I frequently think about the significance of a novel purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution and uses cryptographically generated digital signatures to establish ownership of value and validate legitimate transactions recorded in a unified and auditable ledger stored on a distributed consensus-creating network via a CPU-based proof-of-work timechain that self-regulates a fixed and eventually deflationary monetary policy regulated by game theory incentives and a difficulty adjustment; all of which consequently lowers the time preference of its users, promotes personal responsibility, elevates property rights, inspires optimism, highlights the value of truthfulness, reduces deceit, and is open to any human who has the baseline tech tools used to benefit from its permissionless, jurisdiction-free, utility if they chose to opt-in to this globally available digital and social network.
Discussion
No replies yet.