Introduction
Fiat money is a currency without natural value, but by governmental policies and regulations, it has been established as a means of exchange.
The value of fiat money is dependent on the value dictated and maintained by the government or agreed value between two or more parties involved in the exchange.
Brief History
Fiat money was first employed in China around 1000AD and was known as THE CHAO
The Chao was introduced by the founder of the Yuan Dynasty: Kublai Khan, at a time when China was divided into different regions.
The Chao was initially backed by silver, however, as the demand for it increased, they began to be employed without any silver backing.
During Kublai Khan's reign as leader over one of the divided regions of China, inter-trading was difficult, because each region had different coins that served as means of exchange and as such it was impossible to trade between regions.
The Chao recorded great success and even attracted a mention by Marco Polo in his book: THE TRAVELS OF MARCO POLO
He recognised the chao as a generally acceptable legal tender that fostered trading in a way that never existed and ranked the chao in the same light as gold coins.
How did the first Fiat Money shape the World's Financial System.
The Chao was not the first of its kind, however earlier leaders had kicked against the idea. Kublai Khan dared the status-quo by proving that
The acceptance of money is not a function of what it looks like, what it is backed by or what precious metal it is forged from, but that it's acceptance is based on the value it is given by the issuer and the reception by the general public
This very truth proven by Kublai Khan is the very pillar upon which our modern monetary system is structured. The government backs money with no intrinsic value and people accept and employs them as a means of exchange.
The Problem
Fiat money have experienced a massive decline in recent years, owning to refusal or inability of the government to guarantee it's value and hyper-inflation due to the excessive supply of fiat money.
In 2008, the world experienced a global economic meltdown, the world was literally in a financial crisis. However, in 2009, Satoshi Nakamoto published the Bitcoin white paper. Bitcoin was launched with a simple goal: To be a monetary system that fostered the first decentralized peer-to-peer payment network, totally independent on bank and governmental intermediation
The introduction of Bitcoin paved the way for the emergence of other cryptocurrencies, which incorporated modifications to the shortcomings of the Bitcoin and encouraged a cryptocurrency ecosystem with various options.
Cryptocurrencies immediately gained attention and acceptance with its decentralized characteristic and blockchain security, sustaining the prospects of completely replacing the traditional banking system.
Nevertheless, cryptocurrencies possesses varying inconsistencies, from fraudulent market activities, to absence of applicable utility for users without technical knowledge.
One of its most pressing challenged is the unavailability of a structure for communities with no technical knowledge to generate their own currencies and be a part of the evolving cryptocurrency ecosystem.
Furthermore, the cryptocurrency framework is designed with no allocation to cater for the specific needs of varying users on its ecosystem.
The Solution: NATIVE
Native is a platform built upon ethereum that empowers communities to generate their own unique currencies and empowers them to effectively utilise their resources through collective decision-making.
Native was founded by Jake Vartanian. The founder of Cryptodex: the first advisory firm in the area of token launching.
Jake is one of the foremost cryptocurrency space influencers and his zeal to be informed as regards the financial markets, revealed a fault in the modern-day money.
Therefore, Jake being inspired by Robert Swann and Hankim Bey: both being a currency visionary and counter-culturist respectively aided him to develop a core principle of proffering important projects towards achieving healthy and prosperous cryptocurrency communities.
See this video:
Native enables an environment for placing value and running communities by employing their local currencies alongside decision making tools.
Native is multidimensional in that it provides various templates to accommodate different communities with varying needs and ensure that all communities irrespective of their economy or technical capacity can be involved in emerging financial ecosystems.
Native exists on the strength of different communities within its ecosystem.
A community is formed by the collation of different users with common interests.
Native Communities.
DOLO
Decentralized Open Learning Organizations is geared towards smart education of stakeholders with an approach that is futuristic and rewarding.
Imaginal Films
This is a community comprising of film lovers: enthusiasts, viewers, funders and filmmakers. This community harnesses the prowess of its members in developing, producing and deploying films.
SDG Futures
In this community, decentralized technology is geared and employed towards achieving Sustainable Development Goals
Earth Guardian
This community engages in youth sensitive programs with the aim to empower them and make their voices heard in issues pertaining to environmental justice.
Peace Accelerators
This community is geared towards achieving global peace, by leveraging on a community-driven, technology-based approach to take advantage of emerging technology to the benefit of humanity.
The Rick and Morty Crew
This comprises of people who are lovers of the initiative and are exploiting the immense innovation of the ecosystem to their advantage.
Native User Types
1. Curators
Curators are trusted administrators of a community, with thorough knowledge of Natives vision.
Curators act as a firewall to ensure that only beneficial content is allowed on the platform.
Every task completed by community members is subject to curators review before approval.
2. Members
Members are decision-makers. They determine for what cause pools are to be deployed.
Membership grants users certain rights, one of such is the ability to replace curators when and if necessary.
Members join communities with interests, values and goods that are in synchrony with theirs. Members are not limited to one communities, they can join as many communities that align with their interest.
Features of a Native community.
Special Token
Every community on Native is accorded a unique token, that is peculiar to only that community. This token is employed in identifying members, creating resource pools and for exchange within the community.
Projects
On the Native platform, projects are added via the curator panel. A project can only be added, if there is sufficient capital within the community.
If YES
The funds are deposited and members of that community are allotted a timeframe to support or go against the project.
If quorum is reached, then the funds are transferred to the wallet afore created for the project.
Quorum is the minimum number of members votes required for a project to be undertaken.
Tasks
Tasks are created by curators and added to the community dashboards.
Members who claim the tasks, have a specified time to complete the tasks.
Tasks function like a bounty and every submission is subject to review by the curator to determine if Native tokens should be awarded or not.
Every community possesses a dashboard that displays information of the community such as history of members, available tasks and project proposals.
Polls
This is the responsibility of community members. It required no funding from the community.
The actualization of projects is dependent on the success of the polls.
Once a poll is published, members have a stipulated time to vote. If at the end of the duration, the poll reaches quorum, the project is a GO. If not escrowed funds are returned to the community fund.
Benefits of Starting a Community.
1.Avenue to collate collective decisions by employing the polling feature of the platform.
2.Allocation to raise funds independent of the traditional fundraising platforms such as bank loans, instead capital is raised via token issuance.
3.Avenue to redeem recognizable value in a global framework.
Joining the Native Platform
- Explore the Native platform and find a community that you are interested in.
- Support the community by purchasing their unique tokens
-Get involved in the development of the community by voting
OR
- Build a community around your area of interest
- Sell the tokens to other interested users.
-The value of your token is dependent on the development of the community by members vote.
The Native Tokens.
The Native Ecosystem functions on the strength of 2 tokens:
1.Native Token
2.Community Currencies
Both tokens are developed and deployed as Bancor Smart token: holding a base currency reserve.
This reserve empowers users with the decentralized Bancor protocol to convert between any of the two tokens at a market value that is fair and transparent.
The Native Token (NTV) is the basic and essential currency of the Native ecosystem, it serves as a foundation for all other community currencies on the platform.
Community currencies are local currencies peculiar to different communities. However, community currencies hold their reserve in Native Tokens(NTV).
Every community employs its currency as a:
1. Medium of Exchange
2. Criteria for joining the committee
Users must convert Native Tokens to unique community currency to identify as a member of that community.
3.To support or sponsor the projects of other communities
Use Case 1.
Richard is a Nigerian Chemist, while carrying out one of the experiments in his laboratory, He notices some strange readings and observations. He checks the net for more knowledge on this new occurrence, however he finds little information. Richard thinks of the stress He would have to go through to tour higher institutions in search of answers and seeks a way out.
luckily, Richard hears of Native platform and finds a community with similar interests in chemistry.
He joins them, creates a task through the curator, now he has lots of verified answer to his questions.
Native RoadMap
Native Team
Native Partners
For more information
Native Platform
Native Website
Native Whitepaper
Native Medium
Native Telegram
Native Reddit
Native Facebook
Native Twitter
Native YouTube
You can participate in this contest by @Originalworks by clicking here
Twitter Post
https://twitter.com/GodwinFyoung/status/1049707748437499904?s=20
- GodwinFyoung
nativetwitter
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