Overview

This study considers the implications of Satoshi Nakamoto's attempt to demonstrate to humanity the age-old concept of ownership, which inevitably leads to artificial division of people into privileged persons, worshiped as earthly gods; and the worldwide majority of politically, economically and technologically underprivileged people acting as economic agents in physical and intellectual sociopolitical domains controlled by specific form of government and the rule of law of legitimate political regimes. The purpose of the study is the analysis of recent development trends in financial markets and financial technology, aimed at the promotion of cryptographic global currency standards for cashless debt settlements by means of distributed digital communications over the Internet. Three major projects in this field are taken into consideration, which exemplify the nuances and differences of the existing alternatives in the theoretical motivation, the logical reasoning, and the practical implementation of such experimental global currency standards: Bitcoin, Facebook's Libra Association, and the IMF's special drawing rights. The author makes an attempt to outline and explain their overarching economic and business rationale, their core principles for autonomous (sovereign) system governance and market regulation; and also formulate the main characteristics of their underlying financial instruments. No matter of certain shortcomings of these prototypes, the digital-electronic standard of money may nevertheless eventually turn into a very useful and efficient financial tool for trustworthy socioeconomic long distance digital communications of future interconnected human civilizations that successfully settle on multiple planets in the Solar System, and across the Universe.

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9781697064254

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