Bitcoin, Ethereum … programmable currencies breathe new life into democracy – CVBJ

Digital currencies resulting from Blockchain technologies, and in particular from Bitcoin or Ethereum, now make it possible to program the currency, through developments in ” smart contracts », Of smart contracts by literal translation. Thanks to them, the currency becomes programmable. Enriched with services and new roles, programmable currency then becomes to money, what a smartphone is to the telephone, with a set of association of possible applications. These programming of money, coupled with other digital tools, leave the possibility of considering in various ways the models of historical political economies, to modify them or create new ones, both for the so-called private crypto currencies, as for those called public central banks.

Let’s start with a provocative thought, the political ideas of communism – even if the concept is broad – promised governance by citizens for citizens. In the 20 th century, we observed that these ideas led to centralized, administrative, and authoritarian governance, and were inefficient for the creation of economic wealth, which must be based on a diversity of individual and collective initiatives.

With programmable currencies and digital technology, it is quite possible to build a capital allocation, for an initiative, an investment, a financing, so that it is carried out in a democratic way, while trying to optimize the satisfaction collective, by currencies whose use must be validated by the digital voting rights of a collective, whether elected or citizens, at local, national or international levels. Thus the notion of common decision of an intelligent capital, where definition of the intelligence of the use and conditioning by voting rights coexist, is technically accessible. American funds use this type of structure for investments in crypto-money, where a “common” of key players are responsible for the conservation of digital currencies, and their good use in the event of transfer, conversion, or payment, a communion of leading Wall Street financiers.

Likewise, the notions of freedom, of money, within the framework of a natural capitalist economy directed by fair profit and fair accumulation, could be fully inscribed in the individual and singular freedom of a company, of a nation, an association, a group of individuals, to create its own currency and with the associated rules of use which would optimize individual satisfaction. The freedom of money, the freedom of capital, in a possible optimum to freely create a currency that can be used freely according to a free market and free rules. Thus the customer, the user, the citizen, the trader, small or big boss, the actor of the economy in general, could taste the freedom of capital, essential in capitalism, and use in an optimal way according to his satisfaction personal what type of money, currency, he wishes to use, and according to such rules or such philosophies. Thus, the Facebook company as part of its Libra and Calibra projects, renamed Diem in December 2020, could consider a freedom of monetary creation associated with Facebook groups, small or large. A GAFAM which gives way to the freedom of capital and capitalism.

Read also: Libra, Facebook Pay: the social media giant wants to impose itself in payments

Finally, the so-called socialism of political economy, which is sometimes defined, in particular by Jacques Attali, as a balance between the freedom of democracy and the freedom of money, could completely innovate. on issues of environmental balancing, economic or social inequalities, for example by creating capital for specific use, defined by representative or direct democratic votes, via colored currencies ” colored corners », Or green currencies, or social currencies, within the framework of which the sectorial, geographical, sociological, thematic use could be registered. Thus a use of capital in a so-called socialist balance between the freedom of democracy and the freedom of money could be structured. The Israeli company Colu, a pioneer in the field, thus proposes to create local currencies for communities, sometimes with a political vocation for example LGBT or as part of ” Black Lives Matter “.

It should be noted that these tools today have all the necessary qualities from the point of view of computer security, at least as much as your Visa or MasterCard payments, or access to your online bank accounts, at a budget. equivalent security.

The effectiveness of these tools is therefore no longer an obstacle to the development of these technologies and these concepts.

Thus, historical political economy, in a complex mixture of classical dimensions, regains its letters of nobility with the economy of digital currencies. All that remains is for each of you, for each of us, in a democratic way ideally, to define the currencies of tomorrow in our economic and financial uses, according to a fraternity. Thanks to Satoshi Nakamoto, creator of Bitcoin, for opening the technological path to these infinite possibilities, and therefore long life to political economy and monetary freedom!

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