Bezant. Where is it from and why does it make sense?
For further info please see my other blogs. I have about 10 now and all on different aspects :)

So Bezant. Where is it from? Well if we go back, way waaay back it was in the Middle Ages, a Bezant was a word used to describe gold coins from the east (see the link already?). Bezant comes from the Greek Byzantion. I have put a link to wiki for if you want to further research.
Bezants were the original money made by The Greek Byzantine Empire which were used from the 10th to 13th Century. Quite a long life span there!
So that name seems perfectly fitting!

So if we time travel from the 13th Century to now…. with the changes in technology, ideology and societies the use for a gold coin is no longer needed.
What is needed for our global economy is a non physical proof of ownership of funds. An ownership that is not reliant upon one central source saying “yes its yours but we will take our cut or use it when your not using it to hedge bets” which is essentially what banks do. An ownership that is not at the mercy of one central source that could duplicate a payment or make errors.
I have a personal example of this with the bank I was with at the time. I had a debit card. That means I should not be able to spend more than I have in the bank ergo not able to build debt. So one early Saturday morning (10 or so years ago) I stumble out of the local club. Eager as a beaver for some chips (fries to our US friends). So I put the card in the wall (expecting to be broke) and try my luck. To my amazement it gives me £20. “woohoo” I exclaim in an Archer-esque way. So I believe I must have funds as I cannot withdraw what I cant have. So I keep going. Another £20, then £50 and so on.
Seems I hit the jackpot. Chips for everyone!

Next day I emerge from someone’s bed (cant remember who now) and go check my account. What funds came in? Where did it come from? Then to my shock and horror it had let me withdraw money I did not have. So this bonus was an error.
I relied on the bank card to ensure I didn't spend beyond my means and through their error and my own I had done that. As such I had to put the debt into a loan and pay interest on it as I paid it off. I won’t divulge how much my drunk self withdrew. So in short. The bank made an error (I did too) but they profited from it. Doesn’t seem right does it.
So next up is Bezant — as there is no central info source to make these errors and its is checked on the blockchain that you have funds or they have been transferred etc we have a great alternative.
No more losing money down the sofa, no more bank errors. Just a great way to bank the unbanked and have a error less system in place.
Hope you enjoyed the blog. I think it makes perfect sense why we should move to Bezant even if it only to use it to purchase digital goods through Jehmi its a good start.
#bezant #bestico2018