LIU is Bitcoin’s very first time-backed token and currently trades on the RelayX decentralized exchange (REX).
Introducing LIU https://t.co/7NjSOIMGXi
Bitcoin’s first time backed token.
Orders will begin to be posted at 4:00 AM UTC.
Total supply 21,900 tokens.
1 token = 1 minute
Additional details can be found at https://t.co/EuTKhEjh9k prior to market opening.
— Jack C. Liu (@liujackc) May 19, 2021
“21,900 tokens will be the total circulating supply. 1 token represents 1 minute. This equates to 365 hours. When tokens are redeemed, they are burned. I reserve the right to newly issue to a maximum of keeping the circulating supply at 21,900. There will be no more than 21,900 burned tokens in a calendar year which limits the amount of turnover. I reserve the right to not newly issue tokens at any time limiting my remaining time to the number of tokens still circulating,” said Liu.
“The initial price will be at the USD equivalent of $5 per token on orders between 1 token and 100 tokens, with some bulk issuance discounts at $4 per token on orders above 500 tokens in a single listing. 20,000 tokens will be listed for sale with 1,900 gifted as gratitude to those within the ecosystem who I have collaborated with. New issuance will not occur unless at above $5 per token.”
More efficient markets
But beyond the value within the LIU token itself and its token economics, the idea of a time-backed token opens up market opportunities that pave the way for the creation of BSV-based markets that are more efficient than the markets as we know them.
“If a yoga instructor only issues an NFT redeemable for tomorrow’s class at 9:30 AM and prices it via a Dutch Auction, in all likelihood the token will directly end up in the hands of a prospective student intended on attending the class. That’s a win for the creator and the consumer leaving near no margin for the investor/speculator. Of course, the world is not so efficient in practice today, but the Bitcoin blockchain in first principle terms is capable of producing this outcome today,” said Liu.
Although Liu does not mention time in his example, a time-based token like LIU and the redeemable NFT described in Liu’s example can create more efficient markets because of their intrinsic value.
Unless you are looking to corner the market, if you are selling time or a ticket that is to be redeemed in the very near future, the goods and services for sale are more likely to end up in the hands of the individuals that desire them the most. A market for a good/service like time is much less speculative than a market for a good/service that is fueled by narratives and beliefs; this brings markets one step closer to being truly “efficient markets.”
What inspired the creation of the LIU token?
LIU token is not Jack Liu’s first bitcoin-based venture that explores the idea of time and money. In 2020, RelayX released Dimely, a peer-to-peer video calling service that lets individuals value their time per minute in Bitcoin which makes them available to chat with any individual who pays their per-minute fee.
In addition to having an interest in products and services that live at the intersection between time and money, Jack Liu says that collaborating with a number of Bitcoin’s best minds had an impact on him and helped him visualize value creation and how fast it can take place when two parties collaborate. The LIU token can expedite the meeting of minds beyond the collaborative opportunities that might fall onto Liu’s radar naturally.
“A time token with me allocating several slots per week using a service such as Calendly (or perhaps one day a native product on BitCoin) allows me to take back ownership of my time while still fulfilling my passion to create value together with people I may not know of one minute, but am brainstorming with the next to possibly shake up an entire industry,” Liu said.
“You should not buy tokens if you are not interested in redeeming the time for yourself. Purchasing tokens on the speculation that someone else in the future will value my time or anyone’s time is not the future of the world. The future is one where you value your own time and perhaps this inspires you to issue your own time token. Wouldn’t that be a wonderful thing.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.