Tuesday, October 02, 2012

Nelton Dollars (ND) – The future of money

Many people dream of money but I go a step further. I dream of the future of money – the same money that was stones at one point of time, assumed the avatar of coins in iron, copper and steel and appear nowadays as paper notes. Yes we have plastic money in the form of debit and credit cards but I believe they merely facilitate easier transactions and can’t stand on their own.

To avoid any sort of confusion I would like to call this (you may call me partial, but that’s ok) Nelton Dollars (ND). Nelton – giving due credit to its conceptualizer and Dollars because it’s the most widely renowned type of currency and everyone would love to have it. Put the initials of both of them together and you get ND, the same as Nelton D’Souza. (What a coincidenceJ. I say it’s well thought out)
Below would be the salient features of ND.

1. Ease of use.
In our current scheme of things we often run hard of tendering the exact/closest change. We often buy a product worth Rs.20/- but give the seller Rs.100/- leading to a small argument. With ND you wouldn't have this problem.

If you have a note of 100/- and want to purchase an item costing 50/- then merely tear the note in half. Automatically the denomination of the 2 halves would change to ND 50/-. Needless to say if you tear the note into 10 equal parts you would have 10 notes of value ND 10/- each. To facilitate the tearing every note would have perforated markings. In this way you wouldn't have to run helter-skelter to get change.

If you’re worried about having change in coins simply crumble the note in your hands and the note would turn to coins of exactly the same value.

If you have too much cash and wish to carry lesser notes then put 2 notes together and walk away with a single note having the combined value of both. In this way you can have a single note of the denomination you desire. The same will be applicable on coins as well.

2. Total security.
Often many of us loose cash. It’s worse when we are robbed of it. With ND you will never have that problem. With every transaction you do you will be authorizing the receiver to use the money. In short you would be giving the ownership of the money. This would be done just by a touch and using the fingerprints of both the parties. There wouldn't be problem of duplicate fingerprints as fingerprints are like the DNA – unique to every human being. He can then use it the way he wants. If you haven’t given him/her the ownership a chip in the notes shall forbid him/her from using it. Hence your money is safe. Even if it’s left behind it would be unusable. Since you’re details are stored on it you can be easily traced and the money returned. This would prevent corruption and not lead to a black money problem. Thus ensuring complete transparency.

3. Value
Today the value of currency is determined on a demand and supply system. If a currency has more demand its value increases, if not it decreases. With so many features to boast of, the demand of ND shall always be high leading to a high value. And since all the exchanges can be easily tracked it wouldn't be dependent only on FII’s and FDI’s. All the people using ND’s shall play a pivotal role in maintaining its value. A huge base and constant circulation of money would lead to a much stable system and better value. Thus leading to a democratic system where the people that use it determine its value.

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