Making Money a Social Public Good
TL;DR — Zero Money could save the world but wouldn’t believe it…
There have been many different monetary systems used throughout history, all of which share the same basic traits. They are centrally controlled by a just a few large entities and they foster innovation by utilizing human greed as an input into the function for production of goods. Most notably, in time, they all fail since the gap between people who have accumulated large sums of money and those who haven’t becomes so large that the people with nothing rise up and tear down the system. This system has been reworked and repeated over and over again because people always think they can learn from past mistakes and do it better.
If we would like to eradicate the wealth gap across the world, we need to truly revolutionize the system. I don’t think the answer is to implement a centralized socialist/communist government, but I also don’t think the answer is bitcoin.
Both aforementioned systems have pros and cons, however, I think if left to operate on their own they would be equally terrible failures for the same reason — corrupt people getting positions of power and using them for evil. This is not hyperbole, as it has happened every single time in the past.
The solution lies in the creation of a totally different monetary system. LevX created a token on Ethereum called $ZERO and every time a transfer is made an equivalent amount is minted and divided amongst all holders. It was made just as an experiment, but after thinking about it I believe I understand the true use case.
Let’s just imagine that there is no monetary system in existence, and instead we simply bartered and traded for everything. Then imagine everyone in the world was distributed 1 $ZERO and agreed to use it as the new world currency. If this were to happen it could provide an infinitely more fair economic system with no extreme wealth gaps.
The following would be true:
- Everyone would have a relatively equal economic standing because they would receive a dividend from all economic activity.
- Economic activity and innovation would still be incentivized because people would still be able to achieve wealth, but if they do, they would bring up the lower class with them, making the gaps in wealth less extreme compared to the system we have now.
- There would be no need for government intervention in economics at all, there would no central banks and no federal reserve. Markets would operate efficiently without government and because of the dividend function markets would ensure nobody falls through the proverbial cracks of society.