Item Banc reports information on what specific basic human needs are available, where,
at what relative value.
The Item Banc Index is a value-to-currency baseline generated from the specific information on the
relative cost of Basic Human Needs around the world.
The Item Banc secures its data by assimilating information "deposits" in real time by real people
about the prices of specific items that are basic human needs.
The Item Banc Engine takes these information deposits using decentralized databases around the world and puts them together to calculate a new
kind of Value base that uses algorithms similar to purchasing power parity, where the same basic set of items
are compared around the world to discover the relative values of currencies.
This new Value base is the Item Banc Index. The Engine indexes the Values of currencies by comparing their
relative ability to purchase basic human needs.
The people that enter (deposit) the prices we call Validators. The plan is to reward Validators with special
tokens. The tokens represent a unique connection to Item Banc, to be announced at a later date.
There are about 100 or so basic items that will be represented in the Item Banc Index, and 180 world currencies.
In our initial roll-out, we focus on 14 items in five categories.
The Item Banc technology will extend in the future to create related information from the metadata of tokenized, real-world assets and services.