Ideal money should be decentralized with self-regulating artificial intelligence that autonomously regulates the balance between its creation, its supply, its utility and its circulation, and renders it more than merely a medium of exchange, a unit of accounting, or a store of value.
Artificial Intelligence (AI), yet another of the foundational elements of the “Ideal Money” of our definition, but never a consideration of any prior art concepts of good money.
When money is not created out of debt and it is sustainable with trustless guarantee borne by its intrinsic equity that makes it asymptotically stable, it has to be decentralized and self regulating enough to be immune to human manipulation. Hence decentralized ledger technology (DLT) and AI becomes key enabling technologies. without being amenable to human manipulation.
One Of The First Offsprings of DLT-AI Marriage
In a previous post on Stablecoin we concluded:
How do we get a speculation-independent self-sustaining ecosystem for long-term stability?
Schemes of selling speculative crypto assets to acquire money only work as long as the humans are playing along. If Ideal Money has to be a decentralized digital money, it has to be freed from human manipulation. That cannot happen until decentralization is perfected and human intervention in creation, supply, utility and circulation of money is eliminated or minimized.
So, we asked:
will it ever be possible to keep human intervention completely out of Blockchain’s consensus algorithm?
And, how do we eliminate or minimize human speculation and manipulation in creation, supply, utility and circulation of decentralized ideal money?
The answer to both the questions is Artificial Intelligence.
Ideal Money can indeed be one of the first offsprings of DLT-AI’s consummated marriage.
Most importantly, the five rules of Ideal Money that we framed render it more than merely a medium of exchange, a unit of accounting, or a store of value.
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