Item Banc - the Fair Market.
Global Parity Valuation Engine
Item Banc will turn the commercial data of a set or basket of necessities into a superior form of exchange. By backing digital currencies with these item’s derived valuation information and providing it to the market in real time. Raw data is analyzed and compared to value BHN (basic human needs) and create a base of value. BHN (basic human needs) are categorized by Item Banc as food, shelter, clothing, medical/hygienic, and paper/plastic goods. BHN (basic human needs) are used because with out them people could not survive, all of us have some and they are common. Using many of them averages out aberrations in market value caused by any number of factors. Once BHN are valued a baseline is set and currencies, products, goods and services that are exchanged during commerce for BHN can be valued.
Validators report the commercial information (price, location, etc.) of basic human needs transactions to Item Banc; a first of its kind Global Parity Valuaton Engine. The Validators receive a digital credit for providing raw BHN transactional (trade) data. The token represents the work to create a value base for information currency. The credit can be redeemed for analyzed data or traded to another party.
“Information Currency is defined as what is available, where it is available, and at what (relative) Value. The term Information Currency refers to Value transfers that use a new generation of encrypted, automatic contracts that move synthetic representations of assets in secure transactions between sovereign entities. These entities include individuals, companies, and nation states. The entities already include robots and machines.”
-The Language of Value, BEP
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