Personalized Economic Systems: Platforms and Features
There could be a new world of ‘let a million economies bloom’ (in an esprit of self-blossoming not socialism). As every individual might have their own social media platform with a channels like a blog, Twitter feed, YouTube channel, and Instagram stream, so too as individuals we might have our own personalized economic platform, with our own personal currency and economic system. A common set of feature functionality could coalesce in these programmable economic systems. The core feature set could include token issuance, exchange, and conversion mechanisms; transaction validation, confirmation, and tracking; identity and reputation management systems; bounty, reward, and appreciation systems; consensus protocol; node on-boarding/off-boarding; and basic income systems mechanism including with redistribution (demurrage) parameters.
How these features are implemented in different individual and group economies could be via a combination of pre-specification and emergence (including via community prediction market voting) through the ongoing operation of the economy. Some emerging platforms for personalized economic systems for individuals and communities include datt.co (a decentralized reddit for any user-content created community), Ethereum CIRCLES (personal economic coinplatforms for creating user-specified self-determined economies), HyLo (social network based on intentionality of asset-mapping, intent-casting, and crowd-resourcing), and those integrating direct democracy with economic empowerment like D-CENT, LiquidFeedback, and Citizen Code.
Qualitative Economics: Registering Values as Smart Assets
Blockchains are not essential but are the obvious and contemporary information technology to include to facilitate personal economic systems and enable new kinds of functionality. For example, qualitative parameters such as group values and group needs could be registered as blockchain-based smart assets to which community coin is booked, spent, or voted to indicate the level to which the group values and needs are being met. This could be an integrated and minimally-obtrusive feedback mechanism for awareness of how community values are evolving, and the extent to which they are being embodied. There could be multiple community tokens: quantitative coin for the usual basic exchange, and qualitative coin for tracking ideas, inspiration, and other values, benefits, or needs of the community registered as smart assets. Overall this is what is meant by ‘the new economic theory’ as being a means of acknowledging and attributing value in a relevant context like an individual, group, or community.