My First 5 Hours in “Crowd Capital” City

Having heard so much about the city, I finally got to travel to “Crowd Capital” city, the world’s one of the most beautiful and sophisticated destinations. No one owns “Crowd Capital” city, but it functions well and runs smoothly. As the flight was about to land, the captain announced, “Welcome to the stunning Crowd Capital city. You will enjoy every second you spend here. Have a pleasant stay!”

Upon disembarking, the signage in the airport directed passengers towards the digital immigration system. I scanned my finger. As this was my first experience travelling with a global identity, I marveled at the efficiency of the system and was pleasantly surprised when the system spoke out, “Welcome to Crowd Capital city, Mr. Dhakal. We hope you will have a pleasant stay.”

After getting hold of my baggage, I prompted ‘Siri’ on my phone to fetch me an Uber driver. Siri quickly responded by notifying me that a vehicle with the number Fi2264 would arrive in 3 minutes. The driver’s name is “Sung”! I waited outside Gate №2 and the cab arrived right on time.

The cab looked empty, but I entered it. [Good Morning Mr. Dhakal] “Uh… Sung?” I queried. Much to my surprise the car echoed back — “Next Line from Biswas” It was a driverless Uber. I had heard and read a lot about it but it was my first ride in one of them. I found the experience initially a bit jarring but comfortable enough to continue the ride.

During the ride, Sung and I had a wonderful chat. “Sung, do you have a girlfriend?” I asked casually. “Yes Sir. Do you know who she is?” came his quick reply. “I have no idea”, I said. “It’s your Siri”, said Sung! We both laughed and once again I was awestruck seeing this automated technology in action. Along the way we opened up more and as I was curious to know more about him. I asked him about his owners.

Sung: “You can find more about me on SungFi2264.com”

I thanked him for the ride and got off at my hotel. After checking in, I took out my laptop and started exploring about Sung. What I found was beyond my imagination. His details are as follows:

Sung was owned by five people and registered on 16th April 2021. Each owner had his/her own time schedule for using Sung. While some scheduled during the day, some used him during the night. Sung used his own intelligence and knows owners schedule to be picked up and dropped. He finds enough time to be a Uber driver as well and knows how much to charge. He worked round the clock taking a break only while charging his batteries. One of the owners was keen on trading his stock at the current value- but more on that in a little bit.

The website delved deeply into Sung’s finances. He had maintained his own checking account with US$ 1150 in it. This account was used for daily transactions like payments for operational expenses like charging, insurance, bank loan payments and for receiving payments from Uber customers. Interestingly, he was also maintaining a portfolio account of US$ 24365 in net worth built over the past 15 months! Sung had also scheduled US$ 1500 to be transferred each month to his investors, ensuring his owners a generous dividends over a period of time. Sung really was a smart and generous guy!

As one of his owners’ wanted to trade his stock, I reviewed his finances and calculated the returns. Having been convinced myself, I then decided to invest in Sung and become his 6th owner. After all, he was dating my Siri! Once I accepted the terms and conditions, I was asked to schedule my payment on either a monthly or bimonthly mode. I opted for bimonthly payments and then I was given some options on insurance. I went for the one, which seemed most attractive and was also the most recommended one. It was based on crowd (P2P insurance), which basically insured Sung (and investors) would get paid even if I failed to pay up my dues. Once I mapped my global identity into the system, my ownership stake was finalized. And just like that, in a matter of minutes, I was the partial owner of a driverless car, which not only generated revenue but also invested savings to build a decent portfolio.

As I was more interested in the investment part, I delved deeper into it. Sung’s savings were configured to be invested as a micro investor on a popular Crowd Capital platform. Through the platform, micro investors invested amounts as small as $1. The investments from a group of individuals would then be collectively invested in different portfolios ranging from project financing, micro lending, bonds and the stock market. The AI based recommendations and decisions were based on the analysis of past data and trends. Upon analyzing the various parameters, the system would decide to invest in a basket of stock, bonds, equity financing or micro lending with varying percentage of each instruments.

Furthermore, the criteria for selecting potential investment opportunities were based on projected targets that would maximize returns with minimal risk. The crowd capital portfolio for Sung had 246 startups out of which 9 were in series B funding while 34 were in series A. Sung was also the partial owner of 100’s of fortune 500 companies. The system also showed the current trading value of each $1 invested which could be bought or sold by anyone in real time.

Biswas Dhakal
MIT Fintech “Future Commerce” 2016-17