Hackernoon logoMy Manifesto for a Decentralised Banking System Governed by Consensus by@ChrisHerd

My Manifesto for a Decentralised Banking System Governed by Consensus

Chris Herd Hacker Noon profile picture

@ChrisHerdChris Herd


Don’t work for money, Make Money work for you!

Collectively we fund the banks. Their current accounts harbour our savings and expenditure while our benefits have eroded over time.

How many people now pay ‘account fees’?

Used to be that banks operated their overheads through their share of the interest from redeploying our capital. That is what a bank is, an intermediary who acts to select who and what to loan money to. Their algorithms and bank managers determined who was an acceptable applicant for the loan, and their reward for repayment and selecting trustworthy applicants was a cut of our interest.

Now we are charged for the privilege of storing our money in their institution. The same companies whose business model evolved from arbitrators of truth, to taking risks which equate to reckless gambling. Your capital still funds their pursuit of unfathomable riches, only you are now covering their exorbitant bonuses and losses too, even after feeling the pinch of currency devaluation due to the 2008 financial crash. Don’t forget, not one of them was prosecuted for their reckless behaviour which flushed the economy down the drain. Their CEOs continue to pick up salaries in the millions, while simultaneously receiving an entitlement to options and shares which are worth even more.

You’re welcome.

Forgive me for expecting a better deal. Collectively we are the banking system. Without us the house of cards collapses through lack of capital to invest.

We have two options

  1. Allow these institutions to maintain their stranglehold on our money and siphon off the majority of the profits at our expense.
  2. Reject that status quo, collectively stand up and build something new.

Surely then, there is only one option. Banks aren’t brave enough to make the changes necessary to benefit consumers.

That’s you.

That’s your money.

But without you and your money their power erodes.

Like sand dunes in the wind, each person who abandons the existing broken system contributes to a reshaping of the balance of power. Where large institutions once stood the sands of change can shift to build new more stable and inclusive systems where everyone is invited to benefit.

That’s us.

That our money.

That the opportunity to build a new financial system together where every contributor on the platform is rewarded commensurate to our contribution.

And the internet enables this at unprecedented scale.

Where banks disqualify your participation if you provide them no money

Where they penalise those who provide them with very little

Where they reward only the most wealthy with preferential treatment

A platform of individuals operating collectively in mutual self-interest can not only alter these realities — we can destroy them and build something better

Where everyone can participate even if you have no money

Money might be a capital requirement for the success of a bank, but for a modern bank it is only one of a number of required criteria. The type of bank that we can build together requires your help whether you have money or not. If you have money in an account you will contribute to the financial success of the platform. If you don’t you will contribute to its success through the influence you can exert. Through the contributions you can make to discovery, intelligence and growth.

Where how much you have doesn’t determine what you receive

Social status or volume of wealth aren’t determining factors in access to benefits. You receive the same reward for your contributions as everyone else. Volume of deposit will be one factor that determines the amount of tokens you receive each month, but you will be able to earn more by taking specific actions. Their is no sliding scale. The platform operates on consensus mechanism where majority always rules. The power comes collectively not individually. You have the same amount of power as me and everyone else. Someone with no money on the platform has the same chance to influence outcomes as the person with the most money. This is banking decentralised and redistributed to the people.

And that is what I am building.

I have taken the biggest gamble of my life to help you receive a better deal for your money. I have left the safety of employment for the inherent danger associated with founding a startup.

And I already have numerous prominent individuals supporting this venture. We have received investment from the founder/CEO of a British unicorn. We are advised by and assisted by several others.

This isn’t just an opportunity, it is a revolution. We aren’t seeking to alter banking, we are going to replace it.

What is Nexves

It is a current account for your everyday spending where you are incentivised to save by receiving fractional ownership of a venture funds future profits. Where you have money in your account for a calendar month, you will receive tokens which equate to the %percentage of ownership you will have in the fund in the future.

This is the central hub of the service

From there, several spokes will extend which enable you to save a significant amount of money, interact with the emergence of web 3.0 and participate in the next wave of the internet.

The first stop on the roadmap is the tokenisation of these assets

The second is full analysis of your monthly spending

We will then rank your spending against every other user and advise you when you are paying more than the lowest cost on the platform for the same service. Eventually we will negotiate these costs down for you, without you having to do anything, for free. Simply by having an account you save.

But that is just the start

What Nexves will become is the critical piece of infrastructure necessary to enable a decentralised Cyberverse. The platform creates assured anonymity while allowing for certain behaviours to be incetivised, while others are stamped out. In short, a safer more secure internet while you accrue digital currency which enables your participation in this new paradigm.

To do so I need your help.

I need everyone who believes that things can improve and that there is a better alternative to what currently exists.

Join the others who are already helping build this new world.

Fund your future today

Together we’re Nexves


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