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Volos 3.0 21st Century Financing & Funding Chris Cook Volos 16th July 2014 “21st Century problems cannot be solved with 20th Century solutions” Volos 3.0 ? Volos 1.0 – decentralised but disconnected, physical market presence Volos 2.0 – centralised and connected, market presence through intermediaries Volos 3.0 – decentralised but connected, network market presence Volos Economy Land – Volos as a location or place Physical – resources embedded in (eg buildings) and passing to/through (eg solar energy) Volos Intellectual – people of Volos and intellectual value created over millennia Financing & Funding Financing - short/medium term credit needed for circulation of goods & services and creation of productive assets - people-based credit (P2P) issued by people individually or jointly (eg Company) Funding - long term credit embedded/invested in productive asset - asset-based (Peer to Asset) credit Protocols & Prepay Protocols - People-based (P2P) Credit – Guarantee Society - Asset-based Credit – Capital Partnership Prepay – asset-based credit returnable in payment for use value over time (utility) of productive asset Prepay Tax Tax Prepay Tax Prepay – credit returnable in payment of taxes Tax Return – 'stock' part of tally stick returned to Treasury Rate of Return - rate over time at which stock is returnable for cancellation eg Prepay £8 for £10 tax - £2 profit 25% pa rate of return - not fixed - depends on existence & quantity of flow 21st Century Prepay Land – credit returnable in payment for land rental or production from land Energy – credit returnable in payment for energy use Intellect – credit returnable in payment for use of intellectual property eg knowledge, software, video Resource Resilience – Natural Grid Since 1980 Denmark's GDP rose 78% Energy use has been stable Carbon fuel use has declined How did Denmark achieve this? Resource Resilience - Natural Grid Least Carbon Fuel Cost principle - not 'least Danish Krone cost' (or least $, € or £ cost) - minimum carbon fuel input for a given output of electricity, heat or power - investment in renewables, heat, transport, energy efficiency Emerging Outcomes of Natural Grid policy - decentralisation - skills base of knowledge and knowhow: eg Vestas is the biggest global wind turbine manufacturer......in a country of 6m people - trend to energy security and energy independence - not forgetting........reduction in carbon use Protocol - Land Partnership Occupier Rental % Custodian (Community) Rental Prepay Investor % Manager Land Prepay – Value Proposition Community - sells rentals forward and locks in price - interest-free loan until prepay unit returned vs rental Occupier - prepays rental and locks in price Land Prepay – the Value Proposition Investor - direct 'inflation hedge' investment in land - Occupiers buy prepay credits from Investors at best price below issue price & return against rental Manager - shares in gross rentals or production - interests aligned with Investor - no 'Principal/Agency' problem Land Partnership - Outcomes Housing as a Service - relationship-based not transactionbased model - costs transformed to revenue shares Neutral – removes ego and politics Collaborative - stakeholder interests aligned Sustainable - all have interest in minimising cost over time Protocol - Energy Partnership Consumer Payment % Custodian (Community) Prepay Investor % Manager Energy Prepay – Value Proposition Community - sells energy forward and locks in price - interest-free loan until prepay unit returned vs supply Consumer - prepays for energy and locks in price Energy Prepay – the Value Proposition Investor - direct 'inflation hedge' investment in energy - Consumers buy credits from Investors at best price below physical energy price & return against supply Manager - shares in gross revenues or production - interests aligned with Investor - no 'Principal/Agency' problem Energy Partnership - Outcomes Energy as Service - relationship-based not transactionbased; costs transformed to revenue shares Neutrality – removes ego and politics Collaborative - stakeholder interests aligned Sustainable - all have interest in minimising cost over time Mega Watts and Negawatts Mega Watt production of renewable energy sells at the wholesale market 'bid' price Nega Watt production is made by consumers at the retail market price Uk Green Deal (bank loans to fund energy efficiency measures) has two problems - compound interest on bank £ loans - even if £ is saved, no guarantee energy will be saved Volos Natural Grid Investor pays £1k for Units in Volos Energy Pool - 20 1Mwh prepay Units @ €50 each - 2000 10 Kwh prepay Units @ 50c each Fund invests through energy loans eg Volos hydro power; CHP/co-generation; cooling Loan repaid via energy bills through buying prepay energy units at market price Interest-free loan – return to investor in energy Unless consumers save energy they will not save € Volos Green Deal Consumers Prepay € € Energy Loan units price Custodian Investors Volos Energy Pool € Prepay Buy at market Units € Manager Guarantee Society - Seller accepts Buyer's IOU Value Seller Buyer IOU IOU is guaranteed by Sellers & Buyers mutually Value Seller Buyer IOU Guarantee Guarantee Pool Seller & Buyer pay guarantee charge into Pool held by Custodian Value Seller Buyer Fee Guarantee IOU Pool Fee Guarantee Buyer settles credit in € or '€'s worth' eg energybased or land-based currency Value Seller Buyer Fee Guarantee Fee Pool Guarantee If Buyer defaults: system pays sellers and collects from buyer if possible Seller A Buyer Default Collects Pays Default Pool Pays Seller B Service provider sets guarantee limits, handles defaults & manages system Value Seller Buyer Fee IOU Fee Pool Guarantee Guarantee Fee Service Manager Clearing Union Guarantee Society is the social contract within which Sellers accept Buyers' credit and settle balances Sellers and Buyers pay a guarantee charge and share costs of operation and defaults Manager allocates guarantee limits, manages platform, ensures transparency, handles defaults Clearing Union Producer Consumer Fee Fee Pool Guarantee Guarantee Fee Service Manager It'll Never Work For 140 years, Protection & Indemnity (P&I) Clubs have mutually guaranteed risks Lloyds won't cover For 125 years P& I Clubs have been managed by Thomas Miller 21st Century problems cannot be solved with 20th century solutions......... …....21st century solutions pre-date modern finance
