The pioneering cryptocurrency allows creating protocols that replicate the social structure in a programmed and open way. Gutiérrez believes it is possible to create objects that have their own life and economic management.
Diego Gutiérrez, CEO of IOVLabs and founder of RSK, recently said Bitcoin is not only a store of value. He explained it is the basis for creating protocols that replicate the structure of society in a programmed and decentralized way.
The Argentine executive commented that the development of Bitcoin is comparable with that of the Internet of information. The latter includes the communication between two computers, e-mail, websites, and social networks, among others. Concerning Bitcoin, it would be the basis of the Internet of value, on which layers such as economic coordination, RSK, and Ethereum grow.
Gutiérrez described Bitcoin technology as an open system of transfer and storage of value where any human being worldwide can participate. However, he considers that BTC can be a currency, a payment system, and a store of value better than gold. Besides, he said that it is a distributed network on which people can participate without permission.
The founder of RSK believes that there will be new significant developments around Bitcoin. He noted that emerging patterns that allow creating objects that have their own life and economic management.
He suggested that a community organized into a DAO (Decentralized Autonomous Organization) acquire an autonomous vehicle and turn it into a taxi. The car could have an associated wallet to receive the payments for the service. Besides, the self-management of operating expenses and the distribution of profits could be programmable through a smart contract.
Regarding the potential customers of such a service, he said that the only thing missing was trust.
Likewise, Gutiérrez stated it would be possible to create community money issuing systems with currencies belonging to a community, sector, or union. He highlighted that those technologies could allow communities to begin regaining control over money.
Technologies Such as Bitcoin Reduce Violence in Society
The Argentine developer considers that Bitcoin has essential advantages like the possibility of establishing trust bonds and providing transparency in agreements. He argued that those values generate social scalability and remove much of the violence existing in society.
IOVLabs CEO Diego Gutiérrez said it is possible to establish trust, agreements, and social contracts. He explained that this would allow showing the adherence to some principles and values on a scale never seen before. He added that there could be social contracts and agreements between thousands of people.
He also mentioned that reputational identities are a traceable record of an individual’s economic trajectory and social contributions, among other data. He said they allow individuals to access better markets or negotiate with people who do not know them.
Gutiérrez believes that this may be the key for half of the population worldwide excluded from the financial system to access them. Besides that, he concluded that the adoption of smartphones provides the opportunity to create an inclusive and open financial system for everyone.
By Alexander Salazar
