Whenever we get up early to buy a cup of coffee or wait hours on Black Friday to shop for our loved ones, we are not just spending our money. We are spending our time. Time is our most valuable resource because it’s something money can’t buy, and yet we waste it standing in lines every day.
Our team created QJump, a decentralized app that allows users to move up their spot in line at restaurants and other establishments in exchange for digital currency using blockchain technology. Our DApp was developed in the context of the XY Oracle network.
QJump leverages XYO’s process for verifying geospatial data through a bound witness interaction, in which physical objects called sentinels broadcast to the network when brought within certain proximity of each other. This acts as a proof of location for the blockchain network, and in our case, proof of position in the queue. A user with a long wait time can trade spots in line with someone in front of them by entering a smart contract agreement facilitated by a bound witness, in which both parties agree to swap wait times, and the user moving up in line pays the other a fee in cryptocurrency.
QJump allows users who cannot afford to spend their time to save it while allowing users who can to monetize their time. Through the power of blockchain and cryptocurrency, we can add value to time itself, and “jump the queue” with QJump.
What inspired you (or your team)?
Our team developed QJump at what was both our first hackathon and first blockchain conference. With only a baseline knowledge of blockchain technologies, digital currencies, and software development, we were determined to absorb as much as we could from the experts and businesses at the event. The passion for blockchain of everyone we met mirrored our curiosity about the technology and fueled our hunger for knowledge.
What really stuck with us was blockchain’s potential for disruption across a wide range of industries, and the decentralized, trustless, and immutable nature of this technology that allows it to revolutionize the way we view money, data, time, and everything else we value. We focused in on leveraging the value of time in our ideation process, and sought to solve a problem which would compromise a resource as universally valued yet seldom monetized as time.
We are just getting started with QJump, but we know there’s definitely a future for us in blockchain, as well as its intersection with other emerging technologies, and the most exciting part for us is that with our project that future has already started.