The value of a currency is based on the stability of its ledger. Gold and cryptography are indirect and costly methods of insuring this stability. Absolute verifiability is more efficient. In an age of instant cmmunication and ubiquitous computing, a trustworthy institution can promulgate an absolutely verifiable ledger and define a perfect currency that will rapidly increase in value against national and electronic alternatives. Such a currency can support both local and global economic activities. It will become the dominant planetary medium.
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