Iolynet

Zeitgeist of the last decade

• Despite growing environmental awareness resources are consumed at the record pace.
• Wealthier countries experiment with basic income while others are coping with hyperinflation.
• For a large part of world's population migration is a more accessible option to succeed than a hard work or education.
• Social networks allow us to connect with each other like never before, yet nations are more and more divided by social and political views.
• Class struggle intensifies as individuals are feeling left out by the ongoing Fourth Industrial Revolution.
• Interest in cryptocurrencies skyrockets; believers in technology become dwarfed by the profit seekers.
• People self-verify more in their wealth position rather than their skills or personality.
• We lose trust in governments and each other.

Insight

The present economic system was shaped to support growth and because of that, a need for increasing money supply emerged. Currently, a lot of the newly created money goes to the debt management. Consequently, we may say that most of a currency in the world is covered by the trust to pay off debts. It might appear as a negative trait but essentially it is neutral and actually provides more flexibility than any currency based on a gold standard.

The dark side is that largest creditors are represented by a comparably small number of institutions. These institutions are in a position of great power to not only make direct profits but eventually also control other aspects of our lives like mortgage loans, student loans, social security, pension funds, health insurance, energy sector, etc. Observations show that status quo maintains itself and to change it a paradigm shift is necessary.

Approach

The distributed new medium can also be considered as a basic income. As such, its buying power is totally dependant on economic growth and wealth distribution of the system and is not mandatory to provide a livable income; albeit it should adjust itself and stabilize the whole system by encouraging members to be more active during stagnation (to cover their minimal needs) and distribute growth more equally in prosperous times.

By attaching a high but constant inflation rate to the basic income we can also devalue past earnings at a faster rate without destabilizing the system. All of this can be outlined by the mechanics which highly values innovation and economic activity, also provides better and more equal starting positions for everyone around the world.

Vision

Iolynet does not try to reinvent the wheel and create a completely new economy - it is supposed to thrive together with the same laws of the free market we are familiar with. However, it does introduce a new money supply solution designed to not only curb growing wealth inequality but also shift people's economic mindset back from earners to producers, creators, inventors, and artisans, eventually creating an environment where a trust and desire to invest in each other is much more rewarding than passivity and indifference.

Today Iolynet is far from a complete platform, it is nothing more than a small step but it just might be in the right direction. Ergo for the Iolynet greatest success lies not in acknowledgement or adoption but in the voice to inspire - inspire to never settle and continue working towards the greater common good.