Time-Dependent Ownership
Typically, you may think of a balance in two parts: what you own and the amount you own (x10 of Token IDs 1-199). BitBadges introduces a third part: ownership times.
For example, Bob owns x10 of Token IDs 1-100 from January to March but x5 from March-December.
Balance Components
Token IDs: This refers to which tokens in your possession.
Token Quantity / Amount: This refers to how much of each token you own.
Ownership Times: A time-based framework that governs the periods during which you possess specific token quantities.
Example of Ownership Structure
Consider Bob's ownership structure as an illustrative example:
Bob initially owns x10 of Token IDs 1-100 from January to March. Subsequently, his ownership transitions to x5 of Token IDs 1-100 from March to December.
Advantages of the Ownership System
This ownership system brings forth several compelling benefits:
Subscription Tokens
By leveraging this system, the transfer of tokens designated for subscriptions becomes seamless. Auto-expiring tokens can be transferred without necessitating the revocation of permissions or initiating blockchain transactions.
Token Unlocks
Numerous projects feature stock or token unlock schedules that primarily rely on trust, rather than code-enforced mechanisms. This ownership framework empowers users to define and implement token unlock schedules natively, enhancing security and accountability.
Lending Mechanism
The ownership times concept facilitates token lending for specified durations without the need for escrow services. Users can temporarily transfer their tokens while retaining the ability to reclaim them after the designated timeframe.
Usage Examples
To elucidate the functioning of this ownership system, let's delve into practical scenarios.
Starting Balance: Bob owns x10 of Token IDs 1-100 from January to March.
Example 1: Bob's Transfer to Alice
Bob transfers x10 of Token IDs 1-100 from January to February to Alice.
Result: Bob's ownership persists as x10 of Token IDs 1-100 from February to March, while Alice becomes the owner of x10 of Token IDs 1-100 from January to February.
Example 2: Bob's Partial Transfer to Alice
Bob transfers x5 of Token IDs 1-100 from January to March to Alice.
Result: Both Bob and Alice now possess x5 of Token IDs 1-100 during the January to March period.
Example 3: Complex Transfer Scenario
Bob transfers x10 of Token IDs 1-50 from January to February to Alice.
Result: Bob retains ownership of x10 of Token IDs 1-50 from February to March, and additionally, x10 of Token IDs 50-100 from January to March. Meanwhile, Alice owns x10 of Token IDs 1-50 from January to February.
Incorporating time-based ownership into the conventional token ownership paradigm introduces enhanced flexibility, security, and functionality, enabling various usage scenarios that would otherwise be challenging to achieve.
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