Chapter 1: The Misconception About Money

Many of us have heard the phrase, “If only we had more money, all our issues would be resolved.” This notion is only partially accurate. In this piece, we explore The Innovation Bank, a system designed to address the other 80% of our challenges.

Money ought to serve as a broad representation of all human production; without it, there would be no incentive to create goods and services. The Gross Domestic Product (GDP) captures tangible economic value but overlooks intangible contributions. Notably, 80% of technological advancements stem from intangible value creation, including social capital, creative capital, and intellectual capital (Solow, R).

We require a currency that can account for the unseen elements of the economy—those hidden solutions that hold significant potential. While venture capital (VC) and the United States Patent and Trademark Office (USPTO) attempt to quantify this, only a minuscule fraction of intangible value is transformed into tangible assets through these methods. A more effective, rapid, comprehensive, measurable, and scalable solution is essential.

Data is emerging as a new currency that can help visualize, forecast, and evaluate the worth of intangible assets. However, negative news often appears significantly more “tangible” than positive feedback. A single negative comment on social media can devastate a business, overshadowing countless satisfactory interactions. As David Mustaine poignantly notes, “Peace sells, but who’s buying?” This reflects the reality that “good guys” must be infallible, while “bad guys” need only succeed once, leading to a distorted perspective.

This valuable “good intangible” data must be actively curated as part of our daily record-keeping. An intuitive interface is necessary for individuals to submit claims, which can then be verified by other users, creating a network of interconnected transactions. The resulting dataset, while vast, would provide a concrete measure of social, creative, and intellectual capital.

Crucially, the individuals whose records are being curated should have full control over this dataset. If we fail to take charge of our data, others will exploit it through various IoT sensors, AI systems, or outdated regulatory frameworks.

The Innovation Bank leverages game theory and blockchain technology to curate valuable, truthful, and validated “good data” generated by people through their interactions. It intentionally excludes negative information. Users are rewarded with cryptographic tokens that commemorate their transactions. These tokens can be exchanged for access to metadata curated by others on the platform, facilitating connections with other high-quality participants and unlocking the remaining 80% of societal economic value.

In essence, The Innovation Bank is self-sustaining by creating a currency that measures the untapped 80% of economic output. It incentivizes impactful solutions precisely when and where they are most necessary. A market exists for this value; we simply need to quantify it into reality.

Section 1.1: Understanding Intangible Value

Intangible assets play a crucial role in economic development but are often overlooked in traditional financial systems. Recognizing their importance is vital for innovation.

Chapter 2: The Innovation Bank Explained

The Innovation Bank is designed to empower individuals and organizations to measure and recognize the value of their intangible contributions.

The first video, "Money is the Problem, Not the Solution #shorts - YouTube," discusses how reliance on money can distract from addressing deeper societal issues.

The second video, "Why Money Won't Solve Your Problems - YouTube," explores the limitations of financial solutions and emphasizes the need for innovative approaches.