Joule White Paper

Introduction

What is money? What gives money value? What makes a cryptocurrency succeed?

These are the questions that I pondered over while creating the monetary policy for Joule. If you look at Merriam-Webster’s full definition of money, you get this: “Something generally accepted as a medium of exchange, a measure of value, or a means of payment.”

Naturally, by most people’s idea of a cryptocurrency succeeding is the individual coin value, not the overall mission or accomplishments of the company behind it. While people can claim that they are a huge supporter of the company, that is not true if their version of success relies only on the price of the individual coin.

So what does that mean for Joule? Well, in order for it to have more value, there needs to be an actual use-case for it. Not only to be a form of investment like many other crypto-currencies. While yes, I myself would love for the coin to rocket in value, not for personal gain, but for the ability to fund the projects that Wattson Technology will be involved in.

How will this be accomplished? Joule needs to be fast, with very little lag in between transaction times and low fees for transactions. Joule also needs to rely on the Wattson team to make partnerships with different companies to encourage the use of the coin for purchasing items. We hope to make this clearer to people by allowing people to exchange the Joule’s they earn for living a green lifestyle into rewards. By partnering with companies that are environmentally conscious, we can further the growth of the token and perhaps, give it higher use-case scenarios. Eventually, we want our members to be able to walk into their local supermarket and purchase items with Joule.

With a greater use-case for Joule, the 10% burn will be rapidly decreasing overall token count, further increasing the value for an individual Joule. But how will we counter this “hoarding” mentality? I want to allow for members and investors to “HODL” all they’d like, but with that, comes less opportunity for the burn to kick in and decrease token amount. To counteract this, we’ll be adding multiple ways for people to lower their burn amount, for instance, if someone were to exchange Joule for something, whether that be into Eth or for rewards four times, the burn total for their next transaction would be half that amount.
If not less. This will encourage people to spend and use their Joule’s in order to decrease the overall token amount, rather than just “HODL” and hope. With an increase in Joule rewards, we hope that it will encourage people to spend Joules because they will always have a source of income.

The Bigger Picture:

For to Joule to become a widely used currency, it cannot reach a price that is unreasonable for people to purchase, it cannot decrease overall amount of Joule into nothing, as that defeats the purpose of its creation. For this reason, Joule will need to be able to be minted. This way we can issue more Joule for the purpose of keeping the Joule amount alive and in a healthy position.

Obviously, this gives an incredible amount of power to me and to the team and it defeats the purpose of decentralization, the whole point of a cryptocurrency.

To counter this, the executive team can only “mint” new Joule during very specific times, those are outlined below:

Phase One:

We understand fully that this gives a ton of power to the development team and we want to commit to decentralization as much as possible. We plan on finding a better fix to this, and we want to automate the process to a point where no team and no single person is responsible for doing the right thing.