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New Account and Open Ledger

avatar of @irivers
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@irivers
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I joined SteemIt 42 moons ago with a specific goal in mind. I wanted to find ways to find ways to use crypto currency to fund independent web development.

I started developing web sites back in 1999. In the early days of the Internet, it was possible to fund sites by selling links, advertisements or just plain coding sites for other people. I sold and gave away numerous web sites.

The advertising market completely failed a decade ago.

Personally, believe that independent web development is a greater benefit to the world than "decentralized" development as independent web developers have complete reign over the creation.

There are some exciting new web sites in the HIVE ecosystem. Except for LeoFinance (and a few others), most of the tribal sites in the HIVE ecosystem are cookie cutter sites.

I don't want to create a cooking cutter site. I want to engage in independent web development.

My current thoughts start with the observation that the key element of crypto is the open ledger.

I've been wondering: what would happen if I simply created an open ledger for a web site.

I happen to own a collection local directories under the Community Color brand. The collection has community centered web sites for towns in the Mountain West. Originally, the sites had a forum, calendar, wiki and other resources. I removed all of the interactive features because they were too expensive to maintain.

I experimented with creating an open ledger in my personal HIVE account @yintercept.

For a ledger to work, one needs at least two accounts. So, I created this account @irivers. @irivers is a business account that represents the Community Color web sites. For starters, the open ledger will simply record the transactions between my personal account @yintercept and my business accounts.

I calculate my finances and pay taxes in US dollars. So, I wanted the coin for my ledger losely based on the US dollar. I thought seriously about using the HBD. But its wild fluctations made this idea untenable.

People Need to Experiment

I love Hive-Engine; so I decided to create the OMA Coin for my ledger: OMA Coin to serve as the base currency for the ledger.

The OMA is not an investment currency. It is best seen as a swap token between the open ledger on my web site and and Hive-Engine.

Since I pay my bills and taxes in US dollars, I thought about basing the OMA on the US dollar. As I am interested in the history of monetary theory, I thought I would be a little bit more radical. I currently buy and sell the OMA based on the value of a bit of silver.

As I write this post Kitco says the price of silver is $27.69. An eighth of that is $3.46125. Coingecko says HIVE is worth $0.363; So, I placed an order to sell 4 OMA at $9.54. When I have spare HIVE, I will buy OMA at 1 HIVE penny below the sale price; So, I placed an order to buy 0.2 OMA at $9.53.

While the OMA is loosely based on the price of silver. It is not pegged to the price of silver. If someone bought the 4 OMA and the price of HIVE collapsed, I will simply issue a purchase at 9.54.

I am not trying to create an investment coin. I am trying to figure out how to use a coin as an interface between an external web site and HIVE.

To get the experiment rolling, I gave the @rivers account 5000 OMA View on HiveStats.io. I will then pull from this account my web hosting fees, telephone bill and other business related expenses.

Conclusion

So, I created the @rivers account. It is a business account for the Community Color Project. The Community Color project is a collection of community portals which failed about a decade a ago. I keep it alive to promote local community awareness.

@irivers will maintain an open ledger for this failed project.

I created the OMA to experiment with ways of interfacing independent open ledgers with HIVE.

OMA is not an investment coin. In my open ledger, I pretend that OMA is worth one bit of silver. This is not a silver peg. It is a fantasy ledger.

I am experimenting with things. I gave the fantasy ledger 5000 OMA. This will prevent the ledger from going negative.

The next post will explain what I want to do with this HIVE account.

I grabbed an old picture of the Salmon River that I took a long time ago. i just wanted a picture of a river since the account is named Internet Rivers.

Posted Using LeoFinance Beta