Local currency , globally implemented

Or how “ethic can benefits from #Ethereum smart contracts”. Technological progress becomes human progress when used the right way.

The particularity of cryptocurrency is not only using block chain to secure transaction through peer to peer network, it is as well and mainly to embed programmatic rules in its realm.

The block chain peer to peer network could be compared to Internet technology in its basics, a set of protocols intended to create a robust and fault tolerant platform for media and contents exchange.

What is far more significant is the “content” carried over internet as what is more significant in cryptocurrency is the programmatic capability of Ethereum; Smart contracts (and Apps = set of smart contracts);

This second layer, which embed semantic, can evolve and be used to create a cryptocurrency with “meaning”, and this is the point of this proposition; Create an Ethical cryptocurrency with 3 set of transparent rules;

  • the sum of currency value will be divided in specific predefined and immutable proportions over different domains where transactions can take place;
    • Education
    • Health
    • Infrastructure
    • Environmental services
    • Etc. A specific Bitcoin in a domain cannot be used for transactions related to another domain. This rule will enforce a sustainable equilibrium between “budget orientated economical domains”. This way a sustainable structure will maintain the right proportion between different economic spheres. For example the domain education cannot see its economy minimized due to speculation on real estate or arm dealing.
  • The sum of currency value will be divided in specific proportion of geographical areas where transaction can take place;
    • Local projects
    • Regional projects
    • International projects
    • this way a local and regional economy can be maintain and developed taking care of local needs and responsiveness.
  • The Bitcoin stability will be made more sustainable by imposing programmatic control on speculation and organic inflation by reinjecting some of the margin increase value into sustainable projects. This way speculation will be controlled and allow new entrant to find a place in the local economy, globally developed. It will as well give a resilience and stability that could attract investors. The generation of capital through taxed margin can as well be used to create the capital equivalence for additional instances of second generation cryptocurrency set with automatic tuning of best of breed trends from previous generations of instances.

Some terms need to be defined;

A local project can be attended (in term of investment) by the global community. Local means managed locally with local resources (no importation of external resources)

In this video, where Dr. George Friedman, a geopolitical expert, gives his opinion, the emphasis is put on the fact that bitcoin being control-less, influenceable and having a geopolitical dimension (global); a global crisis could happen from its variations. It seems that there is no other choice that embedding (programmatically) ethic in Bitcoin family, specifically if no government is able to mate the beast because of its boundless viral nature.

Some insights on Smart Contracts;

%d bloggers like this: