The lawyer created his own token, which is provided by his working time.

Blockchain consultant and former Coinbase lawyer Ruben Bramanatan shared the first results of using his own digital token to work with clients. So far, the results of the experiment seem promising. Last week, Bramanathan created a token based on Ethereum, which can be exchanged for an hour of his consultation. The token is called Counsel (CNSL) and can be bought on the Uniswap decentralized exchange. The coin rate has grown significantly, but it did not save us from problems.

Unusual blockchain application
In just one week, the lawyer sold 20 CNSL, and two of them were purchased specifically for legal advice. Tokens were resold a total of 35 times, currently they are held by 14 people. Thanks to the 20 tokens sold, Bramanatan earned $ 3,976, transferring 10 percent of the amount to the GiveCrypto charity.

Here is a tweet from a user who “cashed out” a token and made a video call with an expert. The conversation was about the regulation of cryptocurrencies in the legal plane.

Nevertheless, the experiment had its pitfalls. For example, tokens created by a lawyer have increased in price. According to him, just a few days after the launch, the cost of coins increased from $ 155 to $ 256 - that is, more than 65 percent. The author of this idea is not very happy.

Although the constant updating of the historical maximum of the token price is an important advantage for the project, too high volatility still interferes. I need to carefully manage my liquidity or take risks, forcing people to exit trading.

Even worse, such projects may have problems with the tax authorities. Corgi platform CEO David Sterry asked on Twitter whether token holders should pay capital gains tax on rising asset prices. Bramanathan tried to answer this question.

I would say that the redemption of tokens is the exercise of an existing right, not a disposition of property. If you pay a lawyer a fee, and then he increases his hourly rate, but agrees to comply with the previous rate for existing clients, will you have taxable profits?

That is, sharp jumps in coin rates create inconvenience even here - therefore, the lawyer is not completely satisfied with what is happening. That being said, the idea seems great. Still, blockchain and tokens have not so many real-life options. Yes, you can buy wine, a plane ticket and a house by the lake for bitcoins, but such a scenario is much more inventive and interesting. This is another step towards the massiveness of the blockchain niche and products on it.

Perhaps the release of their own tokens in the future will be able to help the development of small businesses according to a similar model tested by Bramanathan.