Wikimonnaie
Wikimoney (Ψ) is a open innovation which countermark old silver coins by distinctive signs in order to make them unique. This uniqueness allows them to be assigned an NFT and assimilated to a private time-based cryptocurrency.
The origin of wikimoney lies in the problem of investors in coins composed of precious metal wishing to limit transaction costs. The advantage of dematerializing the physical property of a coin in the form of an NFT is therefore to facilitate exchanges.
The tools used consist in creating holograms, typographies and cryptographies making counterfeiting costly or even impossible. Digitized currencies are made physically unique by a confidential device.
Our postulate is that the countermark has the function of multiplying the value of a token tenfold in a private community.
Wikimoney's slogan is "edit your currency!".
The offer consists of countermarking currencies that are legal tender (or not) in fungible and/or non-fungible currencies. This dual characteristic makes it possible to make them transferable in the form of stable cryptocurrencies by giving them a speculative value linked to their uniqueness.
Wikimoney's goal is to become an NFT, DeFi and Oracle community token.
Frames
History
It is clear that the germinal franc has led to price and wage stability for nearly 200 years in France. The divisional money in silver had the role of assertion of fiduciary money.
This metallic monetary mass in silver was largely undervalued compared to the monetary mass in circulation in the Latin Monetary Union[1]. Due to the hoarding of silver coins, the forced circulation of 5 francs Zodiaque banknote was generalized after the war of 1870.
With the First World War, the hoarded silver currency led to the creation of the purple banknote' then to the stopping of the minting of the Franc semeuse in 1920, which was demonetized in 1928; the end of the Latin Union results in a revaluation of silver by 600% of the franc Turin.
In 1933, Roosevelt prohibited the possession of gold in the USA to private persons; the American treasury buys the silver metal available for sale by import until its silver reserves represent one third of the gold reserves: out of a total world stock of 4,940 Moz of silver in 1933, the China held 1,700 Moz, India 1,050 Moz, the United States 650 Moz and France totaled 68 Moz[2]. In 1938, the stock of silver in the American treasury peaked at 70,000 tons, or 2,469 Moz[3]. The United States then possesses 2/3 of the world's stock of gold and imposes a new international monetary system.
After having removed the free minting of silver coins in 1873, the USA therefore accumulated almost half of the world's stock of silver in 1945.
In 1960, de Gaulle launched the “new franc” which is based on a 5 franc coin and is in solid silver 835/1000 of the Semeuse type devalued by 50% compared to the Franc Semeuse Roty produced from 1898 to 1920.
On June 4, 1963, Kennedy repeals the Silver Purchase Act of 1934 and laws prohibiting Americans from buying silver by signing Executive Order No. 11110; Johnson demonetized silver in 1965 to meet growing industrial needs; and Nixon ended the Gold Exchange Standard in 1971.
Commodity prices have since been administered by ETF, "cash settled" option without delivery and THF.
In 2021, the SEC approved the exchange-traded fund (ETF) on BTC and ETH...
Technology
The Wikimoney concept emerged in the Wikimedia community in 2003 to encourage contributors to perform certain tasks. His goal was to create an efficient system for prioritizing tasks and directing the community towards effective contributions. This system was reserved for active contributors with sufficient seniority.
All experiments with digital currencies based on physical stocks of gold or silver have failed and been banned: e-gold (1996), e-bullion (2008), Liberty dollar (2009), liberty reserve (2011) and physical bitcoins (2018). The current emergence of cryptocurrencies executing smart contracts makes it possible to consider a decentralization of the stocks of precious metal coins.
Legal
Silver metal is now assimilated to a commodity and investments in the form of silver bullion with no face value are subject to VAT, unlike coins which are exempt. Demonetized silver coins are exempt from tax when exchanged between individuals. New coins are subject to a precious metal tax. It should be noted that financial regulations have eliminated almost all companies issuing cryptocurrencies on physical media in the world since 2018.
Vision, Mission and Values
Vision
Digital information has a zero or negligible marginal cost of production. The value of software, content or digital currency therefore depends on its artificial scarcity.
Like copyleft, which uses copyright to enforce the reuse of a free license, our goal is to remonetize old currencies to transform them into a new community private currency.
Mission
Wikimoney is a peer-to-peer e-money system using non-fungible tokens and physical coins like proof-of-stake: each e-token represents title to a or more physical silver coins.
The bitcoin blockchain can now be likened to a tax haven open to all, usable to eventually generate a retirement pension. Unlike FIAT currencies or other trust-based cryptocurrencies, Wikimoney is based on the physical scarcity of a tangible good.
Values
Stocks of silver coins are decentralized to numismatists or can be delivered by numismatic stores.
Any holder of silver coins can thus create their own crypto-wikicurrency.
The Wikimoney project is to guarantee the confidentiality of transactions by ZKP; and the IPFS ensures its permanent and decentralized storage on the Web3.
Platforms
Its implementation consists of countermarking old silver coins to make them unique: a timestamp number is used by the creator of the token; as on the first silver coins, hallmarks of control or authorization of circulation in a community make it possible to attribute a different value according to the users.
Each physical coin is associated with a Non-Fungible Token (NFT) having unlockable content containing a private key. The latter makes it possible to trigger a smart contract which automatically generates a physical delivery of the countermarked coin to the coordinates provided by the buyer .
Proof of stake
According to the metallism, a currency must be materialized by proof of work accumulated in the form of a rare metal; unlike fiat currencies and gold, wikicurrency is a metallic currency composed of silver coins which corresponds to industrial needs[4]. This wikimoney is :
- without debt: the precious metal is taken "free" from nature without compensation for the latter; the re-monetization of old silver coins is recycling by nature ecological because it takes into account the limited resources of the earth[5].
- interest-free: unlike FIAT currencies, it does not generate interest[6]
- deflationary: this money supply is limited and has a tendency to erode[7]. This store of value is ultimate in the event of a quantum apocalypse.
- decentralized: wikimoney is a melting currency because it allows everyone to reclaim monetary creation through free minting; indeed, anyone can get sides of old silver coins in numismatic stores to "undermine" their Wikicurrency[8].
Public ledger
Mediawiki can be likened to bitcoin: all feeds are permanently recorded on a public ledger and its contributors use pseudonym. The image of each countermarked Wikimoney coin could therefore be registered under a pseudonym or an IP address on a platform such as wikinumismatics.
It is important to emphasize that the metadata of the photo make it possible to geolocate and timestamp the shot; these must be anonymized for the sake of confidentiality.
Social network
Users of this numismatic blockchain must be sponsored into the private club and put to the test. Images linked to an NFT address currently point to the Polygon blockchain from Opensea[9]
References
Notes
- ↑ The capping of the issue of coins of 2, 1, ½ and 1/5th of a unit of account at the rate of 6 francs per inhabitant (article 9)
- ↑ Jubert Cyrille, History of Money: Towards Monetary Reform, Editions Omnias Veritas, 2015 (ISBN 978-1-910220-52-8), page 223-234.
- ↑ William L. Silber, The Story of Silver: how the white metal shaped America and the modern world, Princetown University Press, 2019, page 129.
- ↑ Due to the properties of silver , it plays a major role in the manufacture of photovoltaic products, RoHS compliant welding, garments and medical uses. Other new applications for silver include RFID tags, wood preservatives, water purification and food hygiene.
- ↑ The human bomb comparing the earth scaled back to human population growth
- ↑ If 1 gram of gold were placed at 5% for example, its compound interest would exceed the stock of gold mined in the world (estimated at approximately 190,000 tons in 2018) in 333 years.
- ↑ due to the massive melting of old silver coins, we estimate the survival rate of metallic money supply to be around 1% of the mass initial currency.
- ↑ It is important to point out that contrary to popular belief, a countermarked coin has a higher value to a "blank" coin
- ↑ Examples of Wikimoney