FairShare is on a mission to combat ever-increasing economic inequality by implementing an automatic wealth redistribution mechanism. Spearheaded by Philip Rosedale, the founder of the virtual world Second Life, this project aims to address the shortcomings of existing financial systems.
In contrast to conventional cryptocurrencies, which tend to concentrate wealth in the hands of a select few as their value appreciates over time, FairShare is engineered to maintain the stability of its currency value while simultaneously redistributing a fraction of every transaction evenly among all users. This innovative approach creates a decentralized form of basic income that distributes wealth without relying on a central authority.
According to Rosedale, the inherent nature of free markets exacerbates inequality, necessitating the establishment of a straightforward, decentralized mechanism for recirculating currency. He contends that current monetary systems, whether government-backed currencies or cryptocurrencies, exhibit a propensity to unevenly allocate money. FairShare seeks to counteract this trend by emulating natural systems where resources are distributed uniformly, much like the way water evaporates and returns as rain.
Rosedale asserts that the perpetual redistribution of funds has become a critical requirement in the face of escalating global inequality. By circumventing centralized control, Fair Share aspires to protect against manipulation and exploitation, distinguishing it from traditional monetary authorities. The ultimate objective is to establish an economic system that participants perceive as equitable both through external analysis and democratic choice.
Check out Fairshare at https://www.fairshare.social/ (https://www.fairshare.social/)
Check out Philip's latest article: Tech is a Tool, not a Religion (https://open.substack.com/pub/philiprosedale/p/tech-is-a-tool-not-a-religion?r=1yjil&utm_campaign=post&utm_medium=web)
Redefining Digital Currency for Economic Fairness with Philip Rosedale
In this podcast, Philip Rosedale, a digital economy pioneer, discusses the concept of "FairShare." It originates from his work on Second Life, where he developed a digital currency for trading within the virtual world. Unlike traditional cryptocurrencies, FairShare prioritizes stability over value appreciation.
Rosedale addresses economic inequality in current systems, emphasizing how free markets often amplify it. FairShare aims to combat this by adjusting money supply and ensuring equal redistribution. It encourages money recirculation, striving for a fairer economic environment, both externally (evaluating wealth relative to contributions) and democratically (allowing users to reset the system).
FairShare's decentralization is crucial to prevent manipulation by intermediaries. It relies on transaction fees to fund its basic income, ensuring economic fairness without external support.
Overall, FairShare is a response to growing economic inequality, offering a mechanism for fairer digital-age economic systems.
7 Nov 2023
Economic Fairness Through Digital Currency
In this podcast episode, Dan and Philip Rosedale explore the concept of "fair share," a digital currency system designed to combat economic inequality. Fair share seeks to prevent wealth concentration by distributing money equally and applying transaction fees to fund this distribution. It is akin to a Universal Basic Income (UBI) component. The discussion emphasizes the importance of fairness in human collaboration and the need for identity validation through groups. Fair share groups serve as a way to ensure identity while maintaining fairness, using secret voting. The ideal group size may vary, and the system allows direct voting on economic parameters, such as basic income and transaction tax rates, for self-regulation. Fair share offers a decentralized and community-controlled approach to economic policy and equality.
7 Nov 2023
Building an Equitable Economy for Everyday People
In this podcast episode, Dan and Philip discuss the practical aspects and launch plan of FairShare, a new currency system. They explore FairShare's business model, which includes providing buyer protection services to users and facilitating exchanges between different groups. The podcast delves into how FairShare aims to operate as an app that allows individuals to join local groups, receive a daily income, and engage in trading activities with others. The potential for FairShare to be used in scenarios like farmers' markets and swap meets is discussed, highlighting its role in addressing wealth inequality and promoting local exchange. The episode also addresses challenges like the fragmentation of groups and the Dunbar number concept.
7 Nov 2023
Exploring the Future of Digital Currency, Group Dynamics, and the Balance of Privacy
In this podcast episode, Dan and Philip discuss how Fair Share handles privacy and data management while allowing individuals to belong to multiple groups, each with its currency. They also explore exchange rates, conflict resolution, the potential for primary groups, and how Fair Share can evolve. The episode emphasizes the importance of privacy and balancing transparency in a digital currency system. Fair Share's dynamic approach enables flexibility in group affiliations and addresses conflicts through exit options and group fission/fusion, all while maintaining system stability.
7 Nov 2023
Digital Currency Evolution & What Lies Ahead
In this podcast, Philip Rosedale discusses the concept of "fair share," a novel digital currency system designed to promote stability and equitable wealth distribution. Fair share aims to address economic inequality by adjusting the money supply and ensuring equal redistribution, with a focus on keeping wealth disparities in check. It utilizes a transaction tax and income tax to fund its basic income and recirculate money within the system. The necessity for such a system arises from disruptive changes in society, like AI, which can exacerbate wealth inequality. Fair share offers a proactive approach to create more equitable economic systems and aligns with the values of fairness, transparency, and community-based decision-making.
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Apple Podcasts (US)
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