A revolutionary financial ecosystem for (widely) shared abundance
By Steve Smith
Editor’s note: This was a story posted to me by Steve in comments on one of the Facebook Groups I visit, and it basically hooked me line and sinker. Still does, at least with its bold potential. It’s definitely one of those self-fulfilling visions whose fruition depends on those who see the light… and make the light… thru investing their parti-cipation. I have already started learning-by-doing by placing my own creative products and services up on the ecosystem. Even in its less than fully developed state, Frega is our only substantial ray of hope to upend the Death Star and enable humanity to breathe.
Once upon a time there was an enchanted Leprechaun called Paddy. Paddy and his friends were upset that the people in the kingdom were being harshly treated and bullied by their masters. The mean old Ogres controlled the merchants in all of the Kingdom of Aotearoa, for their own benefit. And then there were the Money Lenders who controlled the money supply, enforced high interest rates and used extortion to feather their own nests.
People just couldn’t get ahead because of crippling debt and difficult laws that were designed to control them and to keep them in servitude. So Paddy and a few of his friends got together one evening by the light of a candle, around a kitchen table in the sleepy little hamlet of Titirangi…. and they began to plot. They began to make plans that would help to make the kingdom a nicer place, a fairer place, a happier place.
The plan was simple in its objectives. Paddy said to the group… “The Ogres and the Money Lenders keep each of us busy day and night in our little hamster wheels, turning out stuff to make THEM rich. Why don’t we all do this. Why don’t we join up our hamster wheels and work together, to make money that we can then share with everyone?”
And so a new community was born. It slowly grew and spread over the whole kingdom, but the friends couldn’t quite wrest control from their masters. Nonetheless they worked tirelessly day and night, through all weathers, to come up with a solution. Until one day, Paddy had a brainstorm … a start-up financial technology company called Frega, that would later become that elusive ‘Pot-of-Gold.’
Paddy and his merry group of pioneers developed a magic ‘e-wallet’ a kind of magic purse that could be accessed by smart phone, by anyone, anywhere in the world. Frega treated its customers well and had some pretty important clients around the world. In fact it became so popular that it attracted clients using 115 different currencies, with many clients holding accounts in multiple currencies.
One of the special and unique attributes of this ‘fintec’ company was that, instead of offering its clients an interest rate like banks do, it offered them a profit-share in its operations (a share in the fees from foreign exchange, etc.) plus a profit share in the many and varied other businesses that Frega had developed around the world. Businesses such as Something2Trade, an online market place (similar to eBay and Amazon). Customers liked using Something2Trade, because they could sell their wares with no up-front cost and pay just a teeny little success fee on each sale.
Frega also owned a point-of-sale (POS) system which shops could use to keep track of stock/sales/invoices, ‘Deal-of-the-Day’ specials, and so on. The POS system also included a professional customer relationship management (CRM) system with the ‘know your customers’ (KYC) functionality that all modern businesses need to get the most out of their operations.
Frega also owned an extremely successful crowdfunding site similar to ‘KickStarter’ and ‘GoFundMe’ called ‘RealP2P’ which charged only teeny fees… but received those fees from MILLIONS of happy donors around the kingdom. In fact every Frega client was obliged, as part of its deal with Frega, to give 10% of the money that Frega shared with them to one or more of the many worthy causes and charities on the RealP2P site. These deductions from the Frega clients started to show up in a special ‘Giving’ account in each clients magic purse.
The relationship between Frega and it’s ‘clients’ became so special, that Frega decided to rebrand itself and its ‘clients’ collectively as the Frega Collective and it grew to become a global family. So The Frega Collective now offered its loyal MEMBERS a profit share in these and in any future businesses that it acquired. Frega Collective members became very happy, and were often seen skipping around the village singing happy little songs.
Then one day Frega came up with a brand new and exciting idea. As well as the 115 currencies that it was already handling, Frega decided to invent its own coin. A coin that could become very valuable against all the others, because:
- it could be used to buy goods across borders from new and distant kingdoms and
- because it was bundled up in this new-fangled blockchain thingamajig, it was very stable and secure.
After discovering a unique and clever method of minting this new coin, Frega sent out the Town Cryers to announce this decree to all its loyal supporters:
“Hear Ye, Hear Ye, because you stuck with us through thick and thin, because you believed in us, we are giving to you all a magic purse. A purse full of these shiny new coins, which we are going to call FregaCryptos. We will distribute these coins according to each member’s (past, present and future) loyalty to the Collective.
“To make it fair, those of you who have been just a tad loyal, will get a few coins in your magic purse. Those who have been VERY loyal and supportive, will get a whole sackful. Each coin will attract to itself a share of the profits that we make when we charge a tiny ledger fee on each currency account of each of our members. So the more members we attract, and the more currency accounts each client opens, the more profits WE MAKE. And the more profits we make, the more we have to share with YOU, our loyal coin owners… and the more value we add to EACH coin.”
So the coins were distributed and when word began to spread around the kingdom, of the potential value of this wonderful new coin, people started to COVET them. The value of the coin AND OF FREGA ITSELF started to climb. As Frega’s other businesses continued their rise in popularity, AND PROFITABILITY, more and more added-value went into the coins.
The coins became SO popular, and so valuable, that Frega decided to mint a second coin called RealP2PCrypto, which could only be used by charities as a special loyalty token for their donors. On minting this new coin, 20% of them were immediately distributed to Frega’s existing FregaCrypto holders, as further reward for their loyalty.
The new RealP2PCryptos were duly deposited in the members’ unique Crypto Currency accounts. The rest would be later offered to Charities. FregaCrypto coin holders now had two different Crypto coins in their magic purse. Many charities now started to show interest in joining the Frega Collective, because it meant that they could then access the growing amounts of money that were accumulating in the Frega Collective RealP2P accounts.
But why stop at two coins?
Frega started minting a THIRD coin called POSCrypto as a loyalty token, designed specifically for businesses using the Frega point-of-sale system. And again, 20% of THESE coins were distributed, as a gift, to the original FregaCrypto coin holders …. as yet another reward for their loyal support. Frega Collective members now had THREE different types of coin in their magic purse. And each one of them began to climb in value.
Now other groups, noticing the popularity of Frega’s three crypto currencies, started to consider making their own coins. And because Frega had this unique way of minting these coins, the up-and-coming coin makers asked Frega to mint THEIR coins for them, too. Frega made a proclamation:
“Of course we will mint your coins for you, but we have conditions. As payment for minting your coins for you, in our unique and special minting process, and for offering you access to the Frega Collective and to all of its benefits, we will levy a fee of 20% of all the coins that we mint for you.”
These too would be distributed and added to the purses of the original FregaCrypto coin holders …. and so it went on and on.
The original FregaCrypto owners started to acquire great wealth and build beautiful castles for themselves and for their households and to own beautiful carriages that they joyfully rode around in. They became so carefree that they began sharing their newfound wealth with surrounding villages, planting crops, building bridges, and giving help to the needy. The members who held FregaCrypto coins could now accum-ulate more and more different types of coin in their purses… 40 or 50 different deno-minations of coin, each one being added to their magic purse free of charge… by Frega.
In the end, The Frega Collective grew at such breathtaking speed that it changed the whole world forever ….. and the whole of mankind could get THEIR SHARE of the Pot-o-Gold.
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