The main premise of cryptocurrency is to become a decentralized form of a capital, removing a state from the equation, producing non-capitalist values, allowing markets to function naturally and delivering us to the peace of a renowned meritocracy.
Cryptocurrencies can become a means to manage, in transparent and efficient ways, the coordination of our cooperative energies in local and small-scale initiatives.
Facebook has recently acquired a new asset in form of David Marcus — former Coinbaser, who will help the company reimagine Facebook as a cryptocurrency based platform. Thanks to this innovation, Facebook will have the ability to govern its own flow of the currency, letting people perform all kinds of transactions on the platform so that the capital remains on board and it is not influenced by any exterior factors. The currency can help govern the Facebook communities, which already exists on the platform in big amounts. It can act as an incentive, a reward to people who want to actively engage in the development of the platform or even act as content promoters. Users could easily spend that money on Facebook services or trade it for other currencies which might be more relevant to the user at a given time. Each cryptocurrency will be designed for specific type of transaction so you might end up using several of them during your lifetime. For example, when you buy a house you’ll use a real estate token instead of cash payment and mortgage because this token will have its own blockchain and algorithms/protocols designed to maximize the usage for this particular type of transaction.
As a result, major big platforms would offer you their own cryptocurrency wallets which would allow you to hold the platform’s currency in there but also easily exchange that currency to other ones owned by other services connected to this platform. In this way, the flow of the currency can easily be woven into the architecture of the internet. The introduction of cryptocurrencies can create more seamless digital fee-less experiences thanks to the easy transactional infrastructure.
That is a major movement that we will observe happening to other big platforms, which will become its own governing institutions with their own policies, creating their own currency to run their own platform and use it as an incentive to grow. The cryptocurrencies will become tied to the projects creating them, representing the core values and the ideas standing behind the organizations.
On the other hand, we have individuals who thanks to the liquid digital economy and easy ways to manage the data, will be able to issue their own fully programmable tokens and organizations. Anyone could design their own metrics of value that could function as the attractors around which they could orient the creation of their own economic spaces/ constellations. In this way, the currency could act as a storage of a numerical value but also consisting of data points. It is a docking point that can germinate new forms of relations and value sharing.
This article was originally submitted to The CoinIQ Future of Cryptocurrency Scholarship