David Chaum Proposes 'Superior to Money' System to Combat Global Inequality
Summary:
Cryptographer David Chaum proposes a new exchange mechanism known as 'Superior to Money' as a solution to global economic inequality. Criticizing traditional money for its vulnerabilities to inflation and depreciation which exacerbate poverty, Chaum believes that his AI-managed asset exchange system could transform the global economic landscape.
Cryptographer David Chaum believes that rectifying the defects in conventional currency could significantly mitigate global inequality. Recognized as the 'godfather of digital anonymity', Chaum sees the current form of money as deeply flawed due to vulnerabilities to inflation and depreciation, aspects that hit developing countries especially hard. Chaum argues that this existing financial structure amplifies global disparity and division, posing a formidable threat to our society. "Conventional money is something you wouldn't want to retain," said Chaum in an exclusive dialog with Cointelegraph at COP28 in Dubai. He asserts, "This is the root cause of the persistent poverty worldwide."
As a replacement for the existing monetary mechanism, Chaum formed a fresh initiative dubbed 'Superior to Money'. This unique exchange mechanism enables users to directly swap value from their asset collection. Chaum elaborated, "It is essentially the notion of compensating someone by moving value from your personal collection of assets straight into their asset collection".
In accordance with Chaum's perspective, the asset portfolio will be managed through artificial intelligence (AI), which he believes will surpass banks in handling people's assets effectively. For additional insights into Chaum's recent endeavours, readers are urged to watch the comprehensive video on our affiliated YouTube channel, and remember to hit the subscribe button!
Published At
12/27/2023 8:00:00 PM
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