A new paradigm: Decentralize the local economy
The full article was originally published by Localflow on Medium. Read the full article here.
A new paradigm: Decentralize the local economy
The last few years have changed the perspective from which we are observing the world.
Many breakthroughs, that for a long time were thought to be impossible, as if they were mere science fiction fantasies, are now progressively coming to life. Newspapers and Twitter accounts talk everyday about chimps being cloned, self driving cars, humans going soon to Mars (after electric cars have been shot in that direction) or robots taking citizenships.
Technological innovations are leaving us astonished, numb to the overwhelming novelties coming next.
Another technology now is trying to transform how society is organized, from how we relate to money to the profound trust relation from which we live and understand the world.
As said by Yuval Harari:
“People are willing to do such things when they trust the figments of their collective imagination. Trust is the raw material from which all types of money are minted. When a wealthy farmer sold his possessions for a handful of gold coins and traveled with them to another province, he trusted that upon reaching his destination other people would be willing to sell him rice, houses, and fields in exchange for the gold. Money is accordingly a system of mutual trust, and not just any system of mutual trust: Money is the most universal and most efficient system of mutual trust ever devised.”
Now we are in the dawn of a new era, where a new paradigm is altering the rules embedded in our centralized world: the blockchain.
The trust now in this new economical framework is not given to human organizations or central banks, but to immutable algorithms rewarding hashpower from decentralized miners not subjected to external authority.
This technology is so giving the ability to remove many middle-men in economic transactions and is giving the opportunity to finance startups without venture capitalists, universities, banks or other institutions choosing in advance which project deserve to be funded.
This will bring a new wave of inventiveness and innovation we will be overwhelmed by. Through direct relation between investors and early stage startups, new ideas can so be brought to life. This because many little investors can have the same power of few VC. This already generated an explosion of hope where hundreds of new blockchain-related companies have been broadly financed with cryptocurrencies. Billions have been collected by less then a thousand projects, making this new funding system the first choice for many new startups.
This happened through ICOs, beginning from the publishing of white papers and the following crowdfunding campaigns. But… for the moment, no crypto-team have created a mainstream product… something that everyone uses everyday.
If we exclude the financial aspect from everything strictly connected with transactions of value, from wallets to exchanges or between different actors, the percentage of actual use of any blockchain based currencies in the common world, is still reduced to crumbs.
What is missing today for a blockchain technology to be easily adopted and brought to the masses for the benefit of all participants, in a new collaborative economical framework?
Probably, what is missing in the cryptosphere is a project whose tokens make sense to normal people, that do not encourage only inherent speculative use. A token looking at a broader purpose than merely raising funds during an ICO. A project that has a plan to distribute its revolution in a graceful way, without creating highly centralized capital gains, but a highly distributed growth between stakeholders. In short, a project that manages to create an utility token for the local economy and that believes in its token future stability.
Localflow aims to be that project.
Localflow is building an easy-to-use local social network and a fintech infrastructure focused on local microservices between private individuals and businesses, quickly responding to new needs of supply and demand, taking away any middleman from traditional search engines, sharing economy platforms and payment methods.
A plethora of conversational AI chatbots live together in the Localflow, with the purpose to promote local decentralized information, goods and services, through a smart local search engine.
Localflow empowers the local economy and its services rewarding the community with the EWA token (standard Ethereum Token) and promotes a zero intermediary friction payment protocol using the IOTA cryptocurrency.
After a quarter century into the Internet age we are seeing that net neutrality is gone, Internet Tech Giants are eroding standard economic ecosystems and centralized unicorns are sucking attention, time, data and money from every human local social-economic network around the world.
While on the other hand, the cryptosphere ecosystem is still seen as a place for techies and geeks, perceived as too complicated to understand or dangerous to be involved with.