what is defined money?
let's assume that acme corp has a philanthropic policy which states that 10% of all salaries should go to a charitable cause.
currently in the world, there’s no trustless and decentralised way of verifying that this undertaking is being executed. with solace’s defined money, acme corp can pay salaries to their employees with a clause that 10% of it can be spent only on the wallets of the top 100 charity foundations. employees of acme corp cannot spend the aforementioned 10% on anything else other than on these charitable causes and our smart-contract ensures this.
this idea can be extrapolated for various use-cases
using solace’s defined money, corporates can easily execute allowance management for food, transport or accommodation. in the current web2 world, using sodexo and gift-card has solved some of these pain points, but none of them do it in a trustless, decentralised and free way.
Blockchain allows money to be both fungible and defined