In this special episode of the weekly Livestream of Coingeek, Kurt Wuckert Jr. welcomed the legendary financial cryptographer and inventor of the Ricardian contract, Ian Grigg. The conversation covered the accounting, identity and the potential role of blockchain in both.
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Welcome, Ian Grigg!
Wuckert presents Grigg, telling us how he was a first pioneer of the concepts that many think they are new in blockchain today. Grigg was involved in the start of the Internet and helped shape part of his culture today, and he was involved in the blockchain in one form or another from the start.
Grigg reminds us that people have been working on electronic money since the 90s. He and some of his peers built the first exchange of digital currencies, but it was well before Satoshi came with Bitcoin.
Intelligent contracts are built from older concepts
Wuckert acknowledges that people consider intelligent contracts as a 2015 technology, but they have decades. People like Grigg have helped to train this technology, and he wants to know if one of his predictions from that moment has come true.
Grigg says that at the time, many people involved were standard engineers and businessmen. When he invented the Ricardian contract, it was delivered so that the value cannot be exchanged without an additional magic on the server side. It was deliberate because they feared that people were not putting value and pump and throwing it. This prediction, at least, has happened.
Now that the regulators have entered the photo and come after the “crypto” criminals, some of these older and reliable technologies will be invoked or iterated again. Grigg is clear that there is no avoidance of regulators, whatever one can think of them; The community of digital active ingredients has not completely failed self-ferme.
Will regulators kiss technology and can they keep its promise?
WUCKERT notes how many industry concepts come out of the Liberty movement. He had hoped that something so good would be created that governments would adopt and head towards him. Can we forget all embezzlement and evolve towards an economy like this?
“This too will pass,” says Grigg.
He underlines the piece of $ Trump as an example of flagrant value extraction without work involved and notes that the Securities and Exchange Commission (SEC) has been trained to stop this kind of thing. You are supposed to publish a contract and hold it, and $ Trump Coin is a perfect example of how “crypto” took the worst elements of the American markets and brought them to the highest office in the country. He wonders how we can stop this and stresses that we owe it because it is a whole negative value.
Wuckert tells us that he was originally hoping that small businesses across America could issue actions on the blockchain without going through the guards. He wonders if this is always possible.
Grigg says he also believed in these ideas in the 90s, but he quickly discovered that actions were not only bought; They are sold. Although blockchain facilitates certain elements of the process, such as accounting, it does nothing to resolve the distribution. Like Hollywood controls the distribution of films, Wall Street controls stock offers and others. The parts that keep this distribution did not even start to look at this seriously, so we are far away.
Part of the problem is that people continue the last brilliant object, deplores Grigg. It has been true from the crusades so far, and there are still too many brilliant and brilliant things but not enough true value.
Why is triple entry accounting important?
Grigg explains that Triple Entry Accounting (TEA) is a concept of computer computer related to accounting. Since very few people are interested in both, it is difficult to get a traction for the idea, but it remains convinced that it is a change of people.
“This changes everything on accounting,” explains Grigg, noting how it takes place with simply the replication of paper books on computer systems. In the current paradigm, the founder or owner of an entity can modify the books and do things that the accountant does not know, but tea changes that. Thus, the accounting goes from the opinion of a founder to a set of market facts with all the transactions signed by a third party.
Given the way players in politics in politics and elsewhere count on bribes and are not likely to adopt this concept, Grigg thinks that he will first happen again in a new company or a new industry. This is part of the reason why he directs the accounting conferences at triple entry; Finally, someone will realize how it matters and will use it.
The Triple Entrance Accounting Conference
Grigg has already led tea conferences. This following will try to balance the academic side, which is important, with the business world. However, Grigg says that he does not want it either that it becomes dominated by business.
For those interested, the next accounting conference at Triple Entrance will take place in Malta on April 25 and 26. You can register or express an interest on the official website of the tea conference.
To find out more about Grigg’s thoughts on AI, how tea could be used in the concert economy, and KYC is a good or bad thing, see the episode live here.
Watch: Use of triple input accounting
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