The global economic, political, and technological system is going through a quantum leap in evolution. For a long time, we were willing to accept the corruption that comes with governments and banks. We were willing to accept the lag times, the bureaucracy, and the endless paperwork. We were willing to subject ourselves to the long lines, rude service, and a multitude of scheming powerbrokers.
We were willing to wait because we didn’t’ value our time.
We were willing to pay an arm and a leg to middlemen for pretty much everything. In short, we were willing to get screwed by “The Man”.
However, the masses are evolving from having a low self-esteem peasant mentality, to that of a global sovereign citizen — who values himself and his time.
Only now, (with blockchain technology) do we have a trustless system which can eradicate corruption. Due to misaligned incentivizes and the design of institutions, corruption siphons energy from the base population to the most selfish parasites of society. Therefore, if blockchain can reduce corruption, it can irreversibly change the collective societal personality.
Power is no longer in the hands of bureaucrats, middlemen, and powerbrokers. It’s in the hand of anyone with a smartphone. And it all starts and ends with time.
I’m not a communist, but I remember learning that Karl Marx looked at economics from the standpoint of a hierarchy of people who own the means of production and the workers below them who charge for their time. He noted that humans could not activate their creative potential because their time was not their own. Ironically, the top one percent blended this ideology with authoritarianism to force workers into communist jobs without a choice.
But with advances in blockchain technology, humans are moving closer and closer to owning their own time…with free-market capitalism!
I was first introduced to time as a currency when I lived in Ithaca, New York 12 years ago. Ithaca has a local currency called “Ithaca Hours”. It is one of the most successful local currencies in the world because one community organizer named Paul Glover and his cohorts rallied the community businesses to accept the currency. It is based on the idea that everyone’s time is equal. One “Ithaca Hour” represents one person’s hour of labor.
I realized that if everyone in Ithaca only used “Ithaca Hours”, then money would not leave the community. It wouldn’t go to Walmart shareholders or Chinese manufacturers. It would go into the pockets of Ithacan citizens, constantly enriching the community.
Years later, I cofounded the Happy Valley Time Bank, which is a system for community citizens to trade their time on a website.
With every financial crisis and every Wall Street bailout, I wondered with anger when humanity would figure out a way to democratize economics.
And now the great decentralizer — blockchain is here, but… it doesn’t consider time. Luckily, there are several prominent startups which are innovating time concepts with the blockchain. And I’ve found myself working at one of them named ChronoLogic.Network. ChronoLogic has partnered with Piper Merriam of the Ethereum Foundation to finalize and realize his creation of the Ethereum Alarm Clock, a decentralized application which finally allows people to schedule future transactions on Ethereum. This opens up a world of possibilities, such as recurring subscriptions, ethical and easy ICO’s, streamlined HR payments and processes, and so much more.
ChronoLogic’s mission is to make the blockchain run on time. Literally.
If you think about it, time is integral to every economic decision and transaction. Smart contracts are begging for time-based solutions.
The biggest time-based crypto in terms of market capitalization is Time New Bank. Based in Singapore, their concept is to create a global exchange and securitize people’s time so that it can be traded on secondary markets. Yet another is Latium. Advised by legendary John Mcafee, Latium aims to be the “Upwork” or “Fiverr” of the blockchain, allowing remote workers to charge for their time in a competitive marketplace.
The blockchain is perfect for verifying information. So, when a person spends time, logs work time, completes a job, has a credential, a business relationship, a contract, or a review, it can all now be immutably verified via the blockchain.
That means the system will be fair so that its harder to exploit laborers through discrimination, cronyism, and falsifying information.
People’s time and skills will stand on their own in a competitive, yet fair marketplace. Now a refugee can compete with a Harvard graduate if they really have the skills. Now borders, jurisdictions, distances, and even language differences are being removed as barriers to economic cooperation as technology helps us figure out how to get people to work together easily.
In conclusion, time is the ultimate value. And now humans are starting to love and value themselves and their time.
This evolution in consciousness coincides with an evolution in technological advancement. The blockchain is a democratic force. When combined with technology which considers time, it takes the power away from the corrupt, and into the hands of anyone with a cell phone connected to the internet who truly values himself and his precious time on Earth.