On August 17th, 2021 we launched the Next Earth platform where users could mint virtual land NFTs on a digital replica of the Earth, running on blockchain technology. We promised to bring forth a new Metaverse with a new vision for the future, to create a fair digital life.
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In contrast to commodity-based money like gold coins or paper bills redeemable for precious metals, fiat money is backed entirely by the full faith and trust in the government that issued it. One reason this has merit is that governments demand that you pay taxes in the fiat money it issues. Since everybody needs to pay taxes, or else face stiff penalties or prison, people will accept it in exchange (this is known as Chartalism). Other theories of money, such as the credit theory, suggest that since all money is a credit-debt relation, it does not matter if money is backed by anything to maintain value.
Prior to the 20th century, most countries utilized some sort of gold standard or backing by a commodity. As international trade and finance grew in scale and scope; however, the limited amount of gold coming out of mines and in central bank vaults could not keep up with the new value that was being created, causing serious disruptions to global markets and commerce. Fiat money gives governments greater flexibility to manage their own currency, set monetary policy, and stabilize global markets. It also allows for fractional reserve banking, which lets commercial banks multiply the amount of money on hand to meet demand from borrowers.
Virtually every country today has legal tender that is fiat money. While you can buy and sell gold and gold coins, these are rarely used in exchange or for everyday purchases and tend to be more of a collectible or speculative asset. Cryptocurrencies, such as Bitcoin, have emerged over the past decade as a challenge to the inflationary nature of fiat currencies; but despite increased interest and adoption, these virtual assets do not seem to approach being "money" in the traditional sense.
Let us imagine a working Mars colony of 200,000 thousand people. How can it be economically viable? It cannot export ores to Earth – the shipping costs are too great – and it cannot export food or anything else heavy. Yet it must earn money from Earth. It will probably do so in the form of tourism and research – nothing else seems practical. As a result the city should be perched on the rim of a canyon or other spectacular view, and near interesting research areas.
ExplorerMars lets you view the terrain of the planet mars in real 3D. We have support for 58 languages such as Hindi, Chinese and much more! We use Mars Orbiter images and radar for elevations for real viewing. We have all the landings marked such as Perseverance , Curiosity, Insight, Opportunity and even the Ingenuity helicopter ! We show the mars quakes (Type A). We have down to 5 meters per pixel resolution for all the landing zones. We have marked the paths for the rovers and Ingenuity! You can zoom down to the surface and look up at the mountains or view from any angle or direction. You can search for your favorite place and zoom down to it and place mark it for viewing at any time. We have the face of Cydonia and the Pyramid of Mars. You can put markers on Mars
The U.S. dollar is considered to be both fiat money and legal tender, accepted for private and public debts. Legal tender is basically any currency that a government declares to be legal. Many governments issue a fiat currency, then make it legal tender by setting it as the standard for debt repayment.
Earlier in U.S. history, the country's currency was backed by gold (and in some cases, silver. The federal government stopped allowing citizens to exchange currency for government gold with the passage of the Emergency Banking Act of 1933. The gold standard, which backed U.S. currency with federal gold, ended completely in 1971 when the U.S. also stopped issuing gold to foreign governments in exchange for U.S. currency.23
Since that time, U.S. dollars are known to be backed by the "full faith and credit" of the U.S. government, "legal tender for all debts, public and private" but not "redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank," as printing on U.S. dollar bills used to claim. In this sense, U.S. dollars are now "legal tender," rather than "lawful money," which can be exchanged for gold, silver, or any other commodity.
If people lose faith in a nation's currency, the money will no longer hold value. This is much different from a currency backed by gold, for example; it has intrinsic value because of the demand for gold in jewelry and decoration as well as in the manufacturing of electronic devices, computers, and aerospace vehicles
After coming up with the idea of a space-money campaign, talkPR and Travelex contacted the National Space Centre, whose employees were presented with a number of mockups made by the campaign artists and were asked to select one.
The end result was a series of circular clear discs with colored centers, symbolizing the eight planets of the Solar System inside, and denominations ranging from 1 to 10.[1] Each quid coin would have its own unique code number, similar to the serial number on paper currency, to allow tracking, and to prevent counterfeiting.[1] Travelex stated it planned to work with the Bank of England to begin registering the Quid as possible legal currency in the future.[1]
On October 5, 2007, a one-page press statement announcing the QUID was released and placed on the United Press International press release newswire.[1][2] The campaign was launched in the midst of intense press coverage of the Virgin Galactic news. The story was picked up by major news agencies in the UK,[3][4][5] and soon after, the US.[6][7] Science magazines and technological blog writers weighed in on the topic, calling it "useless" and "nonsense", further spreading the story.[6][7][8]
Statements by members of the NSC and the University of Leicester (who started the NSC) were added to the campaign release.[1] When the campaign concluded, NSC received the resulting coins and put them on display in their Space|Now display.
While Captain Kirk called space the final frontier, many have called Web3 a vast new frontier in technology, one which we at MarsFiat believe can play an instrumental role in making humanity interplanetary while offering opportunities for governance, ownership, and involvement for all as we start expanding into that final frontier in the decades ahead.
But, wait, what exactly is Web3?
Valid question, and a little tough to answer since it’s an evolving concept that is still playing out before our eyes, but it is usually most illustrative to frame Web3 in the context of previous iterations of the internet.
“If the pre-internet/web1 era favored publishers, and the web2 era favored the platforms, the next generation of innovations — collectively known as web3 — is all about tilting the scales of power and ownership back toward creators and users.” Li Jin and Katie Parrot
The backbone of this new Web3 frontier is built on blockchain technology and cryptocurrencies, so we need to get you up to speed on the basics of Web3 to be an active participant inMarsFiat .
Even if you’ve been living on Mars for the past few years, you’ve likely heard of Bitcoin which is an open-source, peer-to-peer electronic cash system that was based on cryptographic proof instead of trusted third parties (like banks or governments).
The same technologies that underpin Bitcoin are what powers the developing Web3 ecosystem… We’re still talking about things like blockchains (distributed databases run in a peer-to-peer network that are immutable) and cryptocurrencies (a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority).
Don’t fret if that all sounds like Greek to you. One of the biggest initial barriers to entry in the Web3 space is trying to wrap your mind around all the technical terms, ideas, and jargon.
Sometimes those of us already involved (unintentionally) make this task all the more difficult by piling lingo on top of the jargon… You may still be wondering what on earth “gm, frens” means!
(That’s crypto talk for "good morning, friends")
We aren’t going to bog you down with dictionary definitions and terminology at this point, just know that these are things that you’ll have to pick up slowly over time until it all sinks in. The most important thing is to not let it dissuade you in your mission to the Moon, even NASA is full of acronyms and technical jargon!
Also, if you've only ever heard bad things about crypto, please bear in mind that MoonDAO is not a crypto project, but a space project that uses the tools provided by crypto such as transparent governance, international access, and aligned incentives. We encourage you to proceed through these emails with an open mind about the technology and what it allows us to do collectively as a DAO.
While Bitcoin is not the driving force behind much of Web3 as it exists today, it was the keystone that drove much of the developments that were to come. Having a general understanding of Bitcoin, the framework that it created, and where it came from will lay a solid foundation for the journey ahead.
Bitcoin and the underlying philosophies developed during the 20+ year pursuit of the first true digital currency were an instrumental part of the drive toward decentralization and the current infrastructure that powers the decentralized Web3 world today – something we will delve deeper into during our next lesson.
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