The true Power of the Blockchain

Everyone involved in Blockchain has it at some point. I just had it today, after being stuck in a bus – for more than 24 hours ;/ – returning from our really inspiring ‘Rethink Finance’: My rabbit hole moment!
Listening to interviews with the most innovative minds and future thinkers in the industry talking about what’s going on and what’s on the horizon really gripped me at the core.

I left the event inspired, but with a feeling of not having the words to describe what intrigues me so much about the blockchain. People are stuck in the present: The blockchain ICO bubble, the speculation with digital gold and admittedly many technical issues. But those who are actively involved in building the future of the tech recognize the revolution.
I couldn’t pinpoint it up until now, but along the way of my horribly long bus journey the sky cleared and I realized, that it’s pretty simple.

Cryptocurrencies have many aspects that make them critically better then Fiat: It’s digital nature in the digital world, making it much more suited for digital transactions. The unhackable structure of the blockchain in times of fraud, waste and abuse in almost all system. Its unparalleled efficiency in decentral and anonymous processes and it’s design as a scarce digital resource. These traits alone are game changers but combined enable its most pivotal application, which will change our economy forever:

A Decentralized incentive system – suitable to financially reward people to collaborate to solve any problem attached.
That’s the true value. That’s the true revolution of the blockchain.

Sure all the application for identity and even user data sovereignty are awesome, nothing however reaches the potential we are given to create a currency to deal out over time, to reward those who support it. The mining principle of Bitcoin showed in practice and reality how millions of people around the word run a random program to ensure its existence. This system of block awards can be translated to any action supporting the system. This means that we can create a currency with a specific goal in mind to incentivize targeted action. And easily.
And it is open to all possibilities. This will give us the chance to monetarize all behaviors and assets actually valuable to society, many of whom are left out of the economy today. It will lead us to redefine value and benefit overall.

We will be able to organize an economy truly connected to democratic values, which we govern ourselves without a middle man, and even bring down the unslayable monopolies from the era of .com: Google, Facebook, Amazon and Co.

No one can imagine how this will develop over time – but the Gini is out of the bottle waiting for us to make our first wish as a human race.
Prepare for some follow up posts on these issues,

 

Yours, Julia

 

Monetarizing the Information Age

I wanted to take another look at Crypto. The long-term impact predictions from earlier posts are that it is especially useful in the future because it enables interactions with bots and AI. Therefore, the currency I want to look at now is Botcoin. Yes, Botcoin – not Bitcoin (It took me some time to convince Google that it wasn’t a typo, but finally I got some interesting insights).

This currency intersects exactly at that junction – between cryptocurrencies and chatbots. It describes itself as: ‘A digital currency that values your time and contributions!’ – A bit vague, but definitely curious.
Botcoin is the native Cryptocurrency of Bottr. It is a smart massaging platform, that provides you with a personalized chat bot and a reward system where you can earn Botcoins in exchange for valuable social interactions (on FB, Twitter etc.). It sets out to be a next generation social economy.

… intriguing.

Have you ever stopped to appreciate the wonders of the internet?  Since the very beginning it has opened us up to free information. No issue has not been had by someone else in the world – been asked and answered in the worldwide web. The unfathomable reality is, that we can find the specifications of German zoning law, the determination of our children’s weird nose bleed and a generationally-handed-down recipe for Cock o Vin with a simple search. There are in depth discussions, opinions, options, definitions (and some trolls) – a global discourse on absolutely everything.

We also socialize for hours on the web. We share thoughts, images, creative ideas, stories and advice with each other – isn’t it obvious to monetarize this huge asset?
We literally live in the Information age. In our capitalistic world this should be great together.

Don’t get me wrong I am a fierce defender of free access to information – as it ensures equality. However, being rewarded for your online effort and payed for personal advice sounds pretty fair to me. And I think basing this system on crypto is a neat idea, that could turn out to be working very well.

To go even further, it could help us monetarize things we are currently not, opening us up to a whole new discussion of what activities and assets should be of value in our society.
It could be the way to take cryptocurrency into the mainstream and into our daily lives – adding real value itself.

Yours, Julia

Update 20 April 2018

So, Botcoin gives us the opportunity to monetarize outside the traditional system. This is the purpose. Anything else?

Yes! There is Governance in the tech. Blockchain can follow different governance models: Truly decentralized like Bitcoin (which is facing long-term decision-making challenges), a dictatorship like Ethereum (which is effective, but doesn’t meet the expectations) and a sort of democratic (based on majority vote) which hasn’t been figured out yet.

For BotChain the system underlying Bottrs Botcoin, they are trying out this approach:

  1. Establish an initial Governance Board.
  2. Lasting 3 years.
  3. Its goal is to make itself obsolete after these 3 years, implementing a better governance model.