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Many major organizations, financial institutions, Internet giants, etc., and several sovereign nations, like the economic superpower China are developing their own alternative currencies. China is close to releasing its own coin soon. Whether these alternate currencies would be a pure version of the cryptocurrency like Bitcoin remains to be seen.
Many would not as they attempt to remove or minimize the disadvantages associated with some of these cryptocurrencies, like votality, etc., and as such, new currencies developed want to be Stable Coins. Facebook emphasized its currency Libra would be simple. The reason is simple. It is complicated to use a cryptocurrency now. It is not so easy to buy a cryptocurrency for the average person on the street. You can’t just go to anybody and say I want to get some of your crypto coins in exchange for my traditional currency. Nor can you simply use your Bitcoins to buy a burger. Many attempts have been done to make the cryptocurrencies more visible but there is little success so far. The boom in Fintech, however, continues unabated…
With the aid of technology, it may not even be necessary for large companies, organizations and governments to use the blockchain for its new online currency though for the time being, the very definition of coins or cryptocurrency, and the current convention are all based on the blockchain for which the Bitcoin is. It may use Distributed Ledger Technology or DLT which approximates that of a blockchain but may not have the blockchain constructed afterall. Let’s be clear though. Technology validates and legitimatize the implementation of these new coins but if an organization is big and powerful enough, and especially and ironically for technology companies, in reality, it does not really need all this technology to create a new currency!
The federal government in the US is watching very closely at the developments with Facebook’s Libra. However, the next waves of currency growth cannot be stopped. Softbank is doing it. New startups are doing it. Veneuzela is doing it. For a country, China is key. It is today the biggest economic powerhouse in the world. China is also the number one cashless society now.
With the trade war started by the US, China is unlikely to hold more of the US currency. As such, it has “lost” to Japan as the biggest holder and creditor for US Treasury debt. This development has been long overdue but the trade war the Americans have started with China only quickens the pace of China holding more of the currency. The US dollar remains a popular currency for now but it is not a powerful one. The strength of the US currency is measured by how high it trades. This may give an illusion that the US dollar is strong but it is not. As the US debt increases, the value of its currency actually drops. And, the US is not showing any sign of reducing its national debt.
Therefore, it is wise of Mark Zuckerberg to actually implement his own currency as quickly as possible as the world is going through a phase of great uncertainty and more disruptions, not necessarily bad ones will be on its way.
As more people surf the Internet, they are actually providing a “service” by the pure act of getting online. As we all know, the value of big data is all powerful, and this data is derived from the footprints people leave behind when surfing on the Internet. The value of these activities, however, may not be equitably distributed all the time, and users may bear the brunt of this seemingly inequitable distribution of benefits. Internet companies increase the value of the company by gaining more followers through providing “free” services though, up to a point. So, all of these small Internet users each contribute to the growth of these Internet companies which have become such behemoth organizations that in comparison to the majority of the users, they have somehow lost out in the Internet race.
Well, it may be an issue created by technology, and so rightfully, technology will also come to the rescue.
There is value and power of the activities each one of us do online and so some formula of redistribution is necessary. Not everyone will become a millionaire but the time and activity that we spend should somehow return to us a reward, big or small. Reward is the key to creating a more equitable online formula.
Nonetheless, the word, redistribution may not be that apt as the new forumla and technology is a way of creating new and more value, not necessarily redistribution. Internet or technology companies can continue to grow big but the work each user put in could be better rewarded. And coin is the way to go…
To be updated…