Blockchain’s Globle Will Drive New Ventures With Democratic GovernanceJune 21, 2018
Automation, robotics and AI are projected to transform society, but one downside is that millions of workers may be left without jobs. Last year, McKinsey predicted that as many as 800M workers, including 1/3 of Americans, will be be replaced by automation and AI by 2030.
Enter Globle, a platform built on the blockchain that democratizes innovation by bringing together people from all over the world to build and run new companies. As soon as a good idea is created, it will be validated by the community, paired with the optimal resources, and launched as a project. In full democratic style, Globle projects are submitted, selected, funded, and run by members of the community.
Via smart contracts, a universal basic income (UBI) is provided to all Globle community members, and with its native, stabilized cryptocurrency, Globle intends to give people the opportunity to participate in and monetize innovation.
CEO Simon Tian talked with Block Tribune about his vision.
BLOCK TRIBUNE: So, just start out by giving me your vision on this. What exactly is this plan and how did you come up with it?
SIMON TIAN: Sure. So, yeah. Essentially Globle’s a vision I’ve had since 2012. Basically, the mission here is to create a platform that’s universally owned by everyone, and that democratizes innovation. And then redistributes a lot of that wealth creation back to society, generating a UBI for everyone. I’m sure you’re familiar with the concept of a Universal Basic Income.
Essentially, the vision here is you have this universally owned platform that’s on the blockchain and we’re planning to build it on ethereum. And basically, that whole process, the whole creation process, from idea to reality, will have it completely democratized. So, you know essentially the problem we’re trying to tackle right now is just the current innovation model being completely broken.
In today’s world, lets say you have a great idea, a lot of people have good ideas. But, unless you drop out of school for it or risk your job or basically risk your whole life and build a team and raise money, your idea’s basically in the trash. And so ideas are cheap, execution is everything, and we want to solve that problem and turn it around and make it you know, the optimal reality should be, execution is a given. Everything’s the idea, you shouldn’t have to worry about execution as long as intellectually you’ve come up with a great idea, then there should be a system for innovation that just automatically makes it happen.
So, how it works simplistically, I mean we can send you white paper later on for more granularity. But basically lets say you have a great idea you can just basically post it on this platform and it’s must like a tweet, you know, there’s like a high level pitch filed that’s limited in characters and you do high little pitch and then there’s a descriptive field where you can add in media, like pictures and videos and text to describe your idea, and then it’s posted and then it basically goes through a couple of steps that are all democratic. Processes to get it realized. First step is validation so basically you post it and its visible to everyone on the platform and people start up voting and down voting and commenting on it and if you believe in the idea enough you can stake cryptocurrency into it already, you can place a bet, essentially.
And then after, if its hits a certain threshold of validation then it goes into election. This is where basically for a period of time, for a month, anyone who thinks that he or she is qualified to be an executive for the idea, basically a project lead, can submit their candidacy, and this including the inventor himself or herself.
And basically the people who’ve pledged cryptocurrency in that previous step, they have voting power as well as the community at large, but the people who staked cryptocurrency they have more voting power than the rest. And then at the end of the 30 days, the person with the most votes basically wins the election. Then it goes into planning stage, this is where the project lead essentially comes up with a development roadmap, a financing plan, a hiring plan, and opens up hiring positions on the platform. And these are just like bounties, right, like contracts basically. Engineers, developers, designers, they can apply for these potions and he basically builds his team on the platform.
And then after this is funding. So every project after planning undergoes, there’s an automatic project token that’s generated for each project and investors buy these tokens to get governance rights in the project as well as a share of the profits later on.
And then yeah, after that it goes into a realization, so this where the project lead and the team start executing on the project. They’re mandated to give updates to the community from time to time. The investors can give approval ratings on the project lead and if the approval rating dips below a certain majority, like a 33% or something like that, then there’s an automatic removal of the project lead from his office and there’s a new election process basically.
So, that’s like on the highest level, what we’re doing. There’s a lot of complexity that we built under all of these steps but simplistically were democratizing the entire process from idea to realization and essentially ideas are all submitted by the public, funded by the public and realized by the public. So it’s a full democratized ecosystem.
BLOCK TRIBUNE: So once this launches, then people who have contributed their cryptocurrency etc., are the people who benefit from its use?
SIMON TIAN: Yeah, the people who stake cryptocurrency in the validation stage, sorry, they essentially, yeah, they benefit from the project in the form of, you know they have rights to governments so they can decide whether the project lead is performing well or underperforming and fire him if necessary and replace him.
And they also reap a portion of the profits that are generated from the project. And the people who stake cryptocurrency in the validation stage, they’re essentially like the earliest investors in an idea, they’re like the precede investors so they get project tokens at the cheapest price and then the later you hop in, the later you invest, the more, you know, the pricey your token gets.
And then the second part to all of this is that Global itself, not the projects, Global the platform, is equally owned by everyone, that division. Is that anyone can sign up, as long as you’re a human being, you can sign up, create a free account, we make you go through a KYC process, so you need to verify your identity through government issued ID documents and things like that, but as soon as we verify you, we issue you a Global ID and this basically gives you two things.
One is ownership of Global, so Global’s always equally owned by all the Global ID’s, and second is a UBI, so basically every project on Global, when they reach profitability, obviously a majority of those profits go to contributors of the project, right, i.e.- inventors, team members, the project lead as well as investors. They get a majority of the profits and then the rest is automatically funneled back to Global and Global redistributes that profit to everyone equally, and this is basically a Universal Basic Income and through this we’re trying to tackle a much larger problem than just the broken innovation model.
Basically, one of the biggest problems facing humanity today, which is the incoming, impending technological unemployment caused by automation in AI.
So, we’re estimating on the order of 8 million jobs lost in the next 10 years. If you look at what the thought leaders of the world are saying, whether it’s Elon Musk or Obama or Jack Ma, they’re all proposing two sets of solutions.
One solution is we gotta foster creativity, we gotta foster innovation entrepreneurship cause that’s the only way we can excel robots. Most of the jobs on the market today are you know repeatable are repetitive in nature and completely automatible.
If we continue educating the way we’re educating today, most people will just be out of a job within the next decade. But, no one, they know that this is a solution, but no one has proposed an actual pragmatic path as to how to do that. Everyone’s like, yeah we gotta change education, the way we’re educating right now is broken but that’s very vague and there’s no concrete answer as to how to actually foster innovation. The second solution they’re proposing is a UBI, is a basic income that everyone gets regardless of your job status. So, even if you’re unemployed, you still have a basic income that sustains a basic living.
But once again, no one has a clue as to how to actually generate that. There’s no single institution in the world today, whether a company or a government that has that big of a wealth creation system in place to sustain a basic income like that. So we view Global as the first realistic solution to this problem, cause on one hand we’re fostering creativity and innovation, we have this platform that’s gonna allow all the great ideas out there to get paired with the optimal human and capital resources to get them realized and second, all this wealth creation is owned by everyone and there’s significant portion that’s just given back to society as a basic income.
So I think this is a pragmatic way to solve the problem.
BLOCK TRIBUNE: Why is it better to try to convince many people of the validity or project versus trying to convince one person?
SIMON TIAN: Great question, so in most cases, I’m a big believer in democracy and the validity of quality especially if its validated by a lot of people. Think about Airbnb think about Uber think about all the social platforms that are up today. If you stayed in an Airbnb you’d trust the host a lot more that he or she will give you a good experience if she has a thousand good reviews as opposed to 1 or 2. Even if they’ve come from good validators.
Same goes for things like Yelp or Uber drivers, so the same thing applies here. Like someone like Peter Thiel, he’s definitely a really good validator and I don’t see that going away. People like him or Mark Cuban or Elon Musk, they’re still going to be seen as really good validators, and if they hop on board into a project that will increase its credibility exponentially.
Overall, the community is the market. Let’s say you put out a product, most projects today by the way, most start-ups fail for three fundamental reasons. One is lack of good execution simply, so the team around it is just lacking in proper experience or backgrounds. Second is lack of funding, so you might have a great team you’ve worked on a great product but due to the current state of BC, BC’s are largely incentivized to finance projects with very low amounts of capital required to maximize their ROI. So a lot of projects are very capital intensive, usually you can’t get traction with BC’s. That’s what happened with Tesla with SpaceX.
Then third, is lack of product market and that’s single handed the biggest cause for failure. In today’s model lets say you have a great idea, usually you’ll just keep it to yourself you want to keep it secretive for a long time, work on it, get a team, get some funding in place and then work on secretly in stealth for a couple of months and then release it to market, and you have no clue how the market will react to it. You don’t know and in most cases when you put it out to market then you realize, oh man nobody likes this nobody wants to buy it [crosstalk 00:14:27]. That’s the cause for failure for a lot of the start-ups today and so I view a much better model, you have a great idea but it out there right away and see how the market reacts and if people like it they’ll finance it they’ll get people that are optimally positioned to execute and it gets to fruition and there’s no question around that.
BLOCK TRIBUNE: So, you’re launching in mid June with this project?
SIMON TIAN: Yeah, we’re launching next Wednesday, June 20th. Now, what we’re launching next week is not the platform itself, it’s basically we’re announcing a vision we want to communicate this mission to the world, through a website, a white paper, we’re gonna announce our team members, our advisors as well as a video. It’s gonna concretely explain what we’re planning to build over the next several months and then in roughly August of this year, so late summer, we’ll be launching the Global ID, so by then, we’ll officially announce that you can sign-up now, it’s completely free, there’s no risk. You sign up, go though this KYC process and then you get a Global ID number and you become an owner of Global as well as you can potentially reap a UBI for the rest of your life.
So the idea here is that the risk to reward profile is just so attractive there’s no reason not to sign up for this.
Then in Q4 of this year, the last quarter, we’re gonna announce the GBT, that’s the Global Token and that’s essentially the project token for Global itself. So Global’s just like any other project on Global, it just happens to be the very first project, its like Project Zero. Global Token is the token that will be launching for people to buy and finance our operations and it also gives you a small percentage of all the profits generated from all projects on Global. You can think of it as an index security cause its deeply integrated with the Global economy. It’s just like Dow Jones or S&P500, you look at the stock price of this and it will indicate sort of the economic health of the whole system. Then, in Q1 of next year we’re launching Global Coin, so there’s Global Token and Global Coin. Global Coin is, the short hand is GBC Global Token is GBT. Global Coin is a self-stabilized cryptocurrency that has its own set of smart contracts that control the inflation and deflation of the currency to keep it stable.
So there are a lot activity right now at a stable coin, cause the biggest issue with the currencies right now is just volatility, cause most of the popular cryptos out there, like bitcoin.
BLOCK TRIBUNE: Right, understood. Are you at all concerned that you’re going to attract a thousand marketers and maybe one developer?
SIMON TIAN: No, we’re not, because we have, you know this project has been ongoing for a while, me and my other co-founders were deeply integrated with networks in Silicone Valley. You know I’m a Thiel fellow, very close with Peter Thiel and his team and also the whole community in Toronto, our teams already 30 people strong, most of them developers. We don’t see an issue with that. I’m a big believer that if you get the market excited about a product or a project, the engineers will follow it. The developers will come.
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