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Money’s value rest solely on recognition given to it by a community in its willingness to exchange it for goods or services. This is particularly true since the onset of Fiat (removal of gold peg).
Remove sufficient communal recognition and the value of money free-falls (hyperinflation); equally, garner enough recognitionand value is created (Bitcoin).
The financial industry is the last of the ‘Digital New World’ yet to be radically overhauled by the Internet.
Cryptographically-proved public blockchains (crypto) will be the infrastructure of the new financial order, replacing middlemen with middleware: it is iOS/Android to smartphones, Uber to public transport, YouTube to television, WhatsApp and Zoom to the telephone; it is akin to English language to global commerce. This is Decentralized Finance (DeFi).
“DeFi takes the basic premise of Bitcoin — digital money — and expands on it, creating an entire digital alternative to Wall Street, but without all the associated costs (think office towers, trading floors, banker salaries). This has the potential to create more open, free, and fair financial markets that are accessible to anyone with an internet connection.”
Smart contract blockchains (e.g. Ethereum, Solana) allow for the verification of property rights to be carried out on their networks — property rights can be verified without a trusted third party). This is the final frontier of the Internet revolution: people can now authenticate ownership by digitally ‘signing their wallets’ and no longer have to rely on the witness of expensive third parties or fragile paperwork.
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