Your local Cryptocurrency
encointer.org
Introduction
Recently a friend of mine sent me a link to an event introducing a local cryptocurrency in Zurich on the 3rd of May.
I had this feeling in my gut that this one was going to be different. I went to visit their website and got convinced quite quickly as they knew what they were talking about.
Firstly it totally encompasses the ideology of a cryptocurrency DAO and understands the concept of great token economics, being promethean in it's implementation.
Secondly it really spoke to me in terms of socio economics.
I was specially moved by the approach the project is taking towards growing organically and it's physical application in the real world. We all know how evidently these use cases will speak for themselves once they are simply exercised and viewed in action.
The Project
As a parachain built on Kusama which is an excellent, scalable and interoperable blockchain, this project immediately caught my attention.
Kusama was founded by Dr. Gavin Wood, co-founder and CTO of Ethereum, who is also the inventor of the Solidity programming language. I see grand potential in Kusama for supporting projects that create change in our world, and take back power from large corporations and financial institutions, giving it back to the people and letting the market find it's own prices.
The middle men industry and the redundant business models of the past will give rise to DAO's and communities, empowering people all over the world and have the potential to create the cessation of poverty.
“The people I'd expect to benefit the most are the unbanked and citizens of dysfunctional states that suffer from hyperinflation or cash limitations” - Alain Brenzikofer
It quickly became apparent to me that whoever is part of the encointer project knows exactly what they are doing. I am certain that they have profound knowledge and experience when it comes to blockchain technology.
Here's more Information on the project.
Also a little introduction Video by encointer I really enjoyed:
The web3 foundation doesn't just support privacy preserving and fairer undertakings and tokenisation models, but hosts a number of projects with idealistic approaches to DAO and governance.
What i'm describing is a UBI project here.
After meeting the guys behind encointer, I knew they must have unique knowledge on Blockchain, as they knew exactly what I was talking about and vice versa. After I spoke to founder Alain Brenzikofer, I saw that this could potentially be a game changer for any local community, specially in the so-called 3rd world.
Imagine if direct value was exchanged amongstst members of your community of merchants and buyers, facilitating the exchange of products and services in a circular economy? It could be exchanged for value without middle men such as corporations or financial Institutions. The value created amongst individuals in a community would not include the charges that these middle men profit from. It would inhibit their ability to interfere or tamper with the market and control prices allowing for catallaxy and more trust amongst it's members. Now a project like encointer would give much more go back to the community, empower everyone and give that value back to the people. Our old ways will inevitably become démodé and propel us into an age of fairness and abundance. - @yangyanje
“The issue is always the same: the government or the market. There is no third solution.”
― Ludwig Von Mises
Conclusions
I'm a huge fan of just applying blockchain and cryptocurrencies to the real world. Specially Hive and HBD.
Beautiful things happen when one encounters sophisticated souls that believe in liberty and freedom or when one shares the concepts of free market economics with anyone unfamiliar with it. It might overturn most people's entire perspective on what value truly is, because Volkswirtschaft was never tried before blockchain this efficiently. Specially when it comes to to marginal utility in a macro-economic setting. Such movements can grow into global communities starting with you and other participants locally. Whether it's hive or any other decentralised digital asset that can fuel direct or peer to peer exchange, we are the ones who instigate it, motivate others and drive the strive towards freedom. Social trust gives new value in circular economies and has the potential to change the way people think about money. If you are reading this, maybe you can get in touch with encointer and start a local currency in your community now.
The next event will happen in 4 Days and you can sign up on their website to be invited if you live in Zurich.
As a member of a privileged society and western Keynesian economic environment of fiscal politics that at the same time favours such experiments and their trials, I see it as a duty to permit and promote the use of cryptocurrencies and their inception as well as execution for lesser privileged societies as a noble endeavour toward the common good of humanity. In order to further the development and deployment of future free markets through cryptocurrencies, I welcome and embrace such great alternatives.
"If...the atoms of our bodies follow physical laws as immutable as the motion of the planets, why try? What difference can it make how great the effort if our actions are already predetermined by mechanical laws" - Arthur Holly Compton (The Freedom of Man)
Best Wishes
Rane
Previous posts on decentralised finance:
The opinions stated in this publication points out to a solution that bridges the real world with a decentralised digital asset market. It is still my opinion to aim to create a decentralised, borderless, permissionless, free market beyond the reach of restrictive measures towards their fruition. One that onboards us directly into a free market and a new global economy of value.
Disclaimer:
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Vanishing
Dong Chang 东厂
aka Rane
"Nourish it, water it, let it grow. It will find it's path like branches that reach for light. It will move into space where nothing has moved before."
- @yangyanje
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The concept from my point of view is great. As far as I can see real power stays in the hand of the people and this proves just that! I would love to see more of this outlook all around the globe. Akon the musician did it for the city he's building in Africa (it's called Akoin cryptocurrency built on the Stellar blockchain). This just goes to show you that the more we band together the more we can accomplish as human beings. Peace and have a good one!😇😇😇
@contentisking thank you so much for your great comment. I had no idea about akoin, but must have stumbled across him planing that a few months back in an article. I'm a pretty big Stellar sceptic to be honest, as well as one of the IMF and the World Bank that apparently works with Stellar. Ripple is also a part of the intraledger protocol and the iso 20022 standard that will be implemented for CBDC's. I think that is the Nesara Gesara plan? It doesn't invoke much trust if the WEF is talking about Feudalism in the same breath. After all many governments can be in favour of L2 solutions if they are the custodians and pay for keeping payment channels open and citizens don't really own anything self sovereignly, exchanging assets on something like strike. The question of a private key and ownership still arises in the midst of all the hype? I think here an option for a withdrawal to a wallet where you hold a private key transparently would be something i'd appreciate.
Well as far as I'm concerned with CBDC and government controlled digital coins would they really have to integrate it with everyone? But really would an elderly person know anything about cryptography. What I'm really saying is will they force this on it's citizens and how would they enforce this new monetary system. Quiet honestly It's really a topic to be discussed with the highest degree of due diligence. Peace and have a good one
Thank you for your reply. An elderly person wouldn't know much about cryptocurrencies, as much as a younger person knows very little about the end of the Brettonwoods system from 1971-1981, the oil shocks and the SAF. Specially the perennial inflation that caused an erosion of the value of money over time. It's interesting what a scarce decentralised digital asset can do to the US Dollar in a much shorter time, while most people ignore that the USD lost 97.60% of it's buying power relative to bitcoin in just 5 years.
Actually they don't enforce anything. Many people aren't aware of the ID tag labelled on their personhood. I don't even want to begin writing about potential biometrically-linked digital identity. Surely international EDI standards for cross border payment messaging that suddenly pop up when borderless cryptocurrencies already achieved the prospect of leveraging payments across borders? It could have little to do with control mechanisms if such a standard would flow down to financial institutions and then the corporates?(being ironic)After all the question is whether it affect their products which are consumers whi voluntarily to their bidding. Currently, electronic money we are accustomed to will just become digital. You Bank still remains the custodian and very few will ever question CBDC's. Most people don't like to take responsibility over their own private keys. They'd rather trust a third party. If you loose your card, the bank just gives you a new one? Depending on where you live, owning decentralised digital assets might be deemed illegal, their exchange prohibited by law, while other countries will allow for certain grey areas for their use. The topic in discussion is also censorship. As you mentioned it surely deserves a dedicated post on phase 3 after the nixon shock 1971 with a mention of quantitive easing, the credit crunch etc. just babbling on here, but thanks again for commenting buddy.
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This looks good. I read website. I downloaded app, but i see its alpha release. Cant add location on map for example, and inly Zurich community so far.
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trying to test the app as well. im sure they will fix the bugs. i still had to get a version on testflight.
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