Place/Date: CHICAGO, Illinois - October 7th, 2015 at 9:27 pm UTC · 4 min read
Bitcoin Alternative DNotes today announced plans to bring its digital currency ecosystem to the global market as a for-profit enterprise in 2016. This new commercial venture will close the cryptocurrency loop by fully integrating DNotes’ currency, the blockchain, and a seamless payment system – with the goal of ensuring stability in its long-term exchange value, and its future appreciation. DNotes’ growing ecosystem includes DCEBrief, CryptoMoms, and a family of CRISPs (Cryptocurrency Investment Savings Plans) for children, students, employees, retirement for business owners and others.
DNotes will maintain ownership of up to 25% of the new company, providing a platform to support the anticipated growth of its digital currency. This will move DNotes beyond its primary role as a social and technological innovator, and expand its emphasis to include the functional system innovations required for global commerce and collaboration. The ultimate objective is to harness the potential power of blockchain technology in service to a global audience, enabling broader participation in the world’s economy.
Alan Yong, a well regarded visionary strategist, and the co-founder of DNotes, says that the blockchain technology that underpins Bitcoin, DNotes and other digital currencies – combined with a new generation of global payment networks – can provide societal benefits even more far-reaching than those brought about by the internet. A trusted stable global digital currency, available for everyone worldwide is the vital ingredient for optimum mass acceptance; in the confusing space of an increasingly large number of digital tokens being created endlessly.
Yong believes that the best way to realize this “generational opportunity” is to understand the true potential of the three distinct components of this cryptocurrency revolution: the digital money, the blockchain technology that underpins it, and the global payment network system within which it operates. DNotes has worked to position itself as a model for successfully harnessing this enormous potential for wider public benefit.
There are challenges remaining, however. As Yong notes,
“The greatest challenge facing the cryptocurrency industry is our present inability to understand the intricate web of factors that would move us towards mass acceptance of digital currency and facilitate the countless new ways of doing business that blockchain technology enables. We must learn to identify obstacles to that acceptance and make viable plans to overcome them.”
To overcome these challenges, Yong and his team have set ambitious goals. Gaining broader acceptance for digital currency requires that cryptocurrency succeed in meeting the three primary functions of money: as a unit of account, as a medium of exchange, and as a store of value. The current DNotes strategy has been designed to meet those requirements.
DNotes’ payment networks will enable the option of immediate transaction settlement in multiple currencies with minimal fees, while its monetary stability will provide consumers with the confidence they need to save DNotes while they appreciate in value. Those networks will eventually include the company’s own exchange, banks, and partnerships with financial institutions, and other gateways that will provide access to an array of financial services. Though self-funded, DNotes is actively exploring various sources of external finance to support these ambitious plans.
Yong’s enthusiastic appraisal of these opportunities paints a vivid picture of just how world-changing these advances can be:
“It is important to realize that we are now equipped to confront the great global challenges of our time with bold solutions unimaginable only a few years ago. Hyper-connectivity is removing the historical barriers of distance, and collaboration with individuals halfway around the world is becoming as efficient as working with colleagues in the same office. Digital currency will further facilitate this ever-increasing connectivity and enable even greater global cooperation.”
According to Yong, this could result in a quantum shift in how the world conducts business. Two previously unconnected parties will only need access to the internet to be able to send and receive digital assets of virtually any transaction size, without the oversight of a central authority. And that transaction will be confirmed in minutes at almost no cost.
Altogether, these goals represent an ambitious effort to bring digital currency into the mainstream of the broader economy. Building on the foundation laid by the advent of the internet age, Yong and DNotes continue to work toward a new ‘digital currency age’ that promises greater economic access for everyone. For those who question such lofty dreams, Yong offers one more bit of wisdom that may end up serving as a rallying cry for the next phase in the evolution of money and commerce:
“The theoretical benefits of digital currency are not mere pipe-dreams. The future of money starts today, and it starts right here.”
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