A Priceless Evaluation of Value
Understanding the priceless nature of value could be crucial to our survival.
Value seems a much misunderstood concept. In any search on the essential meaning of value, we are bombarded with all manner of financial definitions.
We seem driven to quantifying value in terms of finance. Maybe that is our instinct.
But so far, we do not seem to have got it anywhere near right.
We often see where much financial gain is made, yet as a direct consequence, where much value is removed from our world.
The association of finance with value that we have in our current mindset comes from an age of antiquity, in which there was no internet, nor even any form of electronic communications, an age in which monarchs and dictators ruled the peoples of the world, perhaps necessarily.
Technology has progressed now by a truly mind boggling degree since the days of Newton associating the fall of an apple with gravity.
And yet the societal business model manifesting as slavery, used since before even then remains unchanged.
This article highlights the fundamental concept and meaning of “Value”, the problems in the current system which fundamentally result from it being confused with profit driven finances, and how that is addressed (By it being superseded) by the VRENAR system.
The Negative Value of the Current System
The vast majority of human activity is financed by loans to be repaid with interest. The amount of credit issued now far exceeds any practical amount than can ever be repaid.
All business, lately including even government, is operated to make profit in an effort to repay shareholders and other financially invested parties at interest.
As a result, many businesses offering products of real benefit to humanity either cannot be started, or fail shortly after starting, as the profits available from the product cannot sustain the business overheads.
Humanity has, and is missing out on an untold vast array of potentially valuable products and services, because these do not align with our drive to derive profit from all human activity.
A further damaging end result of the trickle-down effect from that is that all people are technically in debt, even if we do not know it ourselves.
Throughout life, those of us lucky enough to be part of the “Developed world” work as prisoners of that debt. Most people are extremely unhappy as a result. Even if we work in a field we would otherwise find stimulating, the value that can be realised from us is often spoiled by the financial pressures upon us to carry it out in a less than ideal way. We work throughout life to try to make as much financial wealth as possible, but it is never enough. This does not add value to our lives, rather, it detracts from it.
Those of us not lucky enough to be able to aspire to that lofty entrapment live from hand to mouth, either on the streets, or in the more rural parts of the world in a struggle simply to stay alive, vast swathes failing, with little or no possibility of ever contributing whatever human value they might have had towards themselves, far less towards humanity in general.
Humanity has, and is missing out on the same untold vast population of potentially very valuable human ingenuity and effort.
In truth, we see only a fraction of our potential value as a species being realised, and worryingly, it seems that fraction is diminishing.
Increasing margins in GDPs are becoming dependent on widespread human misfortune and misery.
All the while, increasing financial rewards are funneled towards a decreasing number of luckier individuals, each of whom has more money than they know what to do with, and yet still none has absolute certainty of financial security. At any time, apparent wealth is dependent on the increasingly precarious security of our economic and financial system.
We have to admit it, that system is just not working.
Money as we currently use it, is simply not aligned with the true nature of value.
As a result, we may well be in danger as a species.
To understand this completely, we really must learn to detach the way we think about value, from the way we currently think about finances.
The Possibility of a Technological Solution
The developments of the internet, followed by financial distributed ledger technology systems, has given us a glimpse of what is possible.
The technology of formal Systems Engineering, itself a rapidly advancing technology, now enables us to model what is possible with new technology, and to automatically convert that model to a working system.
To do that effectively, it is necessary to completely detach our existing ideas of how value relates to finance.
We need to remind ourselves of the true meaning of value, the meaning we know instinctively.
Our evaluation of value has to be priceless, in every sense.
We have to stop thinking of value in terms of finance.
Then, and only then, are we be able to fully apply our new financial technologies to it, in alignment with it.
The Priceless Meaning of Value
Value is a wonderful creation, a communication of all of life, the essence of life itself.
Before the very first evaluation, there was no value.
Value is created by evaluation.
All evaluations create value, and this is the only way it can be created.
Without recognition and understanding of value, life has little meaning.
Value can be thought of as living in a dimension all of its own.
If we were able to visualize it, we might see value as light, like a universe of stars, with the brightest being the most valuable.
Before there was life, there was no value, only darkness.
In life, we lifeforms are naturally drawn towards the light of value, seeking to add to it wherever we can. Similarly we are naturally repelled from the areas of darkness, of little or negative value, seeking to avoid those wherever we can.
The brightness and darkness of value, is a measurement of what makes us lifeforms happy, and what makes us unhappy, for others to sense.
All of us life-forms are value detectors, at the same time as being value creators.
The Value of Life
We lifeforms ourselves have value, due to our unique capability, of adding value to life.
Thus we are naturally drawn to one another.
Individually, we do not always see value the same. Collectively, we make the best evaluations, the ones that generate the most value.
Our current system tends to promote the views and interests of a minority who do not have the interests of the larger collective at heart. This can have the effect of making us think that most people hold that damaging view, when in fact, most of us do not.
A valuable object is something of value in our world, where that object can be physical, virtual, or both.
Virtual objects include actions, both completed and intended.
An object of negative value is something that detracts value from our world.
Our response to sensing value, an evaluation, is a valuable creation itself, a virtual object in its own right.
An evaluation always has positive value, because transmitted, it alerts others to the source object of positive or negative value.
Value is self-replicating, but only with our interaction.
It is created by recursive interaction, most effectively with the collective.
All of us lifeforms sense and create value instinctively.
As humans we are equipped to sense and create value both instinctively, and with our powers of logical deduction.
That capability of logical deduction is a very powerful thing, capable of overriding our instincts. It is so powerful in fact, it is even capable of existing without life.
Whilst dramatically enhancing our capability to add value, it also gives us the grim capability of destroying it.
In that, we have a freedom not available to any other lifeforms on our planet. They are prisoners of their instincts. They must always choose to live.
We humans have the capability to choose life or death, using our powers of logical deduction.
But destroying value, and life, does not make us happy.
Maximising value is our instinctive role. This is what makes us truly happy.
We have no control over the fundamental nature of value itself. But we do have control over our interpretation of it, specifically in how we might better align our mechanisms of finance with it.
Aligning Monetisation with Value
We must use our instinctive reasoning given above, of what value actually is, as a design specification of a new system.
The new system needs to mimic nature with respect to the way value actually operates, in order to monetise it effectively. In this way, we align our new system of monetisation directly with the true meaning of value, so that we may reward each individual human according to their actual contribution of value.
Where an individual is rewarded in nature for adding value, this must be reflected in our new system, in terms of monetisation. In this way, we align the rewards of nature, with the monetary rewards of the system.
We can begin by representing objects of natural value with bounties.
If a person creates something put in public view, a work of art for example, the system may create a bounty to represent it.
We might classify such a bounty, created automatically by the system as a creation bounty.
The bounty created by the system must accumulate in value in such a way that the creator is rewarded for creating it, and everyone evaluating it is rewarded for their evaluation.
The bounty must further cater for the possibility that the work of the creator might not be appreciated by the public. Instead of a work of art, it could be interpreted as representing an eye-sore or other undesirable object of negative value. Thus the bounty must have the capability to go negative in response to negative evaluations, with the result that the creator is ultimately fined if the creation is not removed from the public. Again, the contributors of all evaluations, positive or negative should be rewarded by the system.
In addition to creation bounties, created automatically by the system, further bounties, operating similarly to creation bounties could be manually created by the users of the system, for any works or other change they wish to be carried out.
This provides a democratic consensus mechanism which can be used for any purpose of realising change. The financial reward (Or fine) of any bounty directly represents its popularity, thus the weight of the corresponding issue.
At any time, a manual bounty can be redeemed by any party satisfying the public of their motivation and capability to carry out the work of the bounty, whilst also rewarding the creator of the bounty for their creative thought.
These basic definitions defined as a system model using our modern technology of formal Systems Engineering, give us a system which is fully executable from a series of conceptual diagrams defining the system concept.
It can be simulated at the press of a button. The system is exercised as such, allowing further refinements to be added, depending on the outcome of simulations.
A Practical Visualisation of Value
This system of bounties and rewards operates as a reasonable monetary analogy of the way value operates in nature.
Visualizing the monetary rewards and bounties in the system by brightness of light corresponding to the amounts in bounties, as well as in rewards paid to users, is a practical means of producing the visualization of value in nature, in a graphic like the universe of stars described earlier.
Sensing and Communicating Value
A minimally functional user interface to the system comprises a phone app with some capability to photograph, and to view and edit text and images, with like/dislike buttons to show relative appreciation of the images and text describing the creations of others, and to capture details of their own creations.
The system operation around the user interface, leading to the logical and arithmetical functions of bounties function similarly to that of a social media.
A common facility providing visibility of all issues to all users without breaching the privacy of individual users is needed in this social media.
We see this most ideally being in the form of a shared virtual world which mimics the physical world. A full discussion of the possibilities around that virtual world is beyond the scope of this value focused article. Suffice to say that as well as a repository of obviously valuable 3D virtual items, it can also be used to track and plan valuable work carried out in the physical world.
In order to fully interact with and reward users, a wearable system interface with capability for users to individually view and interact with the shared 3D virtual world transposed on the real world is needed.
In order to provide most value to users, by easing the effort of the user to register evaluations, this wearable item further includes eye tracking and facial recognition capabilities sufficient to deduce the emotions (thus the likes and dislikes) of the user. This is as well as identifying the visual stimuli in either or both the virtual or real world that might have caused the emotion, so as to create or identify corresponding bounties.
Using the techniques of modern Systems Engineering, we very simply include machine learning algorithms to refine efficient sensing of the users emotions over time.
A Practical Realisation of the Value of all Humanity.
The proposed system is potentially a realisation of the true value of all humanity, added to our universe in a positive way.
The system effectively monetises the valuable data of all users, adding the human endeavour of each and every one to our universe in a way that adds to its total value.
If we generate and allocate the base money of the system according to the logic above, beginning at one IOTA* per evaluation, then the total human value contributed to our universe by that means corresponds to the total human data input to the system.
That value is extremely high, as we know from Metcalf’s law, which multiplies the network value by the number of users squared. With the billions of users typical of social media, that squared value has at least 18 zeroes.
In a social media offering the users potentially unlimited rewards indefinitely, the number of users would be even higher. Appropriate bounties would enable all to participate, even those in places where internet access and AR equipments were previously unthinkable.
The value of the money of this system would still be compared with the usual fiat currencies of governments and big business.
Metcalf’s law has already proven to be a reliable predictor of that value, in crypto-currency networks over studies of ten years.
The system is non-profit, thus must distribute all funds from realisation of value back to the users.
This would most fairly be done by rewarding each user proportionally to their value added to the system.
This results in all users being very wealthy.
That very wealthy user base, with many bounties presents a treasure trove of opportunities for all manner of existing and new businesses, both profit driven and otherwise to meet, driven by a market which is truly free.
So rather than a threat to existing business, this new system is in fact an opportunity.
An opportunity like no other in history.
New System Concept Testing
To compare any new system with the existing system, we need to look at where we know misalignment currently occurs between our instincts, and our logical powers in the existing system. Then we need to ask if the same misalignment occurs in the new system.
Thus far, we find no such fault in our new system.
It is called VRENAR.
It is concept designed as above using the new technology of Model Based Systems Engineering.
*IOTA is the only monetary system we have found technically capable of supporting the proposed system