Most coins are absolutely worthless. There is nothing physical or tangible which binds their price to something else. There is no utility in most coins. Most coins have a moving value which is fueled entirely by speculation.
But Charg Coin is different.
As an economist in college, I learned about something called “The Factors of Production.” The three classical primary factors of production are land, labour, and capital while the secondary factors of production are energy and materials. The interesting thing about this list of factors is in how they relate to value: ALL value, if distilled down to its purest essence, would fit nicely into one of the five factors of production. All value. (There is also technology and entrepreneurship, but for simplicity’s sake lets break it down and remove all the neoclassical nuances).
In traditional economics land, labour, and capital are considered as primary to energy and materials only because in the world of humans you usually need land, labour, and capital in order to play around with energy and materials. But looking at traditional economics with a more clever lens (and also one more relating to physics), it really is true that land, labour, and capital wouldn’t be possible without materials and energy. It follows that, while traditionally viewed by economists as secondary factors of production, the purest essence of value is really distilled most into energy and materials. A rudimentary physics course will tell you that matter is composed of energy, so that leaves energy as the only irreducible essence of value. John McAfee put it best when he said “the expenditure of energy by man, machine, and Nature is the sole source of value.”
That’s the beauty of Charg Coin. Charg Coin, recognizing the true essence of value, has found a way to distill the value of our coin directly into the fundamental unit of value: energy. The basis of transaction for CHG Coins is electric vehicle charging, as measured in energy-time units (cost per hour of charging a car). As the coming wave of electric vehicles comes online, they will need a lot of places to recharge, and Charg Coin is ready to provide those new cars with an army of crowdsourced charging stations. This model creates a natural and scalable means to bind energy directly to value. Powerful.
But that’s not all. We are taking it a step further by creating a fully autonomous method of entry for fiat (USD$/EURO) to enter CHG Coin with what we call “autonomous market propping.” Autonomous market propping arose in response to a problem we were facing: the banks were not allowing credit cards to be used for the purpose of purchasing crypto outright. So we decided to make it so that credit cards could only be used to purchase parking time, just like a traditional parking meter. Problem solved. Another problem naturally arose: how do you provide incentive for charging station (Charg Station) owners to accept payment in CHG Coins if credit cards cannot be used directly? This created a brilliant idea in our heads!
We’ve decided to inject energy-time (i.e. one hour of charging time) directly into the market value of the coin on a decentralized exchange called ForkDelta. To do this, we’ve developed an additional smart contract which places a buy order for CHG Coin on the open market every time a real-world electric vehicle charges up. In this way, real-world energy-time to CHG Coin transactions are reflected directly on the open market. The more vehicles charge up on the Charg Coin Network, the more money flows organically from other currencies to CHG Coin. This coupled with autonomously-assessed fees are intended to help this value to flow into and remain pooled in CHG Coin. The drawing below explains it best:
All of this occurs organically over the Ethereum network once the smart contract is put in place. It is more or less immortal, fully autonomous, and occurs separate to the actual credit card transaction. The result we call synthetically organic, in that we have found a way to autonomously inject value into the market price of CHG Coin, but because it is autonomous, immortal, and physically removed from the originating credit card transaction we can prove 1) Our autonomous market propping is fully organic to the smart contract’s essence 2) The movement of money into CHG Coin’s value doesn’t break any rules placed by credit card companies, banks, or statues/laws. In other words, the credit card payer can only purchase charging time, but our creative use of the funds occurring simultaneous/autonomous to this transaction permits the value of each recharge to prop up market value natural to the smart contract.
All of this is still made possible because of the Ethereum smart contract. The Charg Coin Core developers have been working hard to develop a military grade (non-destructible/non-corruptible) version 2.0 coin which retains the important features of V1.0 while migrating towards a stand-alone, fully decentralized (end-to-end), cryptographically complete offline-capable platform with multiple-blockchain public ledger tie-in… but that’s for another discussion (stay tuned).