Thread by @xFoudres

[THREAD / #xMoneyFuture 🇫🇷 🇬🇧 Article]

What if the virtual and isolated aspect of our cryptos is about to disappear?

Web3 lovers, you should not miss this attempt to give you the keys to understand the future, and what we will call the #xMoney.

RT very appreciated ⚡

For French people, the article is available especially for you here :

Pour les personnes française, l'article est disponible spécialement pour vous ici, N'oubliez pas que vous pouvez gagner 10k UTK en retweetant ce thread! Merci pour votre soutiens 🫶

medium.com/@xFoudres/xmon…

My application to the #xMoney contest will be through this Medium article, although this thread is a faithful transcription.

Don't forget that you can win 10k UTK by retweeting this thread! Thank you for your support 🫶 :

medium.com/@xFoudres/xmon…

"What if a new spark, was about to light up the world, bring to life a tool so powerful, just as fire once was. What if after years of work, a plan was ready to be revealed. Step after step, bringing us closer to an inescapable conclusion. [...]

[...] What if with this tool, a portal to new worlds would open, where humans become creators and architects of the very fabric of reality"

Beniamin Mincu

If this sentence may seem like a free interpretation metaphor serving only marketing purposes, it actually conceals an incredibly deep analysis of the evolution of Life and human society.

And this is what we will start with, because to unveil the future potential of xMoney, it is necessary to look at the past and to understand the dynamics of economic and social changes in humankind.

1/ Look at the past, see the macro dynamics, to understand the Future. 

a/ a/ The Thermodynamic design of Life, from the first fire, to the Blockchain innovation

b/ Stories, from creators who shape our bio-social evolution, to their influence in our path through time.

2/ xMoney, the seamless way to incapsulate and use the value. 

a/ xPortal, a new world of features evolution and implementation. 

b/ An hybrid Stablecoin, for the advant of monetary entanglement.

c/ Bank + Stablecoin Issuer = the unbeatable On-Ramp solution for a lightning adoption. 

d/ A KeyLess Wallet, for an invisible inclusion in the Web3.

3/ The inescapable Conclusion.

1/ Look at the past, see the macro dynamics, to understand the Future. 

a/ The Thermodynamic design of Life.

It is often said that the oldest profession is farming, because it is the most essential need. And this will remain for almost 10 000 years, the activity exercised by 90% of the inhabitants of this planet.

Until the advent of the industrial revolution.

Since then, we have gone from an essentially agrarian economy, to an economy of production of goods and services. This is the arrival of modern capitalism, accompanied by the emergence of a middle class. People no longer produce only to eat, but to consume.

This is a huge step forward in terms of freedom and standard of living. People are freer to learn, to entrepreneurship, to educate themselves, to entertain themselves but also to own.

But this could not be done without a counterpart, if our distant ancestors had just been freed from the feudal grip, it is now to the capital that it would be subjected.

To make studies, to have a job, to build a family then to be indebted on 40 years to have access to the property.

This became in the occident the way to go, the mold in which we had to fit.

And this trend will accelerate until a new breaking point, the digital revolution.

With the arrival of the television, internet, and automation, the economy passes then from an production and market economy, to an economy of attention.

Your economic potential as an individual no longer lies in your labor power, but in your ability to spend its fruits.

As the former president of the largest French TV chain said in 2004, "what we sell to Coca Cola is available human brain time".

But as the economy becomes more and more centralized around behemoths that don't seem very far from the corporations of the past century's dystopias, a breach was opened.

With Internet, came the freedom to create and to share, led by an ideology, that of the free culture and the open source.

And here we are.

It will be noticed that each of its revolutions was influenced by two great factor:

- Our ability to better convey information
- Our ability to extract and use energy more efficiently

This starts with the discovery of fire, wheel, the invention of writing, printing, steam engine, combustion engines, telegraph, telephone, television, nuclear energy and finally Internet.

In each socio-economic evolution, humankind has been able to increase the production of value per individual and per unit of time.

And the next one is on our doorstep, with AI and Blockchain.

b/ Stories, from creators who shape our bio-social evolution, to their influence on our path through in time.

So after that what is the tipping point that connects all this to Beniamin's quote that metaphorizes it in one sentence?

If until now the "MEV" (Maximum extractable value) of humans was their attentions, tomorrow it will be their creative power.

The democratization of these tools will absolutely explode the most difficult barrier until then to break, allowing each spirit to materialize its imagination without having particular artistic or technical abilities.

From an economy of attention to an economy of creation.

And it is here that the metaverse takes on its full meaning, because humanity has never counted as many creators as it does today, and their importance is central to our next step as a species.

As evolutionary biology and sociology teaches us, since the dawn of time, stories and fiction have been the means to develop common cultures, in order to gather and make humans coexist and collaborate in a large group.

The biggest so far is FIAT currencies, only trust and common history make them tangible, but in the end it is Bitcoin that will have the last word, because in addition to a common mythology that we are building through the quasi-christic invention of Satoshi Nakamoto, --

-- it is the perfect store of value to encapsulate a past work.

" The real difference between us and chimpanzees is the mythical glue that binds together large numbers of individual, families and groups"

Yuval Noah Harari

And if unfortunately during long centuries we could not collaborate in a planetary way, Internet reshuffles the cards.

Internet has allowed to break many cultural barriers between languages, between countries, between ethnic groups, and although there is still a lonnng way to go, the metaverse and digital identity will help bring down the last of them.

If we want to survive the century that stands in front of us and maybe even become an interplanetary species so beloved by Elon Musk, we need to create that history, that culture and that common morality that will allow us to collaborate in a systemic way.

All the stories that are still to be created, all the cultures that will clash in a way that is even more unbridled than for the internet ones, will feed the “Metaverse” culture, and will never again disappear thanks to the historical layer that will become the blockchain.

You are now capable of the full extent of the reflexion that this simple Beniamin metaphor brings, it is an understanding and a reflection on the very intrinsic concept of evolution and humanity. It’s not a marketing sentence, it is a universal law.

And it was when they published this xDay annoucement video and after when Beniamin and @Maldoju unveil this vision on stage that I fell in love with MultiversX, because they are part of the very closed circle of people who have this depth of reflexion.

If you are able to share more information as well as use and extract more energy per unit of time, you are able to produce more value.

If you are able to build a common culture through our digital existence, you are able to collaborate on a large scale.

And this is THE point, if you have understood and able to extrapolate this, you understand the dynamics of evolution, and seem to predict the future for those who have not.

Reduce locally the entropy, reduce the disorder of a system, and improve its efficiency.

And this cannot be done without blockchain, without revolutionizing our relationship to money and how it carries the information and energy through the entire system.

Now that the word "Future" is defined,

How should xMoney fit in?

2/ xMoney, the seamless way to incapsulate and use the value. 

a/ xPortal, features evolution and implementation. 

So let's try a little prediction :

Internet and computers have brought a notable thing, the digitalization of purely intellectual work. If the companies did not take long to use them, it was a bit longer for individuals, but today, it is estimated that there are already more than a billion freelancers.

And as previously explained, this trend will continue no matter what, because it is more competitive, less expensive for companies while paying workers better. More value, for the same energy effort and working time.

Schumpeter wrote in the last century :

“Innovation has always been a catalyst of economic creative destruction, triggering the extinction of certain types of jobs while fostering the genesis of new types of jobs with new types of skills.”

And next on the list are the traditional banks and our traditional way to work.

The more independent we become in our work, the more important our monetary sovereignity and agility will be.

And this, only the blockchain can allow us while being more energy and monetary efficient by drastically reducing the costs and fees of the current banking system.

And it is in this exact moment that xMoney is preparing to revolutionize the way we think and use money.

a/ xPortal, a new world of features evolution and implementation.

xPortal is not only the evolution of Maiar, it is also its merging with the former Utrust application, Hold.

Utrust is still advertised as an agnostic wallet solution and this should bring the following features directly on xPortal :

🔸 The arrival of Solana, BNB, Avalanche and others wallet as for the current BTC and ETH, but also accept the ERC-20 tokens and other formats.

🔸 Pay directly with Lightning Network for Bitcoin payment

🔸 The possibility to pay in Fiat, in stable, or in crypto via the xCard, by NFC, (or with any other wallet) in physical but also online at verified merchants by scanning a QR code.

🔸 The possibility also to receive in any currency, regardless with the currency used to pay you. For example by receiving your payment in stablecoin as a merchant while the buyer paid you in Fiat.

🔸 A Mobile version of Merchants Dashboard via a dApp and choose their payment methods, either redirected to their banks, or to the xCard, or to their MultiversX addresses as well as manage their UTK staking and their premium accounts.

🔸 Of course the famous cashback for UTK buyers and merchants, but also for any expenses related to the xCard, and Merchand yield with DeFi product. 

🔸 The possibility to create an KeyLess xPortal wallet via MPC and SSS encryption like on Hold App for a very easy onboard

🔸 Allow to send payment requests via xPortal messenger or any other external messenger (What's App, Telegram, SMS, etc)

🔸 But also allow all self-employed and freelancers to get their invoices paid via xMoney, with automatic invoicing like on Revolut.

🔸 A tax manager for investors, workers and users. 

🔸 The possibility as for any bank account, to have an IBAN and QR-IBAN, to pay bills, to make recurring payments but also to manage them easily as on Paypal.

🔸 Implementation of a large number of Fiat currencies, so that you can use xMoney anywhere in the world by paying in the native currency, without having to worry about border fees.

🔸 The possibility to have xMoney sub-accounts, for example to separate my personal expenses from those of my company, but also to have shared accounts, e.g between spouses, or between friends for common expenses in vacations.

🔸 And finally from the point of view of the users, to be able to send Fiats as simply as we send cryptos today, and exchange as simply as a swap, crypto and stable in fiat and vice versa within its own account.

The goal is simple, if tomorrow I don't want to have to use my bank anymore, I won't need it. But also to allow all the unbanked, to become it as simply as we create a wallet with xPortal.

Their inclusions are a major potential of xPortal, all the people who go abroad to work and send money to their family should never have to use solutions like Westearn Union and their indecent fees.

As an entrepreneur, freelancer, employee, and even unemployed who receives allowances, your money, your choice. You decide which one you use, which one you receive.

But to reshape our entire experience, xMoney needs to push the boundaries of innovation further, and here's how it could work.

b/ An hybrid Stablecoin, for an invisible inclusion in the Web3. 

I said above that xMoney should make it possible to switch from crypto to FIAT in a completely instantaneous way, but how to do that given the slowness of the actual banking system?

Thanks to its own StableCoin.

Twistpay has a EU e-Money License, and unlike a full bank license, this one does not give you the right to do fractional banking. This means that Twistpay does not have the right to touch your money without your permission for its own interests like a traditional bank does.

On the other hand, this Licence gives it the right to issue digital money, and here is what it could do thanks to this.

Twistpay could create its own hybrid stablecoin, backed in x:1 by euros, and over-collateralized with UTK and other Token collateral to intervene in case of great volatility or demand in order to be able to mint or Burn xEuro.

For example with an Lending Liquidating AMM Algorithm, like crvUSD. By being your bank as well as a stablecoin issuer TwisPay would be able to allow full interoperability between crypto, stablecoin and Fiat.curve.substack.com/p/november-22-…

This would allow for example to pay an xMoney Merchant, freelance, or simple User in Euro, but let him choose whether to receive stable or crypto. On the other hand, this could bring incredible DeFi opportunities on the blockchain by having our own algorithmic stablecoin.

Users could deposit Token collateral to receive xEuro. In order to have enough collateral in reserve, xMoney could create its own incentives and new type of yield for merchants, e.g. with UTK, Fiat and Crypto delegations.

But this kind of service should not only be beneficial to the Web3, but also in the real world. xMoney should, like Nexo, allow to make loans in Fiat with the help of collateral in crypto. We’re in the middle of the Bear market, but I need a car?

Fine, take my EGLD as collateral, the bull run will take care of paying off my loan.

c/ Bank + Stablecoin Issuer = the unbeatable On-Ramp solution for a lightning adoption.

Another great possible innovation. The xEuro should allow xMoney to become a major On Ramp solution for all the European Economic Area (EEA), on any plateform. Today most of the On-Ramp solutions cost about 3/4% which is huge.

Because there are many intermediaries and the latter do not apply personalized fees, as card fees can vary greatly depending on the type of card and origin of payment.

For a bank to online merchant transaction in Europe the issuing bank charges 0.2%/0,3% for debit and credit card payments (1,25% to 2% outside EEA).

The remaining part comes from the receiving bank, which does not hesitate to take 0.5% to 1.75% margin, and the Visa MasterCard network fees of about ~0,05% (and ~1% outside EEA).

This makes a low estimations of 0.75% and a high of 2.05% (and 2,75% to 4.75% oustide EEA).

But since xMoney is its own bank, it could choose to charge a low margin fees in order to establish itself as an ultra-competitive On-Ramp system. If it is difficult to be competitive from an international point of view

it is possible to be unbeatable from a European point of view with a cost of only 0.35% to for xMoney. Even if they take 0.65% in margin and crushing all the actual On-Ramp (even the one of Binance being the lowest of the market at 1.8%).

But then, what is the main advantage?

Fill up his StableCoin reserve and increase its supply!

Instead of making bank transfers to exchanges and companies, xMoney could send xEuro or $EGLD directly!

Leaving the exchanges, marketplaces and wallet to apply a swap according to the crypto user’s request, but also greatly increasing its adoption potential in the various blockchains.

An On-Ramp solution itself emitting its own stable coin issuers, impossible to compete with. As capitalization is a major point of confidence for all stablecoins, this solution will allow xEuro to be massively adopted by --

--European users who are in great need of it as there are so few of them in the crypto ecosystem and not very implemented at all.

d/ A KeyLess Wallet, for an invisible inclusion in the Web3.

But more than that, xMoney should become a real gate for an inclusive ecosystem.

Even the user not initiated with crypto will be able to access all the benefits of Web3 by thinking used Euro or Dollar, while xPortal will takes care of transferring all your payments on the blockchain layer, through the account abstraction.

Let’s take an example : A normal Web2 user who wants to access xWorld and buy skins for example, xMoney would have to take care of everything, create his wallet while keeping the keys safe thanks to MPC and SSS.

For each purchase in xWorld, xPortal would send him a transaction validation request like any bank account, and xMoney would take care of everything for him. Validate transactions, make the necessary swaps, buy the NFTs for him.

All he should see on his xPortal account and on xWorld UI, is every time an expense in Euro or Dollar. He could even deposit his Fiat in what he thought was a gaming account, so he wouldn’t have to validate a single transaction during his trip.

And if by this seamless inclusion in the web3 he starts to understand and to be interested in the blockchain start to understand that his assets belong to him and that he can even resell them, after a quick QCM of knowledge, he could claim the full ownership of his erd account.

This is in my opinion essential for the adoption of blockchain, cryptos, and especially the metaverse, because users should not be forced to use a technology they do not understand to access it.

With this, the user will use his Fiat on his xMoney account for each purchase, while what we can call a KeyLess Account Manager will transfer and validate for him all his interactions to the Blockchain.

And this should be at the same level of integration for all story creators, artists, modelers, who will come to shape in a totally free way the future worlds that are still to be created.

For if there is one thing that the Internet has taught us, it is that total creative freedom is the central point of these new emerging cultures. Don’t be afraid of disorder, embrace the chaos, to create the future achitect of these new realities.

No reality, no metaverse, from a user and creators POV, there will only be the interweaving of both. The Multiverse, and value. No matter what currency they wants or think to use. It is once inside the game that some player become curious about how it works, not before.

A Risk-free inclusion for a natural education.

Creating a payment system that is fully interoperable between Fiat and crypto-currencies, between Bank and blockchain account while bridging the Fiat economy into the crypto economy, is what I think xMoney should be.

The ability to break all the boundaries between what is called money. MultiversX will be the place to centralize everything that allows us to create value, but also to spend it, in a decentralize space that does not require any trust to third part.

3/ The inescapable Conclusion.
The intrinsic dynamic of life and innovation can be observed through the most fundamental layer of our universe. Energy, and Information.

Like all the revolutions that preceded it, blockchain reveals a new wave of innovation that is still in its infancy, and which by its cruel but necessary creative destruction, will reshape our vision of value and its use.

For each person who answers the call of a customer to make bank transfers, for each small hand who fills excel tabs tirelessly all day long, there is a technological advance to replace them, and to allow them to evolve towards more valorizing and creative activities.

Through the new stories conveyed by these future worlds that are fast approaching, humanity is moving towards a healthier collaboration between individuals, freed from the yoke of a harmful and liberticidal economy,

and thus regaining full power over what they create, the value they produce, and the monetary means used to convey it.

xMoney, in its ability to unleash all the best aspects of our dying and faltering economies, is as important in what it will brings as what it will takes away.

One day, blockchain will become inescapable, but the transitional state is surely the most important, because it will serve the trend that is to be born.

To become the tool, the portal, to magnify the result of this state, these are the challenges that xMoney must reveal.

When some dream of a solution that is too revolutionary for its time, a change that is too drastic to be done naturally. Others are busy building a bridge between total darkness and pure light.

As a trully utilitarian reflection that Elon Musk and Beniamin Mincu have shared both in interview, the important thing is not to personally triumph over others builders, but that the best products prevail.

No innovation, no experimentation is useless, they all serve as tracers, like a lightning bolt that seeks its way to the most positive potential, before lighting up the sky.

Oops the gif did not pass the thread creator ! 😁

And I owe you a big thank you for reading me until the end, whether it's here or on Medium, contest or not, what I like the most is to be able to share my vision. ⚡

Don't hesitate to leave a comment and to share the thread if you like the whole vision explanation, I'll answer… twitter.com/i/web/status/1…