“Gold is the closest we have come to a true currency,” states Marc Couzic, CEO of upcoming ICO FieldCoin. “But even here, we have fallen short because it simply does not fit with the needs of a global digital economy.”
Classical economy points out the need for scarcity, durability, fungibility and inherent value. In the modern age, however, a complete currency – according to Couzic – now needs to tick a much bigger list of boxes. “The internet age requires that currencies be digital – which adds further requirements: security, trust and transferability.”
Bitcoin – or indeed most cryptocurrencies – tick all of the items on the latter list, of course, but that is not quite the case for the former. The solution, according to Couzic, is to create a crypto-currency that is tied to a physical asset in the real world.
“Isn’t that the case with Tether?” we ask, but are greeted with a minor swivel of the head. “Tether is tied to USD which has no inherent value apart from the trust that people place in the US economy. That brings into play global economic and geo-political considerations which call into question USD’s long-term viability,” Couzic answers.
“So what if we tie a crypto-currency to gold?” we ask. “The problem with gold,” Couzic now tells us, “is that it carries its own disadvantages – not least a limited number of applications to real-world problems. There is another, much better option which is staring us in the face.”
That other option is land whose use cases and inherent value – according to Couzic – will transcend civilisational crises, economic downturns and political upheavals. “We will always need farming, and farming will always need land. Land, in any case, has innumerable use cases which is always a bonus.”
It is for this reason that he is now setting out “to create a new instrument based on land property transactions,” according to his project’s white-paper. And that instrument will go by the name of FieldCoin.
It is Couzic’s hope that it will become the currency of choice for land deed sales and swaps, and the go-to medium for a host of other land-related transactions before undergoing the kind of general mass adoption that will allow it to become the complete currency that the world has so far been missing.
It is yet another example of the innovative projects that are arising from blockchain technology. And it is one that recognises that even trail-blazing new technologies will ultimately require – and be anchored to – our oldest resource.