The Transfer of Trust

You once went into the Mercantile on Main Street Downtown if you wanted anything you did not make—our founding fathers as an example.

Washington constantly tried to find new ways to improve soil. One way to achieve this improvement was through the use of machines. Three essential machines utilized at Mount Vernon were the Rotherham Plow, Spiky Roller, and Winlaws Machine.

The Rotherham Plow was a swing plow that was designed originally in Rotherham, Yorkshire, England in the 1730s. The plow was popular and efficient because of its light frame and the design of its moldboard. Washington had a Rotherham Plow constructed, noting the building of the machine in a letter to the firm of Crosbies and Trafford from March 6, 1765, and instructed the purchasers to obtain the proper design. Washington also requested that the Rotherham Plow be modified to fit the soil in the colonies as opposed to the soil that was in England and Scotland, specifying that the plow should "be made exceeding light as our Lands are not so stiff as yours nor our Horses as strong."

Imagine if Washington wanted the plow painted green instead of black. Washington writes a letter and later that week goes to the post office who then delivers it to Crosbies and Trafford, who 3 days later contacts Rotherham Plow Company and makes the change. Rotherham Plow Company then sends a letter to Crosbies and Trafford who relay the message back to Washington, this process could take months. He would probably get the Black Plow delivery before Rotherham Plow got the message to change the paint color. Today thanks to Disintermediation, if we need a plow at Mount Vernon we would just order the plow directly from Rotherham Plow Company on the internet, and in the week it's there.

We can ship a plow faster than we can settle the transaction financially.

But the money, while settled between Mount Vernon and Rotherham Plow Company by their bank, the Bank is still waiting, the bank's money might still be stuck in the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. SWIFT payments typically take 1–4 business days to clear, but the exact time can vary depending on several factors, often weeks.

Trust is expensive. In a financial transaction, it could cost thousands, and take weeks!

• Currency - Transfers in a single currency are usually faster than cross-currency transfers.?
• Date - The date of the transaction can affect the processing time.?For example, payments made over bank holidays or during different time zones may take longer.?
• Regulatory and compliance checks -These checks can delay transfers for a few days or more.?
• Direct connection - Banks with a direct agreement with Mount Vernon and Washington may transfer money faster than banks that use intermediary banks.

We can ship a plow faster than we can settle the transaction financially. Well, that's not 100 percent true, we settle financial transactions with finality on Blockchain in seconds for pennies, and we choose not to. Well, we elect not to use it today, tomorrow will be different.

Today we use banks because we trust them, the bank trusts Mount Vernon, and the trusted bank transfers our trust to Mount Vernon. This is necessary because the financial system Washinton used took longer to settle the financial transaction than to get a plow shipped. Without trusting the bank, Washington could send the money, making the transaction final regardless of the outcome. One letter not getting delivered and Washington's cash is gone and he might never get his plow. Unless he trusted Rotherham Plow or Visa versa. Trust is expensive and it is risky. In a financial transaction, it could cost thousands, and take weeks! The Transfer of Trust becomes very expensive when you consider the details.

Or it could take seconds and cost pennies in a completely digital transaction, where finality completes in seconds and costs pennies.

Today buyers and sellers constantly settle transactions sometimes for millions of dollars, in seconds, for pennies using Bitcoin, Ethereum, or other tokens such as Utility Tokens. Digitally transactions are settled in real-time via Proof of Completion, sometimes called a Receipt, and it happens in a blink of an eye, no bank, and it's legal.

If Washington could send payment at the exact moment The Rotherham Plow company shipped that plow he would know he was getting something shipped, as long as he trusted that shipping company he could just send the money and then receive that shipment.

That is how Digital works, Mount Vernon moves money from its trusted digital wallet to Rotherham Plows digital wallet and insures the shipment with a small premium which is much less expensive than transactions today. And it's final. It's easy to transfer Trust if you have a receipt (NFT).

Well here is your problem You just need a safe network to transfer that information.

The network we have now, well, not so much a safe network here. We distrust the security of the system we have, and the financial institutions we currently have are crumbling. Mostly because the problem they solve is almost not a problem anymore. So we are almost there for Digital Transactions we just need another network.

That is going to take decades, no, it will take Years. Well no its already there. What we need to add is You. WEB3 is all about you, where you are, what you need, where you are. WEB3 is about the place that you are. That's where it happens.

In the next Article, I will do a deeper dive into that new network, now becoming known as the Decentralized Public Infrastructure Network (DePIN). In WEB3 we use Public Infrastructure, what is important next is how secure is this network. Here Trusted Decentralized Public Infrastructure Networks become the drivers for platforms.

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Next Up

• Next up TDePIN - Trusted Decentralized Infrastructure Networks
• WIFI 6E and the Digital Twin

Michael Noel

Theoretical Economist and WEB 3 Architect @ 100Zero.US

Please feel free to contact me directly on Linkedin, https://linkedin.com/MichaelNoel

WEB3 is about starting someplace and then eventually every place.