“The global economy is about to be transformed by Facebook’s cryptocurrency”

‘Libra’ will promote the knowledge economy through monetary recognition of individual small contributions, Iconomy co-chair Vincent Loughlin explained at the ‘World’ Forum

stands. ‘Libra’, Facebook’s global cryptocurrency, announced on Tuesday, June 18 that it will launch in 2020 and will likely be used in India and Africa, where banking services are weak but equipped to provide credit and transfer services cell phones. It will also be used to save in inflation- and depreciation-hit countries or developed countries where consumers can be lured by the ease and immediacy of online or in-store payments it offers…​

But observers focus only on these monetary consequences, and the open perspective is much broader.

Because Libra will make it possible for users to gain authorization to exploit their personal data, such as transferring personal playlists to music apps, or transferring their anonymized health files to pharmaceutical labs. With partner “apps”, users will be encouraged to answer surveys, comment on tourist attractions, share hard drive excess capacity and solar panel excess capacity, carpool, rent rigs, do YouTube and Wikipedia equivalents…

Three radical breakthroughs
And depending on their professional skills, they will be paid to help seniors, review and link scientific articles, diagnose patients, and participate in the creation of websites or computer programs.

Granted, these services all already exist online, but the combination of cryptocurrencies and blockchain technology introduces three fundamental disruptions.

As we all know, historically, Facebook’s success has been associated with the decline in the cost of marketing analytics for internet users, the analysis of their interactions (links, clicks, “likes”) has opened up a new advertising market for it. For the first time, however, the parallel decline in tracking costs now makes it possible to value the tiniest contribution of intelligence, thereby stimulating creativity, research, teaching, invention and innovation: a knowledge economy will be motivated by monetary recognition of individual micro-contributions.

“Reduced authentication costs make it possible to value the slightest consensus, resulting in tighter links”

Second, the reduction in the cost of authentication makes it possible to value the tiniest of consensus (agree, understanding, trust), which makes relationships, collaboration, cooperation, co-creation, social and ecological more connected: the micro-commitment of individuals will strengthen the economy.

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