Part #2 — How to fix the inequality
Although Blockchain technology has the potential to just redistribute wealth and power for others to manipulate and contort, there are net positives that could be explored. In my last post I shared a potential dangers of inequity with bitcoin, in this post I will share some of the potential net benefits.
Although Etherum and Bitcoin are the darlings of the blockchain spaces many companies are either building on top of, building new or using the capabilities of Ethereum. As such a variety of concepts are emerging that enhance capabilities that have never been possible on a distributed internet system. A large value add of blockchain technology is the possibility for the abaility for one to build wealth without a centralized system. These premise can and is being deployed in areas without large economic or bank development.
An emerging concept is “social money organizations” which aim to redistribute wealth to individuals through decentralized platforms. Via blockchain innovations individuals are able to control their own data and content autonomously without interference from 3rd parties. Social money enables the community to place value on the rewards and experiences within the community and therefore value the network.
While the problem of reconcentration of power to those who understand and can access blockchain still exist, there are emerging areas within the network that are used to promote social good. A few examples are below, please look at them for more information.
A few examples of Social Money Organizations
Social Money organizations
Kin — Employs the social money framework to create socially centered blockchain that allows the community and individual users to create value individually. Developers are gven the ability to build their own ecosystems as they build on top of Kin. Kins mission is to create a more fair digital world.
NFTs for charity — Open sea — platform for NFT selling — An example of a NFT for a social good would be a fundraiser for a non profit organization. In this example we see this for the organization, NooraHealth, creating NFT’s to “save lives’’ raised over 2 million dollars in this fundraiser. Sites that use blockchain then can allow for the creativity of users to employ products that can benefit social good.
Roll — Is explained as a network to make social money easy to access and exchange on the web and within the Ethereum system. Roll allows for creators with a community to incentivise activity and engagement within their community. Distribution of wealth and allows individuals to be the host of their own platforms and make money from their community. For example a content creator can reward their users in the token amount for interacting with their content which enables creativity to form an engaged community.
Learn more about Roll here via this podcast.
