With the new system, the shares of the coop will be issued as cryptographic tokens on the blockchain.
The shares are booked and paid for in a simple interface; in fact, from the user’s perspective it will be much more simple and easier than the current system.
But we really have engineered into existence a new financial animal: when the “coop share” becomes digital it gains all kind of new powers and capabilities, it starts to do new things, like it became alive, and mutated into a new kind of creature! We are thinking that it is no longer just a “share” but, in fact, your first own economic pet.
Ultimately, when all the ne features are rolled out, it can:
- manage your assets, and get fatter, or more numerous
- chip away portions of itself as money, can turn into money
- participate in projects you have chosen
- follow your instructions in sending money to suitable projects
- represent you, act as collateral
- communicate with its sisters and brothers
- join with other pets into a pack that can jointly “hunt together”
- can start a project, pool and allocate resources
- patiently keep on, working your money, with no fatigue
- can be retrained
- can multiply, with or without mutations
But what should we call it?! Something so special requires its own name.
In terms of finance, we are talking about a first generation Collateralized Equity Note: an equity note, because it is issued to represent a claim, and collateralized, because it is backed by the portfolio of stocks of the best companies in the world. Or we could say that it is an Asset-Backed Crypto-Equity: crypto-equity, because it is registered and managed as a cryptographic smart contract, and asset-backed, because it is backed by the common assets in our dynamic portfolio.
Last year, in the various stages of mulling about the idea, names such as HoodNote (‘Hoodie’) and RobinHoodCoin were floated. HoodNote has the advantage that in “note” it is explicitly connected to the long history of issuing notes, from the Dutch East Indian Company onwards. And of course, we love the Hood, which is the place where things happen and where our new financial creatures live. On the other hand, RobinHoodCoin points by “coin” towards the shared DNA with cryptocoins. The shares to be issued on the blockchain are not a currency, but their technical architecture as tokens on a blockchain is similar to cryptocoins.
Hoodie? HoodNote? HoodieGotchi? RobinHoodCoin? Robin Hood Asset Management Cooperative’s Asset-Backed Crypto-Equity? RHAMCABCE?