Thursday, May 13, 2010

A foursquare Economy?

According to Dan Robles, the next economic paradigm is on the horizon, and it looks bit like the social media site Foursquare. Some of the Foursquare features that Robles says are keys to this new financial system are:

  • Geolocation helps get people together in the same place at the same time.

  • Knowledge inventory provides a way for information to exist and be utilized within a community

  • Vetting mechanisms help to rate or assign value scores to information and its sources
Robles says that currency is the key feature missing from Foursquare, but it is the feature that will eventually make the social media world go 'round. However, "currency" in the context of social media is not what you may think.

"Innovation is a promise of future productivity," writes Robles. "Debt is also a promise of future productivity. It is only a matter of time that all of the activity in this new generation of social media applications will resolve to, and aggregate around, a new form of currency that will compete with the dollar itself."


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