DasCoin was proud to act as a platinum sponsor of an extremely well-attended 2018 Tacitus Lecture given by former Microsoft CTO Nathan Myhrvold on February 22 at London’s Guildhall. The focus was on the scope and potential of artificial intelligence.
Mr Myhrvold was introduced to the stage by Michael Mainelli, Chairman of Z/Yen and founder of the Long Finance initiative. Mr Mainelli is also Emeritus Gresham Professor of Commerce at Gresham College in London and a highly sought-after speaker in his own right at Blockchain events around the world.
In his lecture, My Myhrvold was sceptical that humans would one day be supplanted by AI and suggested that only a discovery as significant as those made by Isaac Newton or Charles Darwin would ever allow AI to exist on an equal footing as humanity.
It was the latest in a series of events marking a close relationship between DasCoin and Mr Mainelli. In November 2016, Z/Yen Group – “a commercial think-tank that spots, solves and acts” according to its website – had organised a Long Finance seminar to explore the intellectual mechanism of DasCoin.
Participants at the seminar were particularly interested in DasCoin’s hybrid approach combining centralized and decentralized features, the KYC process in which bona fide participants in the network are officially authenticated, and the unique distribution model.
They were equally interested in the opportunity for capital appreciation within the system and they sought clarity on how DasCoin would work in practice.
Following the publication of the seminar proceedings, and DasCoin’s White Paper, Z/Yen Group ran an economic simulation to test the potential strength and practicality of DasCoin under a range of plausible scenarios. The economic simulation was intended to provide a means of discussing the economics of DasCoin with third-party organizations and to form the basis for the specification of a “market quality” dashboard for discussion with regulators and academics.
Z/Yen carried out a detailed analysis of the key features of the system including token exchange, conversion mechanisms, capital appreciation, and governance.
The Long Finance Initiative began some time before the advent of cryptocurrency. In 2007, it set out to answer a question that seemed a simple one in principle, but one that had not really been answered satisfactorily before. The question was: “When would we know our financial system is working?” And it was a question that we, at DasCoin, are keen to help provide an answer to.
Of course, the timing of Long Finance’s launch was expedient. Back in 2007, more than 10 years before DasCoin was born, a crisis in the subprime mortgage market in the US mushroomed into a full-blown international banking crisis. The collapse of the investment bank Lehman Brothers swiftly followed. Excessive risk-taking by banks had unhinged the financial structure of the world and only massive bail-outs of financial institutions and other restorative policies prevent a possible total collapse of the world financial system.
Just over a decade ago however, nobody had produced a functioning Blockchain. That would change very soon when cryptocurrency’s famous Satoshi Nakamoto conceptualized the world’s first blockchain, the Bitcoin blockchain. The cryptocurrency world was set in motion, and Long Finance now has the opportunity to debate the strengths and weaknesses of fiat against crypto.
One could argue that we will finally know our financial system is working when a cryptocurrency solves the problems that fiat has created. But that would simplify things too much. In contrast to the short-termism that defines today’s economic views, the Long Finance time-frame is roughly 100 years.
At DasCoin we take an equally long view and have tried to design our system to evolve and grow, sustaining value for many generations to come.