want to learn how blockchain technology will revolutionize the global service industry ? The answer is simple:
Smartphones + Blockchain = the perfect P2P service marketplace
Not convinced yet ? OK…here you will learn the answer in more details in just 4 minutes:
A digital world:
Smartphones are an integral part of our lives. More than 2.5 billion users worldwide order goods and services, chat with friends, buy and sell stock, do online banking and get any kind of information non-stop. People of today are „netizens“.
Rise of a Peer-to-Peer economy :
Digitalization has greatly influenced how we communicate and live. But it has also changed the traditional roles in the economy and how we do business. Today, the classic role split into buyer or seller of goods and services has vanished. People take both roles in a true peer-to-peer economy. Companies havecreated P2P marketplaces based on this trend.
Prominent companies like Ebay, Uber and airbnb are global players based on peer-to-peer and shared economy.
These and other companies prove:
Sharing and decentralized peer-to-peer economies are the future — yet no global player uses the approach with blockchain technology for a decentralised global service industry.
Blockchain technology
Today Blockchain technology and cryptocurrencies are revolutionizing the way we setup contracts and compensate business partners across borders in almost realtime and without exchange rates or large overhead fees. Smart contracts allow to implement escrow functions and take out the middle man from these transactions. These features make blockchain technology and cryptocurrencies a perfect fit for the peer-to-peer economy since they allow to address key barriers for people to do business transactions with other people: trust and reliable compensation. First blockchain based startups focus on professional services or freelancers for projects. We at have identified a huge market that is an even better fit with blockchain technology and has a huge potential: the global decentralized peer-to-peer market for small favors and mini-jobs. With our decentralized marketplace and app, everyone can ask for or provide favors or mini-services to everyone. We bring blockchain to the people.
Digitalization + P2P + Blockchain = Coins4Favors
While we are used to order goods and services via our smartphone, there is no decentralized app yet focusing on mini-jobs and small favors — stand in line for me, find a parking spot, do grocery shopping. There’s especially no offer if the favor needed is in a remote location (“take a picture of that place for me”, “Can someone bring something from that city to me ?”, etc.). Here blockchain and GPS enabled smartphone apps are the perfect combination and we have tied them together:
Coins4Favors is the solution: With our Coins4Favors Smartphone App you can specify a favor request for a mini-job and the location where you need it done — anything, anywhere, anytime.
Via the built-in GPS location service, other Coins4Favors users at the location where you need the favor are notified by the app and place offers or accept your offer in FavorCoins. The public rating system helps to assess quality of requester and potential provider and the amount of Favorcoins agreed upon are reserved in an escrow wallet. After successful completion of the mini-job the FavorCoins are transferred and ratings can be given to both parties of the transaction. With our app, everyone can enjoy the great benefits of blockchain technology — and offer personal skills for the good of others.
Revolution of a multi-billion $ Industry
The global service industry is worth trillions of dollars per year, so imagine which potential we are tapping into by enabling a peer to peer service market around the globe for mini jobs provided by everyone.
With Coins4Favors you can ask for jobs in remote places or help others by doing them a favor or moni job and enjoy instant payment via blockchain technology.
We bring blockchain to the people and have a real use case and platform behind out concept plus an already working prototype of the app and service platform.
If you are interested in more examples, check out our project video on as well.
Here you can learn in only three minutes how the system works and how we will revolutionize the peer to peer service industry with our FavorCoins.
How can you benefit from this development ?
If you are as excited about this idea as we and the over 500 supporters who have already joined us and gotten FavorCoins in our first Airdrops, you can join the community and support our project here:
to help discuss ideas and feedbackSign up for our ICO on the Follow us on Twitter like almost 3000 others already
You can join us for our upcoming ICO and benefit from the up to 25% Pre-ICO bonus of the Coins4Favors ecosystem.
Get your tokens before the Coins4Favors system takes off and generates a multi billion dollar marketplace.
Hurry up, to get whitelisted now to be able to purchase FavorCoins at a huge discount !
The Roadmap
We are following a strict roadmap to ensure a successful development and implementation of the Coins4Favors system.
The Team behind Coins4Favors
We have a powerful and well experienced diverse team that is driving the project with professionalism and dedication.
You can read all the details about each member in our whitepaper or on our Homepage.
For more examples and further details check out our website at
I have exposure to a few ‘utility tokens’ like Filecoin and 0x either directly or indirectly. Throughout this post I will pick on Filecoin (1) because it is an easy to understand example, and (2) because I actually believe in the team in the long run to answer these questions with flying colors and deliver value to the world. This piece is particularly focused on utility tokens that are taking on existing products and services, eg. file storage (AWS, Dropbox, etc) vs. utility tokens that are creating a product or service that is unique to blockchains and could not be created without a blockchain. Unfortunately, I don’t think those really exist yet.
Utility tokens are an incentive mechanism to solve the two-sided market place problem and bootstrap a network into existence. My problem with this philosophy falls into a few buckets:
(1) Do you really need your own token
(2) Privacy is not enough of an incentive for average users to switch from legacy services to new blockchain native service
(3) Does your product create enough utility to overcome the friction to use your product
Do you really need your own token
My biggest beef with the idea of utility tokens is that average non-crypto enthusiasts are going to be ok holding on to a plethora of tokens to use the services they want to use. I have yet to encounter a utility token that cannot just use bitcoin or ethereum instead of said utility token. The only reason the utility token exists is as an investment vehicle for early enthusiasts to make money in the hopes that this will start a network effect that can overcome legacy products.
Take Filecoin for instance. Blockstream already came out with a ‘Lapp’ called Filebazaar, which has similar goals to Filecoin, at least initially. Is there a world where Protocol Labs just creates a ‘Lapp’ for their P2P file sharing network with bitcoin as the incentive? I contribute file storage and get paid in bitcoin. I realize I am handwaving over technical details here, but it seems perfectly plausible that you could have everything that Protocol Labs has built, but instead substitute bitcoin for filecoin.
Privacy is not enough of an incentive for average users to switch from legacy services to new blockchain native service
One of the common reasons for replacing legacy applications with new decentralized applications is privacy or owning your own data. While I 100% agree with the sentiment, it is 100% clear the public does not. The public’s apathy screams louder and louder with each hack subsequently followed by 0 change. There is a long history of people saying they value privacy, but when it comes to paying for privacy…crickets.
Does your product create enough utility to overcome the friction to use your product
This is the biggest one for me. You are asking the average user to:
purchase bitcoin or ether from coinbasetransfer them to an exchangeexchange them for xyz utility tokenstore and secure those utility tokensnavigate a clunky UI/UX applicationuse the token successfully
That process is an enormous friction. There are still many internet users that struggle to use internet applications. The average user who doesn’t care about cryptocurrencies needs to have a huge incentive to overcome those frictions. Yet, I have never heard a single consumer talk about an existing application and say, “This would be a lot better if I was paying for this service with a cryptocurrency”.
Of course, people will point out that steps 1–6 will become seamless and as easy to use as current applications. Well then that takes me right back to my first point. Why do you need your own token? We will just be able to hang on to one token and automatically transact with every service seamlessly. .
Conclusion
It has taken decades for consumers to become ‘internet-natives’ where the value of using an application is greater than the friction to use it. It will take a long time for decentralized applications to have the same feel. Further, I struggle to see why an average user would ever use a replacement of an ‘internet-native’ application with a ‘blockchain-native’ application that has its own utility token. The only way that comes to fruition is if the Dapp adds more value than the friction to use said Dapp.
One day, there will be a world where machine to machine economies cannot transact using the traditional fiat system of today, but instead need a commerce layer built on top of the internet. However, that world seems pretty far away for now.
As an investor interested in the space, I am interested in foundational technology that solves the aforementioned frictions or incredibly gifted teams with a long-term mind set that are working on applications that will eventually have blockchain native solutions to real world problems. That is why I ultimately do believe in Juan and Protocol Labs. The team is incredible and while I struggle to see why a native token needs to exist for a P2P storage network today, I believe the team will be able to adapt to the fast moving blockchain industry and provide solutions to real world problems that only blockchain native applications can solve.
bitcoin could still pull back to the broken short-term trend line for a quick retest and formation of a reversal pattern. Applying the Fib retracement tool on the breakout move shows that the 61.8% level lines up with the broken resistance that might now hold as support.
If so, an inverse head and shoulders pattern could be formed, with the neckline around the $7000 level. This would be around $500 tall so the resulting rally could be of at least the same height.
However, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the selloff is more likely to continue than to reverse. Also, the 100 SMA is holding as a dynamic inflection point at the moment and the 200 SMA could also keep gains in check.
Stochastic is making its way down to show that sellers have the upper hand. In that case, price could reach back down to the lows at $6500 or even create new ones to reflect continuous selling pressure.
bitcoin has been off to a shaky start as investors grapple with the repercussions of the cryptocurrency ad bans on Google and Twitter. There have also been reports of governments, such as those in Chile and Kazakhstan, taking an adverse stance against cryptocurrrencies.
In contrast, the dollar is supported by safe-haven flows even as geopolitical risks returned. China recently announced higher tariffs on a number of US goods as a pre-emptive move ahead of the White House announcement on Chinese products subject to higher duties.
The US NFP report is also lined up for the week and strong readings could stoke dollar gains further. After all, the Fed already hiked in March and signaled room for more tightening for the rest of the year. On the other hand, downbeat data could weigh on these tightening forecasts and the dollar’s gains.
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