ARCC
Abstract. Bitcoin is the technological achievement of the decentralization of peer-to-peer trustless electronic cash, which then lead to the economic achievement of the issuance of a new global non-fiat currency. While ICOs through Ethereum have created hundreds of new cryptocurrencies, few progress past the standard that Bitcoin has achieved. The next level in achievement through Ethereum and ICO’s should be found in cryptocurrencies which have the objective to further a new global decentralized economic paradigm. We propose to explore the impact of crypto-currencies in the area of ‘economic development’. Economic development is the area of bringing ‘third world’ developing countries out of poverty to the standards and stability of the ‘first world’. Currently, there is no clear economic development model which provides distributed development that improves the lives of all individuals over than of just the standing economic elite, i.e. major corporations or societal elites...