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Why Crypto Matters For Humanity's Future: A Basic Guide to Enlightening Open Minds
Our industry and the positive impact it can have will be severely limited if we don't learn how to elegantly explain why it is essential to creating a future that works better for everyday people.
In light of the ongoing debates and disagreements on the role and impact of cryptocurrency, it is increasingly important for those of us in the crypto community to articulate its societal value in a way that resonates with open-minded individuals.
This is not about swaying the minds of those firmly set against crypto, like Gary Gensler.
Articulating crypto’s societal value is about educating and enlightening those willing to learn and understand. This includes open-minded legislators and voters, who have the potential to shape the future of this technology. In this context, it's crucial to comprehend not only what crypto has to offer, but also why it is uniquely valuable to society when compared to other technologies. We also need to understand why, despite its risks, crypto is worth protecting.
The objective of this guide is to outline the three main societal value propositions that I emphasize when explaining the purpose of crypto. My hope is that you'll find these insights useful in your discussions about the worth of this revolutionary technology.
Crypto’s Three Key Value Props for Humanity:
1. Crypto Democratizes Financial Sovereignty
Crypto's greatest value to society hinges on its ability to level the financial playing field. Up till now, the power to create and control money has been concentrated in the hands of an elite few, with the US dollar leading the pack as the world's default currency. Though there are some benefits to this setup, it's not without its drawbacks, particularly around issues of censorship and control.
In contrast, crypto throws down a challenge to this established order. It hands the reins of financial sovereignty to each individual. This notion of personal monetary sovereignty empowers all of us, from the average Joe to multinational corporations, to manage our own financial dealings without government interference or oversight. This newfound liberty is game-changing, turning money into a vehicle for transferring value, or energy, between individuals without needing any external approval.
Why should we care about financial sovereignty?
Financial sovereignty is key to human sovereignty, and human sovereignty is essential to human flourishing.
2. Crypto Makes It Way Easier to Raise Money
Crypto, more than just a tool to create money and swap currencies, has profoundly reshaped how we raise capital, serving as an efficient, global instrument for marshaling resources. The innate decentralization it brings allows smooth transactions that sidestep the cumbersome bureaucracy of traditional financial systems, turning it into a formidable catalyst for launching new projects.
Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) embody this seismic shift. They allow projects to circulate their own tokens in exchange for capital, forging a straightforward, efficient route for fundraising. Non-fungible Tokens (NFTs) are another manifestation of this transformation, simplifying the process of raising funds for a wide range of ventures, notably in the music and visual arts fields. These tokens often bestow privileges or perks to their holders, which can vary from access to services related to the project to a share in profits or voting rights.
The power of crypto in fundraising broadens financial inclusivity, empowering individuals worldwide to back projects, regardless of their geographical location or economic status.
This equalizing effect speaks volumes about the potential of crypto to significantly revamp our financial system.
Moreover, the blockchain technology underpinning crypto ensures transparent and traceable transactions, boosting the accountability of the fundraising process. This level of transparency curbs the risk of fraud and nurtures trust among participants, both of which are crucial elements in raising capital.
3. Crypto Enables Unprecedentedly Powerful Global Coordination
Crypto is more than just a new form of money—it's a tool that enables bigger, more decentralized, more global cooperation.
Think of smart contracts as the Lego bricks for crafting complex systems of interaction and value sharing that break through geographical and political fences. This worldwide, barrier-free collaboration structure could reshape how we come together, establishing frameworks that function autonomously from any central control or consent.
This new and improved approach to organizing and sparking group effort could pave the way for us to address common global objectives. From protecting the Amazon Rainforest to encouraging scientific discovery, the possible impacts of global synchronized efforts are staggering.
The amount of money wasted going through corrupt or highly inefficient intermediaries is outrageous. Luckily, crypto helps us eliminate our dependence on these untrustworthy middlemen.
Crypto's power to coordinate is exemplified in several promising applications:
'Regenerative finance' utilizes crypto to motivate ecological renewal, hinting at the potential for a rejuvenated world through crypto.
'Decentralized science' leverages crypto to increase support for scientific investigation and progress. This could potentially free up more resources for research on human lifespan, suggesting that 'crypto might let you live, laugh, and love for longer.'
'Zero-knowledge technology' takes advantage of crypto to allow privacy-preserving identity creation and reputation building, as well as private communication and coordination. In an era of widespread surveillance and censorship, this application of crypto can ensure the preservation of personal privacy and freedom of expression.
Addressing Crypto Scams and Frauds
In advocating for crypto, we must also tackle its misuse, including scams and frauds. Like any tool, crypto magnifies intent, and unfortunately, there are lots of instances where it's been used harmfully.
We should directly address these instances and call out bad actors. Transparent conversations about these challenges can only bolster the argument for crypto, shining a light on its potential as an agent for societal change and emphasizing the need for conscientious use.
Ultimately, our goal should be to encourage broader, responsible usage of crypto. We need a wide spectrum of people, tech-savvy or not, to explore what this technology can offer—all over the globe. The more individuals and entities, both inside and outside the tech sphere, ethically and autonomously incorporate crypto, the more robust and hardy our crypto infrastructure becomes.
CONCLUSION: Crypto Creates A More Free, Fair, & Flourishing World
Cryptocurrency holds an extraordinary potential to shape a world marked by greater freedom, fairness, and prosperity. Its three core societal propositions encapsulate this transformative power.
democratizes financial sovereignty, freeing individuals from traditional financial hierarchies.
streamlines global capital raising, offering a fair and inclusive opportunity for anyone, regardless of location, to contribute to innovative projects.
empowers global coordination like never before, paving the way for more powerful movements that pave the way for a more flourishing world.
In essence, cryptocurrency is more than just a financial tool; it's a catalyst for societal transformation, driving us towards a world that is increasingly decentralized, inclusive, and coordinated.
So, let’s protect this uniquely valuable foundational technology, and build the Golden Age together.
Further Reading: If you’d like to learn more about crypto’s use cases, check out this database of use cases released by Polygon Labs on Thursday.
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