In an extensive interview, Urs, a key figure behind the Decenomy project, has provided insights into the ambitious plans to create a new economic system underpinned by blockchain technology and cryptocurrencies. Decenomy aims to address fundamental issues plaguing traditional economies by leveraging the transparency, security, and decentralized nature of blockchain.
At the core of Decenomy lies the Sapphire coin, envisioned as a reserve currency representing real, tangible value within the ecosystem. Urs explains, “A rising Sapphire means that there is more value in the market, which is intended to stabilize the economic value in the long term.” The project’s goal is to anchor cryptocurrencies to real-world assets, fostering stability and utility, much like fiat currencies derive value from their use within a specific economic zone.
Decenomy’s vision extends beyond mere tokenization or “baking” of assets. Urs emphasizes the need to create a functioning market area where assets can be traded and economic activities can thrive. “We want to build an economy where people trade assets and conduct business with assets. Economics is always about values, and we want to bring these values into this market.”
Non-fungible tokens (NFTs) play a crucial role in this endeavor, acting as a registry for assets, enabling secure ownership, and facilitating transparent transactions. Urs dismisses the notion of using NFTs solely for speculative purposes, stating, “We’re not interested in getting rich quick with NFTs. We want to build an economy.”
To achieve this ambitious goal, Decenomy faces a multitude of challenges spanning legal, technological, and economic domains. Urs acknowledges the complexity, stating, “We have to deal with the law, technology, economics, investors, and partners. It’s all very complex.” Navigating regulatory frameworks across different jurisdictions and fostering trust among stakeholders is paramount.
One of the key challenges Decenomy faces is the lingering impact of the YieldNodes situation, which has eroded trust within the community. However, Urs remains resolute, stating, “We still want to show that we can still tackle it. The system is intended to show that it can function in a crash. The system should be crash-proof.”
Decenomy’s approach involves laying a solid foundation with the Sapphire coin and gradually integrating other cryptocurrencies like Azzure (for travel and hospitality) and Mobic (for mobility and electric vehicles). Urs reveals that discussions are underway with banks to introduce new financial products on the Decenomy blockchain, akin to traditional instruments like promissory notes and bills of exchange.
Attracting cooperation partners from the real economy is crucial for Decenomy’s success. Urs reports that 11 companies are ready to participate, with a pool of over 100 companies under consideration. The project’s focus is currently on the Arab and African regions, where there is significant interest in blockchain solutions for micro-loans, micro-payments, and other applications.
Urs acknowledges the skepticism and criticism faced by Decenomy but remains steadfast in his belief that the project is fighting for the greater good. He laments, “It hurts me sometimes. We get beaten up by everyone. We are fighting for these people. They don’t even understand it. We don’t want to take any money away from them. We don’t want to harm them. We want to build something that is sustainable for everyone.”
At the heart of Decenomy’s mission is a philosophical stance on the relationship between the virtual and the real world. Urs cautions against the allure of virtual assets and virtual worlds, emphasizing the need to ground economic systems in real-world values and assets. He states, “There are no virtual assets. There are real assets and virtual tools. We should use these virtual tools to manage this real world, and not try to build a virtual world.”
As an industry veteran with nearly 40 years of experience in IT and over a decade in blockchain, Urs advocates for a balanced approach that harnesses the power of technology to address real-world problems and challenges. He believes that failing to do so risks creating an unsustainable system that benefits a few while leaving the majority behind.
Decenomy’s vision is ambitious, audacious, and not without its challenges. However, if successful, it could pave the way for a new economic paradigm – one that is transparent, secure, and grounded in real-world values, while leveraging the potential of blockchain technology and cryptocurrencies. Only time will tell if Decenomy can overcome the obstacles and realize its ambitious goals, but the project’s unwavering commitment to creating a sustainable and equitable economic system is undeniable.
