As regulators begin declaring crypto-tokens securities, they should consider that blockchains may represent an entirely new paradigm for building public goods. davidzmorris reports
In a perfect world, keeping public financial infrastructure out of the hands of the government wouldn’t be particularly desirable. In principle , the government is an extension of citizens’ collective power and serves the interest of those citizens. But that is no longer how many Americans regard their own government, and for good reason.
During the privatization debate, Democrat Daniel Inouye, then a U.S. senator from Hawaii, proposed reserving 20% of internet backbone bandwidth as a strictly public facility. The provision never got traction in the context of the long Reagan Revolution and rising anti-government sentiment. Their elimination when it comes to broadband internet amounted to a massive corporate giveaway. It has led more or less directly tothan citizens of nearly any other developed country for high-speed internet access, while getting worse service. Most damningly, it has led to the underprovision of high-speed internet to low-income and rural Americans – in much the same way that private banking has failed to serve low-income customers.
But how to identify those cons early enough to protect less-savvy backers, while also enabling the good parts of decentralized funding, is a Gordian knot that we’ll have to untie another day.Another apparent limit to decentralized funding of public goods, at least so far, is the case of basic research. This is clear in the development of the computer science behind blockchains, which itself emerged substantially from traditional publicly funded universities.
This is more tilted toward real-world applications than basic research, but there is still a lot of crypto-derived funding for work that’s a long way from being business ready. One example is, which could profoundly revolutionize online privacy and data, but only once a lot of new tools are built to take advantage of it.
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