A World Reserve Coin And The Oil Of TomorrowsteemCreated with Sketch.

in #cryptocurrencylast year

An absolutely facinating article on Hackernoon about Altcoins and the state of money.

The main point being, the next big push from an altcoin perspective, will be a coin attached to something that will be needed by the plebs. Something that will be Uber (Pun intended) essential to the running of our new economy.

Examples:
The mighty $$Dollar flipped from being linked with Gold to being directly linked to Oil.
Tea was the backbone of the British Empire.
For the Dutch it was The Spice Trade
Salt was behind The Roman Empire.

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So if an Altcoin gets behind a rising, very essential, can't live without you, commodity (Data anybody?) as the worlds reserve coin.

It will go to Alpha Centauri and beyond.

Have we already created that Coin? Or is it a work in progress, just waiting for that dazzling new age commodity to raise its wondrous snake head.
From perhaps Gold and Fiat to a more symbiotic Goa'uld relationship so to speak.
"Goa'uld always believe in Goa'uld."
I digress and then again maybe the next economy can only work if it is symbiotic?
Who knows.

But this excellent Article gives a good stab at explaining where we are now.
And where we might eventually end up.

Read On: Proof-of-Nuclear-Bombs by David J. Choi

Digital currency initiatives, such as stablecoins, are forgetting the “human” element in “human construct,” which isn’t how it works
When you look at past world reserve currencies and their issuers, it’s not military strength but rather control of a vital commodity’s circulation
Oil, tea, spice, salt, etc. The common characteristic between these precedents is that they were all human needs, what I coin as mortal sink
If one central authority controls this sink: the minted currency will rule over humans that need the essential commodity, beyond one’s borders
This, however, actually empowers the participant, since it is the participants’ needs that dictate what the natural mortal sinks are
Creating a codified system that decentralizes such vital commodities will be necessary in moving toward a true participant-owned reserve currency, namely ABC Platform
Part II explores the velocities of currencies with this mortal sink idea, and explores what the next “oil” or “salt” might be in the new economy

Societal dependence has already gone beyond basic sustenance (salt, tin for bronze), culture (spice, tea, sugar), and now mobility and industry (whale oil, steel, crude oil), by using and evolving out of the scarce vital materials that underpinned the currency and the commerce that we depend on.
If a digital currency truly wants to be separate from the USD and be in the running as the next world reserve currency, then it must value capture the circulation of “oil of tomorrow.”
While national government vehicles have typically been the medium as the central authority that controls the circulation, we are entering a new era of multiplicity, choice, and democratization that has never been seen before, inching closer to Hayek’s vision

Read the whole fascinating article via:

https://hackernoon.com/proof-of-nuclear-bombs-a-most-reliable-design-for-stablecoin-utility-part-i-a36705f923a9

Image Courtesy of Pixabay