Tag Archives: future

Digital currency

In five to ten years a crisp, mint condition 50 or 100 dollar bill from the ‘late 1900’s’ will be a collector’s item. No one will be paying for anything with paper bills or coins. No one. It’s not just that we will be using credit cards and bank cards instead of cash, there won’t be any form of money that won’t be digital.

The Canadian and American dollar, and currencies from all over the world, will be digital cryptocurrencies. They won’t be like Bitcoin where every account address is public. When you pay, no one will be able to look into your account, but the money will be verified as real at the point of transaction. You will be able to instantly change currencies from one country’s currency to another, without a bank. You will also be able switch to another cryptocurrency or Visa, or MasterCard, or some form of smart contract IOU, that is staked against something you own (at a pre-determined interest rate).

Paper money will be nothing more than collectables like Magic the Gathering or Pokémon cards that are no longer printed.

It might seem crazy to think this will happen as soon as 5 years from now, but North America won’t be first. There are countries with incredible inflation that need to print larger and larger bills, making smaller bills useless. In countries like this, the cost of printing the money is hardly worth the effort. Imagine having to carry around seven to ten $50,000 bills to buy a loaf of bread! These economies will move to digital first.

But then the transition will grow exponentially. Within 10 years every nation will have a digital currency and paper money will be a thing of the past. Have any mint condition bills and coins? Keep them, they will be worth a lot more than face value for your grandchildren.

Different worlds

We all live on the same planet, but we live in vastly different worlds.

Imagine living in India right now, and being in an over-crowded hospital, hoping to get help for a severe case of Covid-19. With cases peaking at over 350,000 cases in one day, just two days ago, India will surpass Canada’s total cases since the pandemic started in just 3 days. The scale is unimaginable to compare, and so is the life lived by many of the citizens in these two countries.

And then there is Bill Gates: “Bill Gates says no to sharing vaccine formulas with global poor to end pandemic“. He lives in a completely different world where he can make ‘$7.5 Billion During The Pandemic‘ and use quality control as an excuse to withhold lifesaving vaccines from the neediest people.

We share the same planet, we do not live in each other’s worlds. At some point these inequalities will need to change. If they don’t, this shared world of ours won’t be worth sharing much longer.

Two decades

I’m current listening to a book set in the late 1800’s. The protagonist is a 17 year older girl in a poor neighbourhood in London. Life was tough, dirty, and inconvenient. It made me think of how much things have change since then.

After pondering this for a while I got to thinking about a time much closer to now, 2001. Just two decades ago, back when I had a computer in the back of my classroom, but the tracker ball was missing from the mouse. iTunes began, but no one was using it until the iPod came out later in the year. 2001 was three years before Facebook; Four years before YouTube; 5 years before Twitter; Six years before the iPhone. Paper maps were still the most convenient way to find your way around when driving, and my wife and I shared a cell phone.

This all seems prehistoric now. With changes that have major impacts on our lives happening so quickly, just imagine how different our lives could be two decades from now!

Power to the artist

I shared some background on NFT’s – Non Fungible Tokens – in a recent post, ‘Digital, collectable assets‘. Since then I’ve thought about them a bit more. One of the things I think is most exciting about these tokens is how they are being used by artists not just to share and profit from their digital art and music, but also how they are providing opportunities for fans to share experiences with them.

See this article: AS 3LAU MAKES $11.6M FROM NFT SALES, HIS MANAGEMENT COMPANY EYES MORE AUCTIONS FOR MORE ARTISTS

“The top NFT sold during this particular auction, which included an opportunity for the buyer to record a song with Blau, fetched $3.6m…

“At a time when artist income has been severely impacted due to the loss of touring income and other factors during the COVID-19 pandemic, NFT auctions offer an exciting opportunity to monetize new aspects of creative output and Justin [Blau] demonstrated that in a historic way this past weekend.”

But probably the most exciting thing about the sale of NFT’s is that there is a digital trail of the sale of these, and many platforms that share them give 10% of the resale value to the artist. First, if a piece of digital art sells for $1,000, the artist will get almost $850 (far more than they would normally get if they sold art in a gallery). But then here is the really exciting thing, let’s say the NFT that originally sold for $1,000 then re-sells for $5,000. The artist gets 10% of that follow up sale, or $500. This is amazing! Often, art collectors make 100% of the resale value, but now artist can share in the success of their works being resold.

These two things: selling experiences as part of the sale of a digital item, and artist profiting from the resale of their work, are empowering artists in ways that were not available to them before. We could see artists that used to struggle creating niches that allow them to move from ‘starving artist’ to career artists that make a decent living sharing their art and passion for creativity. And in doing so, artist rather than producers, agents, and galleries, will see more revenue from the works they create. This could be a new renaissance period for artists.

Thoughts from Aldous Huxley, 1962

This past Christmas holiday I listened to the audio versions of George Orwell’s 1984 and then Aldous Huxley’s Brave New World back to back. The contrast is best described in a comic by Stuart McMillen, based on Neil Postman’s ‘Amusing Ourselves to Death’, shared below.

But before reading the comic take a look at this video interview of Aldous Huxley in 1962, Love Your Servitude:

Both Orwell’s and Huxley’s dystopian worlds are scary, but Huxley’s is a little more chilling in how it connects to the world we live in today.

Cruise ships and education

It’s going to be a long time before cruise ships are going to reintegrated into people’s holiday schedules. Covid-19 has probably hit their market as hard as any other market. I actually had my first cruise planned through the Mediterranean last summer, but with that cancelled and refunded, I have no plans to ‘do’ a cruse any time soon.

The pandemic has also massively disrupted schools… but I fear that things will be business as usual soon, and kids will be ‘doing’ school just like they used to.

What was learned from remote learning and altered schedules?

What skills became more important?

What skills and competencies should we focus on?

What can students do at school besides going to block after block of classes?

I hope that we don’t just jump back into the way things used to be. Just as many will be cautious about getting on a cruise ship any time soon, we should also be cautious about heading back to school like it was in 2019.

Rewind

A year ago we were heading towards the March break and, at the end of February, had no idea that we would return from the break doing remote learning. I was recovering from breaking my kneecap, and not mentioning Covid-19 or physical distancing yet here on my Daily-Ink. That changed in March.

What a year it has been! Part of me wants to call it a rollercoaster ride, part of me wants to call it a long straight drive on a deserted road through the prairies. No matter how you look at this past year, it is nothing any of us expected a year ago.

Rewind to the end of February 2011, I was a principal in China, and found out I’d be coming back to BC to be vice principal of the adult learning centre. This would lead me to my current position both with Coquitlam Open Learning and co-founding Inquiry Hub.

Rewind to February 2001 and my wife and I had a 1 year old who completely changed our lives. February 2002 our second was born.

Rewind to 1991 and I had not graduated on time from university and went to a different university to finish my degree, choosing this school so that I could play varsity water polo. This brought me back home and I ended up lifeguarding and coaching at a high school. I wouldn’t be a teacher today if I hadn’t made this move and got experience working with and coaching students.

How will I look at February 2021 a decade from now? Will it be a blur in the covid years, or will it be stepping out into a post-covid frontier? Maybe that’s going to be February 2022… I think we will have to keep driving the long prairie road for a while, and look forward to slow and gradual changes in the coming year.

Digital, collectible assets

Bitcoin and other cryptocurrencies are assets that have value because they have a finite number in existence, and people see value in them. Like money Bitcoins are fungible meaning just like a $20 bill can be replaced with any other $20, a Bitcoin (or 1/20th or 1/50th of a Bitcoin) can be swapped out with another Bitcoin (or portion there of). Some people say Bitcoin will continue to rise in value, and become the gold standard of currencies, because unlike other paper/non-digital currencies where more bills can be printed by governments, Bitcoin has a finite number of coins that, while equal in value to each other, can not be duplicated or added to.

There are other kinds of digital assets that we will start to see emerge, and these are Non Fungible Tokens (NFT’s).

A NFT (non-fungible token) is a special cryptographically-generated token that uses blockchain technology to link with a unique digital asset that cannot be replicated. 

Non-fungible tokens differ from popular cryptocurrencies such as Ether (ETH), Bitcoin (BTC) and Monero (XMR), which are fungible; for example, you can exchange one Bitcoin for any other Bitcoin. ~ CoinMarketCap.com

One of the first popular examples of this was a craze over CryptoKitties. One-of-a-kind digital cartoon cats, that can be bred to create more new individual CryptoKitties, but no individual CryptoKitties could be duplicated. This one key thing is what makes them non-fungible, they are unique and not interchangeable. Essentially they are like an original piece of art. I can find a replication of the Mona Lisa, but there is only one original. NFT’s are each originals, and even though they are digital, they are unique and more originals can not be made… they have a specific fingerprint in a blockchain that can prove they are the original.

While CryptoKitties were a silly craze in 2017, they were also an excellent proof of concept that essentially showed that digital collectables can have and hold value, if you can prove that they are unique. NFT’s allow artists to create art that holds a digital signature to say, ‘this one is an original’. Besides art, this will be useful in:

• Gaming – imagine being able to trade a unique tool or weapon outside of an online game, without any chance that this rare object can be duplicated.

• Concert tickets – counterfeit tickets are made and sold, ripping off potential customers, but if a concert ticket is an NFT, it’s easy to confirm it is the original that you are buying.

• Identification – from credentialing to medical information, you can be in control of your own data and take it with you.

Unique digital assets are something that will have many valuable use cases and we will see them rise in popularity. And while some people will laugh and scoff at the idea of CryptoKitties of any kind holding any real value, non fungible Tokens and digital assists are something that will both hold value, and grow significantly in real use cases in the very near future.

A reset is coming

I’m not a futurist. But I see the writing on the wall:

  • Bernie Sanders and Andrew Yang put the idea of a Universal Basic Income (UBI) out in a way that has made it a serious consideration.
  • Bitcoin has gone past 50k and Tesla is leading the way in using Bitcoin the same way investors hold gold.
  • It’s clear that taxes are broken and corporations and billionaires are not taxed fairly, but there are too many loopholes to fix this any time soon.

In a short period of time we aren’t going to look at money the same way. We won’t look at the work week the same way. I don’t know what this will look like, but it will be very different… and this will happen sooner than you think.

Web advertising vs micropayments

Right now, if you do a Google search for a product like an iPhone, above the link to Apple.com you will see ads to purchase a phone. Those ads are how Google makes its money.

Meanwhile, if the search you are doing isn’t a product, but an idea or concept, then those ads aren’t always about selling something, but rather about sharing content… and that content is usually surrounded by advertising. That’s how a website gets you to look at ads on their page, how they get advertisers to pay them for views and clicks on their pages. This race for your attention is not free, and what you see on the internet, at the top of searches, and on websites next to, above and below, the content you want to see is the price we all pay… the price of our attention.

I think that there is going to be a social media platform that will show up in the next few years that is going to figure out micropayments as a means to share ad-free content. Want to see a news article with no ads? Pay 1/10th of a cent. Find a great article you really enjoyed? Give them a hand clap or two (applause of some sort), each worth 1/10th of a cent. If you really like it, you can share 10 X of your applause… or a whole penny. Enjoying some art shared or creative writing? You decide how much applause to give.

You’ll have people not paying much, but others will be generous. And along with this will come a culture of disliking sites that embed advertising. We will see a lot more ad-free content. News sites might insist on a micropayment. The challenge is how to get people to ‘buy in’ to paying rather than seeing ads. I think this will happen with a social media platform that does 2 things:

1. Charges about $10 to join.

2. Gives you 9,500 ‘points’ to give away. (10,000 times 1/10 of a cent minus a 50 cent or 500 point fee.)

Basically, you will be given the points to give away through applause for websites you like. Because these points will be called something fun besides 1/10th of a cent, and because you get so many of them, you’ll think nothing of sharing a few of them on content you like. When you run low on them, you can purchase another $5, $10, or $20 more, but with a decreasing commission:

$5 gets you 4,250 points

$10 gets you 9,500 points

$20 gets you 19,700 points

The sweet spot will be $10, which isn’t a lot of money if the points last the typical person more than a month.

Some people will use their points miserly, others will spend over $20 a month. Overall, an economy of paying, or rather ‘applauding’ content that is shred ad-free will become something people are happy to do.

It will be interesting to see how micropayments will influence the content that is shared. Will we see sites begging for applause? Viral videos earning more money than advertising could ever get them? Sites donating their applause to charity? There are many ways this format could go, but I think one thing you will see is a genuine hate for websites that share ads embedded in content… and I’m looking forward to this!