What if the government allowed everybody to use or create a local currency of his own choice?
What if government created convenient oppurtunities for entreprenuers to create digital currencies?
Denationalization Of Money
During the ‘Free Banking Era' of 1837-1866 in the United States, private banks and others could issue paper money. In this system, the public could choose which local money they wanted to trade with maybe as the central money issued by the central bank as the base currency which other local currencies were valued against. However, this ended as well as any other simulation of it adopted by other countries. Why? It is because the creation of a privileged central bank money offered the government revenue advantages to politically influence interests. That is, the government could easily print more money to clear it's debts.
In 1976, Noble Laureate Friedrich August von Hayek brought up an idea of an establishment of competitively issued private monies as a replacement for the central banks' decisional monopoly power that exists even up till today.
According to Hayek, stability emerges as a ‘spontaneous order' of the market not through a politically influenced decision by the central bank. In Hayek's proposition, customer-citizens could choose the monies they expected to offer a mutually acceptable intersection between depreciation and appreciation in order to avoid inflation or deflation through price stability(which is a shared purpose bewteen the duo) – something the central banks fail to achieve as theh are prone to artificial change interest rates.
Just like precious metals like Gold, the scarcity feature of digital currencies like cryptocurrencies pave way for a non-inflationary economy and open a new world of possiblities.
The Impact of Collective Management and Shared Purpose
This can be summarized in just few words which says; Together Everybody Achieves More(T.E.A.M).
Denationalization of money complements the collective management of resources and shared purpose as both can create a perfect ecosystem for the thriving of purpose driven communities. The collective management of resources produces growth as liabilities are shared and assets are converged.
This type of atmosphere is perfect for economies, shared purpose, collective individual goals and the financial system of any entity to thrive and attain its goals but unfortunately, these can't be achieved.. Why?
This is due to the fact that there are no structures for technical communities or groups of like-minded individuals to generate their own currencies, no mechanism(like base currencies) to value local currencies against another in a global frame and lastly, it is as a result of the fact that big systems do fail to solve the problems of all its users as they are not divided into smaller communities for better satisfaction and proper attainment of goals.
Now, that’s where Native comes in.
What is Native?
Native is an ethereum-based platform that provides fundamental structures and architectures for building, operating and maintaining communities which are driven by their own local currencies, thereby enabling the communities to be valued through their own community activities. Through Native, communities can have a set of decision making tools to enable its users take part in decision making process that ensure the smooth running of the communities and ultimately, the attainment of it goals.
To get started on Native, a Metamask wallet is needed with some Ethereum tokens and a desire to take part in any of the pilot communities on Native. Native can be accessed through Brave and Cipher browser for now.
These communities are digital or local financial but purpose and value driven ecosystems formed by a person or groups of individuals who rally around to achieve or promote a common or particular interest, goal or objective.
Native provide certain templates for these communities so in a way, users(Curators and Members) who are less savvy about economic and technical systems can access the services on Native easily.
Curators: These are the administrators of the communities who have full knowlegde about the communities' vision and are laden with the responsiblities of approving quality content that will benefit users in the community, approving prospects for members to vote on and validate or reject completed tasks of community members.
Members: These are users who are mostly the decision makers on critical community issues and community capital distribution. These members join groups that reflect or share their interests, values or aims. However, a user can be a member of various groups or communities within the Native ecosystem.
Benefits of Starting A Community
- Capitals can be raised through banks loans, token issuance or any other traditional means like crowd funding, etc
- Better collective decisions can be made through Native's polling feature.
- Recognition of and ability to redeem value within a global framework.
Benefits Of Joining A Community
- Participation in community governance.
- Develop skills, increase impact and even earn NTV(Native Tokens) by completing community tasks.
- Propose and support projects to be launched by the community.
- Join like minded individuals to promote your interests and build towards achieving a recognized, global and positive goal.
- Polls: These enable members to vote on prospects or notions as they contribute and communicate their feedback to the communities.
- Tasks: When curators approve tasks carried out by members, they(members) get NTV tokens as incentives.
- Each community has it own unique token which is used as a medium of exchange within a community.
- Projects: Members exercise their membership rights by voting on projects that has to bs carried out by the community.
- Bancor: Native delivers a protocol that enables the conversion of two tokens with no counterparty at an automatically calculated price.
- Stake: This is the amount a user needs to ‘put in' in order to join a community.
- Quorum: This is the percentage of members' vote required to approve a notion to become a project in a community.
Native Ecosystem Architecture
The Native ecosystem is made up of the Native Token and the different tokens of used by different communities on Native. The Native Tokens and the other different tokens have various uniqueness and similarities. The similarities are listed and explained below.
Bancor Smart Tokens(BSTs):
All tokens on Native are created as BSTs, that is, all tokens each hold a reserve in a base token currency. This reserve ensures that along with an autonomous market-making algorithm, users can convert tokens between any two currencies within the ecosystem, which is offered at fair market values through a transparent system. This is will be carried out without a counterparty.
Continuous Token Model:
Just like the BST feature, all tokens on Native are also deployed with this feature. This feature makes use of a continuous token model, which means that tokens are created or minted and destroyed dynamically as users initiate transactions via smart contracts.
This feature ensures the;
-Instant Liquidity for tokens at automatically calculated prices.
-Display of all sizes and activities of the market in a correct and transparent manner
-Moreover, it ensures that the value of currency is based on evidence, rather than speculations.**
Deposits are funds injected into contracts. When these funds are sent into a token contract, they can take one or more of three paths which are;
Community Fund: This is the resource pool available to the community for use.
Smart Token Converter: This modifies price and supply, using the connector's weight. It is the traditional bancor converter.
Connector Balance: This is the direct addition of the value to token supply.
On Native, all communities have their own unique optimal splits and have options made available to them when the start up the community.
When deposit is made, the token that is been converted to is then generated and then transferred to the converter’s wallet.
When tokens are returned into Smart Token Contracts, they are exchanged for base currency held in reserve. It is also pertinent tk note that during redemptions, no funds is removed from the community fund.
As tokens are redeemed, the balance of the connector drops, and this ensures that liquidity for the token in question is reduced. Then, the Base currency, NTV is sent to the Converter’s wallet.
Connector/Reserve and Token Pricing
Nevertheless, the uniqueness of the respective tokens in the Native platform can be seen below.
This is the base currency for all other tokens on the NATIVE platform. NTV holds its reserves in Bancor Network Token which can be changed in the future. The Native Token will have a Connector Weight of 10%, which is equal to the Smart Token Converter, to ensure a significant pool of liquidity incase users want to switch back to BNT or ETH.
The initial splits will be:
Community Fund: 50%
Smart Token Converter: 10%
Connector Balance: 40%
Community Currencies are the tokens which each community creates and it’s unique to them. The these currencies are held in reserves to the Native token which is the base currency.
For the start, Community Currency have splits as:
Community Fund - 80%
Smart Token Converter - 10%
Connector Balance - 10%
Once the first round of Communities are functional NATIVE will assess Community performance. Over time this will allow for split recommendations based on Community size and type.
To ensure fair evaluations of communities, they are varied by a portfolio of evaluations which can be seen below.
Communities On Native
The first six communities on Native are Earth Guardians, SDG Futures, Imaginal Films, Peace Accelerators, DOLO and The Rick and Morty Crew.
Earth Guardians: This is a new leadership model spearheaded by youths aimed at educating us and bringing innovative solutions to the world's most pressing needs.
DOLO: An open learning organization that is decentralized and built towards working for a future of smart education.
Imaginal Films: A community interoperate funders, content creators and viewers to create conscious films.
Peace Accelerators: As the name implies, it is a community of future conscious and tech-centric individuals that make projects and events aimed at accelerating and promoting world peace.
SDG Futures: A decentralized community and technology stack for the United Nations Sustainable Develepment Goals(SDGs)
The Rick and Morty Crew: This is a decentralized collection of fans with an interest in everything wubalubadubdub.
What are the benefits of a platform that connects individuals who have a common interest?
A platform such as Native
- Provides a framework that fosters teamwork through a set of shared goals.
- It creates an atmosphere that ensures that every action or inaction taken by the curators or members at result-oreinted
- It enhances easier attainment and better satisfaction of goals.
- Smaller communities on Native with specific goals help individuals attain satisfaction of their interests or passion faster and better unlike large networks.
- It provides an ecosystem where different people bring different ideas, effiecient inputs, mutual support and eventually, individuals get to acquire more knowledge.
- Simply, it creates a TEAM ecosystem.
What are the possible impacts of an economy that allows communities to achieve goals?
When community members can achieve set goals, growth is imminent. When the communities grow, the whole system at large prospers thereby attracting new users, induces mass adoption and creates a revenue for wealth creation.
How will Native change the way communities are able to start or join?
Communities before this time didn’t have the technical structures to start up their own communities and build currencies but now, Native provides tools for easy creation of communities and templates for less savvy economic and technical users. Within these communities, these templates enable the communities to grow as the decision voting system, reward system, bancour smart contracts can be accessed by anybody easily.
Communities I'd love to join?
Being concerned about World Peace and afraid of the commencement of an avoidable world peace, I'd join the Peace Accelerators community to create more events around the world geared towards world peace, unity, good use of technological advancements and purge racism.
With Native, how can I pursue my interests?
With Native, I can achieve my goals of promoting world peace, purge racism, encourage good use of technologies and discourage violence and war by creating a decentralized community that encompassess curators and members from different races. Together, with our shared purpose, we'll create events and awareness and make a call for world peace.
I would/could create or join a blockchain awareness community on Native. In most parts of Africa and around the world, people don't have enough information about the blockchain and how to implement its technology in Health, Finance, Management, Commerce, etc. People are even scared of investing in crypotcurrencies due to misinformation and as a blockchain and crypto ethusiast, I'd love to bring together people who share this type of goal and help take the goodnews of the blockchain technology to the less informed and at the same time, create a mutual community with our currencies where members can perform community tasks like establishing new offline information disbursement centres and thereby gain NTV tokens as incentives while using our own community tokens to power our community.
Moreover, I'm so passionate about world peace and I want to really promote world peace around the world. I also want to discourage racism and bad use of weapons for wars. I'm looking for a means to organize a decentralized community where people with similar interests as mine can come together to organize events or workshops to promote and eventually achieve our aim. I could then use Native. On Native, not only am I able to organize workshops and educate the world at various destinations about my interest but I can create a community currency where members can use to operate within the community. On Native now, we(peace promoters) can learn more about how we can achieve our goals and educate ourselves through contibutive ideas.
In its elementary form, the power of the collective can't be overlooked. When people come together to achieve something with a common interest, success and growth is inevitable. This is exactly what Native utilizes to create a it's platform. Native helps people with the same goal to achieve them while in the bigger picture, denationalizing money.
The providence of structures for these communities, availability of a base currency(NTV), smaller communities to satisfy wants, denationalization of money and collective management goes along way in ensuring people achieve whatsoever they have ever wanted to.
What are you waiting for? Why not join Native now and achieve that goal you've always wanted to?
Want to watch a video?
Watch my short clip about the platform below
Watch Native's video below
Their MainNet is already live here
You can as well launch their app here
This platform was founded by Jake Vartanian, who turns out to be one of the very early cryptocurrency space influencers. He is also the founder of Cryptodex whixh is the first advisory firm specializing in token launches.
Official Sites and Resources
Unless otherwise stated, all pictures or media used herein are sourced from Native and are licensed for use in this contest.