Project Magic Dragon #1 - a teaser
Project Magic Dragon
Put on your thinking caps please Ladies and Gentlemen - you are in for hopefully a jolly, but perhaps a somewhat challenging ride reading this series of posts!
What is presented here is not just a frivolous fancy dreamt up the other day - it took many years of careful meditation and study to precipitate the final solution.
It might sound insane in the beginning, which it should, as there are some off beat ideas involved, but if we can get an inspired team together, we can at least launch this project as a game, and see what it delivers!
What is Project Magic Dragon about?
Project Magic Dragon is in essence about empowering every individual, in a decentralized fashion, to take care of themselves.
How?
By giving every identifiable human being on this planet, who wants to participate, or who needs to paticipate, enough money every week, to do just that - cover their own needs without being dependent on failable institutions.
The idea is hardly distinguishable from a Universal Basic Income (UBI) scheme, but we prefer calling it a Universal Basic Business Incentive system, or UBBI, for obvious reasons.
What it turns out to be for any particular player - the equivalent of a social grant, or the equivalent of a business sponsorship - will depend on what that player wants to do and can do with this gift.
Why?
Back in the good old cave-man days, or Eden, if you wish, every individual had the liberty (note this word) to freely access all natural resoures required for enhancing their quality of life according to their own free will and ability.
Under the current artificial socio-economic system, regulated by artificially created laws, perverted to serve the few and exploit the many, you are denied the liberty of having free access to basic resources and thus the liberty to make a living from those resources.
And that liberty to freely make a living from natural resources, or its equivalent, is what Project Magic Dragon endeavours to restore, albeit in a roundabout manner.
What is the Magic Dragon?
The Magic Dragon is in effect a generous lady residing on the internet, giving weekly handouts to all the players all over the world and that will handle all their transactions.
The Magic Dragon will be a specialized form of decentralized exchange on an Eos-like web of nodes.
Only identifiable human individuals will be enabled to have accounts on this exchange and only transactions between account holders will be handled.
And how will the magic work?
Where does the money come from?
Superficially this may look like a hoot, or even a hoax, but a look under hood might surprise you.
There you will find two unconventional innovations enabling this project that may require some careful analysis before it becomes clear how they can function in this environment and enable the project to work.
The simple side of it
- The Magic Dragon will credit the account of every player in this game, rich and poor alike, with a predetermined number of tokens every week.
- Every seven years all accounts will be cleared and the game will start all over again without any interruption. (You will later see why). There other ways of limiting the volume in circulation though, that can also be considered.
- After 49 years (after seven cycles of seven years each) the game will be over. It can of course be recreated, or it can be redesigned or replaced by something completely new - but that we will leave for a next generation to decide. Whe don't want to rule forever from the grave do we?
Now for the more intriguing part
What will the value of the coin be and how will that value attach to the token?
In short, the value chosen, together with the way in which that value is attached to the token, virtually removes the volatility of speculative valuation out of the equation, leaving users with a currency free of the effects of both inflation and deflation that in the current system can be devastating.
For the sake of not making this teaser a difficult read, I will not attempt to explain in detail the inner workings of this project any further right now.
Much of that has already been seeded in previous posts and comments. What has been explained there, together with the contents of this post, can in fact serve as a kind of 'dead man's switch' backup, in case I am not around to complete the series - anyone inspired to do so can then put the pieces together and carry on with the project!
In coming posts...
(not in any specific order)
- Why overstep a golden rule and use energy as parity?
- Unspoken consensus about the values of currencies and how that applies here
- Why feed purchasing power in at the bottom? Why free money?
- How the PMD currency differs from other altcoins
- Immunity from market sentiment
- Taking care of the unproductive sector and sponsoring entrepreneurs by the same mechanism
- Will PMD be a game changer?
- Can PMD co-exist with other means of trade?
- No trade, no value
- What are the social benefits?
- What are the economic benefits?
- How PMD fits in with a robotic future
- How much boodle every week?
- Calculating the parameters - squaring PMD with existing global figures
- Security concerns and measures
- About launching this project
- A development team
- Funding development of this project
- How PMD can sponsor its hardware and Witnesses
- Limiting the volume of tokens in circulation - how and why
- Why limit the lifespan of the project?
- Why the cycles?
- How promotion of PMD can be rewarded
- Must we start it up and trow away the keys?
- The fascinating synergy of PMD's parts
- Why a female dragon?!
____________________________
Is this just an idealist vision, or can we make this project, or something similar, work to benefit us all?
It all depends on cooperation and support in refining the idea till it becomes a launchable product!
Whoah!
Way out of my comfort zone here which is rather exciting :)
This all sounds mighty complicated and innovative and I am intrigued to read more.
Glad you left a comment on one of my posts the other day that led me to your door ~ think I can learn alot from you ;)
(Btw ~ hope you don't mind me saying, don't mean to be ungracious or harsh. but an observation of mine for what it is worth ~ your imagery belies the dynamic nature of your post and I nearly didn't click as it appeared bland and didn't entice me in.)
I have followed you and will be back for more.
Be well.
xox
Thanks for your kind advice Linda - your reaction is exactly what I feared when posting with that image - should listen to my intuition more carefully! One of the drawbacks of being male is that one at times allow reason to prevail at the cost of missing out on the hidden value of mother nature's wisdom...
Do have a nice day!
Color me intrigued by how the value will work out and why the game is 7 years.
Btw do you know about the other UBI blockchain projects like Grantcoin/Manna? I know it's not quite the same as what you are laying out though.
Thanks for making me aware of those two projects @eonwarped - will check.
My aim is a currency with a specific value independent of both market sentiment an centralized control.
The fact that a decentralized UBI is beneficial in that it can serve at once as a means for supporting the unproductive sector and as a means for sponsoring entrepreneurs in the productive sector is actually a bonus result of its practical function as a means of injecting purchasing power into society evenly spread at consumer level instead of it being absorbed by an ever more powerful handful at the top of the pyramid.
What is to be guarded against though, is over-saturating the market with tokens, in order to protect the value of the tokens. This can be addressed in different ways, like taxing and burning, which is also an option. Zeroing all accounts in seven year cycles seems to provide a relatively easy numbers environment within which to calculate a sensible quantum to inject into every account on a weekly basis so as to provide a sustaining purchasing power to each individual without accumulating an oversupply of money in circulation. It will have the additional benefit of limiting the amount of purchasing power ending up in the hands of potentially malicious players. Note that accumulated real wealth will not be affected at the end of each cycle - only the means of trade, i.e. the tokens.
Anyhow, I hope to post more on every aspect of how I think PMD can work - always remaining open to suggestions
The most sensible specific value for a currency like this would be a purchasing power for a unit of energy.
Energy lies at the heart of real economics because of the natural relationship between energy input and the amount of product delivered which gives it an empirical value in its own right in this context. Having a purchasing power in terms of this value therefore empowers you to either produce or purchase product at the most elementary level of the economy. Because the relationship between energy input and product output is constant it is possible to calculate cost of living at this level in terms of energy; having a currency valued in terms of energy makes it easy to translate this cost to be expressed in terms of your currency.
Tieing this value to a token by consensus amongst participants should not be too difficult. Over and above the fact that I think most people will simply respect that as an unquestionable dictum, if market forces working in on that value can be kept at bay by keeping the amount of currency in circulation within limits, participants are likely to maintain that consensus for the sake of getting free money.
All I know when it comes to economics is supply and demand, plus strange quirks in properties of goods that may make things behave in slightly stranger ways. As far as I can tell, the only way to enforce a particular peg is to set up the right incentives so market forces will do that job for you. Looking forward to seeing what you have cooked up though :)
Thanks...the conflicting forces of competitive evolution may have shaped all forms of life, ensuring survival of the fittest and this scenario may have been beneficial to the successful establishment of life, seen as an entity in it's own right; however, as homo sapiens sapiens, i.e. a species with a spiritual dimension evolved to the point where we have in fact shifted our focus from striving primarily to maintain security of life to where we strive primarily toward perfection of quality of life, we find the destructive side effects of conflict to be counter productive to achieving our newly found ambition.
We now have to consciously apply our objective intelligence to suppress the natural tendency toward conflict and conscientiously devise al possible means by which we can effect a synergy toward fulfillment in peace. Otherwise, we will not only destroy ourselves, but life will have no meaning for us.
The competitive nature of economics as it is appears to be a remnant of our erstwhile evolution, but is competition still a necessary force to be at work satisfying our needs, or can we discover other means for achieving this goal?
All this blab in spite, I think you are right saying
So let's give it some thought in that direction!