: What's the world's best-performingcurrency? It's actually Bitcoin.
Now, for those of you who may not be familiar,Bitcoin is a crypto-currency, virtual currency, synthetic currency.
So there's a network of computers are challengedto solve a very complex mathematical problem, and the person that manages to solve it firstgets the Bitcoins.
The Bitcoins are released.
They're put into a public ledger called theblock chain, and then they float, so they become a currency and completely decentralized.
That's the sort of scary thing about this.
It's why it's so popular.
So it's not run by the authorities or thestate.
It's actually managed by the network.
And the reason that it's proved very successfulis, it's private, it's anonymous, it's fast, and it's cheap.
Don Tapscott: So today, we rely entirely onbig intermediaries, middlemen like banks, governments, big social media companies, creditcard companies, and so on to establish trust in our economy.
And these intermediaries perform all the businessand transaction logic of every kind of commerce, from authentication and identification topeople, through to clearing, settling, and record-keeping.
So what if there were not only an internetof information? What if there were an internet of value? Some kind of vast, global, distributed ledgerrunning in millions of computers and available to everybody, and where every kind of assetfrom money to music could be stored, moved, transacted, exchanged, and managed, all withoutpowerful intermediaries.
Neha Narula: All new technology comes throughtrade-offs.
The internet brought us a lot of ways to wastetime, but it also greatly increased productivity.
Mobile phones are annoying because they makeme feel like I have to stay connected to work all the time, but they also help me stay connectedto friends and family.
The new sharing economy is going to eliminatejobs, but it's also gonna create new flexible forms of employment.
With programmable money, we decouple the needfor large, trusted institutions from the architecture of the network.
And this pushes innovation in money out tothe edges where it belongs.
Programmable money democratizes money.
And because of this, things are gonna changeand unfold in ways that we can't even predict.