Money serves as a fundamental pillar of modern civilization, acting as a universal medium of exchange that facilitates trade, economic activity, and the accumulation of wealth. At its core, currency is not just a physical object like coins or banknotes; it is a concept, a convention that embodies trust and value, enabling individuals and entities to transact with each other across time and space.

Commercial banks have been creating non-physical money in the form of account units for decades, which has proven that the physical aspect of money is largely a myth. Then, 15 years ago, Bitcoin became the first digital currency to demonstrate on a large scale that internet money could be adopted by communities, institutions, and now states, serving as a consensus layer for preserving and exchanging value.

From cuneiform loan agreement tablets to tokenized real-world assets, what gives life to money is its usability in transactions by human beings. This collective utility underscores the nature of money as an essential tool for societal functioning.

Money empowers humans by facilitating exchanges

The shift from early and disparate forms of value exchange in the initial stages of human societies' economic development to a centralized monetary system was driven by the need to standardize and stabilize economic transactions.

Historically, the integrity and reliability of currency have been paramount. Ensuring the veracity of money—its acceptance as a legitimate and stable store of value—has been a critical concern.

Centralization of currency issuance and management emerged as a solution to the complexities and inefficiencies of earlier monetary systems. By consolidating the control of money creation and regulation in the hands of central banks and governmental authorities, it became possible to organize the market more effectively, ensure stable exchanges, and maintain liquidity. Centralized control helped to mitigate the risks of counterfeiting, fraud, and the devaluation of currency, thereby establishing a more predictable and reliable economic environment.

In this context, the evolution of money into a centrally managed entity was not merely a matter of administrative convenience but a fundamental necessity to secure the economic infrastructure upon which societies could build and thrive. This backdrop sets the stage for understanding the role of money as a public good and the implications of its management in the modern era.

However, the concentration of monetary power also demonstrated the potent force money wields. As history has shown, when intertwined with other socio-political factors, this force could precipitate global crises. The 2008 financial meltdown serves as a stark reminder of the vulnerabilities inherent in a centralized and inefficient financial system. The concentration of decision-making power within a small cadre of institutions amplified systemic risks, leading to consequences felt across the globe. This crisis highlighted the dangers of over-reliance on central authorities without democratic control and raised questions about the resilience of such a monetary system.

In the modern era, money has become indirectly private. The digits that dance across our screens, the balances in our online bank accounts—these are, in essence, forms of commercial money. They are liabilities of commercial banks, not actual currency issued by central banks. Hence, the monetary system that was supposed to be a public utility is largely in the hands of private entities. While central banks are mandated to manage the stability and integrity of the monetary system, their governance is not always directly answerable to the public will. Despite being crucial to the nation's economy, central banks operate with a degree of autonomy that can make them seem like semi-private entities, sometimes influenced by private sector interests rather than the broader public good.

We should be making the rules. Money and economy are human abstractions.

This brings us to a critical juncture in our discourse on money as a public good. If the very essence of money is its utility and trust in facilitating transactions among humans for their collective benefit, should its control not then be rooted deeply in democratic principles? Should the power to create and manage money be a privilege that is democratically governed and oriented towards public welfare?

In the quest for economic stability and equity, we are now faced with an important question: Should money, like air, water, and other essential services, be considered a public good that serves the collective interest of society? A public good, by definition, is one that is non-excludable and non-rivalrous—in other words, its use by one individual does not reduce its availability to others. Money, when functioning effectively, aligns closely with this definition. It is a tool that, if managed well, can benefit all, without diminishing its value to any single user.

Money's status as a public good would necessitate a reimagining of our monetary system, one that prioritizes the common good and ensures equitable access. A system where the issuance and regulation of money are transparent, accountable, and designed to serve the entire community rather than a select few. A system where monetary policy is no longer a distant concept, discussed in the hallowed halls of finance, but a democratic process that considers the voice and well-being of every citizen.

Such a transformation would be profound. It could involve novel frameworks like the universal provision of basic financial services, the public issuance of digital currencies, or even the decentralization of monetary control through distributed technologies. Each of these possibilities holds the potential to recalibrate the relationship between money and society, anchoring it more firmly in the realm of public service and accountability.

Bitcoin initiates a new monetary era and frees money

Bitcoin and cryptocurrencies have indeed stirred the pot, offering a paradigm shift in how we perceive and interact with money. With their decentralized and autonomous models, these digital assets have introduced a system of value transmission that is reliable, secure, and operates independently of centralized financial institutions. This innovation extends beyond the technical—it challenges the very notion of who should have the power to create and manage money.

The rise of Bitcoin was just the beginning. As the first cryptocurrency, it demonstrated that decentralized digital money could, in fact, work in real-world scenarios. It paved the way for others to follow, leading to an ecosystem rich with diverse digital assets, each with its unique value proposition. The introduction of Ethereum was a significant milestone in this evolution. It proposed to generalize the creation of assets on these new infrastructures, effectively democratizing the process of asset creation. Ethereum, with its smart contract functionality, enables individuals and entities to create and manage assets in a decentralized manner. This capability extends the utility of blockchain from simple transactions to still unimaginable applications.

These advancements pose profound questions about the future of money. If assets can be created, managed, and exchanged on a decentralized network, then what role should traditional financial institutions play? How does this impact the concept of money as a public good? The answer lies in some of the most competitive benefits of blockchains—transparency, security, and scalability. From now on, we can envision a future where money and assets are created and managed by the very people who use them, aligning the incentives and benefits with the users' interests rather than those of a centralized authority.

Moreover, the idea of programmable money—where transactions and contracts execute automatically under certain conditions—redefines the possibilities of what money can do. This goes beyond mere currency, becoming a tool for executing and enforcing agreements without the need for intermediaries. The implications for efficiency, cost reduction, and eliminating the risk of fraud are significant.

However, the narrative took a familiar turn when the market began to organize itself around centralized exchanges and centralized stablecoins. This shift towards centralization was, in part, an attempt to provide users with the familiar ease and functionality of traditional financial systems. Centralized exchanges offer the benefits of increased liquidity, user-friendly interfaces, and quicker transaction times, thus attracting a larger user base.

Yet, this pivot back to centralization brings with it the very challenges that cryptocurrencies initially sought to overcome. By concentrating assets within centralized crypto-institutions, we reintroduce single points of failure into the system: these platforms can become targets for hackers, and the custodial nature of their operation brings back counterparty risk.

In this light, the emergence of decentralized exchanges and decentralized finance platforms offers an alternative that aligns more closely with the philosophy of blockchain. They provide a system where trades are executed directly between users (peer-to-peer) through smart contracts, without the need for intermediaries.

These cryptocurrency market movements reflect a broader struggle within the financial ecosystem. It underscores the need for a balanced approach that leverages the strengths of both models. Such a balance would aim to harness the efficiency and user-friendliness of centralized systems while preserving the autonomy and transparency that define decentralized systems.

New infrastructures and technologies, particularly in the realm of decentralized finance, have paved the way for realizing this vision. They allow for the creation of financial models that are not only as efficient as established entities like Tether and Circle but are also community-owned, embodying the true spirit of money as a public good. These models facilitate accessibility, transparency, and community governance, enabling money to serve people from various parts of the world with different financial systems, legal frameworks, cultural practices and norms, and experiences or expectations of reliability and integrity. Crossing physical and moral borders, at every point in the world, wouldn’t cryptocurrencies already be common goods?

Usual: the aligned Alternative

An alternative to the banking model, replicated by entities like Tether and Circle, is critically needed, particularly in the face of emerging Central Bank Digital Currencies (CBDCs) that could pose risks to privacy and lack democratic oversight. These developments underscore the necessity for a financial system that not only respects individual autonomy but is also governed by the collective decision-making of its users.

For all the above cited reasons Usual represents this needed alternative. We are pioneering a model where everyone has the opportunity to express their voice in the currency space, offering a quality of money that surpasses what commercial banks can provide. This is achieved through leveraging decentralized protocols, which not only ensure security and transparency but also enhance the democratic nature of financial transactions. We can create the rules.

However, the success of any currency system is intrinsically linked to its network. Money derives its true value from the collective trust and utilization of its users. Similarly, a reform movement in finance is ineffectual without educated and engaged participants. Recognizing this, Usual is committed to collaborating with and leveraging existing networks of cryptocurrency enthusiasts and users.

We are nothing without a network of global users. We want to unite the entire ecosystem. That’s why DAOs and different groups of people were included from the beginning. That’s why Usual is committed to building a protocol that enables all participants to become governors. Our goal is to propagate a new financial logic, encapsulated in the concept of Liquid Deposit Token (LDT).  The LDT model empowers users to have direct influence over the stablecoin's governance and operational directives, ensuring that the currency evolves in response to the community's needs and values. It provides a way to give users 100% control while rewarding all parties necessary to make the project a success. By engaging with and contributing to the Usual ecosystem, users can gradually gain ownership of the issuing decentralized entity. This not only democratizes the control and benefits of the financial system but also aligns the interests of the users with the stability and success of the issued assets.

Usual is more than just a stablecoin provider; we are a movement towards redefining the essence of banking and money in the modern world. Through our commitment to decentralized protocols, community governance, and educational outreach, we aim to create a financial environment where money serves as a true public good, reflective of the collective will and welfare of its users. Our journey is one of collective empowerment, envisioning a future where financial systems are transparent, equitable, and under the democratic control of the people they serve. Join the Alternative.

Unveil the reality of Usual, the alternative, by engaging with our story. 🔮

Join our Telegram Community: https://t.me/UsualCommunity

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Co-Signed by Pleb Capital, Primony, Bookclub and KaizenDAO.

This article is co-signed by leading cryptocurrency communities, gathering more than 3,500 members. Feel free to ask us about becoming one of them.

Pleb Capital

We are Pleb Capital, the pioneering force behind Venture Community Capital, blending the strengths of traditional venture capital with the revolutionary potential of decentralized, participatory funding. Our core belief is in the transformative power of crypto — a domain shaped by and for the community at its heart. In this vein, we are excited to spotlight Usual, a venture that embodies our ideals of decentralization, innovation, and community accessibility to a remarkable degree.

Usual reimagines the concept of currency and financial services for the modern era, placing power squarely in the hands of its community. With its innovative crypto-financing approach, community empowerment model, and commitment to transparency and fairness, Usual presents an opportunity to engage in a movement that redefines the very foundations of banking and currency.

We invite all who share our vision for a more democratic, transparent, and inclusive crypto future to join us. For more information, visit https://twitter.com/PlebVCC or join https://discord.com/invite/plebcapital.

Primony

Established in 2021, Primony stands as a first-of-its-kind private autonomous organization. Led, built, and supported by crypto-natives, Primony harnesses an ever-expanding collective knowledge across numerous aspects of the blockchain industry. Our collaboration with Usual aligns perfectly with our commitment to fostering fairer and more decentralized finance. We firmly believe that individuals should own their money and receive their due yields. Follow our journey at https://twitter.com/Primony_.

Bookclub

Bookclub is a team of doers, actively involved in supporting projects from the ground up. Since launching in January 2022, we've supported 9 teams, collectively generating over $10M+ in revenue. Our vibrant community is home to over 500+ enthusiasts, including over 100 deeply engaged crypto natives. As crypto adopters, we fundamentally believe in free and unaltered access to personal wealth. Our partnership with Usual helps accelerate the world into the inevitable future of decentralization. Learn more at https://bookclub.wtf.

KaizenDAO

KaizenDAO is a group of Web3 entrepreneurs, developers, analysts and prominent figures in the ecosystem. We're excited to be part of this movement, redefining the meaning and essence of money in this new paradigm. Learn more at https://kaizendao.com/.