New technology adoption follows an S curve, from mainframes, to PCs, to the web, to now smartphones. We reached a point where there are 5.5 billion adults on earth, with 5 billion of them having a phone or smartphone.
As we ask ourselves what the next S curves will be, the digitization of finance and government policy seem to be at the heart of where innovation can take place.
Digital currencies are programmable money: converting legal contracts into algorithmic contracts and mathematical transactions enforced on digital networks without intermediaries.
Looking at the history of money and the social construction of debt as being inextricably bound to economic, religious, political, and historical realities, the value of a unit of currency is not only the measure of the value of an object, but the measure of one’s trust in other human beings.
With software eating the world, the consequence leads us to the digitization of social and legal constructions, as well as the unbundling of finance in all its forms.
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