Galia Benartzi of Bancor Network (BNT) on Money 3.0 User Generated CurrenciesJuly 9, 2020
Galia Benartzi, Co-Founder at Bancor Network, in the past stated how user generated currencies has become common like user generated content on You Tube, and Word Press.
Any useful statement about the future will first seem ridiculous. These are new concepts, if they were obvious, we would have already have them, but we are talking about fundamentally new paradigms.
She spoke about how humans tell stories and believe stories. And, also about how humans are capable of walking when it is green and stopping when it’s green to generally make it through, because humans are trained with stories. And, the narratives have been built over time. These narratives have allowed us to survive in larger groups over time.
Two main protocols which humans use to interact with each other is sharing of information and the sharing of values. Information when shared is copied. The more they are shared, the more they grow. Information can live in multiple times at one time, for instances a copy of a picture is that everyone with whom it has been shared can have it.
The interesting thing about value is that value can exist only in one place at a time. The fundamental difference between the information protocol and the value protocol. With money you don’t want to get a copy, you want the original.
Money as an accounting system was invented to exchange value with people we do not know. Money as a tool helps collaborate to transact value in larger and larger groups.
Money in the beginning came from the earth like gold, silver, oil, and salt. Over time in case of Money 2.0, money came from the government and they kept track of money. Now with Money 3.0, Money is coming from the people. Government did not issue Bitcoin, Ethereum, and thousands of Altcoins.
Money 3.0 brings us in to an entirely new paradigm of money issuance, where does it come from, where does it originate, who gets it, who gets to have it, what are the rules that govern it – decentralized people powered. Liquidity is a fundamental challenge in this system. To be valuable it has to be liquid. Exchanges decentralized and centralized help achieve liquidity with cryptocurrency.
Sydney Ifergan, the crypto expert tweeted: “Galia Benartzi, Co-Founder at Bancor Network (BNT) have explained Money 2.0 and Money 3.0 fairly well with emphasis on liquidity and how to get it going in the cryptocurrency space. Worth knowing. “