The world is moving, and it does not care if you move with it or not, it seems like when we are stuck, there is so much to loose from refusing to join the moving train. From cowry shell to gold, from gold to fiat currency. The fiat currency was thought of as the best solution to an important feature of money (divisibility), thanks to the ancient gold smiths who deemed it fit to issue paper to customers, this allowed them to spend their gold savings while it was in custody of the custodians (gold smiths).
The world improved on this new form of money and we had gold-backed money in circulation.
Fast forward to 1970s, the United States of America was intentional about separating gold from paper, and President Nixon made this a reality. Most countries adopted this style, some of them, especially the United States of America got the liberty to print as more money as they can. This is evident in this COVID 19 period, when trillion dollars palliative measures was proposed.
The weakness of fiat became glaring when most countries began to deploy the last economic recovery tools in their arsenals, it is called Quantitative Easing.
Trust that we have on fiat is in sharp decline, most of the millennials do not believe in paper money any longer, the 2005/2006 global economic meltdown was a wakeup call for everyone. It marked the beginning of the end of physical cash. As if the economic downturn was not enough, 2019 ended with global pandemic ravaging more than 90 percent of countries on earth.
Then fiat currency became another medium through which people could possibly spread the deadly virus that is determined to tear down the last fortress of world economy. No doubt, we are due for a nasty ride, except we embrace new and secured digital economy.
The year 2011 gave birth to new set of currency, this is more suitable for digital economy and all transactions that occurred within it, Bitcoin emerged, followed by other similar currencies. But government proved to us again that they are smart! Through the central banks, they began to issue digital cash, we now have more money on our mobile phones than the cash in the banks. The banks became over-leveraged in most countries.
Despite their efforts to continue to take custody of our freedom, the adoption for a decentralized and secured digital currency made the government have a rethink.
Now, there is a paradigm shift and the world citizens are not going back. We no longer want the government to print as much money as they want, we want to become our own bank. We don’t want the banks to tell us how much to withdraw or spend, we yearn for freedom.
Bitcoin and other similar cryptocurrencies came to the rescue, Bitcoin is deflationary and popularly referred to as the digital gold. It is store of value, also as medium of exchange. It is not backed by gold, but the trust of the masses. As good as this new form of money is, it is not without its limitations.
Bitcoin is highly volatile, it could lose more than 70% of its value in less than 30 days. We have seen it happened before when it dropped from $20,000 peak value to $3,000. Those who are watching the price actions from the sideline are skeptical about future of cryptocurrency, some go as far as calling it vaporware. Although the industry now see a lot of anti-crypto now becoming pro-crypto, the adoption is increasing.
Here Comes JILT TOKEN
The project team comprises of visionaries who are aware of the current and future challenges that could stand in the way of the decentralized digital money, they are progressive enough to understand a feature of money that cannot be overlooked which is acceptability. More people must be willing to accept it in return for goods and services, as well as some other physical and digital assets. The problem of most coins is that inability to share resemblance with the type of money that people are used to, they are not user friendly. For instance, $100 worth of bitcoin might be equivalent to 0.002875. For God sake, how many grannies or millennials with low attention span will be able to memorize this decimals? It is a tough job!
Introducing JILT Ecosystem
Jilt token is the foundational token that will be used for fundraising, and it can be traded for any assets through exchanges. Life is good when there are options to choose from. For this reason, and to cater for users who cannot bear the burden of volatility, J1 is another token within the ecosystem that solves the problem of stability and ugly decimals.
To drive the utility and global adoption of the J1 token, it will be accepted by merchants worldwide, and it can be traded for any assets. Your $100 will be worth 100 J1 tokens and vice versa. J1 is not controlled by the government, it is fully secured on the Ethereum blockchain. There is a limit to it supply, hence it cannot be printed at will.
I trust that you want to know more about the project.
You have any question about the project?
This is a sponsored article written for a bounty reward.