Money is the means used by society to get its members to exercise their talent, labor and sweat for the good of all. On this rare celebrated occasion when money changes its form (it happened only twice before: minted coins, and paper money), it is an historic moment to ensure that the new digital format of money is in full service of society. Against the reality where shady characters exploit this new technology for ill designs, stands the promise articulated in "Tethered Money" (Also published by Elsevier)-- to leverage money into a social glue and a force for social justice. In the fine tradition of Singapore, Prof. Chuen has put together a comprehensive lay out of the field, with highly respected authors making profound contributions. The volume pays homage to the revolution started by Bitcoin, but clearly points out the more enduring principles behind bitcoin -- tokenization and the multi layered security offered by blockchain technology. The alluring question of self referential money is still out there and properly related to by various authors. The durability of decentralized currency is thoughtfully treated. The threat of quantum computers is mentioned but not emphasized.
I was honored to be asked to revise my chapter (19) on the ambitious vision of cascading national currencies to a global free money that is inherently stable because it reflects the wealth of humanity, which even if it changes as a sum, the tokenized parts thereto maintain their relative relationship and hence their stability. Tokenization is richly addressed. BitMint's LeVeL is exploiting tokenization to ensure that digital money bears not just a value, but also an identity to go with it -- keeping the identity-bearing attribute of physical money. It is this digital identity that accompanies the value of money so that it becomes the basis for the present and future innovative cryptographic activation of world currency. Hopefully the politicians will not disappoint us and manage to bring the world together with empathy not enmity, with friendly competition, not intolerant imposition. And if they do, if we come to live together as citizens of the shared planet, then what we, the money folks, will contribute is a good monetary foundation for this united world. The publication of this Handbook of Digital currency is such a happy milestone along this ambitious and noble vision for us all.
Thank you again Prof. Chuen and Elsevier.
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