Introduction to A Capitalist Reformation Proposal
“In Africa there is a concept known as ‘ubuntu’ — the profound sense that we are human only through the humanity of others; that if we are to accomplish anything in this world it will in equal measure be due to the work and achievement of others.”
— Nelson Mandela
About a decade ago when the Global Financial Crisis struck the world, a mysterious pseudonymous inventor named Mr. Satoshi Nakamoto proposed and built an electronic cash system known as Bitcoin. It allowed online payments to be sent directly from one party to another without the involvement of a financial institution.[1] The implications of this are enormous. Ever since Bitcoin first came into existence, numerous variants have been proposed and built to improve the functionality and performance to serve people for different purposes. Many hoped it would spark a revolution to change the world for the better. Unfortunately, even if it showed the cryptocurrency can amass a good wealth for a few developers and early adopters, it has not reached its full potential. Many have been even misused it for criminal activities and scams. Critics even claim that cryptos are the “mother and father of all the scams of bubbles.”[2]
UbuntuCoin Foundation is founded based on the belief that now is the time for a new world of Ubuntu-ism to begin. It is a new world with equitable capitalism (or Ubuntu Economy).
In the proposed Economy, the economy is designed so that ordinary people will get wealthy when they focus on self-actualization. As long as people are better for themselves and others, more incentives will be given. On the contrary, in traditional capitalism, people are working hard to only to bring foods on the table.
In the proposed Economy, Artificial Intelligent agents will be employed so that the wealth is not wasted in crypto technology. All the wealth produced will be distributed to ordinary people. The gap between the rich and poor will be dramatically reduced.
In this series of blog articles, I will introduce Ubuntu Economy, a capitalist reformation proposal, that we at UbuntuCoin Foundation dream about.
References
[1] Satoshi Nakamoto. “Bitcoin: A Peer-to-Peer Electronic Cash System” Oct. 2008. https://bitcoin.org/en/bitcoin-paper
[2] Kate Rooney. “Bitcoin is the ‘mother of all scams’ and blockchain is most hyped tech ever, Roubini tells Congress”. CNBC. Oct. 2018. https://cnb.cx/35DvJxt
Published at Thu, 19 Dec 2019 04:10:13 +0000
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