Vedant Sahu
Addressing global inequality can be achieved through rectifying the imperfections of traditional currency, as proposed by pioneering cryptographer David Chaum.
Chaum, renowned as the “father of online anonymity” in computer science, contends that traditional money’s susceptibility to inflation and devaluation has disproportionately adverse consequences, especially in developing countries.
In his perspective, the current state of money exacerbates worldwide inequality and polarization, posing significant threats to human civilization.
“Money is not the kind of thing you want to hold,” Chaum said in an exclusive interview with Cointelegraph during COP28 in Dubai. “This is what keeps the global poor poor.”
As an alternative to money, Chaum introduced a new project known as “Better than Money,” described as a “universal medium of exchange” enabling users to directly exchange value from their asset portfolios.
“It’s simply the idea that you can pay someone by transferring value from your portfolio of assets directly into their portfolio of assets,” Chaum elaborated.
According to the cryptographer’s vision, artificial intelligence (AI) will oversee the management of these portfolios, offering a more efficient approach to safeguarding individuals’ assets compared to traditional banks.