On this special section of COINGEEK Weekly livestreamThe Kurt Wuckert Jr. Welcome the legendary economic cryptographer and inventor of the Ricardian contract, Ian Grigg. The conversation covered accounting, identity and blockchain’s potential role in both.
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Welcome, Ian Grigg!
Wuckert introduces Grigg and tells how he was an early pioneer for the concepts that many think are new in blockchain today. Grigg was involved in early Internet and helped to form a part of his culture today, and he has been involved in blockchain in any or other form from the beginning.
Grigg reminds us that people have worked with Electronic cash Since the 90s. He and some of his comrades built the first digital currency exchange, but it was long before Satoshi came with Bitcoin.
Smart contracts are built by older concepts
Wuckert acknowledges people thinking about Smart contracts As technology 2015, but they are decades old. People like Grigg helped form this technology, and he wants to know about any of his predictions since then became a reality.
Grigg says that many of the involved were standard engineers and entrepreneurs. When he invented Ricardian agreementIt was delivered so that the value could not be replaced without some extra magic on the server side. This was conscious because they feared people would issue value and pump and dump it. That prediction at least became a reality.
Now supervisory authorities have entered the picture And comes after “crypto” criminals, part of the older, trusted technology will rely on or iterate again. Grigg is clear that there are no avoidant supervisory authorities, whatever you can think of them; The digital asset society has completely failed to self -police.
Will supervisory authorities embrace the technology and can it deliver its promise?
Wuckert notes how many of the concepts in the industry come out of the Liberty movement. He had hoped that something so good would be created that governments would embrace and go against it. Can we forget all Malfeasance and go towards an economy like this?
“This should also pass,” answers Grigg.
He points out $ Trump coin As an example of obvious value withdrawals without work involved and notes that Securities and Exchange Commission (SEC) was formed to stop this type of thing. You should publish a contract and stick to it, and $ Trump coin is a perfect example of how ‘Crypto’ has taken the worst parts of the US markets and brought them to the country’s highest office. He wonders how we can stop this and emphasize that we must since then It’s all negative value.
Wuckert tells us that he originally hoped that small businesses throughout America could issue shares on blockchain without going through the port guards. He wonders if this is still possible.
Grigg says he believed in these ideas in the 90s as well, but he soon discovered that shares are not just purchased; They are sold. While blockchain makes some parts of the process, for example accountingEasier, it does nothing to deal with distribution. Just as Hollywood controls the distribution of movies, Wall Street controls offers and the like. The parties who maintain this distribution have not even started to look at this seriously, so we are far away.
Part of the problem is that people chase the latest shiny object, Grigg regrets. It has been true from the crusades until now, and there are still too many bright, shiny things but not enough value.
Why does Triple Entry Accounting play?
Grigg explains that Triple input accounting (TE) is a computer science concept linked to accounting. Since very few people are interested in both, it is difficult to get traction for the idea, but he is still convinced that it is world -changing.
“It changes everything about accounting,” says Grigg, noting how it can simply replicate paper books on computer systems. In the current paradigm, the founder or owner of a unit can change the books and do things that the auditor does not know about, but tea changes this. Thus, accounting goes from being a founder’s opinion to a set of market facts with all transactions signed by a third party.
Given how anchored players in politics and elsewhere rely on kickbacks and probably won’t embrace this concept, Grigg believes it will first catch in a New business or industry. It is part of why he runs the Triple Entry Accounting conferences; Eventually, someone will realize how much it means and will use it.
Triple Entry Accounting Conference
Grigg has run conferences earlier. This next will try to balance the academic side, which is important with the business world. But Grigg says he does not want it to be dominated by business either.
For those interested, the next Triple Entry Accounting Conference will take place in Malta on April 25 and 26. You can register or express interest to the officer Tekonference website.
To hear more about Grigg’s thoughts on AI, how tea can be used in the gigs and whether KYC is a good or bad thing, check out Livestream section here.
Watch: Using Triple Entry Accounting
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