15 Oct 2019
“Economic Protocols for Liquidity Creation, Staking & Value Expression” MIT PROTOCOLS FOR A CRYPTOECONOMIC NETWORK
“We are existing inside a capitalist Economy, and at the same time trying to create an alternative to the capitalist economy. (…) We are not a sect. We are trying to say this alternative Economy has to have porous boundaries.
This ECSA economy will come alongside commodity exchanges that individual people will do in a capitalist society. The porosity of the boundary adds complexity to the analysis. What we had to worked towards is – How can we not quarantine this total economy? How can we give privilege to a certain set of metrics that will give people the pursuing individual goals and incentives to pursue things that are not driven by profitability? So we are not adverse to individualism, but we can decouple indivudualism from profitability.
We believe inside all people there is a desire to do social good, but the problem with the profit system is that it doesn’t give oxygen to do that. We are saying we are designing something that will encorage and nurture people to do social good.”
(from min 6:29)
Is cryptoeconomy just a refinement and acceleration of a capitalist economy or can it create a new understanding of Economy? This article explains how it could be either or, indeed both, by introducing the chapter “Crypto-Political Economy” of our upcoming white paper.
“The technology permits both capitalist and social versions to be designed centrally or in a distributed way. In both cases, there are clear cost and speed advantages of cryptoeconomic platforms because of the absence of need for central clearing houses, and we see large corporations and states adopting the technology for fast, low cost and accurate record keeping.”
This article discusses a crucial tool that we work with: the notion of a grammar pervading the protocols of Economy.
As all our efforts go into the creation of a language for new forms of economic expression, it should be noted that although ECSA’s grammar is capable of expressing capitalist network protocols, it effectively surpasses them. It can encompass capitalist value calculus, but express more qualified values. The grammar we propose refuse their collapse into the monological value-expression that disqualifies non-money values as economic externalities.
Akseli and Dick discussing premises of the upcoming ECSA economic white paper: Economy as a network. Capitalism as a narrow definition of a network. Hayek and his digital disciples. Price, market and the rule of profit as a protocol. How to challenge a capitalist protocol? At the core of the ECSA project: The creation of a post-capitalist economic grammar.