Bitcoin, Blockchain, Reputation
At the moment, we are working on an exciting platform for reimagining the life of waste stream textiles. We’re doing this with natural dyes, mending techniques, and embroidery. In an effort to make the world more ethical and sustainable we’ve educated ourselves extensively and have taken a deep dive into the world of ethical fashion. We’ve done this in an effort to create a new type of transaction possible. One that at the moment exists all around us on different scales and planes but is having a hard time finding a pattern of standardization.
This is our activism — check out project sustained (@projectsustained)
Allow me to delve a little into the back end of the technology we believe can revolutionize the sharing economy…
What is bitcoin?
Bitcoin is a digital currency that exchanges value with no third party verification
What is blockchain?
Block chain is the digital ledger technology that allows bitcoin to work
Why would someone use bitcoin as money instead of normal money?
Most of us, wouldn’t need to use bitcoin. Unless you want to make private transactions that are untraceable, money is more useful to most people than bitcoin is.
So then why is bitcoin important?
Bitcoin is important because what it does provide is a unique way to hold an identity and a reputation. The sharing economy (with the likes of uber, airbnb, task rabbit…) has burst open the door to numerating a reputation. However on all of these platforms we subscribe to the company’s rules of what that means, and they own and control our reputations. The technology behind bitcoin, blockchain, holds a powerful tool to reshape the complimentary sharing economy that we have seen emerging in the past five to ten years.
How does this work?
With bitcoin each person has a public pin number, which we can think of as an account number. On top of that number we can begin to record transactions that occur in a digital space. Imagine you answer an engineering question for someone on a certain platform, or participate in citizen science on another, or donate your time to a clothing recycling platform. These are all ways to create a robust reputation identity for yourself in the digital world. Using digital ledgers, the transactions can be accounted for. There is more value than we are able to see at the moment in someones reputation and when we begin to unlock that potential a lot more will be possible.