As a co-founder of Platinum Q DAO Engineering, Anton Dzyatkovskiy is directly involved in introducing cutting-edge technologies B2B, making the inner processes convenient and precise. The fate of crypto enthusiasts is to bring the most complex and trending solutions to life and make the world a more progressive place. Anton Dzyatkovskiy is that type of person. Reach a new level of crypto mind by reading this article.
We continue to share the use cases of the Coiner feature that allows creating a cryptocurrency in a few clicks. If you aren’t familiar with the feature, we suggest you check out this guide. Coiner can have millions of uses. This time we decided to help absolutely all the people. Today’s use case is good for parents. Find out how blockchain technology can change the parenting process for the better.
Financial education is extremely important. In case the child knows how to use the money — his future will be fine. But just usual explaining is not enough for daily use. You should control the situation. Coiner comes to the rescue.
How to simplify financial education?
The solution is the Parenting Coin. It aims to become a bridge between the child and financial education. Instead of money for pocket expenses, the child will receive coins on his wallet for diligent behavior, help with household chores, good grades at school, etc. Since the child will not have fiat money, he will be able to exchange coins for gifts. Parents will be able to control the finances of their children because the data is on the blockchain.
Moreover, a child will learn many new things. You will create a wallet and he will be learning how to make transactions, and also control his expenses. And these skills are especially useful nowadays when most of the services have gone online. The sooner you start, the easier it will be.
Benefits of Parenting Coin:
- a child learns to manage assets;
- acquainted with blockchain technology;
- a child is motivated to achieve good results and help parents;
- simplifies the process of financial education;
- parents always control the expenses of the child;
- a child will have a habit that money accumulation is a fun and useful process, and not something complicated and incomprehensible.
One of the working models in real life can be an option with a list of tasks and awards. For example, if a child vacuums the house, he will receive 50 coins, for an excellent grade in a school, 10 coins are expected, and for good behavior 50 coins a week. Having 110 coins, they can be exchanged, e.g. for going to the cinema or a toy. You set the rules, so proceed as you wish.
Here is an example of tasks and rewards. Tasks:
- Clean a room: 20 coins.
- Household help: 50 coins.
- A good grade at school: 10 coins.
- Good behavior: 50 coins per week.
- Cook food: 25 coins.
- Walk the dog: 15 coins.
- Toy: 80 coins.
- Cinema: 100 coins.
- Clothing: 70 coins.
- Aquapark: 150 coins.
- Candies: 50 coins.
The list can go on forever and will be individual for everyone. Let’s better imagine a few situations from life.
You are waiting for guests, but you just returned from work and don’t have time to go to the store. You ask the child to go shopping and upon returning reward him with 20 coins. If he agrees to help wash the dishes, he will receive another 20 coins. Now he has 40 in his wallet and if he behaves well he will receive 50 more coins at the end of the week. Having brought a good grade from school, his overall balance will be 100 coins. Now he can exchange them for going to the cinema or something else.
Coins can also be taken away for misconduct. The child walked the dog and received 20 coins, he also helped clean the house and received another 50 coins. He would have had 120 coins if he had not quarreled with a friend in front of the teacher. For this misconduct and the call of his parents to school, he will not receive bonus coins for good behavior and now he has 70 coins in his wallet. Going to cinema will have to be postponed.
You can use two options for coin parameters. In the first case, the coin will not have much value, this option we described in this use case. The second option is a complete replacement of fiat money, the child will receive a coin with a value, which he will later have to exchange and cash out on his own. This option is suitable for teens.
Recommended parameters for the first case will be next:
- The initial amount: 10000. There is no need to create millions of tokens?
- Initial reserve: 250,000 is the minimum value. You need the coin not it’s value.
- Constant reserve ratio: 10%. It’s the lowest available value. The coin will be very volatile but it’s okay.
- Coin symbol: 7 symbols or more. You don’t need the short one because it will need a bigger creation fee.
We also suggest using messages that you can add to transactions. Add a description of what the child did to receive these tokens and you will never forget it.
Parenting at its best
Times are changing with tremendous speed and now new technologies are coming to help with parenting. We described a use case from the real life of each parent. Financial education and child motivation can be much simpler and more convenient if you look for new approaches. Your child will learn that accumulation is easy and you will have an option to get even closer. Seems like the Coiner feature is exactly what all parents need!
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