I’m setting up wallets and sending private tokens to my team (ERC20)
- Published 6th Jun 2018
Last edited 6th Jun 2018
ERC20 is a smart contract on the Ethereum blockchain for implementing tokens. I’m implementing private tokens to reward my team members which could be exchanged for cash by sending them back to my wallet/address or potentially equity later down the track!
Great thing about this private token implementation is that I can issue and limit the number of tokens – let’s say 1 million. I’m going to have a million FK tokens sitting in my wallet and I can set up an address for anyone that I want, and I can send them any amount of tokens out of the million.
I’ll need to put on paper and let my team know what it can be exchanged to. For the purpose of this article, 1 token equals 1 AUD; I’ve essentially created virtual assets of 1 million dollar worth. Whether I can back the entire million dollars from my bank account is another question! 🙂 (I’ll only send out what I can afford). I do plan on not just backing it with cash, but in the not too distant future, the ability to exchange for company equity – awesome!
EOS is really making headways as a better alternative for Ethereum as it’s faster and apparently less costs for transactions. It seems very much focused on blockchain applications. Bitcoin really feels like a dinosaur (and it probably is) compared do the newcomers. To summarise my current observations – cryptocurrencies are being left behind and blockchain applications are the future.
Anyway, I’ve already told 2 guys from my team about the idea and they loved the idea. Who wouldn’t love a bonus?