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the description below we spoke about
what money is its main problems and why
cryptocurrencies are here to stay to
recap the speed anonymity safety and
independence of cryptocurrencies which
aren't run by governments politicians or
any council of wise men aren't features
we can ignore therefore even though it
may seem like they went out of fashion
it's very likely that one way or another
the cryptocurrency rush will be back
now I want a minute Simon because some
of you might be now thinking well that's
all well and good but at the end of the
day cryptocurrencies they just don't
have state support if that's what you're
thinking well why don't we ask our
Argentinian or Venezuelan friends what
they think of state support and what it
really amounts to little bits of love
would the monarchy anything long what do
you think or something he knows but
there wasn't money in it okay like him
to get it dinner is you a little guy
what's more we can't forget the based on
evidence the exact opposite usually
happens central bank's end up supporting
wasteful governments how well that's
simply by running the money-making
machine printing money and buying
governmental debt all this in exchange
of course for creating inflation and
sinking the currency's value state
support not really sounding so great now
but enough about cryptocurrencies as we
mentioned in a previous video they are
just the first application of a new
technology a technology that can change
society forever so listen up
watch a you probably already know the
blockchain is the technology that
supports Bitcoin but there's a bit more
to it than that
you see blockchain is like a huge book
where all the Bitcoin transactions that
have ever taken place all over the world
are registered to ensure great accuracy
of payments transactions are recorded
and made available to everyone in that
way blockchain works like an unalterable
public record a consensus tool among all
of its users and this implies nothing
less than a revolution it's the ends of
a hierarchically based order allow me to
explain since the beginning of time
people have always needed the authority
of third parties or institutions to
coordinate their actions this might be
Kings governors notaries registrar's
officials experts judges central banks
supervisor and thief the list goes on
and it's a really long list and this
list is mostly made up of elites who
charge a lot of money and who generally
made these processes very complicated
and rather drawn-out just think about
what we do if we want to buy a house we
have to deal with solicitors estate
agents council officials banks the list
it goes on once again but now blockchain
makes it possible to simplify all of
these procedures to do them almost
immediately safely and there's a much
lower cost imagine for example if we
replaced real estate property records
with blockchain technology well what
would happen here basically with
blockchain everyone could be informed
simultaneously that the house in
question has been transferred and paid
for what's more the blockchain records
and communications would be unalterable
and secure from manipulation
with blockchain any user who wants to
can see which homes are associated with
each account slit they won't know the
identity of the person behinds that
account and the same can happen with
money goods and any valuable records
this might be vehicles company shares
contracts copyrights patents wills etc
this means that will no longer need a
central bank or companies like Visa or
indeed any government authority to
validate a transaction it's the
consensual knowledge of this transaction
made transparent to all which will
validate it all right so now you might
be wondering well is this actually that
disruptive well blockchain is an
emerging technology and we still don't
understand all of its implications or
its possibilities it's complicated
because it's sort of like if you were
trying to explain a credit card to a
banker from the Middle Ages but the
truth is that we can already see some
very interesting applications in a
previous video we talked about smart
contract so now we're going to see a
very important aspect of them something
that's going to be exciting to some
bands probably worrisome to others as I
did with our previous blockchain video
I'm going to ask you to keep an open
mind for this one
the daos
and smart contracts so let's consider
what could be the most surprising
blockchain application this is an
application we could revolutionize many
of the global institutions that we all
know a dao is simply an organization
regulated and directed by smart
contracts within the blockchain it has
condensed rules that are known by all
there's no bosses coordinators or
hierarchies there's no need for a
superior entity to control everything to
understand this better so far in history
Nanyan assets have always been owned by
one person or group of people however
from now on all of that could really
change
can you imagine companies owns not by
humans but my machines can you imagine
company is owned by a few lines of code
in the cloud maybe you can imagine a
company or an NGO without any human
workers now thanks to blockchain and
artificial intelligence this could all
be possible
but just as many of you may be freaking
out or thinking that we've lost our
minds here are some examples can you
imagine a completely impartial and
independent means of communication a
means of communication that doesn't
respond to political pressures we're
talking about media operated by a Dao
which would have no human onus you could
be tempted to push the editorial line
towards their own interests this company
which would be owned by a few lines of
code in the cloud with higher
journalists to work for it writing on
different topics
the topics with more hits would gain
more advertising revenue that is they
would give more money to the dao in
return it would provide greater
resources to hire more journalists and
improve the income of those who had the
most success and all of this it would be
run entirely independently
how about another example imagine your
taxi is a self-driving car a car without
a driver its owner is the car itself and
it's code in the cloud throughout the
day the vehicle provides taxi services
to anyone who wants them and it's paid
in bitcoins and then at night it
refueled and just maintains once it's
done all of that it returns to service
with the income that the vehicle obtains
it saves money to buy more self-driving
taxi since that's how its code is
programmed eventually it could have an
entire fleet of them this company isn't
directly controlled by any human it
doesn't need a bureaucratic structure it
would be very efficient and offer its
services and very reduced rates
and now another example think about an
insurance company controlled by a dao
with hardly any human intervention
imagine that a country's farmers create
an insurance cooperative to protect
themselves from frost the DAO company
would automatically collect insurance
premiums from these farmers and if in
any part of the country there's a frost
at a certain time of the year that
damages the crops it would automatically
compensate the farmers by depositing
money in their accounts all right so now
we got to ask the question well what's
the point of all of this well among
other things it's to optimize the
productivity and efficiency with which
we perform several tasks imagine what
all of this could mean many services
they'd become much much cheaper and it's
blockchain that is making all of this
spectacular automation possible that's
not all let's take another leap let's
give these daos artificial intelligence
we could imagine investment funds
pension funds NGOs all without
bureaucracy we're talking about daos
that could hire human analysts and
programmers who would be able to make
their own decisions based on their
programming and their learning capacity
administrative tasks would disappear
almost completely and now maybe you can
imagine a town hall with no politicians
or councillors a town hall with very
simple rules that can communicate with
its neighbors it is constituted as a Dao
all of this is becoming possible in one
way or another
blockchain could radically change
society as we know it
many of the bureaucratic structures that
we use today they'll be completely
unnecessary so let's take a closer look
at that distributed and autonomous
governance folks societies models
they've evolved you see at the beginning
of time human beings we lived in
decentralized structures composed of a
few people these were called tribes this
posed an advantage everyone knew each
other if someone did something bad to
someone else they probably wouldn't get
away with it however we really started
developing agriculture and labor
techniques around 10,000 years ago this
led to large-scale food production which
caused the population to grow so much
that the tribe model stopped working in
order to coordinate these new societies
political elites emerged these were the
Chiefs overlords nobles Kings this later
led to the politician and official
controlled states that we all know today
well now thanks to globalization the
internet and blockchain we could be on
the verge of a new revolution not only
for the market as we've already seen but
also for political governance see the
problem with representative democracy is
that we've introduced a new middleman
the professional politician a figure
thus once it reaches power ends up
behaving like a pilfering old-style
elite so the question now becomes what
can blockchain contribute to all of this
well welcome to what is already known as
distributed democracy and new concepts
that could largely replace the
representative democracy that we know of
today in fact it's likely that by the
end of the century many politicians will
have been replaced by this new type of
governance we're talking about a system
based on large daos and smart contracts
individuals will have the option to join
these regardless of the territory where
they live
with this new system we could all
participate directly or delegate
specific decisions for the most valued
prepared or most well reputed members
this would all work on clearly defined
democratic and equal rules that are
known by all this model would be
completely transparent and professional
politicians would be given a much
smaller workload that way we could also
end corruption and stop the way in which
many politicians manipulate the system
to their advantage the system would make
no allowance for partisan interests or
nationalism or any of these issues just
efficient public administrations that
get the job done
as with companies blockchain can help
end bureaucracy a problem that has been
with us for thousands of years but all
right so you might still be unconvinced
so here's a couple of questions for you
what do you think would happen if you
tried to pay for a hotel with a credit
card in 1800 or how would you explain
what the internet is to Napoleon in
short the future is often
incomprehensible in the present day but
this really could be the place we're
going so I hope you enjoyed that video
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