Fixing the flaws of traditional money is the solution to global inequality, according to pioneer cryptographer David Chaum.
Chaum, a legendary computer scientist known as the "father of online anonymity," thinks traditional money is flawed since it is subject to inflation and devaluation, which have particularly severe effects in developing nations.
In Chaum’s view, money in its current form exacerbates global inequality and polarization, which threaten human civilization.
“Money is not the kind of thing you want to hold,” Chaum said in an exclusive interview with Cointelegraph during COP28 in Dubai. "This is what keeps the global poor poor."
As an alternative to money, Chaum developed a new project called “Better than Money,” a “universal medium of exchange” that allows users to exchange value directly from their portfolio of assets.
“It’s simply the idea that you can pay someone by transferring value from your portfolio of assets directly into their portfolio of assets,” Chaum explained.
According to the cryptographer’s vision, the portfolio will be managed by AI, which will be more effective than banks in taking care of people's assets.
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