actors engaged in deliberate tax avoidance schemes or organized criminal enterprises. Rather, it exclusively considers the product of legitimate work performed outside of parameter of formalized business structures, typically because such structures are not accessible in reasonable form to the person performing the work.
Insight Green, LLC's PA19 estimate primarily relies on information published in the following book:
Neuwirth, Robert (2011). Stealth of Nations: the Global Rise of the Informal Economy. New York: Pantheon.
Also note that the PA19 estimate reflects 2010 data, and is described as a US dollar valuation termed a gross domestic product equivalent, so PA19 may not be useful for purposes which require incompatibly specified data on the global informal economy.
Primary Asset 19 as a Corporate Gratitude Measurement Basis
Workers in the informal economy have limited access to the benefits afforded their counterparts in the formal sector. Independent contractors and others in the informal sector work without the job protections traditionally conferred by formalized employment. Significantly more than half of the world's workers are employed in the informal sector. For these and other reasons, Insight Green, LLC is of the opinion that many people working in the informal economy are insufficiently compensated, as are many who derive limited incomes from formalized sources but volunteer their time in both formal and informal capacities to better identify or meet the needs of informal workers or society at large. As a formalized apolitical for-profit entity with no real budget, Insight Green, LLC has limited options for translating this opinion into an executable plan which meets its objectives in the manner it endeavors to. Nevertheless, Insight Green, LLC has developed such a plan, which it began executing in December 2018 by creating PA19.
This plan begins with expressing corporate gratitude according to a set of clearly defined business procedures, using the figure from the estimate contained in PA19 as a base number, which is symbolic of Insight Green, LLC's gratitude for all of the people participating in economic activities without receiving fair compensation from the accessible marketplace, or benefiting from the manner of treatment that in practice characterizes the treatment of a preferred class of natural persons by institutional and other authorities in many jurisdictions.
Because gratitude is a feeling, and corporate entities might not have feelings, but can be described as possessing 'corporate values', Insight Green, LLC has designated gratitude one of its corporate values. It further specifies that this value be equal to PA19, and be incremented in whole numbers only, such that Insight Green, LLC begins calender year 2019 with a corporate gratitude value of 10T, which is reducible to 10T individual units of gratitude, but is not further reducible to fractions of units of gratitude.
For the purposes of Insight Green, LLC business logic component documentation which requires a numeric value for formulaic description, PA19 can be expressed as a=b, where 'a' is the total global informal economy, and 'b' is the integer 10T. This equivalence may be expressed in administratively useful ways, and is trivially easy to integrate into computational logic structures which may form the basis for computer programs useful for business automation.
While Insight Green, LLC anticipates further growth in the informal sector, planning for this growth is challenging, in part due to the sparseness of current, reliable data. In order to begin expanding variable 'b' into an annually updated PA series, Insight Green, LLC plans to create an asset containing a revised estimate of the total informal economy's size in December of 2019, which will be referred to as Primary Asset 20 (PA20), and will be made publicly accessible to an extent that is similar to or greater than the extent to which PA19 is publicly accessible at that time.
If Insight Green, LLC determines it to be both possible and prudent to continue operating into January of 2020 prior to the beginning of that year, the PA20 estimate may then, at Insight Green, LLC's discretion, be formally adopted as a revised measurement basis for Insight Green, LLC's corporate gratitude, by procedures which would include modifying Insight Green, LLC's PA19 format for use in PA20 to include a boolean logic field indicating whether or not the PA20 estimate has been adopted as said revised measurement basis, such that the formulaic expression of PA20 would accurately describable as 'a=b, y/n', where 'y/n' indicates whether or not variable 'b' in PA20 has been adopted over PA19's variable 'b' as Insight Green, LLC's new discrete indivisible unit of gratitude (DIUG) measurement basis for calendar year 2020.
In the unlikely event that Insight Green, LLC determines it to be both possible and prudent to continue operating into January of 2021 prior to the beginning of that year, and proves able to obtain and record increasingly reliable estimates of the total global informal economy on an annual basis subsequent to this, the resultant series of Primary Asset estimates may be of some use to various institutions, business interests, and the general public.
Corporate Gratitude Unit Specification
Because Insight Green, LLC's corporate values, including how these values are expressed, treated by other market actors including legal authorities, and perceived by the public, constitute a critical aspect of the brand identity developed and wholly owned by Insight Green, LLC, each of Insight Green, LLC's 10T discrete, indivisible units of gratitude (DIUGs) is of extreme importance to Insight Green, LLC's legitimate operation as a multi member limited liability corporation. And because Insight Green, LLC's DIUGs are neither more nor less than standardized unit measures, which represent neither more nor less than abstracted components of an indivisible and intangible corporate asset, these items have no financial value whatsoever, and can not be separated in whole or part from Insight Green, LLC by any process.
These qualities suggest that Insight Green, LLC's DIUGs may usefully serve as the basis for a novel type of financially worthless business instrument, tokenized corporate gratitude, issuable in single units or multi-unit baskets, up to a annually-updated maximum. By combining this tokenized gratitude with a formalized business procedure termed a Conferral of Gratitude (COG), a binary-state token may be produced. The COG procedure creates an immutable public record of contract stipulating the terms of Insight Green, LLC's transfer of a labeled quantity of corporate gratitude units to a designated gratitude custodian. Each batch label is here termed a basket, and each unit is designated a number up to the quantity contained therein. At this point, each and every gratitude unit has a clear chain of custody from its original creation to its current location.
Any such unit in a gratitude custodian's wallet is considered to be in the 'tude' state, so long as said custodian refrains from entering this tude into a price discovery process, whether by transferring the unit to a token exchange, offering it for sale or trade, or by some other method. Although each gratitude custodian is free to use the tudes in its custody according to said custodian's preference, tude custodianship includes an accounting obligation to maintain a record of the tude basket's contents and transfers, as well as an obligation to adhere to a common set of standards when connecting an approved custodial COG procedure with one or more of these transfers. Should said custodian not meet these obligations, or enter gratitude units in its custody into a price discovery process, said units will all be considered by Insight Green, LLC to have shifted from state tude to state rusty.
Within the network of gratitude custodians, each holding labeled baskets of varying sizes, each tude is financially worthless, but is bound to a clear chain of custody. Any tude which is entered into a price discovery procedure is thereby transformed by such entry, under COG procedure contract, from occupying the 'tude' state into occupying the 'rusty' state, at which point said unit is considered to have started accumulating social capital. This is because entry of a gratitude unit into a price discovery process indicates that the custodian holding said unit considers said unit to have accumulated sufficient social capital to have increased its financial value from zero to greater than zero.
Initiating this change of state carries with it an accounting obligation, and a unit in state rusty may not be introduced into a designated tude basket unless accompanied by a verifiable account of its origins. Any tude contained in a tude basket into which a rusty has been transferred without such an accounting thereby takes on a non-zero probability of being a rusty, and must consequently be considered a rusty if it is transferred. If a basket containing units in both tude state and rusty state is to be returned entirely to state tude by its gratitude custodian, a legitimate and formalized auditing procedure will have to be devised and performed by qualified parties, such that the custody chains for all gratitude units in state tude remain intact at all times.
This specification:
-makes it possible to use conferrals of corporate gratitude as affordable marketing devices for work done in service to the public good, and as components in structures of agreements which connect designated gratitude custodians, by commonly-held standards and ethics, into a network of entities transparently and measurably producing and using social capital for social benefit.
-makes it possible to create special-purposed baskets of tudes to provide measured social incentives for measurable outcomes of voluntary participation in well-defined collaborative efforts undertaken in service to the public good.
-makes it possible to monitor whether or not each innately financially worthless token is perceived by its custodian to have begun accruing financial value, and at what point in time.
-makes it possible to quantify, to some extent, the generation of social capital by means of observing the movement of tudes within the custodial network, as well as observe the moments and magnitudes of network participants' translations of accrued social capital into financial form.
Please note that this document is provisional, and that the Insight Green, LLC's Rstory cryptocurrency is entirely experimental. Many additional details on this project are scheduled to be published between now and the end of Q1, 2019. So stay tuned: )
Be well,
Mr Bailey, CEO