Decentralised Power Structure

Ğ1 is a fully decentralised currency, giving back the power of money creation to the people and introducing an innovative and secure decentralised identification system based on the certification of newcomers.

Giving Back the Power of Money Creation to the People

Give me control of a nation's money and I care not who makes its laws; the power to create money is a privilege. It's much more democratic to spread the money creation power over the whole population than to concentrate it in a few hands. In the ethymology of the word Democracy, demos means the people and Kratos means power. With money being the main source of power, the more money you have, the more power you have. Money can have a big influence on democracies. It's apparent that media time directly influences an election outcome, yet the media are owned (therefore potentially influenced) by the wealthiest people; so with their wealth, they have the power to decide (or at least influence) the outcome of elections.

In Ğ1 Currency, the choice of creating (using bank credit) and injecting money into the economy to finance one thing or another, is no longer the privilege of bankers or ministers. Instead, it is done by each individual, via the Universal Dividend, which is created every day (without debt or third party influence of any kind) on their Ğ1 co-creator account; these newly created Ğ1s can then be injected into the economy when spent to purchase goods or services. In doing so, the man or woman votes for and expresses their values, and is therefore able to directly influence the society they are a part of. Power is no longer in the hands of a few, but in the hands of everyone.

The Web of Trust: an Innovative Decentralised Identification System

As each Ğ1 co-creator produces money, it raises an issue: How to ensure that a person can create one and only one share of the currency? In this systems design, there is a strong need for validation of one’s identity to make sure this person has only one Ğ1 co-creator account.

So the developers created an innovative decentralised identification system, called the Web of Trust. It works basically as a peer-to-peer authentification, where a Ğ1 user needs to have his account certified by at least 5 Referent Members to become a Ğ1 co-creator.
Rules have been added in the web of trust to secure this identification system which strongly prevents Sybil attacks; where an attacker would attempt to obtain multiple identities.

A decentralised and shared governance

The Ğ1 development team and technical contributors are not part of a specific organisation themselves, but do receive support from several non-profit organisations. They are very careful to maintain an organisational structure that is as decentralised as possible to avoid concentration of power and control.

Ğ1 co-creators can all write into the blockchain if they run a node. One has to be part of the Web of Trust to be able to run such a node.

Learn more in these FAQs

Browse all FAQ