Bancor Protocol will Enable Community Currencies to Thrive

The Greek economic crisis sparked major distrust for traditional forms of currencies. People realized that their money was nothing more than a wager that existed somewhere beyond their reach. Many Greeks at the time decided to withdraw from the traditional forms of doing business altogether, returning to community fundamentals so they could ensure their livelihood. A bag of legumes was as good as a live chicken.

Many communities around the world today face the same central problem that stems from their national currency. Their money is simply not their money. There are more or less issuing papers of debt that they have to exchange with one another. A game of musical chairs until the music stops. If a global economic event was to take place, their currency will fall under a domino effect. If a bank goes down, everyone else goes down.

Bancor introduces something quite simple but rather revolutionary to this central economic problem. It takes the very essence of a human being and transcends it into real value. This value is managed not by some abstract entity that shuffles them away in a foreign exchange market, but by themselves and their community of choice. Our barber, the thrift store next door, the pizza place and our insurance agent. Everyone can and will have their own tokens than can be exchanged within their own corresponding circle. Bancor returns control to those who deserve it.

This is after-all how early economic systems around the world emerged and flourished. At some point though we got lost in an economic farce that spun out of control. We forgot that we are real human beings at the core of it all. 15% live like kings while 75% of the people on this planet have no access to water, food and shelter on a daily basis. National economies are lingering from a thread due to events beyond their own control. Those who pay at the end are those who are most vulnerable.

Bancor tokens can empower every single human being and liberate them from this unfair game of money. We all know that the system is rotting but it seems that our hands are tied due to the massive concentration of power. We keep patching a wall that has no foundation. Today We have the opportunity and materials to build a new wall, stronger and much more resilient.

A single ruling currency in a economy is extremely volatile due to extreme exposure to risk and unforeseen events. Even nature itself diversifies for this reason. The more variations exist the more chances for a species to survive. A cluster of millions of tokens will create much more stable small economies all around the world rather than a few ruling ones. Small bound economic communities resolve issues faster and more efficient before they escalate. Larger economies on the other hand can be susceptible to cataclysmic events than cannot be contained.

Bancor tokens will not only create new economies but also revolutionize politics and democratic processes. Part of the reason Switzerland maintains such an effective entity is because it has on a regular basis small democratic polls that resolve all kinds of issues. Conflicts and potential downfalls remain localized and cannot affect the entire system.

We are living at the dawn of the blockchain revolution. There are many initiatives that offer token solutions but currently they are mostly reserved for those with advanced technical expertise. Bancor will enable any human to take their fate into their own hands and back to their community. Our children will read about our current messy economic endeavors and wonder why we haven't figure this kind of system sooner.

For more information about Bancor you can join the slack channel here