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Cryptocurrencies and assets have been used to represent all sorts of commodities and assets. From fiat currencies to precious metals and company stocks, tokenization is gaining traction. Issuing assets and commodities on the blockchain is extremely easy and provides multiple advantages to holders who can easily transfer and exchange them.

This concept, however, is being taken one step further by Primalbase, a co-working initiative that seeks to bring innovators and entrepreneurs together in a common workspace where ideas can flourish, while providing a completely new way of dealing shared workspaces. The official Primalbase website reads:

“Building upon the well-established business model of shared workspaces, the Primalbase project transforms traditional office rental into a new-generation community-based ecosystem where one can share, sell or rent out high-quality office spaces using Ethereum and Waves-based digital tokens.”

So how does Primalbase work?

Shared workspaces are not a new concept. These spaces are usually shared by workers that are not employed by the same organization, a great way for freelancers and homeworkers to meet new people and work in an exciting environment. Primalbase will establish five shared workspaces in some of the “most beneficial cities for tech entrepreneurs” in the world.

The tokenization process, however, starts with the Primalbase token (PBT) and its Initial Coin Offering, where funds that will be used to establish the future shared workspaces will be gathered in exchange for PBT tokens.

These tokens will be issued both on the Ethereum and Waves blockchain through the use of BlockSwap technology, allowing users to take advantage of both platform’s strong suits, like Ethereum’s smart contract capabilities and Waves’ fiat gateways and built-in decentralized exchange.

The PBT token represent membership in the Primalbase community, and the ownership of a full PBT token grants the holder lifetime access any of the shared workspaces (current and future) of the Primalbase project, including its additional services. Four tokens will grant the holder access to a private office in any of the hubs, provided that one is available at the time.

One of the most exciting aspects of Primalbase is its leasing option, which allows the users to rent out his tokens (and the office space they represent) through the use of Waves’ Leased Proof of Stake consensus mechanism which ensures that tokens can be leased safely.

While holding one token after the ICO will give the user access to one office space in Amsterdam, the underlying access of the token increases as the project develops, given that this same token also grants access in the future hubs. The whitepaper reads:

“The funds collected through ICO will allow us to begin the creation of Primalbase infrastructures, adjust the first five units to the level of cost recovery, and ultimately produce the revenue to be re-invested in building the next locations.”

There will be a total supply of 1250 PBT, 1000 of which will be available during the ICO. The remaining 250 will be held by members of the advisory board for social activities for the tech community.

The project is currently being spearheaded by Dimitry Faller and counts with the participation of Sasha Ivanov (CEO at Waves Platform), Vitalik Buterin (CEO at Waves Platform) and other prominent figures in the blockchain space. To learn more about Primalbase, visit the official website and read the whitepaper.

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