No, the headline above is not a misprint. We really are creating digital currencies with a value of 2 trillion dollars. Read on to find out how, why and what it means for you.
Image © Leo Wolfert
Technology is rapidly changing our world. Combined with a growing human population, technology has given us the means to change our world – but also to destroy it.
With our unsustainable and inefficient conversion of Earth’s resources into the food, energy, housing, transportation and gadgets that humanity needs, we have facilitated the most rapid extinction of life in our planet’s history. More than half of our planet’s wildlife and forests are already gone, and every major ecosystem is in a state of rapid decline. And perhaps worst of all, we have triggered runaway climate change that imperils all life on Earth. This winter the Arctic experienced a catastrophic and unprecedented warming with more than 61 days above freezing so far and temperatures reaching more than 60°F above normal. This could mean an ice free summer for most of the Arctic for the first time in millions of years, and a huge increase in the already massive outpouring of CO2 and methane which will drive global warming and climate change ever more rapidly.
If we continue on the same path, our own mass depopulation is inevitable and our extinction becomes a distinct possibility.
But now there is hope. A new technology has made it possible for us as individuals to work together to transition from a path that leads to a bleak future to one that offers survival and sustainability.
This new technology is called blockchain, and it is leading a revolution in digital record keeping because it provides a mechanism for anyone with an Internet connection to transfer any asset with unmatched security, efficiency and integrity.
One application of blockchain technology is digital currency using cryptography, commonly called cryptocurrency. The first cryptocurrency was Bitcoin, and it has been changing how people think about money and showing us that money doesn’t have to only come from governments and that non-governmental digital currencies can be a valid and widely accepted medium of exchange. While Bitcoin and similar cryptocurrencies have clearly shown that people can indeed create their own independent digital currency and that that currency can be exchanged for a wide range of goods and services and other currencies, most of them are not suitable for wider use by government agencies and most businesses.
In the coming months, Bid Ocean, North America Procurement Council (NAPC) and other partners will be launching international digital currencies designed to better meet the needs of government agencies and businesses. The currencies will be used as regional currencies, with the regions defined as North America & the Caribbean, South America, Asia & the Pacific, Europe and Africa.
At least ninety percent of the currencies will be given as grants to government agencies, qualified non-profit organizations and technology R&D to help fund specific development projects that support climate-change adaptation and a new climate-proof and sustainable civilization. The rest of the currencies will be made available to early investors and distributed to Bid Ocean/NAPC/Trillions members to seed the business-to-business economic network required to support the development projects.
The currencies are being developed in partnership with the International Digital Monetary Council, a new non-profit think tank that will have a core council of 12 leading thinkers who will craft the policy and regulatory framework and standards essential for the success of regional digital currencies. The council will be supported by another 24 advisers with a wide range of expertise. Once the council has developed the standards, they will be made public and submitted to the United Nations as a model for consideration for other regional digital currencies. The standards will continue to evolve as experience is gained with the regional digital currencies and issues arise and are resolved.
The new digital currencies will be different from existing cryptocurrencies in several important aspects and will be suitable for use by government agencies and businesses. They will be secure, accountable, taxable, stable and sustainable. Instead of it taking hours to complete a transaction, as it does now with Bitcoin, transactions will be easily completed in seconds through secure apps with transaction records exportable to accounting software supporting digital currencies.
The digital coins will also be more secure than credit or debit cards because every user, user device, coin and transaction will be authenticated and secured. Large transactions will have additional security measures. Because transactions will not be anonymous, the currencies will not be useful for money laundering or criminal activity. The currencies are intended to be used as a medium of exchange in centrally managed business networks and are not intended to be used primarily as an investment commodity (as most cryptocurrencies are being used now). Therefore, the value of the regional currencies can be more easily managed.
Some examples of how digital currencies could work:
The concentration of wealth into fewer and fewer hands has resulted in a lack of available funding for many projects essential to the future survival of humanity. Regional digital currencies can help restore that needed funding and increase our chances of survival.
We give $50 million in currency to a town to build a community-owned wind and solar energy system. They get matching funds in hard currency from other sources and advertise the project for bid with payment 50% in digital currency. The successful contractor buys materials and supplies from vendors willing to accept partial payment in digital currency who then use it in whole or in part to purchase the goods and services they need.
If there aren’t enough vendors or subcontractors willing to accept digital currency for the project, we would find additional suppliers willing to accept it. For example, the contractor building the solar and wind energy system can’t find a local fuel supplier to accept digital currency but a local fuel supplier needs a new truck and so we find a truck dealer willing to accept the digital coins. The contractor gets his fuel, the fuel supplier gets his truck and the truck seller gets digital money that he can spend on the goods or services he needs.
Because there is a sufficient margin for the contractor and their suppliers, they can top off their employees’ wages with digital currency so they can prosper as well.
The residents of the town enjoy a reliable low-cost energy system and can invest the money previously given to a coal-fired power utility on other local infrastructure projects, such as schools, health care, electric buses and community food systems.
There are now millions of climate, political, economic and war refugees. Soon there will be tens of millions – then hundreds of millions. There is no good place for most of them to go, but there could be, and the new places could be better than anything previously available. Instead of being housed at taxpayer expense in squalid camps, refugees could become important resources and agents for change through the power of regional digital currencies.
We fund the construction of carbon-negative, climate-proof, self-sufficient villages that collectively produce their own power, food, clothing and other items. The villages are connected by underground high-speed electric transports. Each village is populated by those who are compatible, have common interests and have been provided with the training, coaching and counseling they need to thrive in the new environments. Villages will each have their own specialty, such as science, sustainable food production, energy production and efficiency, art, psychology, biology, wellness, governance, etc., and will take that field to new levels to support the healing of the Earth and the development of a new more intelligent, functional and humane civilization.
As the experience with sustainable villages increases and the model evolves, more can be built to give others an opportunity to live in communities that empower individuals to reach their full potential in a healthy, safe and secure environment.
A large portion of recyclable plastics and electronics in North America are shipped to China on carbon-spewing ships, which uses more energy and supports China’s manufacturing industries instead of North American manufacturing. China has recently told Canada that it will no longer accept some of Canada’s recyclables, so now there are plans to bury it all in landfills.
So, we use digital currency to build advanced facilities powered by renewable energy to convert the plastic destined for China or landfills into building materials and other needed items to support manufacturing in North America, reduce carbon emissions and reduce the need for new plastic.
The products produced would be sold for digital currency.
Digital currency network expansion
As acceptance increases, the network grows, progressive businesses flourish and what we can accomplish with the currencies keeps expanding.
The grant approval process will be led by experts in technology, sustainable development, engineering, ecology, sociology and other fields essential to ensure that the funded projects contribute to the fundamental and rapid change required with a balance between upgrading existing systems and creating entirely new sustainable systems.
Once the initial $2 trillion has been injected into the system, more coins can be generated as needed without devaluing those already in circulation.
The currencies will be administered by an effective team of experts within a managed network, so the currencies will not experience the same volatility that cryptocurrencies traded through the various exchanges have.
How regional digital currencies can protect us from a collapse of the U.S. dollar
The U.S. dollar has had a long run as the world’s primary international and reserve currency, but that run is coming to an end. With the rise of China’s gold-backed yuan and oil market and an increasing number of countries dropping the dollar for trade with Russia and China, there may soon be more surplus dollars than the markets are able to absorb. If you factor in the unsustainable skyrocketing U.S. federal debt and rising interest rates, the future of the dollar is at risk and it is obvious why it has been weakening recently.
If the dollar declines in value too much, borrowing costs for the U.S. federal government will rise beyond reach. If the United States can no longer borrow enough from investors to pay the interest on its debt, the value of the dollar will plummet, even if it simply runs the printing presses and calls it quantitative easing or something else. The U.S. federal reserve is already removing trillions of dollars from circulation by retiring the money it receives from bond payments, but there are tens of trillions of dollars more held in offshore accounts that are now or will soon be looking for a non-dollar safe haven and hundreds of trillions more in debt instruments.
As the dollar declines in value and credit dries up, the nearly $1 quadrillion reported and unreported derivatives market will be triggered, too-big-to-fail will mean too-big-to-survive and one giant company after another could go under from a cascading domino of unpayable debt obligations. And like in the great recession triggered by the sub-prime mortgage crises of 2007-2009, vast amounts of dollar wealth will vanish. However, unlike the sub-prime mortgage crash, massive bailouts would not work this time and would just be adding fuel to the fire.
This risk to the U.S. dollar and the world economy is well known within many circles, but few dare to publicly disclose their concerns out of fear of eroding public confidence in the dollar and increasing the risk. The herd holding the vast dollar reserves could easily be spooked and start dumping too many dollars at once, causing the very thing they are afraid of and seeking to avoid. So, everyone stays quiet and hopes for the best while quietly and slowly reducing their dollar holdings.
Regional digital currencies can provide an alternative to the dollar-debt economy that enriches the few at the expense of the many and provide debt-free liquidity. They can facilitate regional trade and support a real economy of trade that any business can participate in.
Challenges and what is required for success
Launching a new regional digital currency that does not originate from a government or other official entity will be be a challenge but other independent cryptocurrencies have shown that that such an undertaking is not only feasible but could be highly successful.
Acceptance: Any currency or other medium of exchange is dependent upon acceptance. If the digital coins can’t be exchanged for needed goods and services, they will have little or no value. So, the currencies we launch will have to have sufficient acceptance to be viable.
The Bid Ocean/NAPC/Trillions network reaches millions of users and includes nearly 200,000 registered members, and the number of registered members is growing rapidly. Many members have already agreed to accept the digital currencies for at least a portion of their sales, and the number will grow rapidly.
Coins will not be released until there is a sufficient number of participants willing to accept at least partial payment for their goods and services in the digital currencies.
Regulation: Independent digital currencies will be increasingly banned or regulated because they can’t be taxed and facilitate criminal activity. In partnership with the International Digital Monetary Council (IDMC), we are developing a sound regulatory framework that will ensure the success, stability and sustainability of the currencies while effectively managing potential risks.
Because at least 90% of the digital coins will first flow through government agencies, we anticipate support and cooperation from those agencies, which could then influence national regulatory agencies to recognize and support well-managed regional digital currencies.
Technology: Coding of the system has started, and the first digital coins will be created soon. With nearly 20 years of experience, we are adept at creating and managing sophisticated software systems. The project is being led by a leading computer scientist with an extensive record of developing complex and secure business networks.
Transparency and accountability
This is certainly not a gimmick or get-rich-quick scheme, and every digital coin we create will be accounted for. All grants will be publicly disclosed, with full transparency on every funded project.
The NAPC already operates people-owned public procurement portals and endeavors to make all government procurement open-access and transparent.
This project is audacious, outrageous and gargantuan, but there is no real reason it can’t work.
Money as we know it is already mostly digital and has value only because people believe that it has value, even though it is no longer backed by gold or another commodity. Conventional currency is created primarily from debt, and that debt is one of the causes of poverty and our inability to progress as a species. We are all too busy just trying to pay our bills and are trapped in lifestyles and a culture that is unsustainable.
If enough people support a new regional people’s currency that does not come with debt and can be used to construct the infrastructure of a sustainable civilization, then it certainly could make a difference. It could make a huge difference. It really could change our world for the better.
Regional digital currencies certainly can’t solve all of the problems of humanity and won’t change the fundamental human nature that got us into our present circumstances, but it gives us the hope of shifting the balance of power more to the people who aren’t willing to sacrifice the future for short-term profits.
Fortunately, there are many people who desire a better future and have the courage to choose a new and different path. We hope that you will be one of them.
How you can participate
Providers of goods and services interested in participating in this bold new project and enjoying its potential benefits can now register for the opportunity to receive our digital currency as partial or complete payment for sales and receive a number of free coins. Doing so does not obligate a registrant to accept the digital currency for a particular transaction but does provide an opportunity to do so.
Government agencies, non-profit organizations and technology R&D organizations will be able to start submitting grant applications by mid-April 2018. We will not be funding individuals or accepting applications before April and will only accept applications for specified projects under stringent conditions of transparency and public oversight. Fraud and corruption will not be tolerated.
If you are not already a member of the BidOcean.com, NAPC.pro or Trillions.biz networks, then please register. Basic registration is free.
Suppliers should log in, click on Account Manager, then on Digital Currencies and select the level of payment in digital currency that you are willing to consider for your goods or services.
If you are a thought leader or expert in blockchain, mobile apps, software and hardware security, project management, international relations, development projects, green energy or other relevant fields and are interested in participating in the International Digital Monetary Council, please complete the contact form on IDMC.money to submit your information.
More information will be available soon.