"It has been said that an engineer is a man who can do for ten shillings what any fool can do for pound" -------Nevil Shute (British Novelist, 1899 - 1960)
Sam Altman and physicist Alex Blania are set on the mission to create a human-centric coin that can be distributed to every person on earth. This could be done by leveraging advancements in biometric technology and blockchain, they announced a $100 million round of funding at a $3 billion valuation.
“ A collectively owned global currency that will be distributed fairly to as many people as possible.”
The concept of a global currency is audacious, intriguing and a clear social agenda; away of distributing wealth outside of the control of nation states, directly to people.
The global currency ultimately leads to the future of human freedom - freedom from work.
This echoes classical economists. As automation is responsible for more and more of human output, the labor contained in products and services will shrink towards zero. As that happens, prices will also trend towards zero because the cost of production of everything will trend towards being free.
The concept concludes that the two dominant sources of wealth will be
1) Companies with AI,
2) Land, which has a fixed supply.
The projection is that Capitalism will have been superseded by a higher form of civilization, where production directly meets need. This collapse of prices driven by reduced labor will enable fundamental needs to be met extremely cheaply: food, care, education, housing, health, and more, would all move towards being free.
Worldcoin represents an encouraging, bold but challenging vision for the inevitable post-work society.
By the time it’s in full effect, both traditional forms of currency and digitally-native forms such as cryptocurrency, stablecoins and central banks digital currencies will be integrated into the economy.
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