There is a lot of discussion about the problems in the world right now. Growth in inequality—especially in the modern world—has been a consistent issue for the last 40 years. A lot of prominent economists have been talking about it, and this, and it has become an increasingly popular subject. Piketty’s book Capital became a bestseller, and this is the first time that a book on economics has been so popular. However, although social equality and the economy have become hot topics, solution based ideas on what to do about these issues have been very scarce. Even those that try to address the issue, mostly suggest incremental changes within the existing system.
An example of this is the suggestion to upgrade the existing tax system and addressing issues like wealth tax. No one is denying the importance of doing this. However, even though this is a necessity, it is not sufficient on its own, particularly as there is a rising increase in wealth inequality, and constant decrease in quality of life in the modern world, especially in the U.S. These are the direct impacts of the unhinged capitalism that has been going on from late 70s.
At Artemes, we are dreaming of a different future. Artemes is a human based system to provide a social safety net for everyone on the earth, without creating any burden for others.
The core of Artemes is its crypto coin, which is called the Artemes Coin.
Cryptocurrency has been a game changer in the last ten years. It is bringing a glimpse of hope to the world that there is a way to have a global financial system which is decentralized, controlled by the masses, and not limited to the elites or decided by a few national political leaders. Also it has the potential to be regulated, not just for the interest of the affluent, but for the benefit of all.
However, the reality of cryptocurrency has been very different. Even though on paper, anyone can have access to cryptocurrencies, it has been limited to the people who have access to high speed internet, smartphone or laptops, and a minimum disposable income. This means that a very limited number of people have had access to any coins. Less than 10% of people in developed countries, and less than 2% of people in underdeveloped countries have ownership of coins.
Moreover, cryptocurrencies are playing on the element of scarcity to generate higher values. For example, there are only approximately 21 million bitcoins available, which has resulted in inflated valuation.
With the validation systems set up on some of the most famous existing coins ( like bitcoin, which has 4 tiers of validation and affirmation) its electrical and mining consumption is skyrocketing, which limits its tradability. It is predicted that with the current rate of transaction, if bitcoin consisted of 100 million instead of 21 million, all the electricity in the world would not be enough to support it.
At Artemes, we want to democratize global access to coins. So how do we address the three issues above?
- Rather than generating value based on scarcity, we generate value for the Artemes Coin by creating accessibility. We have an elaborate plan to distribute Artemes coins globally, which gives access to a large portion of the world population within a short space of time. (You can read details of the plan in the Artemes book, which is coming out Nov 16th, 2020, and is available free as a download on Amazon in the first few days of its release.) Our plan has the potential to automatically generate value for the coin. If a fair portion of a community has access to an item which is tradable, that item automatically starts to have some valuation. We are building on this economic fact to create value through access.
- To address the technology blocker, we are working on some APIs (stands for application programming interface which means the platforms that connect different types of technology) and some transformational technology. Some readers might remember banking by cellphone, which was popular in the early 2000s, where you could transfer money, and pay bills using your phone. A lot of that technology is still in full force, and is expanded in some innovative ways in developing countries, where they use it for fruit pricing etc. We are developing plans to use mobile crypto trading where even having access to a flip phone is enough to have access to—and trade—the Artemes Coin.
- To address the issue of energy consumption and electricity limitation, we had to rethink the verification and approval system while keeping trust. This is where the human element comes in. Part of the trust in the system comes from the leaders and the counsel that controls the project. So we have reduced the layers of technology affirmation to make the accessibility happen and create some part of trust via the leaders of the project. (In the next blog, we dig deep into the details of this.)
Our aim is to ensure that a vast number of people have access to the coin. How does this help them? How does this act as a social safety net? We will answer these questions in the next blog.
*Written by Mammad Mahmoodi