The term “circular economy” most commonly refers to the idea of recycling of products and resources. This is in contrast to the more traditional linear economy which is based on the idea of — make, use and dispose. The motive behind circular economy is to maximize resources.

This same concept of “reuse” can be applied to the blockchain economy like ICON. If the token/coin (ICX) is considered a type of resource, how can it be recycled within the ecosystem to get maximum value. The expanded use of the coin will result in greater demand and therefore increased value.

In addition to ICX, capabilities and skill-sets of individual ICONists and organizations within the ICON ecosystem are also resources. If we can identify the capabilities and skill sets of the ICONists, we might be able to help each other within the ecosystem and get paid through ICX. This allows for the larger use of ICX resulting in greater demand and higher value. We are conducting a Skillset Survey using google form to help ICONists to contribute to this concept of circular economy. Link : http://bit.ly/formskillset

Reinvesting P-rep rewards back into the ICON economy increases the value of ICX

At this time P-reps are getting rewarded for validating and creating blocks. If the P-reps take their rewards and convert it into other crypto or fiat immediately, there will be a higher inflationary pressure. Instead, if a P-rep uses that ICX to pay for a service that they need, the ICX will be circulated within the ecosystem and increase demand for ICX. When participants earn ICX, they are more inclined to stake it. Therefore contributing towards resilience and decentralization. This type of expanded use of ICX creates greater demand for ICX which creates higher value for ICX.

Receiving ICX (ICON) as Payment

If these resources could be found within the ICON community, the provider of the resource might take ICX as a payment method. This exchange of payment and resource would help the circulation of ICX within the ICON community.

William Mougayar an influential thought leader in this space has highlighted the most important factors that must be available for a successful circular economy. Source: StartupManagement.

the work being done must be varied work being done must be valuable and valued users should be able to spend their earned currency internally in order to generate more value.

How knowing ICONists Strength (skill sets) can help increase ICX value.

So in this context, it might be interesting to find ways to aggregate capabilities and skill sets of as many ICONists and their partner organizations as possible. We could also create a database of needs and requirements. For instance if someone in the ICON community has a need for some front-end work, maybe another member within the ecosystem can fulfill this need and get paid in ICX.

How IBriz-ICONosphere is contributing to the Circular Economy*.

We at iBriz-ICONosphere have a requirement right now for collaboration. We just launched an FAQ bot for the P-rep campaign which you can find details here. It is still a work in progress. We are using part of our rewards to create this FAQ P- Rep Chatbot. We would be happy to collaborate with any individual or organization in the ICON community who have expertise in creating bots on telegram. We would be happy to reimburse them in ICX for their work.

Circular Economy in ICON (ICONOsphere)

IBriz-ICONosphere strength to help community members

We ourselves have programming and marketing capabilities in blockchain. We would be happy to provide this service to anyone in the ICON community and get reimbursed partially or wholly in ICX. This will depend on the type of work.

One of the most important points of Mougayar ideas listed above is point #3— “users should be able to spend their earned currency internally in order to generate more value.”.

So let us as a community come up with other ideas where we can spend our earned ICX internally within the ICON nation. Thus promoting a circular economy.

Please feel free to send us your thoughts through comments below or email:

info@ibriz.ai

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Author: Bijay Niraula, CEO iBriz.ai

Linkedin: https://www.linkedin.com/in/bijaystartupinnovation/

Disclaimer:

* There might be tax implications for any crypto transactions. iBriz is not a financial/tax advisor. Please consult your financial advisor/ lawyer for how it might affect you.

** The content of this article is for informational purposes only. Any information provided may not be construed as a legal, tax, investment, financial, or other advice. It also is not intended as a solicitation, recommendation, endorsement, or offer by iBriz.ai. Any investment in Crypto should be undertaken based on your own judgement.