What is the new crypto economy promoted by the founder of Taproot Wizards? Buterin praises Orb Land as cool

Ethereum founder Vitalik Buterin posted a post on the decentralized social platform Farcaster late yesterday (20th), praising the advisory creator platform Orb Land as "really cool" :Wow! Orb Land is really cool! Thanks to Justin Drake (Core Researcher of the Ethereum Foundation) for the reminder.

What is Orb Land?

Why is Orb Land favored by V God? According to the official introduction, Orb Land is a crypto-economic experiment launched by Taproot Wizards founder Eric Wall, aiming to tokenize personal consulting services into NFTs (non-fungible tokens).

Orb Land provides a decentralized platform that allows users to browse each creator's Orb on its page. Orb holders who purchase Orb will have the right to ask questions to the Orb creator and resell this right. rights, and the creator needs to submit a text reply within a certain period of time. The holder can also mark the quality of the question, and all processes will be recorded on the blockchain.

Technically speaking, Orb is a modified ERC-721, but it is worth noting that although Orb can be displayed on OpenSea, it cannot be sold on NFT trading markets such as OpenSea, Sudoswap or Blur. , Orb can only manage ownership through auctions and the Harberger tax system.

In addition, in the OrbLand protocol design, after the holder sets the Orb price, he needs to deposit a sum of money to pay the tax rate for holding the Orb. Of course, the price can also be set by others at any time. Buy away. In addition, when the funds are exhausted, the ownership of the Orb will be lost, and the Orb will enter the auction process.

Justin Drake’s Orb Price and Tax Rate

The first batch of creators currently on Orb Land include CastleIsland Ventures partner Nic Carter, founder of Taproot Wizards Eric Wall, founder of the on-chain investment protocol Sommelier Finance, Zaki Manian, core researcher of the Ethereum Foundation, Justin Drake, and Tarun Chitra, founder of the DeFi risk management protocol Gauntlet.

What is the Harberger Tax?

In order to promote the circulation of Orb and reduce speculation, Orb’s transactions and vesting use a special design - Harberger tax.

The Harberger tax is a radical economic policy proposed by Arnold Harberger to change the definition of ownership. It mainly includes two cores:

• The price of an asset is determined by the owner of the asset Evaluate and set by yourself, and pay taxes on this price

• Anyone can purchase an asset at any time at a price set by the asset owner and obtain ownership of the asset, that is, Keep all assets ready for sale at any time

Therefore, under the Harberger tax system, asset owners will think about how to set the most appropriate price. If it is too high, they will need to pay a higher price. If the tax rate is too high, and if it is too low, it will be bought by others at a low price, which can reduce speculation in the market.

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