May 20
JAX as a labor currency
by Maryna Trifonova, Head of Content at Jax.Network
The modern world is based on manipulation, where the wealthy trick the poor to exchange their time for pieces of paper, which lose their purchasing value every second. We at Jax.Network want to change this paradigm by building a society where a currency is costly to print, thus making it hard to buy other people’s time.
Division of labor to preserve merit
The popular work “The Wealth of Nations” by the Scottish economist Adam Smith talks a lot about division of labor and how it helped to boost economic growth. The separation of one big work process into a number of smaller ones, where everyone is doing what he’s best at indeed lay the foundation for the major revolution. So, if somebody is good at baking bread, he shouldn’t be the one selling it because he won’t gain as much profit as a professional salesperson. Thus, both maximize their profits and drive the economy of scale. Eventually, it leads to an increase in the standard of living for the entire nation.
Jax.Network totally supports such a division of labor and goes even further by saying that people should do not only what they are good at but also what they want to do. We find a lot of unhappy people trying to make ends meet by doing something they hate. However, it pays the bills, so they are afraid of switching a job because they might lose a roof over their head. We argue that in the modern world everybody should not worry about such things and pursue their dreams. Therefore we introduced a universal basic income (UBI) program that allows everybody to receive some amount of funds enough to cover their basic needs such as food and shelter.
Labor currency for better efficiency
Nowadays, 9.2% of the world, or 689 million people, live in extreme poverty, while individuals worth more than $1 million constitute just 1.1% of the world’s population but they hold nearly a half of global wealth. Doesn’t it suggest that something is wrong with the current social structure?
We at Jax.Network advocate for a new world order, where everyone is paid in JAX, a currency that reflects the labor put into earning it. Our stablecoin can be created only when BTC and JXN block rewards are destroyed. Thus, JAX is backed by hashrate, in other words, energy spent on mining BTC together with JXN. And as it takes a lot of computational effort to mine BTC, it should be costly to destroy it in order to create JAX. That prevents misbehaving actors from manipulation of any sort.
Conclusion
Manipulation is an archaism that modern-day society needs to get rid of and the best way to do so is by accepting JAX as a universal currency. As it’s backed by energy spent on mining, meaning it’s difficult and costly to produce, it becomes impossible to manipulate people who are paid in JAX.
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