Bitcoin is not limited to being a store of value, but is the basis for creating protocols capable of “replicating the structure of today’s society, but in a programmed way and running on decentralized and transparent networks”. So said Diego Gutiérrez Zaldívar, CEO of IOVLabs, and founder of RSK, during his participation in the bitcoiner event LaBitConf 2021, held in El Salvador.
Gutiérrez explained that the development of Bitcoin is comparable to that shown by the “Internet of information”, which started from communication between two computers, then email, websites and finally social networks. Bitcoin would be “the base layer of the “Internet of value”, on which layers such as economic coordination, like RSK or Ethereum
, are growing.
as “an open system of value transfer and hoarding in which any human being on the planet can participate”. However, Gutierrez argues that Bitcoin can be both a currency, a payment system, a better store of value than gold, and a distributed network where one can participate without permission.
founder, who argued that today there are protocols that make it possible to “create objects that have their own life and their own economic management.”
As an example, he said that an autonomous vehicle, such as those that already exist, could be acquired by a community organized in a DAO (Decentralized Autonomous Organization) and converted into a taxi. This taxi can have an associated wallet to receive payments for service and can be programmed through a smart contract
for self-management of operating expenses and distribution of profits, “This is already possible. All that is missing is trust,” he said, referring to the potential clients of a service with these characteristics.
Gutiérrez affirms that, in this same way, community monetary emission systems could be created, with currencies specific to a community, sector or guild. “With these technologies (communities) can begin to regain control of the money.
Diego Gutiérrez highlighted the benefits of technologies such as smart contracts, which make it possible to “create objects that have a life of their own and their own economic management”. Source: YouTube
Bitcoin reduces violence
Other advantages that the speaker considers essential in technologies such as Bitcoin, is the possibility of establishing bonds of trust and providing transparency in agreements. These values generate social scalability and remove much of the violence that exists in society.
“We can come to establish relationships of trust, agreements, social contracts, that allow us to demonstrate our adherence to certain principles, certain values, on a scale that was never before possible. We can come to have social contracts and agreements between thousands of people.”
Diego Gutiérrez, CEO of IOVLabs
Finally, he developed the topic of the creation of “reputational identities”, that is, a traceable record of an individual’s economic trajectory and social contributions, among other data that will allow him to access better markets, or to negotiate with people who do not know him. Diego Gutiérrez believes that this could be the “key” for half of the population that has been excluded from the financial system to gain access to them. “This combined with the adoption of smartphones gives us the opportunity to create an inclusive and open financial system for everyone on our planet,” he concluded.