If you’ve ever wondered how digital currency can ever really hope to achieve its promise of providing real financial empowerment to the people of the world through true democratization of money, you’re not alone. Most crypto-skeptics and even some enthusiasts have long wondered how decentralized currencies can ever manage to meet that goal. In a recent interview with CEOCFO Magazine published on Monday, DNotes Founder Alan Yong offers his take on the problems confronting Bitcoin and most other digital currencies, as well as his ideas about how DNotes can meet those challenges.
The interview provides an insightful look at the current state of digital currency, and deals with some hard truths that often go unaddressed by the cryptocurrency community at large. Mr. Yong notes that neither Bitcoin nor any of its rivals currently have what he refers to as “intrinsic value.” Instead, he suggests that much of their perceived value is based almost entirely on speculation. With just one question, he clearly identifies the real challenge facing all cryptocurrencies: “how do you get to a point where your currency has any kind of intrinsic value?”
It's clear from the interview that Mr. Yong has given that question a great deal of thought, and considers the answer to be of paramount importance for any digital currency that truly wants to change the world. It’s equally clear that he is committed to helping bring that change, as he discusses the potential benefit for the world’s citizens:
“The truly exciting thing is that the ability for people to engage in asset transactions without going through third-party middlemen or central authorities can literally transform life in many parts of the world. There are some 2.2 billion people who are currently unserved or underserved by financial institutions. Digital currency systems can give them greater access to financial empowerment – and all they need is a simple device and an Internet connection.”
Having identified digital currency' current challenges and the global problems that need to be solved, Yong spends much of the remainder of the interview addressing the DNotes solution. As he describes it, that solution involves a long-term strategy that provides effective leadership to advance DNotes’ interests as a viable currency, protect its stakeholders, and develop its intrinsic value.
Of course, there’s much more to that strategy, but there’s no better person to convey that message than Alan Yong himself. Fortunately, the entire interview is now available online, and you can read it at http://www.ceocfointerviews.com/interviews/DNotesGlobal17.htm.