Digital Currency and Proof of Consent

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Cryptocurrency as Proof of Consent

One of the main attributes of currency is that it is a medium of exchangeThis is one of the most important aspects of money. In addition, store of value is the other major attribute of any currency.

The ease and effeciency of digital currency as a medium is self-evident upon hearing of it. In fact, the ease of digital exchange is so readily apparent that even today most currency transactions are digital. People use online banking everyday, everywhere. So the superiority of a digital medium of exchange is obvious.

As far as being a store of value? Digital currency is secured by a unique password that only the individual user knows. This means that any transaction in the blockchain is an absolute proof of consent. It cannot be faked.

This gives digital currency the backing, the "full faith and credit" of the individual who sent it. It represents a proof of consent that has the 100% full integrity of the individual who owned the password.

Micropayments and Crowdfunding

Think of the potential that crowdfunding technology means: that any work that is good for the public interest can instantly and easily be "up-voted" by a flood of small micropayments. This method is government at a speed of action and economic effenciey far beyond anything a centralized body could accomplish. It is government reduced to its absolute most cost effective ratio. At least in terms of determining how tax money is spent. It has nothing to do with legal issues and courts, it's purely an economic tool.

Imagine reddit, but government projects instead. Instead of a boardroom of Senators bidding out government contracts, it will be the public body itself, everyday users would be able to contribute at every step in the proccess. Using cyrptocurrency as proof of consetand a store of value simultaneously will allow for micropayments to not only function as de facto evidence of public support but also as method of funding.

Now, there would be issues where it would be wise to minimize the involvement of the currency as a store of value and maximize its ability to function as absolute proof of consent. This is to ensure that people could not "buy votes." This may sound like a perplexing problem at first, but is actually very simple; in such matters, limit the contribution of any inidivudal to one Satoshi, one partition of the smallest division of the currency; to ensure that each contributes equally and faithfully to their own free rights as a human being.

Matters such as this, in which a vote of confidence was needed rather than a large sum of funds, would be discussed in the public forum.

The Public Forum

 A forum is traditionally a legally sanctioned meeting place upon which law is drafted and ratified. In today's modern age, it is fitting that such a place should be created digitally, and that all be given open access to the discussions taking place within. It would of course be a serious institution that was carefully monitored by qualified parties. People wouldn't be on there just to "surf" -- and any sort of shenanigans would carry serious legal consequences. 

A digital public forum itself would resemble a focused and serious form of social networking that would be moderated and curated by elected Senators. Wiki revision saving software could be used to keep track of all proposed legislation.

Senators would be responsible for editing and revisions, making sure that all changes followed the legally required votes among the proper parties before a revision was allowed into the document, or before a new document could be added.

So in effect, since all types of public transaction would be open to public oversight, this means that the public was practicing self-governance. On one hand, all matters of tax allocation and the use of public funds could be directly settled as a matter of legally sanctioned crowdfunding.

On the other hand, when matters of legality required a strict vote of confidence, pure numerical figures could be produced by only counting valid contributions of one Satoshi, or equivalent smallest unit.

In effect the individual has a power to vote towards a project without the integrity of this expressed consent being comprimised. Cryptocurrency provides this security and transfer of consent without comprimise. Cyrptocurrency also provides a way to collect tax revenue in a vastly more effecient economic model.

About the author


I'm Walker Sharpe - a 21 year old entrepreneur and digital currency enthusiast.

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