iEthereum Value Proposition #6

Shaping the Future with Open Books and Transparent Monies

Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.


iEthereum is a form of money. I believe it is safe to say that. Whether regulatory jurisdictions fight over whether it is a commodity, utility, security or currency is a different story. They are all a form of money.

Regardless of future jurisdictional outcome, we need transparency in money.

Lets not confuse privacy with transparency.

I believe we need privacy at the individual and business level of money accounting. This is the down side of many blockchains. Is it a good idea that if you pay for a bicycle on craigslist with BTC; that the seller not only has the BTC that you paid but can also see on the public ledger that you have “x” amount of BTC remaining in that wallet? Not a fair system. Not a safe system.

This is a simpleton explanation. There are other ways to provide this privacy while still being transparent with blockchain technology. That is for another day, another article.

Being transparent at the monetary level holds those individuals/institutions entrusted with the responsibility of our money, our taxes to account. This is what proper blockchain technology could do.

At the time of this writing, we have zero idea what is going on at the Treasury or Federal Reserve Banking system or IRS or any other “entrusted” institutions. Most people do not even understand that these are not public institutions. These are private corporations with official names embroidered with gold gloss on their front doors. They do not have our interest at heart. In fact, I would argue its quite contrary.

For those that state this is a pessimistic outlook; I would say its rather opposite of such. I would say its rather optimistic to identify the key problem in which a real solution can be derived.

Do your taxes get spent where you want them to?

Where did the $2.3 trillion dollars go missing at the Pentagon the day before 9/11/2001 announced by Donald Rumsfeld?

The inflation we are facing today has direct correlation to the amount of money that is being printed everyday with no regard on how it affects our daily lives.

I’m not going to site any specific source with how much money is being printed everyday. There is no way to know. Specific numbers do not even matter anymore. It is not comprehendible. It is that substantial. We are at financial war! Why would we presume that the most powerful weapon in a financial war, ie printing press, sophisticated computer systems would not be used? If we need $10 billion dollars; why would we just not add a zero to the end and make that an even $100 billion? Or why not add two zeros to make it a trillion even?

Answer: We would and we do!

We are seeing this in real-time. Not on the “truthful” news, but at the grocery store and gas pump. A corrupt and unjust monetary system affects us and our day to day lives. Transparency needs to be at the core of a trustworthy system that we can buy into. Every dollar bill is backed by the “full faith and credit of the United States.” Transparency helps with the “full faith” aspect to this guarantee.

This is where blockchain attempts to solve this problem. There is not a one size fits all crypto, although there are attempts at this.

iEthereum is NOT going to replace the United States dollar or any other national currency. In my opinion it is not meant too. Perhaps it could be used as a distributed ledger technology to host/create numerous national currencies from its token factory in which each currency would be based on the same standard. That does make sense. However, at this time, I believe it would be more appropriately defined as more of a commodity or utility. Regardless, this still makes it a form of money.

Is it a medium of exchange? yes

Is it a unit of account? yes

Is it a store of value? yes

And can it be used as a standard of deferred payment? yes

And more philosophically aligned; is it transparent? yes

What is the benefit, advantage and the value proposition of this ERC20 digital asset iEthereum being transparent?

Transparency is a crucial aspect of ERC-20 digital assets and blockchain technology in general. The value proposition and advantages of transparency in iEthereum include:

  1. Trust and Credibility: Transparency builds trust among users and stakeholders. When the details of iEthereum transactions, including issuance, transfers, and holdings, are easily accessible and verifiable on the blockchain, it enhances the credibility of iEthereum and the total ecosystem.

  2. Verifiable Transaction History: Users can independently verify the entire transaction history of iEthereum by exploring the blockchain. This verifiability helps users confirm the legitimacy of iEthereum transactions, reducing the risk of fraud and manipulation.

  3. Openness and Accessibility: Transparent iEthereum tokens contribute to an open and accessible financial system. Anyone with internet access can inspect the iEthereum ledger to gain insights into the token's issuance, distribution, and movement.

  4. Accountability: Transparency fosters accountability among token issuers and other participants in the iEthereum ecosystem. Knowing that their actions are visible and can be audited encourages responsible behavior and compliance with agreed-upon rules and standards.

  5. Market Confidence: In the context of cryptocurrency exchanges, transparent ERC-20 tokens are often viewed more favorably by users and regulators. Exchanges that list iEthereum would be perceived as more trustworthy, contributing to overall market confidence.

  6. Regulatory Compliance: Transparency aids in regulatory compliance. By providing a clear and auditable record of transactions, iEthereum can demonstrate adherence to legal and regulatory requirements, which is crucial for broader acceptance and integration into traditional financial systems.

  7. Smart Contract Verification: ERC-20 tokens often utilize smart contracts to define their behavior. iEthereum transparency allows users to inspect and verify the code of this smart contract, ensuring that iEthereum operates according to its intended rules and functions.

  8. Community Engagement: Transparent communication about the development, governance, and decision-making processes of ERC-20 tokens fosters community engagement. Participants in the iEthereum ecosystem are more likely to actively contribute when they have access to information and understand how the project operates.

  9. Preventing Insider Manipulation: With a transparent blockchain/ledger, it becomes more challenging for insiders or malicious actors to manipulate the system for personal gain. The decentralized and open nature of iEthereum helps prevent fraudulent activities.

  10. Improved Market Efficiency: Transparency contributes to market efficiency by providing real-time information about the supply, demand, and pricing of iEthereum. This information allows for better-informed decision-making by market participants.

The transparency of iEthereum on the ledger enhances trust, accountability, and market confidence. It also facilitates regulatory compliance, encourages community engagement, and provides users with the information needed to make informed decisions in the decentralized financial ecosystem.

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Note: We are not the founders. iEthereum is a 2017 MIT Open Source Licensed Project. We are simply talking about this project that nobody else is while it is publicly listed on several coin indexes.

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