A new financial system has emerged. One that has structured the way values are exchanged.
This new protocol is not in the control of a central government, just as we have had over the centuries.
The next generation will not be part of the present traditional financial system which has created so much pain, hunger, deprivation and poverty as a result of the greed of a few individuals who operate in a central system, who are custodians of trust, who abuse trust and the collective will of the people.
The next financial system is permissionless and trustless, because that trust given to few individuals(government)is distributed, giving each person access to control and governance. It allows a consensus amongst a community of people rather than few individuals who take decisions on behalf of the people.
It’s a beautiful new world, the most democratic and inclusive. It is surly coming. It can’t be stopped. An entirely new system of governments will be in place in few decades. One that truly epitomizes the saying “government by the people and for the people.”
The new system of government will be ushered in by computer sovereignty, government that is truly by the people and of the people. It will be transparent, efficient and secure.
The new era is ecosystem driven, consensus amongst a community of users gives value and authenticity to processes and objects of exchange.
Who would have thought that computer codes through smart contracts will provide Merchants and users, person to person(peer to peer), a legally binding agreement that is transparent, efficient and immutable?
On the 23rd October 2019, Facebook CEO Mark Zuckerberg, presented to the United states Congress, the most ambitious project in history. The intent of this project is to create a universal Currency called the LIBRA COIN. LIBRACOIN when created will become a medium of exchange and a legal tender such as the dollar, euro, pounds, yuan, naira, and many other currencies issued by different nations of the world.
This is an attempt by an individual or organisation to print and issue money/currency. Only sovereign nations issue currency. This audacity by Facebook to issue its own money is made possible by computer sovereignty.
Sovereign nations are fast losing the Monopoly or total control of printing and issuing currency.
Emerging technologies like the distribution ledger technology has democratised issuance of currency, distributing sovereignty to individuals and empowering them to print and issue Currency. That is the reality of our time and the future of our society.
Hon Engr Solomon Adaelu
Deputy Chairman house committee on ICT
Chairman Bipartisan Blockchain group, National assembly
Room 2.33