I am recently blogging about Automation and Decentralized Automated Organization (DAO). I have opined earlier that can cryptocurrency bring us utopia through income automation. Can DAO take care all of our needs and become the corporation of the future?
In his seminal essay, Economic Possibilities for our Grandchildren, celebrated economist John Maynard Keynes prognosticated, ironically in the years of depression (i.e. 1930) that grandchildren of his generation will have five days weekends rather than two days.
His radical assumption was based on the productivity growth on that time.
Interestingly, though the productivity had increased couple of folds, humans still have to work 5 days or 6 days in developing countries. Even people have to pursue multiple jobs to meet end needs.
The mis-prediction of Kaynes could be that all the wealth creation due to productivity increase went to the top 1% of the population. As a result, we have immense inequality.
Moreover, thanks to automation, fewer companies need low skill human labors at all. These days, 10 persons can run a $1B company with help of software.
Further innovation in AI and unlimited computing can create millions of unemployment. Therefore, top silicon valley CEOs are contemplating on Universal Basic Income (UBI) these days.
There are few blockchain solution such as Manna and Swiftdemand, however, they are at current value worthless. Here comes STEEM, in which one needs some sort blogging skill to earn income in cryptocurrency. However, it is still depends on the staking. Though it looks like earning is free in Steemit, it requires 1000s of SP to begin a good journey.
Moreover, some progressive countries are experimenting with UBI or has social-net to help displaced people. Most of the world populations are unaware of the incoming disaster.
Blockchain could be one the people's solution. Including STEEM, some top blockchains has a massive plan to tokenize the whole digital cyberspace. As any human activities has economic value, but they are not monetized or has low value due to systematic fault. Some freelancers can earn decent money just by surveying few websites. However, this is not quite possible at developing country.
However, STEEM with SMTs is trying to tokenize every human actions such as physical exercise, watching videos, hunting products, playing games sharing photography etc.. Though these tokens have little due to lack of exchanges or publicity. But they are getting values each day due to progress and popularity in Blockchain. These days, STEEM and EOS holders are getting free money just being in the blockchain (e.g. at least 30 reputation will earn some free ByteBall).
In future, billions of people will be given free tablets with free Internet. There will be trillions of micro or macro tasks on the blockchain that will provide the earning to live in the any part of the world. Entrepreneurs, scientists and developers all around the world are working to make thousands of blockchain techs that will pave the path for UBI not through the Government subsidy but for the sheer interest in Capitalism.
Progress in computing is providing cheap, almost free computing resource. Powerful AI can run on these cheap computers, which required Building size computers of million dollar price tag. Rise of cheap and powerful computing and proliferation of AI has given us next generation of blockcains. Blcokchain can work as Decentralized Autonomous Organization (DAO) to provide any business service with few involvement of people. If they work and progress exponentially, they can earn money and distribute as UBI to large number of people. Cryptocurrency Manna has similar plan to utilize AI to make bot that can earn by autonomous stock trading. The earning can be used to buy back Manna currency. Thus value of Manna currency can increase as per.
In future, all of our human actions will be monetized. We will earn just by living or whatever we like to do. Interestingly, we are seeing the the beginning of work-free era as envisioned by Maynard Keynes 90 years back. In coming decades, blockchain will decouple the gain to rich few to masses. Since money creation was the game of few (i.e. mostly rich bankers), now anyone on the planet can create a cryptocurrency aka money. With proper infrastructure, these technologies will change the faith of humanity through liberation and creativity.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer , occasional trader and tech blogger since 2013