Bitcoin Mission Statement. Or What does it mean Sharing Economy and Distributed Trust?

Dmitri Kosten

MPRA Paper from University Library of Munich, Germany

Abstract: Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and cryptocurrencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism.

Keywords: Bitcoin; Blockchain; Crypto-Socialism; socio-economic transformation; socio-economic framework; smart contract; sharing economy; distributed trust; function of money; financial decentralization; financial desintermediation (search for similar items in EconPapers)
JEL-codes: B50 B53 E00 E02 E40 E41 E42 E43 E44 E49 E5 E50 E51 E52 E58 E59 K00 K20 P00 P20 P40 (search for similar items in EconPapers)
Date: 2015-11-15
New Economics Papers: this item is included in nep-hme, nep-mac, nep-pay and nep-sog
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