Noah Blockchain Case Studies: Do Me a Favor Coin

Anton Dziatkovskii as a co-founder of Platinum Q DAO Engineering is always included in full-cycle software development. Anton Dziatkovskii has indisputable skills in team management, blockchain solutions development, and leads the team of more than a hundred specialists to new heights. Take a step into the depth of crypto knowledge by reading this article.

This is the third article in a series of use cases. The previous ones were B2B-oriented, but we thought that it would be interesting for ordinary users to learn how to use the coiner for everyday purposes. Meet a “Do Me a Favor Coin”!

Imagine the situation, your good friend did you a favor, but in the bustle, you forgot about it. This action can have negative consequences: resentment or misunderstanding. You need a Favor coin so that a similar situation doesn’t happen. Now, every time one of you does someone a favor, this person will receive Favor tokens on the wallet. A record will appear in the blockchain and now no one will forget anything! Let’s tell how it works in more detail.

How to use Favor coin

The use process maybe something like the following:

  1. You have been given a favor.
  2. You transfer to the person’s wallet, for example, 50 coins.
  3. When a friend accumulates 200 coins, he may ask to treat him or pay in another way.
  4. He may also ask for a favor and return the transferred coins back.
  5. Everyone is happy!

This is just an example, you can agree on the conditions individually. The process is as simple as possible, all data is on the blockchain, which means it cannot be erased or changed. Now, you will not forget anything so as your friends will. Karma and friendship can be protected!

You can go further and come up with your own game rules. For example, create an award list. When you accumulate 300 coins, your debtor must take your whole family to a restaurant or cinema at his own expense. For 200 points, he treats you with beer or pizza. For 100 tokens, he carries everyone home after an evening party. Everything is up to you and your friends! Remember, it’s all about fun, not debts.

Why you should use Favor coin

What advantages you can expect:

  • Impossible to forget, the data is on the blockchain.
  • Everything will be fair between friends and you.
  • An original way to interact with friends.
  • In case the idea turns out to be workable, your community can grow beyond the circle of friends.

In practice, you can find other advantages, but these are the first ones that come to mind. This form of interaction can be the next step in a friendship but the main idea is fun.

How it works in life

Let’s have a look at a few examples of coins usage in real life. 

Example 1

Peter’s car got broken hours before the flight so he asked John to give him a ride to the airport. Since Peter was in a hurry, he didn’t have time to thank his savior. Instead, in order not to forget, he sent John 50 coins. Upon his return, Peter will be able to repay John a favor to get back his coins. The circle will close.

Example 2

Peter paid for John in the restaurant because he forgot the wallet at home. John sent 100 coins to Peter, so as not to forget about it. Peter had to ask Mark for help because his car is broken. Mark repaired it and got 100 coins. It’s time to pay the favor and now John will help or treat not Peter, but Mark, even if they are not familiar. Great way to make new friends!

Example 3

John needs help in blocking the roof. Peter, Mark, and Phillip come to his aid. The work was completed closer to the night and it was time for everyone to return to their families. John sent everyone 100 coins to confirm the favor. On New Year’s Eve, friends decide who will drive the company for a traditional family vacation in the mountains. This time the role will go to John and he will repay a favor.

The minting details

We recommend using the following parameters when you creating “Do me a Favor” coin :

  • The initial amount: 10000. You can use the value both more and less, but what’s the point of operating with millions of tokens?
  • Initial reserve: 250,000 is the minimum value. More is not necessary for these needs.
  • Constant reserve ratio: 10%. It’s the lowest available value. The coin will be very volatile but it’s okay. You will be using it as a means of control.
  • Coin symbol: 7 symbols or more. You don’t need the short one because it will need a bigger creation fee.

A very useful feature is messages. You can add them to any transactions, it will be sorta description of what the person or you did.

A new model of a friendship

Remember, it’s your coin and rules. Use our suggestions and upgrade them as you want. Exchange of favors can be more than just a bottle of beer and all this has become possible thanks to the blockchain.

Here’s another use case of the Coiner feature but this time for ordinary people. The blockchain technology provides many opportunities to improve even the most obvious processes. And it’s time to use it for everyone.

Express your ideas about future educational topics or feel free to ask questions in our community groups:

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