I recently checked out from the library Hernando de Soto’s book “The Mystery of Capital.”
I already knew of Hernando’s “dead capital” idea but I wanted to better grasp his viewpoints around this concept and how they may be tied to Cardano’s future in the economies of developing countries.
I might be a quarter into the book and already I see both blockchain in general and the Cardano blockchain in particular as a form of “capital” that “fixes” the potential of something financially and economically, as Hernando envisions “capital.” I don’t know if Charles Hoskinson has ever read Hernando de Soto’s book or not but I think the Cardano blockchain–with its smart contracts and ADA coins–is going to unleash, release, free from being trapped multiple trillions of dollars in the developing world. The Cardano blockchain and ADA tokens will “conjure” money up, likely fiat money, and due to interoperability, and more logically than Central Banks conjuring of money. There will actually be a need for this money in the hands of the poor as the blockchain better improves property rights, draws investments as real estate and capital (tools, carts, buses etc.) are better categorized and assessed values. With dApps and people on the blockchain, platforms like Cardano may even replace some functions of the legacy banks.
I think the future will be more profound than just people in Ethiopia and Venezuela registering the rights to their land and homes on the blockchain. Trillions of dollars are to be unleashed and even more trillions conjured up to facilitate greater business.
(I credit Nomi Prins with my use of the word “conjuring” in the context I used it.)