Citation after citation later, conference after conference later, journal after journal later, we've built a corpus of scientific knowledge that has allowed us to understand how to build systems that can scale not just to millions, but to billions of users. We built research labs around the world, hiring dozens of PhDs and we have since written more than a hundred papers, many of which have been tested through the wonderful crucible of academic peer review. We started Input Output based on first principles. Just like the internet, the things that process our payments, establish our contractual relationships, hoist up our identity, prove our property ownership, and permit the gears of commerce to work, can be done through the very same decentralized technology that has enabled innovations such as Bitcoin, Ethereum, and Cardano. As a consequence, we have the potential to create a better way of governing. This is the 21st century, a century with the iPhone, a century with the internet and the World Wide Web, a century where information can move almost instantaneously. The problem is that the legacy systems we have are fundamentally incompatible with total globalization, without admitting total centralization behind one standard, such as the American way or the Chinese way. Some countries enjoy financial infrastructure that is superior to other systems. The reason for these high fees is not avarice, or racism, or some evil in the global order. When a person wants to borrow money, if it's even possible, micro-finance transactions can have interest rates as high as 85%, according to the World Bank. Remittance transactions carry a fee amounting to between 8% and 15% of the value of the transfer. It's difficult for people to receive money and send money. It's difficult to prove claims, whether you're producing something with fair trade or in a sustainable way.
We take this for granted and, for the most part, it's part of our daily lives.īut when you live in the developing world, things are very different. For example, if someone does a service for you, you can send them something in seconds using a banking app or a mobile payment service such as Venmo. It's easy for us to borrow money, get insurance, and to process payments. It's easy for us to prove our credit worthiness and get credentials. The fact is that it's easy for us to have an identity, passports, driving licenses. For most people like me in the developed world, there are many things we take for granted. The reality is that people live in two different configurations one for developed countries and one for the developing. I started Input Output in February of 2015 with a dream – to deliver economic identity to the billions of people around the world who do not have any control over their own lives. Here’s how we introduced this very special event Yesterday, in the #CardanoAfrica show, we laid out our bold vision for the continent – and how we’re delivering on it.
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