The “Unit Transaction”
The “Unit Transaction” in an engineering process, whether a geological slope stability assessment or a pre-stressed concrete slab pour, is comprised of a claim by a qualified engineer that the state of the chain is valid, and a verification by another qualified engineer that the state of the claimant is valid. Not unlike a byzantine proof, the Unit Transaction contains a vote and a vote on the vote. If the second vote is not unanimous, the transaction may be rejected. This same process plays over and over, sometimes in extreme granularity, until the final outcome is reached. The likelihood of corruption is slim.
The Unit transaction can also take on several important profiles depending on the prior transactions of the claimants and validators. For example, a young university professor can develop as claim (such as a lecture topic) and the subsequent validation by the students, or by a colleague, or by a mentor students each say something different about the claim. For example:
- A student validation may simulate represents a customer reaction to a vendor’s claim and expressed as tuition paid to the professor’s employer.
- The colleague’s validation represents a collaborative event where team members are engaged in production or innovation.
- The validation of the senior engineer or mentor confirms the claimant meets a standard of quality in breadth and depth of the claim.
Taken together, these three variants of claim and validation can represent demand, factors of production, and supply for the Unit Transaction. These three states of the Unit Transaction can be normalized such that predictions can be made regarding the future state of claims for the professor as well as the validators (another form of claim).
Curiosumé – converting the resumé / CV to cryptography
Curiosumé is a simple system that utilizes a central public repository for information such as Wikipedia. Over time, The Quantchain will form a decentralized ledger similar to Wikipedia for engineers called Engipedia. The idea is that a person may tag him or herself with a pre-validated consensus. In effect making the claim that they may be held responsible for that consensus. Uniqueness in substance or circumstance, if any, may be added to the consensus as a reference, footnote, or addendum by the claimant. Another engineer will then validate the claim of the first engineer and the asset will formed as a node in the network, registered to the blockchain, and pooled to produce Quant award for distribution to the claimant and validator.
Curiosumé – The Private Key
During the self-tagging process, both the claimant and the validator have the option to identify his or herself as a teacher or a student in the subject matter. No response means that the claimant is a practitioner. This added function has important consequences. The normalization of claims forms a bell curve that allows the community to observe itself. By identifying teachers, students, and practitioners, a protoeconomy may form representing demand, supply, and factors of production memorialized by the production of Quant.
Quantchain Formation of Assets
All assets must be described in terms of their quantity and quality. The unit transaction will be recorded in the following form:
Obj = Object containing specific claim and block number
Where σ = self assessment for student, teacher or collaborator, e.g. -3σ, -2σ, -1σ, 1σ, 2σ, 3σ
Since a validation is just another form of claim, the validations will contain the same packet of information sharing the same block number. Likewise the individual transaction record will be of the form and order
…. σ1[Obj] x σ2[Obj] + σ3[Obj] x σ4[Obj];…σn[Obj]
Unit Asset Values:
The most actionable data predicts the future intentions of people interacting with the market. When claiming or validating an asset as a student, collaborator, or teacher, the claimant states their claim and how they intend to interact with the claim. The unit asset in this form consists of a claim and an intent stamped in time on the blockchain.
New assets can now be measured into existence:
- Allows teachers to be validated by students signaling effective knowledge transfer.
- Allows students to be validated by teachers as an accreditation or certification method.
- Peer Review: Students validate students, teachers validate teachers, and practitioners validate practitioners, in any combination
- Apprenticeship: Practitioners can validate students to signal apprenticeship
- Supply and Demand: Allows market to find students, teachers, and practitioners.
- Factors of Production: Practitioners working with practitioners signals productivity, or the fact of production for associated goods and services.
All of this information will be embedded in one’s transaction record which forms the basis of one’s private key which can be used in whole or in part to open or close smart contracts.
Nothing economic can happen until two or more people get together and build something useful. An economy is characterized by the interaction of people in collaboration. Productivity occurs as a function of group learning an iteration. The unit transactions of such would be easily recognized by a series of mutual claims and validations by the same or proximate people. The velocity of reciprocal exchange would serve as a proxy for innovation.
- Reciprocal Claims and Validations signal collaboration and iteration.
- Iteration signals innovation and technological change.
In Adam Smith’s economic model, the factors of production are commonly defined as Land, Labor, and capital. In the Quantcoin ecosystem, the factors of production are social capital, creative capital, and intellectual capital.
The Quality of an Asset:
For example, Water is not an asset. However, Eight ounces of purified water is a different asset that 40 acre-feet of irrigation water. Each has different quantity and quality
“Quality” does not refer to good or bad, rather the “qualities” with which the asset interacts with the market is articulated by σ.
The Q-BOK will serve an important purpose of defining terms in a standardized manner so that knowledge may be easily transferred across asset classes. For example, today an engineer for Starbucks and and engineer for Boeing could never work for the other firm, not because the law of physics, pressure vessels and international supply chains is different, rather, because the terms used to describe these characteristics in different. When the same term can be ascribed to the same function, the liquidity of knowledge assets will be greatly enhanced.
Likewise, according to this definition for “quality” a typical hierarchical ranking system such as 1-10, bad vs good, is no longer relevant to assess value of knowledge assets, instead or winners and losers, knowledge assets are allocated more correctly.
The Quantity of the asset:
The format of a claim is yet to be determined. Initially a simple claim system will be established in order to grow the network rapidly but effectively. Each claim would require an expenditure of effort to document and a level of effort to validate. A claim of great complexity may require more effort than a very simple claim. There are several ways to manage these differences. The primary means for applying incentives on claims is through the award of Quant.
- A fixed Quant award will incent a fixed effort and granularity of claims decided by the claimant and the liklihood of attracting a validator to a claim. A trivial claim may attract no validator whereas a lengthy claim may not attract a validator due to complexity.
- A Fixed Claim Index. Claims may be indexed to a community resource such as Wikipedia, Github, or a specialized engineering resource such as the envisioned “Engipedia”, where the claimant simply tags their self with the article containing a similar claim. The encyclopedic structure, the community vetting, and the appropriate tagging of topics provides an essential value to the engineering commons.
- A variable Quant Award, homogenization of asset value. In order to equalize relative value between different claims, the algorithm for awarding Quant may incorporate actuarial math to assess relative risk associated with a claim. A hypothetical insurance policy may be written against the claim to assess a hypothetical premium. The quant award would be proportional to the hypothetical insurance premium.
Engipedia; The Public Key
Engipedia will grow to form the public knowledge asset inventory (Public Key) upon which a private key may be compared. Common ontology will be standardized across the professions. Access and analysis will be provided by a Percentile Search Engine that returns probabilities associated with a given query.
Queries may test for network valuation for any combination of nodes in a network. This analysis would be useful for teams, individuals, entrepreneurs, as well as banks and insurance companies.
Curiosumé is an analog to digital converter for knowledge asset objects. By moving away from a semantic résumé and moving toward a personal digital API, the trade and exchange of knowledge assets may be machine enabled for matches, proximity, relevance, weight, and probabilities of achieving various outcomes. As such, economics of “intangibles” and non-scarce assets will become more efficient.
By making knowledge assets visible in an economic system, social entrepreneurs may readily trade and exchange intangible assets much as they do with tangible assets. Curiosumé will facilitate trade of intangibles through a unique distributed structure of objects and assigned attributes. Results can then be anonymized and processed in a machine enabled and mobile environment.
There are several very specific features that must be integrated in the application in order for Curiosumé to perform its relatively small but important task. These include:
1. Transportability and “Ownership” of the personal API
2. Anonymity until point of transaction
3. Deploying multiple personas
4. Combining multiple personae
5. Measuring proxies for economic output, matching, assessing, scenario testing, etc.
The use cases for Curiosumé will be a numerous as the number of entrepreneurs who can articulate the protocol in a market. Since Curiosumé eliminates “Competition” from the onset, there is little or no economic incentive to lie, deceive, or cheat. This allows the market an opportunity to defer vetting mechanisms to downstream applications that can compare (for example) a submitted persona against a control personal as a cryptographic key to unlock a transaction or block chain, etc. In essence, making cheating too expensive to sustain.
- Individuals may overlay their own persona on any dataset to visualize and discover adjacencies, paths, and connections.
- Individuals may interact with the web using a Personal API
- Protegé and Mentors may find each other in close proximity in community or within an organization.
- People with special skills can find worthy and productive collaborations in communities or within the organization.
- Trade in knowledge assets is facilitated through “anonymous until point of transaction” protocol. People will provide better data knowing that they have complete control over their personal identities.
- Build Social Currency; multiple personas may combine Curiosumés to establish the knowledge inventory for a team or to discover the probability that a group of friends may produce any mutual affinity efficiently together.
- Any product or service may be described in Curiosumé format and compared to a community listing to discover customers, partners, and employees.
- Curiosume data is pre-normalized allowing any user to make predictive assessments about any collection of personas relative to a project, product, event, itinerary, or interaction with any physical asset.
- Cryptographic; a personal API may be used as a private key in unlocking smart contracts on the block chain protocol
- Toll Booth on Big Data; marketers, employers, or data aggregators would pay individuals for access to their persona.
- Instead of advertising to a demographic, marketers may identify specific knowledge assets and may offset prices based on the social values or proclivities of the persona.
- Economic development agencies can take a knowledge asset survey of a region to identify what institutions or industries they have a strategic advantage. Or, they may retrain or import specific knowledge assets in order to grow into new industries – with great precision.
- Philanthropic institutions can assess need and impact prior to committing to directed giving by assembling strategic knowledge assets around a specific philanthropic goal.
- Corporations may assess their ability to enter a develop a new products or enter a new market based on a Curiosumé survey
- Competitors may assess the ability, and cost to defend against their competition disrupting a new product initiative.
- Corporations can better tailor their products to what customers actually want to buy rather than trying to “market” what the company already knows how to produce.
- Corporations can make hiring vs training decisions with better clarity based on a Curiosumé survey.
- The college “degree” system may evolve in favor of boutique personas designed for innovation in an industry.
- The financial industry (from the NYSE, Banks to VC) can determine the probability that a company may be able to execute a business plan given their Curiosumé survey
- The Insurance industry can mitigate risk exposures by assuring that the right collection of knowledge assets are deployed to, say, a construction project.
The engineer’s “proof-of-stake” is the fundamental building block of Quantchain where the Quant Token represents the standard unit of measure for an engineering asset. A Percentile Search Engine locates assets in the network based on quantitative queries. An Engineering Asset is characterized by a physical manifestation of human ingenuity. The intrinsic mathematics allows perviously invisible assets to be articulated in an economy. QuantChain creates the Curiosumé ecosystem through a simple series of claims and verifications processed by game mechanics and formed into viable assets that may be represented by a cryptographic token.