No doubt we are entering in the era of the Knowledge Economy along with so many technological and societal excitement. ‘No difference’ from past eras of human history, where people lived the industrial revolution, or the Internet revolution, when knowledge made a difference as it is making now at the dawn in the Knowledge Economy as an extension of the Information Society in the Information Age led by innovation.
We think of knowledge as the currency that enables everybody to get the best of the new global economy. This new kind of currency enables anyone and everyone to participate or contribute with knowledge as an asset or capital.
There is growing awareness that a sort of Knowledge-Based Capital (KBC) is driving economic growth and is gaining prevalence in today’s global marketplace. KBC includes a broad range of intangible assets, such as research, data, software, and design skills, which express human ingenuity. Unlike labour, natural resources, and physical capital, KBC is the only factor of production that will not suffer from scarcity.
The message remains clear: to promote long-term growth and the jobs of tomorrow, public and private bodies, or self-organizing communities, must ensure a policy framework that helps businesses invest in KBC, companies to adopt KBC-friendly policies, and individuals to become accustomed to making a living with their knowledge.
KBC requires multiparty collaboration to yield fruits. This is, involving other parties (AKA peers) when developing new products, services, and technologies. These peers are knowledge providers and also consumers. Therefore, the Witcoin platform is a proposal of acknowledgement and reward of peers doing Knowledge Appraisal and Transfer. The reward is with Witcoins (WIT), a token based cryptocurrency backed by knowledge.
A Wit is by definition “stuff that makes sense (to someone else).” Knowledge is considered to make sense when it proves useful to the peer community, and acknowledged by citing and referring it. These acts of acknowledgement will be confirmed by the Witcoin platform, backed by Blockchain technology, and therefore the author(s) will be rewarded in WIT currency.