CT: What do you have in mind for the future of DNotes and your other crypto initiatives?
AY: It is estimated that by the year 2020, over five billion smart phones will be in use, and there are 2.5 billion people worldwide today commonly referred to as the unbanked, for not having a bank account or serviced by a bank. I am absolutely convinced that a stable digital currency — with reliable long-term appreciation, in partnership with international charity organizations and the United Nations — will soon have a viable option within our reach.
“DNotes will be known as the currency with a purpose.”
With two simple cell phones, or computers with an Internet connection, one can be set up to send and receive funds and conduct global commerce, thereby solving the problems of the unbanked. This alone has been my inspiration to work long and hard to position DNotes as a large-scale global digital currency that can take full advantage all the superior features of digital currency and blockchain technology.
A lot of things in this interview with Alan Yong showed much more than lip-service to being socially responsible. And I'm seeing the attitude of respect and helpfulness on this thread, so feel certain that people welcomed in by the CryptoMoms community will feel just as welcome on here.
But what really had an impact on me, and has had me thinking about solutions all night, was Alan's insightful comments about the role that DNotes can play in providing developing nations with a level economic playing field. I live in Cambodia, which has a very strong rural population and is home to many of the worlds unbanked.
https://www.cambodiadaily.com/archives/world-bank-report-says-few-cambodians-using-bank-accounts-46844/The official currency in Cambodia is called the Riel and 4,000 of them buys a US Dollar. Possibly because the US Dollar is used along side the Riel it has remained relatively stable. But like many developing nations, this stability is not the same as confidence.
I understand people in developed nations showing concern about the security of new and innovative investments like cryptocurrencies. They're considering swapping something of apparent certainty, with something still being tested by time. But the story is different for locals in developing nations, dependant on a currency that could be suddenly devalued by a bad decision at a level of government far beyond their control. I imagine for them, cryptocurrencies might look more reliable than their current options.
But again, unlike people in developed nations who can risk what they can afford to lose, the people in developing nations who've been left behind by their country's financial systems have nothing spare to lose. This is why I have a new found hope in Alan Yong's perspective. It isn't about how much DNotes might be worth in the short term, it is about setting a realistic floor to the value of the currency by linking it to DNotes Global Inc. For these people, not losing everything, and having something secure to trade is of much more value, than an opportunity to make quick cash on a short-term investment.
There is so much more to think about that won't fit into this comment. But I'm hopeful that the reduced technical hurdles and electricity costs of Proof of Stake will also open the doors to those with the least to lose.