Concepts for money in the 21st century
WHAT IS PROJECT GENESIS?
Project Genesis is an open-source initiative to develop new technologies and concepts for cryptocurrencies. Our objective is to build upon the foundation that exists today to increase global adoption and build a decentralized financial system for the entire world.
CONCEPT ONE: LEDGER ANALYSIS
Ledger analysis is a method of scanning a public ledger and rewarding users for specific behavior, without the need to know their identity or their reasoning for conducting such activity. This is done by defining which behaviors are beneficial for the network, creating an algorithm for scoring addresses based on those desired behaviors, and applying it to a set of data (blocks) that need to be reviewed in order to determine who deserves a reward for that given window of activity.
In simple terms, imagine it as a "cash back" reward system for cryptocurrencies.
The core objective of ledger analysis is to incentivize economic behavior. If implemented properly on a cryptocurrency, it can serve as a growth mechanism for rapid adoption.
CONCEPT TWO: PEER-TO-PEER POOLS
Peer-to-peer pools or "P2P" pools provide a framework for people to credit their money to a pool managed by a third party, and earn interest as the pool lends out crypto to individuals who they deem creditworthy. Similar to how miners on networks like bitcoin come together and combine their hashing power through online pools, users would combine their funds together and receive a fraction of the interest income generated by the pool.
This framework allows for participants to have complete transparency of a pool's historical performance and how much of the interest income they're going to share with the original creditors. As anyone will be able to create a P2P pool, it creates an open market for competition money management, leading to pools competing for clients. This means more of the profits go into the creditors' pocket, rather than the pool.
CONCEPT THREE: COOPERATIVE ADDRESSES
Cooperative addresses provide the ability to create a digital organization with its own governance model and methods of managing treasury funds.
The concept is similar to peer-to-peer pools, except in this framework, the participants play a role in managing the funds and decisions with no requirement for third parties.
This allows for an abundance of powerful opportunities, but one of the most exciting is "ecosystems", where participants become their own community bank by pooling their funds together and borrowing money from the address when needed. Ecosystems can establish rules on how much credit can be borrowed by any given user and implement credit ranking systems that allows users to borrow more or pay a lower interest rate with consistent performance.
For once in a long time, third parties are not needed.
Programmable currency has provided a means of storing and transferring wealth that has never before been achievable. For the first time, money can have all the conveniences of payment systems, while also providing the ability to maintain sound monetary policy. It also provides us a profound opportunity to revolutionize how we incentivize participants and conduct financial transactions. With these properties, it is the fifth major evolution of money.