Ethereum promise

Ethereum promise

Ethereum's initial success can be attributed to a few elements. Ethereum is programable, meaning apps can run on the Ethereum blockchain. This is what let to Ethereum being used in:

  • Decentralised Finance, or DeFi, meaning that apps like investments, insurance etc can be run without a central authority.
  • NFTs, tokens to prove the authenticity and ownership of an object (digital or physical)
  • The consensus in the network through proof of stake. New coins are created by putting guaranteeing your existing money. This incentives people to be good actors and decreases the money supply, increasing its price.
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Crypto

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RELATED IDEAS

A world computer & a settlement layer

Ethereum is a “world computer”: It lets people build apps & products with money baked into the code. If you believe that web3 is going to continue to grow, then you likely believe that over time,

Ethereum will become the “settlement layer” of the internet: All sorts of transactions (whether on-chain or even Visa) will turn to Ethereum to exchange funds and keep secure, immutable records.

Owning ETH is like owning shares on the internet. Demand for ETH will go up with increased web3 adoption, while upcoming changes will decrease the supply of ETH and let more value accrue to holders.

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IDEAS

Fiat money

Fiat money is a government-issued currency that is not backed by a commodity such as gold. Most paper notes started as being backed by a reserve of valuable commodities, usually gold (the "Gold Standard"). Tying a currency to gold limits inflation and money supply.

But politicians hate the gold standard, so since Nixon's presidency, the US dollar was no longer tied to gold and money had value just because the government says so.

  • Add both digital rupee and crypto protocol support to IndiaStack. It's not blockchain or cryptocurrency, it's both/and. Call this fusion Crypto IndiaStack, and use it to give access to both domestic payments and international crypto protocols on every phone.
  • A Crypto IndiaStack would help Indians domestically by giving them access to crypto capital. Adding crypto to IndiaStack helps India domestically by enabling new forms of debt and equity financing for every Indian, by connecting them to global pools of crypto capital. It helps close the $250B+ MSME financing gap , it gives startups access to a burgeoning financial internet, and it allows fast payments for remote workers and remittance recipients.
  • A Crypto IndiaStack enhances India’s prestige abroad, as the software stack for a multipolar world. India should champion national stacks and decentralized crypto protocols as a way to (a) allow countries to gracefully reduce their dependence on both American and Chinese tech companies, (b) earn hard currency for the Indian state and Indian citizens, and (c) develop India's reputation as a peacemaker, a neutral third party, a software superpower, and a global facilitator.

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