The Struggle To Control Money Even In The Cryptoworld

News, Opinion | April 19, 2019 By:

Control. If we look back over the history of cryptocurrency, it was control of money that drove many of its early creators. For so long, money and assets have been controlled by banks or governments, they argued.  Crypto’s pioneers believed that by moving assets into a digital currency, they could level the playing field for people from all walks of life. Gone would be the need for a third party such as banks or governments, who currently control the money system by issuing currency, managing its value, and charging exorbitant sums to manage transactions. Everyone would be able to control their own assets without having to transfer funds via a third-party.

Removing the third party in the transactions was the ultimate goal of cryptocurrency.  However, in today’s crypto landscape, we are seeing the rise of organizations who are creating their own coins that continue to tie the hands of consumers to third-party entities..

“…the main benefits are lost if a trusted third party is still required to prevent double-spending,” stated Satoshi Nakamoto in the classic whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System. This statement crystalizes the current challenge.

The crypto system is in danger of falling back into the trap of engaging third-parties into the creation of coin. Many coins in the market are tied to fiat currencies or gold, and as such, their value is still controlled by governments and banks. In essence, they are still centralized currencies. To be truly decentralized, a stable coin must not be tied to these institutions, which is why we created the Element Zero Network.

The Element Zero Network solves the problem of control of cryptocurrency. We’ve created a open source, turn-key decentralized platform that is protected against long-term inflation and completely eliminates any volatility in the first place.  Our cryptocurrency is not tied to gold, fiat currencies or other traditional methods of valuation. That’s the first step in turning control of assets to the people who have worked hard to gain them.

By making our platform an open source, we invite any business or government to build their own stable coins on the Element Zero Network. By having many different coins, people get to choose what works to their advantage. They may hold many different coins which create relationships with the businesses they frequent.  For example, someone might choose to buy a grocery chain’s coins and use them to buy groceries because that coin has specific benefits/discounts. They might buy a car manufacturer’s coin to purchase a car because they creating a direct relationship with buyer to car maker, opening the way for a mutually beneficial system of record keeping and data exchange. Airlines may have their own coin to support on and off-board value added services as well as rewards programs.  By supporting multiple coins, we are removing the ‘centralized concept’ of money.

The second step in turning control of assets to the people who earn them and spend them is in the structure of Element Zero as a not-for-profit, which gives control over this platform to the public. Any corporation, government entity or financial institution can use the Element Zero platform to build their stable coin. But they will not control its value: the public will by participating in the network.

We believe that ours is the only decentralized cryptocurrency platform, and our trusted advisors, who include Dee Hock the founder of Visa, Nobel Peace prize winner Professor Eric S. Maskin, and David Wield, former Vice Chairman and executive committee member of NASDAQ saw its potential. Together, we agreed how many industry problems a true stable coin could solve.

When we eliminate the need for a third party to manage assets, we move control to the people. Only when people from all walks of life are able to manage their own currency will the currency system be transformed.  Control belongs to those who earned those assets and we are providing this opportunity through the Element Zero Network.