The digital currency as we know it started with Bitcoin, and its contents can be found by looking at the record on January 31, 2009 on the Bitcoin homepage bitcoin.org(1) at archive.org which is a wayback machine service.
“The software is still alpha and experimental. There’s no guarantee the system’s state won’t have to be restarted at some point if it becomes necessary, although I’ve done everything I can to build in extensibility and versioning”.
It is clear that Bitcoin is a software and has no absolute guarantees. It is experimental, and is a test for a new currency. Since then, countless altcoins have been created, and the world of cryptocurrency expands at an alarming rate.
Bitcoin was a new design for a peer-to-peer electronic cash system, and enough 10 years have passed for humanity to accept the new cash transfer system.
Since then, research on various forms of new payment methods has continued, and Vitalik Buterin added the concept of smart contract that allows applications to be loaded on a distributed ledger through Ethereum to the existing Bitcoin design. This opens the heyday of cryptocurrency.
Any early participants could easily acquire bitcoin, and as more and more has to participants later became, the later participants became more difficult to acquire bitcoin. Because of this reason, the unfair way of distributing assets has raised the question of where the seigniorage authority of the assets is.
What is Seigniorage? It was as the monarch’s authority to issue currency in the feudal era in the past, the method of distributing digital currency as a concept of reward to subjects discovering new blocks in a blockchain-based digital currency transaction system. This was called mining, and it becomes part of the similar method pursued by the new altcoin system even in the situation where countless cryptocurrencies are being newly developed so far. The new altcoins follow Bitcoin’s successful model and start with more innovative technologies.
The reason why the Bitcoin system was designed to reward someone who finds an each block would have been to prevent the situation where the distributed ledger could not be constantly recorded. Probably, Satoshi Nakamoto would have had to motivate the participants enough to experiment with the blockchain distributed ledger system.
Instead, this motivational method has raised a question about unfair distribution at the time Bitcoin is recognized as a new asset. The realization of the spirit of the free era to benefit humanity with the decentralized currency that Satoshi dreamed of is rather a feeling that is far from its essence.
1 Must ensure fair compensation for the participants.
2 All participants must be treated fair without any discrimination, including nationality, gender, age, race, wealth’s status.
3 The compensation awarded to the participants must be reasonable, and the rationality must be such that consent can be obtained from all participants.
Currently, the evolutionary process of cryptocurrency is seems to how efficiently it accepts Byzantine Fault Tolerance, and seems to focus solely on how fast it processes. Although this is not a current technology, it will develop through more research, and eventually, as the network system performance and the terminal performance of participants are improved, there will be no choice but to solve the Byzantine disorder at some point in the future. Therefore, new cryptocurrencies should do not have attention to this discourse.
Accepting the failure of the Byzantine algorithm through defragmentation of the overflowing block chain technology debris, Blockchain technology that oriented for tremendous speed transaction will be prepared, we have already reached the point where many technologies appear in a row, and the problem of what kind of blockchain technology to adopt or develop is no longer important. We dare to argue that no blockchain network that takes this as an important concern can guarantee success.
Now, shifting to the discourse, how to make an essence of money to the fair system, and must thought for the all mankind of the survival and prosperity. New games is starting, and the blockchain currency system await new discourse.
3.1. What is time?
Time(2) is a concept for recognizing changes in things. Attempting to understand about time has been the main concern of philosophers and scientists since ancient times. But about the meaning of time, so there are many different perspectives Indisputable It is difficult to come up with a clear definition. Also, whether time is for just an artificial unit for measuring events, or it is not known whether what kind of some quantity as have a physical meaning that exists independently of the event. However, the world changes because time exists. Scientists do more research to define time, and thermodynamics offers the possibility for that definition.
3.2. The second law of thermodynamics
There are many explanations for why time only flows linearly from the past to the future, but one of them is the second law of thermodynamics, the increase in entropy (degree of disorder). According to the second law of thermodynamics, an isolated system tends to progress in the direction of increasing entropy, eventually reaching an equilibrium state where entropy has a maximum value. According to the second law of thermodynamics, as the entropy increases, the energy distribution of spacetime changes, so that it does not return to its previous state, and the growing side automatically becomes the future where time passes. The direction of time that appears like this is called the arrow of thermodynamic time, and the direction of time that we experience is the same as that of thermodynamic time, so time does not flow backwards.
3.3. To humans, time is relative and absolute.
To Isaac Newton, time was an entity that always flows uniformly, not changing anytime, anywhere along with space. In his book the Principia, he says: “The mathematical and truthful absolute time flows by itself, irrespective of anything outside.” Newtonian time, which exists independently of the existence or change of things, is in achieve opposition to the Leibnizian view of time that time occurs as a which is the result of the order in which things are created. Of course, Einstein’s theory of relativity proves that time is relative depending on the gravity, but that relativity cannot deny absoluteness in human recognition. Therefore, time in human of recognition is always absolute. There are 24 hours on everyday for all humans. All economic activity can be summed up as the act of trading other people’s time to fill in my shortfall time.
Time is equally given to everyone. Time is objective for everyone and is a fundamental element of physics that cannot be physically increased or decreased. All the advances in physics are based on time, and understanding the nature of time can lead to the belief that time can be converted into an asset.
“Time is money. Time is gold. Time is precious”
To humans, could there be anything fairer than time? Color, age, property, gender, race… all are different, but everyone has the same time period. It can’t be denied that everyone has the same 24 hours per day. Time is the most precious thing to human beings. How much effort did China’s Emperor Qin make to increase his time?
“Time is the most precious. More than gold, more than money”
What if a human could turn his time into an asset? Is there a way to convert time into money? In the process where bitcoin is believed to be of value from humanity, because the method of mining bitcoin adopts a method similar to the act of mining gold by humans, bitcoin was able to give participants faith in the valuable assets obtained from mining. If time could be mined, humanity would have faith in converting time into asset. Everyone has time, but they’ve never defined the means and method to record it.
To propose an ideal model for mining human time, first you have to ask the question of whether it is possible. Time is physical and can be measured by thinking, but it always passes in the form of past, present, and future.
As a way to record the past, we must see history. To record the past, No, exactly the means humans made to record the past were a recording medium for recording languages, letters, and letters. Advances in printing made it possible to record human time. However, it’s accurately was to record human time, not individual time.
If the means of recording human time was printing technique, what would be the way to record personal time? How to record that time should be fair, value should be reasonably reflected as an economic means.
5.1. Decentralized Seigniorage
The system we present records time, and ‘Distributed Seigniorage’ used as a currency. Seigniorage is the monarch integrates into one social system, it’s for have the right to issue money for control this. As the current state has seigniorage, for numerous powers to Challenge it have begun to emerge. This was a seigniorage created by a network made with cryptocurrencies such as Ethereum, starting with Bitcoin. More specifically, it is a special seigniorage that is given only to those who discover distributed ledgers. It records transaction history with sending, then shares them to be distributed, but seigniorage is not.
Seigniorage(3) without privileges clearly distinguished from this is called ‘Distributed Seigniorage’. The principal agent of human time is an individual human being, and has 24 hours every day. All human beings are the masters of time and become subjects who have authority of Seigniorage. Yes. We are all lords in our world.
5.2. Produce the TIME with ‘Distributed Seigniorage’
All human beings become one object and produce 24 hours. It produces 24 hours since you become a witness of TimeStope, and produces 24h * 365 = 8,760 hours per year. It is not produced by the network, but by individuals, and individual have authority over it.
5.3. Distribution for ‘Distributed Seigniorage’
40% of the time produced by an individual is distributed to the inviter who invited to the monetary system to express their gratitude, and the remaining 60% is obtained. This is a very important factor.
The most important thing in the monetary system is credit. It can be concluded that credit is a social belief and believes in the monetary value of the monetary system. For this, it is a prerequisite for many people to participate, and the inviter’s time increases in proportion to the quantity of the invitation.
5.4. Absolute value analysis for the 1 hour
<Figure 1> Global GDP average for 2019
The World Bank’s (4)global GDP average for 2019 is $11,428. Divided this by 8,760 hours (1 year), we reach the value of 1.3 USD. However, since that amount is actually a Whole-human average indicator index generated by human production activities, Accurately it is said that a person corresponding to the average value produces 1.3 dollars per hour even when sleeping.
<Figure 2> Number of billionaires in 2017
According to an article from the Oxfam Report(5) January 2018, 82% of the world’s asset produced in 2017 was owned by the top 1% rich, and their assets grow by 13% annually.
This was announced at the Davos Forum in 2018 and gave many surprises around the world. Based on this, it is not too long until the 1% the rich will own 99% assets, the 1:99 rule is now more and more strongly supported. (At 2034 AD, 1% of the rich will own more than 99% of the assets that the world produces in one year).
In addition, with the advancement of science and technology, the rapid development of AI, robotics, 5G, big data, and various financial technologies will bring a lot of changes to 99% of jobs and labor perspectives. At present, the bottom 50% of humanity in the world has zero output in dollar-denominated GDP, and the point when the remaining top 49% will reach zero will certainly happen at some point in the future. Through this basic data, if calculated without including the assets of top 1% rich person, the fundamental value of 1 hour will be reached.
If we calculate the actual value, we reach the value of $0.0131313… ($1.3/99). It is estimated from this calculation that the intrinsic value of humanity for one hour will converge to 1.3¢ when universal humanity comprehensively considers all the results of labor, capital, mind, and rest.
5.5. A specific suggest of how to asset time
1 The unit of the TIME currency is τ, which corresponds to the Greek letter T, and 1τ (Time [Tau]) = 1 hour.
2 The daily output that an individual produces for a day is 24τ, and 9.6τ (24τ * 40%) is distributed to the inviter, and 14.4τ (24τ * 60%) is obtained.
3 τ has 6 decimal places, and 0.000001τ = 1ε (entropy).
4 The basis of TimeStope is to be a witness. Only those who have been invited by the witness can create the TIME through TimeStope, and 9.6τ is distributed to the inviter every day.
5 When the mining period expires, you must witness for someone other than the inviter who invited you and the person you invited, and the attendance score will be reset. This is a way to consistently provide fair opportunities to new participants.
An American car sales king, Joe Girard(6), came up with the Law of 250 people. He discovered this law in the fact that the number of people showed up for a person’s meetings such as wedding is approximately 250. In other words, the number one person affects another is 250 people. By using the law of 250 people that anyone can reach, all human beings become rich.
1 The daily output produced by one person is 24τ.
2 If one person invites 250 people, the daily output is 2,400τ (250 * 40% * 24h).
3 The total output produced in one year is 876,000τ (2,400τ * 365).
4 Estimated dollar amount produced in one year 876,000τ * 0.013131… (1.3¢/99)(7) = $11,503
5 Inviting 250 people, it is close to the average global GDP of $11,435.
If anyone applies the Joe Girard’s Law of 250 people, he/she can invite 250 people to the new economic system TimeStope.
However, to apply the economic model that we argue to be applied to the theoretical and actual economic model, the exchange must actually be made, and we have a question of whether this is possible. In fact, the question arises as to whether the value of an hour can be exchanged for a value of 1.3¢.
How was Bitcoin valued in the first place? To myriad organizations and individuals
As an alternative payment method for countless organizations and individuals who need anonymity, Starting with a trial payment at first, over time, as the scale grew, and gained credit as a means of payment to people. In other words, it was adopted by human needs.
However, an alternative means to pay with anonymity already exists, and a system called the TIME based on time, which is a system different from Ethereum, which is used by the needs of organizations that want to create tokens with smart contracts like Bitcoin, I would like to suggest enough possibilities for the question of whether it can succeed.
1 According to a topic listed in the World Bank(8), despite the rapidly growing number of financial account owners, it is estimated that 1.7 billion adults (31% of adults) of the world’s population do not have a basic trading account.
If time is used as the most common means of payment to replace many people’s bank accounts, credit can be obtained. To this end, the new monetary system must be thoroughly decentralized and fair.
2 Giants of the Internet world – Google and Facebook, their growth can be profitable through search-based advertising. With the rapid growth of the untact business in a global crisis caused by the corona pandemic, all industrial systems are rapidly reorganizing to online. As the non-contact economy develops dramatically in all fields of society, the sales generated through platform business increased rapidly than before the corona virus.
The new model we propose is to build another platform above the platform. The platform above the platform does not make a giant, but it can be compared to a dwarf standing upon the giant’s shoulder. Cash assets created through the platform above the platform will be used as basic assets that can be exchanged for time. This is a very realistic proposal.
a universal payment method for humans is needed, and for this purpose, a payment method that uses time as an asset is applied as the main payment method of the Untact economy. If an integrated platform is created to enable universal use of the payment method, TimeStope’s Success or amazing spread is possible.
To this end, time that all humans can understand most easily should be marked as an asset and recorded in a reasonable way. The stored assets must be transferable, and the transferable assets must reach a realistic transfer speed. To materialize this goal, we will set up TimeStope Corporation. TimeStope’s public discourse is not in the form of a foundation, but build in the form of a company, and all asset management should be transparently audited. Shareholders of TimeStope Corporation must maximize their profits with their investment shares or dividends. However, in order to establish legal review and stability of the company’s form, it will be launched as a virtual company that does not have a specific form, the establishment of the company intends to start completely with the composition of shareholders completed and legal stability secured.
In addition, it is divided into a node, a program that manages time, and a TimeStope platform (or called a third-party program) to guarantee the value of the TIME among the TimeStope’s services.
The TimeStope platform aims to reward users for their searches. For example, if a user using Google searches for the keyword “cheap flights”, Google will display information related to travel advertisements on the user’s terminal device. This is both information and advertising. When clicking on the advertisement, the advertiser’s deposit will be withdraw, and Google taken to that amount. We search, and in return for that search, Google advertises.
This is how all platforms such as Facebook, Twitter, and TikTok generate sales in the same way. However, advertisements related to certain interests, not keywords, are exposed to us. We are not compensated for any benefit for this advertisement.
When clicking, the advertising cost incurred is also shared in the medium in which that advertisement is displayed. We are not aiming for an adversarial relationship with the existing platform.
Google released the source code for an internet browser called Chromium. We deeply appreciate Google’s contribution to humanity, so that anyone can develop it. We will realize multiplatform search through the search engine.
You just need to expose ads that appear on Google, Facebook, etc. TimeStope Corporation exposes the advertisement and distributes the revenue earned from the advertisement as the TIME to those who participate in the TIME economy system. Of course, Google and Facebook pay TimeStope Corporation with cash assets such as dollars. Part of the revenue goes to the person who clicks the ad, and the remainder is used as a means to maintain the value of the TIME. A part of the remainder is again distributed to TimeStope’s shareholders. This idea has been patented(9) to prevent theft.