Future Credit
Where Is It Traded?
On the counterparty distributed exchange. See www.counterparty.io for more information. On counterparty, it is called "FUTURECREDIT".
Technical Info
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Future credits are currently implemented as an asset layer on the bitcoin blockchain using the counterparty distributed exchange software. As such, they are an unlocked "asset" in the counterparty system with the name "FUTURECREDIT". The original nominal value of the Future Credit was .0001 Canadian Dollars which is the same as 10,000 Future Credits to one Canadian Dollar. However, it is backed by nothing and cannot be redeemed for any cash value. There were originally 100 million Future Credits, but unlimited additional amounts can be created.
Purpose
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The Future Credit is a tool used by the Future Technology Fund to help fund technological innovation. There are technologies that sound like science fiction, but in fact already exist and need only an investment of some amount of money for us to start using them. Usually it's a large amount of money which is why it hasn't been done. But crypto-currencies like bitcoin and ethereum have already proven that it is possible to create a new type of currency with nothing but technology and a good idea and have it grow in a few years to be worth billions of dollars. Bitcoin recently was worth more than $1.2 trillion (USD). Ethereum at that time was worth over $549 billion (USD). Even small, obscure cryptocurrencies are often worth millions and there are hundreds of such currencies. Some of the technologies we want to fund need less than a million dollars to be taken from the labs to actual use. This clearly can be done. We are not the only people who could do this, but since others are not doing it and we have the expertise and many years of relevant experience, we are volunteering to get it done.
Need more details? Contact us
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Click the "contact us" button to end us an email using our form. Sorry for not providing any other way to reach us at this time, but we are not a large organization and do not have a call center or anything like that. We also have other projects besides this one so please just send us an email to start the conversation.
What Makes Future Credits Have Value?
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It is not clear that Future Credits do have any value. Like almost all currencies including the US dollar and bitcoin, Future Credits are not backed by any reserve of assets and there is no guarantee from the issuer to exchange them for anything. They confer no ownership in anything and provide no tangible benefits. Additional Future Credits in unlimited amounts can be issued at any time reducing or destroying the value of all Future Credits. They are not a security or investment and should not be purchased except for educational or entertainment purposes. No one is offering to even try to cause them to have value, maintain any value, or increase any value they may have. Like many other cryptocurrencies, they may trade on crypto exchanges for a value, but that value can disappear at any time. Under such circumstances, there can be no reasonable expectation of any gain from Future Credits or even of recovering any funds paid for them.
How Can Future Credits Fund Projects?
The Future Technology Fund does not rely solely upon Future Credits to fund projects. It also has regular money and other alternative currencies such as bitcoin, ethereum and tetla. In the short term, project funding will likely be entirely in regular money. However, if the Future Credit ever has value, it could also be used to fund projects.