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Age Of Abundance: The Bitshares-STEEM-EOS Trifecta Leading The Basic Income Charge


9 months agoBusy6 min read

I am a believer in technological unemployment. Over the years, I heard the argument that technology always created more jobs than it destroyed, so this time is not going to be any different. I do not buy this in the least.


There are a few things that make this highly unlikely. The first is we live in an extremely corporate world. Never have we seen so much corporate control of such a large percentage of the global economy. At the same time, more people are earning their living from these entities. This situation is compounded by the fact that there was a separation of capital and labor. In the past, to increase capital, one had to increase labor. This is no longer true. In fact, the exact opposite exists. To increase capital, these corporations are finding that eliminating labor is the proper path. We live in a world that is beholden to Wall Street quarterly profits.

Another reason is because we are seeing technology looking to not only replace physical power, but also brain power. Artificial intelligence, in all the different forms, is going to create havoc on the global workforce. We are at the very early stages yet it is something that will move fast. AI is already in an exponential growth period, doubling in capability every three months according to some. At this pace, what we will be dealing with in 5 years is going to be astounding.

The other piece is that we are ill-prepared to make any transition. In the past, moving from an agricultural to a factory job was possible. A little bit of training and one was good to go. Today, are you going to take a paralegal and make him or her into a virtual reality game designer? In the western countries, we excelled churning out finance and legal people. These are two areas where we can see AI making major progress. Do not be surprised to see these industries reduced in size (financial is already moving towards heavy automation).

So what is society going to do?

One major answer being proposed is implementing a Universal Basic Income. This is a fine idea except for the fact that most solutions contain the government which, in my view, is not a good idea to have them involved in anything. Also the question of how to pay for it arises. In my research of the subject, these are the two sensible arguments against UBI.

So how do you provide a basic income without having the government involved? How do you pay for it without tapping into the tax dollars?

The solution is cryptoeconomics.

Here we have the idea of paying people for what they provide. Everyone provides something. To start, they are saying data is the new oil; guess who provides the data? Us. Hence, each and every person who is online or has a phone with GPS is creating data. There is your basic income. Simply pay people for the data they create.


Of course, we know the likes of Facebook, Google, and others are not going to give up this. Here is where "the trifecta" enters the equation. We are seeing people earning money for doing many of the same things people do on Google Blogger, Wordpress, and Linkedin. The main difference is Steemians, as an example, can earn rewards for their efforts.

We are now starting to see what the Bench team is putting together with their distributed internet which also includes tying together EOS, STEEM, and Bitshares. This is going to be another wonderful opportunity for people to be compensated for what they do. In fact, in reading the posts of Jared Rice, this is exactly the vision he is trying to implement. His goal is to set up a system where people can be rewarded for their content AND it cannot be taken down.

Here is where we are going to see the power of this trifecta start to come together and create something that is, collectively, more powerful.

Applications on STEEM such as @actifit are already focusing upon providing revenue streams for doing something as basic as moving. This is what almost all of us do on a daily basis. How many more applications like this do we see over the next couple years that reward people for doing what they normally do?

How about an application that rewards parents for helping their kids with homework?
We could have one dedicated for volunteering to help the elderly?
There is one on STEEM that deals with cleaning up garbage in our neighborhoods.
What about one to pay people for doing housework? One for keeping their yards neat and tidy?

My point is there are going to be hundreds of tokens available for each of us to earn going forward. It is my view that we are each going to be earning 25-50 tokens on a daily basis in a year or two. Some will be on STEEM, others from different blockchains. Ultimately, we will not care where they came from as long as we can exchange them for what we need.

EOS and Bitshares seem to get a lot more publicity but STEEM is charging forward in a big way. This blockchain, although overlooked, has more dapps with high users rates than any other blockchain, and that includes Ethereum. The specialization of STEEM makes it useful for fulfilling needs.

One of the most basic needs that it fills is by giving people the ability to earn tokens from their efforts. The proof-of-brain concept is alive and well. Now, if the Bench team brings out what they proposed, we are going to see this entire idea given a shot of steroids. It will only get more powerful.

Today, we have the debate of how to pay for basic income and solve the inequality problem. This is another one of those issues that I believe will not be even a consideration a decade from now. The solution is right before us and is growing each day. As cryptoeconomics spreads, more people are going to be enriched for doing things they normally do for free.

The scarcity system we presently operate within is going to come crumbling down. We are entering the Age of Abundance even if most are not aware of it. That is why it is up to us to keep forging ahead.

Each token earned is another dagger in the heart of the present system.

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