Crypto-Utopia: How digital currencies are improving the world
As Bitcoin’s value soars over $6,500 this Halloween, let’s not forget the most mysterious ghoul of them all. Nine years ago today, a digital phantom rose up from the spectral shadows of Japan to publish under the pen name Satoshi Nakamoto. Their white paper, Bitcoin: A Peer-to Peer Electronic Cash System, was the birth of the blockchain, a revolutionary, minimalistic solution to creating e-ledgers, which continues to prove its usefulness in more than just transactions.
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Since that spooky story, the world has brightened up a bit. Over a thousand different blockchain-based cryptocurrencies are all working to give nations like Zimbabwe and Panama financial protection, to combat authoritarianism and corruption, to provide economic opportunities for women, and to accelerate data transfer and analysis. And it’s only going to get better.
Though pioneered by Westerners, third-world nations actually have the most use for digital currencies. This year, the Filipino remittance market is expected to reach over $29.7 billion in value, a record high. Cryptocurrencies like coins.ph have proven to be strong spines for not only the Philippines but also India, China, and other countries that need reduced fees to remit their
earnings. What’s more is that, although Zimbabwe’s inflation rate was toppling at 89.7 sextillion percent eight years ago, blockchains have provided an economic parachute for the Z$. Those that were once in a system that works against them now have an opportunity that works with them.
Here at VVToken, our CyberBankTM Platinum Debit Card will provide a wide array of goods and services to the unbanked population, such as in Brazil where 40% of the population is without an account at a financial institution. These resources will likely lower crime rates and increase social mobility.
Another interesting element is that, in this late October season, Bitcoin will ensure we never have to hear the Panama Papers horror story again. Because Ethereum publishes its ledger, we don’t have to leak 11.5 million documents worth of corruption to know what cryptocurrencies’ richest people are doing. The decentralized and open-source nature of Internet money prevents furtive corruption or rights violations. Your money will never be extorted or stolen, and all cases of corruption get busted.
The sheer number of companies working together to bring analog windows to the world is heartwarming. Stellar and Oradian are working together on micro-finance institutions for Nigeria and the world, serving over 300,000 people. Thanks to Emcredit Ltd., Dubai has its own cryptocurrency, seeking to be the “city of the future”. Dash, the “user-friendly” cryptocurrency, wants everyone with a mobile phone to “be your own bank”. The list goes on.
The fact that women are lacking in the tech sector is reverberating in the media. Regardless of how this came about, cryptocurrencies are providing opportunities for women around the world. These CryptoChicks have created incentivizing CoinDesk scholarships, educational events, and many, many more doors for girls to get involved in STEM.
Bitcoin and the blockchain technology behind it have been so earthshaking that their influence is reaching beyond economics. Since blockchains are just frugal, secure data storages, they can be incorporated into virtually anything, like how Symbiont automates business contracts. On the other hand, Everledger is using blockchain technology in the diamond industry, examining stone data to determine provenance and authenticity. There’s also talk of a healthcare blockchain, where critical medical information could be encrypted and permanently stored.
Cryptocurrencies are awesome, there’s no doubt about that. The progress in blockchain is incredibly exciting, and we have to keep sowing into this field to reap the benefits. Unfortunately, a Crypto-Utopia is unattainable–digital money isn’t the panacea to all global issues. But we should stay tuned. Whether this technology will dominate or some new ghost will give us another groundbreaking paper in replacement, a bright future awaits.
