Sign up to receive updates! ➵ NEWSLETTER
We send less than one email a week, on average.

Favor Solutions Onboarding

Welcome to the Favor Solutions Network we are glad to have you! What follows is a guide to using Favor. This guide is for people who are already joined the network. If you would like to join please contact Deacon.

Key Terms

Overview

Favor is a complementary currency. That means you can use it just like the dollar bill in your pocket. The only difference being that you can only exchange with other people in the network. When you make an exchange it can be fully in Favor or you can mix Favor with dollars or any other currency you desire. To make an exchange you will need to find a willing member to exchange with then mark the exchange down in the Favor Ledger making sure to provide a 1% transaction fee (rounded up) to the Favor Solutions Network account. Let’s now take a look at the Favor Ledger.

Quick Start

Ready to jump right in and make your first exchange? Let’s look at an example to get started.

  1. Caroline asks Drew to help on her Wordpress website. They agree to exchange 300 Favor (f300). Once the work is done they record the transaction.
  2. Drew and Caroline both visit the Favor Ledger. They name the transaction in column A, add a date in column B, then;

  3. Caroline puts a negative debit in her account’s debit column (-300) plus a 1% transaction fee (-3) for a total -303. Be sure to always put a negative number in the debit column!
  4. Drew adds the 300 favor to his credit column minus a 1% fee (-3) for a total of 297.
  5. In the same transaction row they add their combined fee (6) to the Favor SN credit column
    screenshot of a the Favor Google spreadsheet, row 10 is a highlighted transaction between Drew and Caroline

  6. They then double check the Total of all Balances in cell B2 and make sure it’s still at zero.
    screenshot of a the Favor Google spreadsheet column A and B and the first 4 rows are shown

The transaction is now complete.

The Favor Ledger

screenshot of a the Favor Google spreadsheet

This Google Spreadsheet represents the whole of the Favor Network. Let’s look at it in detail. At the top is data about the Ledger:

screenshot of a the Favor Google spreadsheet column A and B and the first 4 rows are shown

screenshot of a the Favor Google spreadsheet the columns representing members credits and debits are shown

Further along the top to the right you’ll find a column for each member of the network. The top number is that member’s current balance followed by their credits (Favors they have received) and debits (Favors they have spent). Each member controls only their own credit and debit column, more on that in the Exchanging Favor section.

You’ll notice the first member is named Favor SN, this is the Favor Solutions Network account. This is the account that collects your transaction fees. These fees will be used to pay folks for future work on the Favor Solutions Network.

Starting at row 5 are the transactions. Each transaction has a name, date, and the credit/debit from 2 or more members. Each transaction also incurs a 1% fee from each participant which is subtracted from each credit/debit. More on that in the Exchanging Favor section.

Exchanging Favor

The process of exchanging Favor mostly happens between Favor Network Members. You will meet people and agree to exchange Favor for anything you want. It’s up to you to negotiate the terms of the exchange and what will constitute it being complete. To add a transaction all parties are required to credit/debit their own account.

Once the exchange is complete all parties will then mark down the relevant details in a transaction. Transactions are placed in the Favor Ledger on the next available blank row from the top.

Let’s look at a real life example. Caroline asks Drew for help on her Wordpress website. They agree to exchange 300 Favor (f300) for the work. Once the work is done they record the transaction.

Drew and Caroline both visit the Favor Ledger. They name the transaction in column A, add a date in column B, then;

Caroline puts a negative debit in her account’s debit column (-300) plus a 1% transaction fee (-3) for a total -303.

Drew adds the 300 favor to his credit column minus a 1% fee (-3) for a total of 297

In the same transaction row they add their combined fee (6) to the Favor SN credit column

They then double check the Total of all Balances in cell B2 and make sure it’s still at zero.

Things to look out for:

1% Transaction Fee

Each debit or credit in a transaction owes the Favor Solutions Network a 1% fee, rounded to the nearest whole number. The minimum Transaction fee is f1. The fee is placed under the Favor SN account on the same transaction line.

This fee will be used by the Favor Solutions Network to pay for future work on the network.

Favor Solution Network Slack

A great way to find additional support or to connect with folks to make exchanges is our Slack channel. When you were onboarded you should have been added to the Slack team. Head on over to the #trading-floor channel and post your offerings and review other’s offerings.

Drew Hornbein July 20, 2020