Future of money
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Transcript of Future of money
![Page 2: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/2.jpg)
What about now?
![Page 3: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/3.jpg)
• Ongoing financial crises
What about now?
![Page 4: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/4.jpg)
• Ongoing financial crises
• Coming up: pensions crisis
What about now?
![Page 5: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/5.jpg)
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence crisis (FATCA)
What about now?
![Page 6: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/6.jpg)
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence crisis (FATCA)
What about now?
![Page 7: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/7.jpg)
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence crisis (FATCA)
• Not going to talk about these today - too depressing!
What about now?
![Page 8: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/8.jpg)
About Bitcoin
![Page 9: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/9.jpg)
About Bitcoin
• Solution to all those problems!
![Page 10: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/10.jpg)
About Bitcoin
• Solution to all those problems!
• Does not require banks
![Page 11: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/11.jpg)
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
![Page 12: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/12.jpg)
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
• No political interference
![Page 13: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/13.jpg)
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
• No political interference
• Enables new innovations
![Page 14: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/14.jpg)
This talk imagines a world 50 years from now
how it’s impacted by the combination of
financial cryptographyadvanced robotics
and lots of other new technologies
![Page 15: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/15.jpg)
My name is Mike and I love the future
![Page 16: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/16.jpg)
Jen wants to join her friends in the city
She finds the ride via the TradeNet
The future of taxis
![Page 17: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/17.jpg)
The TradeNet is a P2P network
Users post demands and traders supply bids
The future of taxis
![Page 18: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/18.jpg)
TradeNet
![Page 19: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/19.jpg)
• Standardised broadcast and advertisement mechanism
TradeNet
![Page 20: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/20.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
TradeNet
![Page 21: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/21.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
• Users software examines bids and selects the best based on
TradeNet
![Page 22: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/22.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
• Users software examines bids and selects the best based on
• Previous experiences and prices paid
TradeNet
![Page 23: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/23.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
• Users software examines bids and selects the best based on
• Previous experiences and prices paid
• Anonymized, cryptographically provable ratings and history
TradeNet
![Page 24: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/24.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
• Users software examines bids and selects the best based on
• Previous experiences and prices paid
• Anonymized, cryptographically provable ratings and history
• Machine learning models that blend many other factors together
TradeNet
![Page 25: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/25.jpg)
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructure
• Users software examines bids and selects the best based on
• Previous experiences and prices paid
• Anonymized, cryptographically provable ratings and history
• Machine learning models that blend many other factors together
• Intended for fast, lightweight commerce for commodity goods and services
TradeNet
![Page 26: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/26.jpg)
Vehicles use the TradeNet to find customers ....
... but also to bid for road space.
The future of taxis
![Page 27: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/27.jpg)
Who owns this vehicle?
Who profits from this trip?
The future of taxis
![Page 28: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/28.jpg)
What owns this vehicle?
What profits from this trip?
The future of taxis
![Page 29: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/29.jpg)
Autonomous agents
![Page 30: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/30.jpg)
• Can be pure software or have a hardware component (e.g. self driving car)
Autonomous agents
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• Can be pure software or have a hardware component (e.g. self driving car)
• Agents take part in the TradeNet too
Autonomous agents
![Page 32: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/32.jpg)
• Can be pure software or have a hardware component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agents maintain a Bitcoin wallet and use it to pay for their own costs.
Autonomous agents
![Page 33: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/33.jpg)
• Can be pure software or have a hardware component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agents maintain a Bitcoin wallet and use it to pay for their own costs.
• Agents can make a profit. Excess profit is used to spawn children, who then compete against the parents.
Autonomous agents
![Page 34: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/34.jpg)
• Can be pure software or have a hardware component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agents maintain a Bitcoin wallet and use it to pay for their own costs.
• Agents can make a profit. Excess profit is used to spawn children, who then compete against the parents.
• Agents die if they run out of money and may be deleted, salvaged or go into hibernation
Autonomous agents
![Page 35: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/35.jpg)
Autonomous agents
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• Their numbers reach equilibrium through market competition
Autonomous agents
![Page 37: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/37.jpg)
• Their numbers reach equilibrium through market competition
• They can evolve by hiring humans to write upgrades for them
Autonomous agents
![Page 38: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/38.jpg)
• Their numbers reach equilibrium through market competition
• They can evolve by hiring humans to write upgrades for them
• They are allowed to outcompete humans
Autonomous agents
![Page 39: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/39.jpg)
• Their numbers reach equilibrium through market competition
• They can evolve by hiring humans to write upgrades for them
• They are allowed to outcompete humans
• Their services are cheap because they don’t have many costs
Autonomous agents
![Page 40: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/40.jpg)
• Their numbers reach equilibrium through market competition
• They can evolve by hiring humans to write upgrades for them
• They are allowed to outcompete humans
• Their services are cheap because they don’t have many costs
• This is the justification for their existence
Autonomous agents
![Page 42: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/42.jpg)
MatterNet
![Page 43: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/43.jpg)
MatterNet
• Quadrocopter based delivery of objects over short distances.
![Page 44: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/44.jpg)
MatterNet
• Quadrocopter based delivery of objects over short distances.
• Copters are also agents. They pay humans to repair and recharge them.
![Page 45: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/45.jpg)
MatterNet
• Quadrocopter based delivery of objects over short distances.
• Copters are also agents. They pay humans to repair and recharge them.
• They can deliver not only objects but also ..... more agents!
![Page 46: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/46.jpg)
Who creates these machines?
• Once created nobody profits directly
• Indirect profit is huge
• First agents developed via assurance contract
![Page 47: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/47.jpg)
Assurance contracts
• People make pledges. Pledgers only pay if the contract target is reached.
• A method of funding public goods
• Current financial system is cumbersome and limited
• In future, lightweight assurance contracts will becommon
• Can be used to replace a lot of taxation
![Page 48: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/48.jpg)
What about the jobs!?
• In the long run all non-creative jobs are doomed
• But even poor people will be wealthy by todays standards
• Better education (Khan Academy) is the key!
![Page 49: Future of money](https://reader034.fdocuments.us/reader034/viewer/2022042623/547e391a5906b5a6718b464e/html5/thumbnails/49.jpg)