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How can cryptocurrencies increase our understanding of value and bring value to more people?
To change, we must understand what to change.
By comparing economic growth, we tend to look at GDP statistics, but we forget that the real value of production of an economy is measured in those who execute these transactions and those who end up with that value.
The United States is bad
We must base our decisions on how greatly wealth is redistributed among its population.
Compared to the rest of the world, the United States is hurting at the moment.
Scandinavian countries like Denmark, Sweden, Norway and even the United Kingdom have a better redistribution of wealth.
Governments tend to intervene in education, health care and welfare benefits. The worst part of this inequality is that it was improving until the 1990s.
Then 1% more was losing power while 90% less was becoming richer.
A number of analysts, future thinkers, entrepreneurs and some progressive economists agree on the destruction of the gold stock and the shift to a fractional reserve system may have contributed to how things progressed.
Huge debt
The huge debt produced due to the fractional reserve led to the loss of the dollar's purchasing power. Less banking regulation meant more ways to be corrupt and abuse power.
Even a small country like Portugal seems to have found a more efficient way to redistribute wealth than the United States.
I believe a more socialist approach is required in the United States.
The greatest values of capitalism
Obviously, capitalism would not be dismissed due to bottlenecks. But what about the property?
On countless occasions, it has been shown that capitalism creates incentives for people to be owners and create jobs, leading to economic growth and effective taxation.
My solution to the problem of wealth inequality? An update to the capitalist model, to improve the creation and distribution of value.
A U-turn complete 180 degrees
If cryptocurrencies mean the digitization of almost all assets and the creation of a truly decentralized peer-to-peer global monetary infrastructure, I can easily imagine a futuristic economy based on capitalism, in which the enterprise private has both for profit and social objectives their core, due to the incorporation of monetary incentives, reputation systems and game mechanisms into business core models.
With the creation, growth and adoption of Bitcoin and other P2P value protocols, such as Ethereum, we now have the tools to connect a digital currency to a specific product, platform, governance model or idea.
No matter how you apply cryptocurrencies, if your ultimate goal is to promote decentralization, then that's exactly what will happen.
Watch the World Wide Web.
The web 2.0.
About 30 years ago, people decided to want a way to distribute and decentralize information so that everyone in the world could access it.
First we developed a complete decentralized operating system, Linux, which today is the basis for most Android phones. Through mathematics, cryptography and network theory, people have developed amazing P2P networks like Napster and Utorrent, sophisticated websites like Wikipedia and platforms like OSM, where anyone can maintain privacy and still create value by creating content or content sharing.
The dream of being able to share information instantly has not been achieved?
The last time I checked, we have access to almost any information we want, at the tip of our fingers.
How can we then apply all three dimensions described above in blockchain-based companies? More however, what would happen if we did? How would these organizations differ from traditional companies?
At the moment there are hundreds of projects that create decentralized versions of platforms known as Google, Twitter, Facebook or Linkedin. Some projects like Steemit, the Brave browser or the Wabi milk detection app have already implemented real-world applications that work in a decentralized way.
The trick for any product, platform or company that creates a decentralized network is to implement incentives correctly so that most of the benefits go to users.
Why would not you like to be paid for your online contributions? Or to share your data with third parties? What happens if we start evaluating everything we do online?
Hardcore changes
If projects implemented this technology correctly, we could see radical changes in the way value is created and translated, meaning company theory and the purpose of organizations to undergo huge fundamental changes.
For one, in a completely decentralized and unlicensed organization, like a DAO, virtually anyone could be an employee, as the only requirement would be to create value for the community (as contributors are automatically rewarded with tokens) .
The reason why blockchain technology is needed will not really be understood by most until we reach the point where we do not remember how it once was without its existence, like the internet or cell phones.
The blockchain we know today, like a database or a ledger used to store bitcoins, will change in the coming years as more and more people are creating ways to decentralize the distribution of value.
The more we struggle to keep it under a central authority, the more difficult it will be to leave that mentality.
Value for users
If tokens can represent just about anything, sooner or later companies will begin to link people in their business models and will shift from gaining value to users to value users.
As long as there is a symbolic representation of a particular company, product or idea, there are several ways to move from a centralized structure to a network, where all token holders benefit in the same way.
The Web 3.0 is nothing but a completely new way for organizations to reorganize resources, in order to give back value to users (the legitimate owners of this value).
With the appropriate changes, we could achieve positive results by redistributing wealth and reducing inequality.
And with the right set of incentives, gamification techniques and game theory mechanics, we will create a world where people are rewarded directly by companies, through work, governance or rewards token-tokens, promoting a better redistribution of wealth .
Connect with me on Twitter @febrocas
Disclaimer: this article should not be considered as financial advice; represents my personal opinion e should not be attributed to Coin Rivet. I have some savings invested in cryptocurrency, so take everything I write with a pinch of salt. Do not invest what you can not afford to lose and read as much as possible about a project before investing.
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