The Future of Money – A Fiat of Fiats

future, money, blockchain, fiat, oracle, consensus, quantum, smart contract, currency, bitcoin, ethereum, cryptocurrency, trends

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The Future of Money – A Fiat of Fiats

Traditionally money is just currency; proof of some agreed value, symbolized and made real by paper, plastic or coin, with any number of appointed stewards and middlemen. Whether the dollar or rupee, traditional currency is the output of creative, widely adopted agreements between parties that are in essence just enacted fiat systems. With the invention of blockchain, smart contracts, and tokenized digital currency, fiat agreements are still nearly the whole idea behind currency, except for now, they are off-paper, controlled by a ‘fiat of fiats,’ oracle data inputs, and popular work and will, rather than by middlemen, governments, or Libor Scandal-laden Wall Street. In this way, we are moving to a fairer monetary ‘oracle fiat reality,’ and away from a middleman gatekeeper arrangement, away from being controlled by false Robinhoods and real Madoffs. We are moving to a monetary reality that engenders much greater equality, transparency and democracy.

future, money, blockchain, fiat, oracle, consensus, quantum, smart contract, currency, bitcoin, ethereum, cryptocurrency, trends

Blockchain can expand into spaces where physical money and gold standards cannot. Resource-based economies are looking like things of the past, or are soon to be. Resources are limited, agreements and imaginations are not. These economic ideas are all interrelated, but blockchain systems of finance allow the spender to further escape a resource-based economy and enter into the oracle agreement-based economy. The fiat of the fiats, if you will. 

It is for this reason that many in power based on their resource control, are made nervous by this ‘new money’ tech. To them and their traditional, sensitive hierarchical ways, with their hunger for power over others, resources, and systems of things, it seems adversarial to create options that provide another way, especially one based on consensus. But it’s already been done, and so we now see the scramble for power by those who don’t know or want this. The current ways of competition and modes of control come to claim ground, but they are out of their depth, and their ideologies that speak to dominance and control, to exclusively, are outdated. Ethics, fairness, and equality play much larger roles in money’s future, and also call to account those lacking these traits. Blockchain algorithms necessitate agreements be honored, their inputs be precise, and their histories be transparent. If those ways make you want to have a tantrum, maybe it’s you lacking something, not them. 

Decentralized versus centralized power, especially in the form of oracle control, will be big parts of the ethical and philosophical economic considerations going forward. Given these realities, it seems clear that the future of money is populist. 

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Oracle Accounting 

In new tech fiat systems, solving oracle accounting and data problems is not left to one company, group, or government. This smart contract accounting is likely to evolve a first iteration of quantum accounting, or accounting for the ‘known unknowns.’ They provide great training ground to confront the ‘real reality’ we face around modern currency. The, “Who says?” of it all. Using Byzantine Fault Tolerance (BFT) ideas to screen aggregates of oracle data before input determination for smart contracts, is one route toward securing an untainted plurality preference and verified, factual information. In this way, probabilistic off-chain world events can be represented algorithmically. Other ways of screening are being explored, putting preference for Proof of Work algorithms over Proof of Stake. These dynamics are constantly being improved upon and are definitely spaces to watch. The questions regard a flow between what is and what could be, and how to quantify that flow. 

We have to recognize that the deterministic nature of blockchains, given oracle and data variability, is not absolute. Probabilistic frameworks must be employed by deterministic blockchains in order to account for the persistent, omnipresent ‘known unknowns’ of reality. Without this level of abstraction, even and especially within the blockchain smart contract, one cannot claim to be relating-to, or representative-of, ontological reality, or “real” reality. And this is a philosophical problem that even the Ancient Greeks were dealing with. Philosophers have long debated the questions of ‘what is what,’ and the ‘who says-ness’ of it all. With this expansive new era of money, we see these oldest dilemmas resurface with new urgency and expansiveness. 

Blockchain and smart contract evolution are not unlike the evolution of physics either. When q