Welcome to our comprehensive interview series – Humans of Blockchain™ where we get the best in the business to answer diverse questions.
This series will clear the air of doubt in the blockchain space today by focusing on bringing more transparency to the readers.
Our guest, today needs no introduction. He’s the Founder of the Earth Dollar, Chairman of Board – U.S Blockchain Association and President – Nevada Blockchain Association. He’s none other than Ambassador David Kam who answered all our questions with patience and detail. His journey has been full of hurdles which he has overcome with sheer perseverance and dedication.
His story will surely inspire you to take risk in life with a strong reason as the foundation and his success will surely act as a driving force for generations.
Not wasting much time, let’s hear it out from David Kam himself.
1. We would love to hear out your story David. Your journey till now and vision for the future.
Hello! My name is David Kam, I have a mission to end global poverty.
The reason I have this mission is because my eldest brother died from starvation in China after WW2. My father was so hungry that he swam from China to Macau using a bicycle tire strapped onto himself to escape death. My father sold baskets on street earning 50 cents a day and my Mom cleaned houses. They both lived the birdcages of Hong Kong. Luckily they got a refugee status to come to Canada. My parents took jobs low income jobs to take care of my sister and me.
I graduated from industrial engineering and thought making money was a way to beat poverty. I started my energy drink company called E=mc2 and got a contract from Pepsi after calling them everyday for 9 months, 20-30 times a day. One day somebody from Pepsi said yes because their production line was idle 10% of the time and they wanted to try running our energy drink. I was making decent money at that time but something tragic happened which changed the course of my life.
After my father died in 1999, my God sister and her family with her husband and two babies was killed in a plane crash. This made me wonder if I should just spend the rest of my life just making money or I should use my talents to help the world. And after 9/11 attacks, I decided to change the entire course of my life to help humanity.
Initially, I was an artist and was painting pictures to inspire about social issues, climate change etc. In 2010 I had a dream about drumbeats and started walking towards a music festival with several people following me. I got to realize that I’ll use music to unite the world for peace. The concert was not that successful but I met many Native American people. So while organizing the music fest in 2010 we had created a guitar for Jimmy Page to unite Led Zeppelin and have it blessed by Native Americans. I told them about the vision I had –
- End global poverty
- Unify humanity through music
- To heal mother earth
- To strengthen brotherhood and sisterhood of humanity
The Mohawk Traditional Council performed a ceremony and blessed the guitar. Then 3 different elders kept asking me the same question – “David can you lift us out of poverty” to which I had no concrete answer. So one elder died of stroke and during her funeral I had a dream which gave birth to the Earth Dollar. I realized it can lift nations out of poverty, while simultaneously restore Mother Earth.
2. Can you throw some light on the concept of the Earth Dollar in a layman’s language?
So how it works is that the Earth Dollar is backed by the fruits of the land. Through the friendships I made, I signed agreements with 7 indigenous nations and government districts to back the Earth Dollar. They themselves came forward to offer to help the Earth Dollar without me asking for it.
The Earth Dollar is backed by the trees, freshwater, air wave rights, mineral rights, carbon credits, taxes, real estate and anything underground, above the ground and in the air which is an asset. Our estimated value of asset value backing the Earth Dollar using Natural Capital Accounting system is €6.91 trillion (Average Net Present Value) but we’re using €3.22 trillion(Euros) of assets to back the Earth Dollar. It will become one of the largest asset-backed currencies.
3. How does Earth dollar restore the land?
Since trees and freshwater are backing the Earth Dollar and there is 45 million acre of land (around the size of Florida). If for example an area has 1 million trees and each tree is worth 350 USD, the total asset value is 350 million USD.
So if we plant a million more trees, we can double the asset value backing the Earth Dollar which is an incentive to plant more trees and to restore the forests. If water in a lake is polluted and has a low water quality index, the asset value is low, so restoring the lake increases the asset value. The Earth Dollar provides an incentive to protect and the restore the Earth because people’s wealth is directly tied to the health of the planet.
4. How do you plan to end global poverty?
We have a very good start with the assets to back the Earth Dollar i.e €3.22 trillion Euro of assets. Imagine Africa and other countries which has diamonds and other things that can be used to back the Earth Dollar so we can lift people out of poverty while also protecting their land without having to go to traditional banking systems. We can monetise the fruits of the land for poor countries.
Another type of assets to back the Earth Dollar is the Intellectual Property including art, music, movies and written content; this is a created asset. Imagine millions of people creating assets to back Earth Dollar, thus we are able to lift millions of people out of poverty. eg. a photograph has a value because it could be licensed for use. Same thing for content, and movies.
5. How do the economics behind the Earth Dollar work out?
The Earth Dollar is connected to a closed loop exchange and is also connected to a credit union. The Earth Dollar is exchangeable into both fiat and cryptocurrencies using a debit card, computer and mobile devices. So for example you go to a grocery store you swipe the debit card and it automatically exchanges the Earth Dollar to rupees and it makes Earth Dollars accessible in any store that accepts debit cards.
The Earth Dollar has universal wallet connected to our closed loop currency exchange and a credit union. The wallet has two types of accounts i.e Secure Account having insurance, if hacked, insurance will pay the person but if you move the Earth Dollar into Regular Account, there is no insurance.
The Earth Dollar does have a cap i.e 10% of the total asset value of the Earth Dollar. Most of the Earth Dollar are placed into a currency reserve built into our blockchain.
The monetary value of the Earth Dollar is based on the average value of total assets backing divided by the total dollars in circulation. So one Earth Dollar is backed by 10 CHF (Swiss Francs) of assets and we increase the amount of assets backing the Earth Dollar by 2.718% every year to make it anti-inflationary. But we don’t really know how high the exchange value of the Earth Dollar will go up in value. Since the Earth Dollar has one of the largest assets backing it, plus also it has one of the fastest blockchains in the world and will have a relatively large user base, it is expected to do well.
6. Can you tell us more about the U.S Blockchain Association and the Nevada Blockchain Association?
I’m the Chairman of the U.S Blockchain Association and the President of the Nevada Blockchain Association. These are the Blockchain associations that help the entire industry to come work together for the common good of humanity. The industry although is growing rapidly is small in terms of number of users. So our idea in 2019 is to create a mass adoption event through a concert like LiveAID. So we’re working to end global poverty with cryptocurrencies.
During a concert in Aug-Sept 2019, we plan to airdrop an app with a universal wallet to promote crypto adoption among the people watching it (around 100 million). It will allow users to use and spend crypto. The concerts will be held annually for the next 5 years to create adoption for the 100 million users.
The Nevada Blockchain Association is a chapter of the U.S Blockchain Association and we also have the Chicago Blockchain Association. The goal is to create mass adoption by installing ATMs and POS terminals in the U.S and other countries to make crypto spendable at the stores, shopping centers and online.
We are opening memberships soon. Currently we’re building allies before we take in any memberships.
7. Problems hindering adoption of cryptocurrencies?
There are a few problems hindering adoption.
- Slow speed of payment processing
- Complicated to use
- Use cases are not clear
- Poor branding
- Poor marketing
- Fear due to negative media stories
Fiat currencies are deflationary but an asset-backed cryptocurrency like the Earth Dollar is structured to maintain its buying power. Also the use cases are important to explain. Some cryptos are structured like fiat. I like crypto for humanitarian purposes.
Also cryptos needs to have a better identity marketing wise. e.g. For example, so many different cars exist for different purposes and market niche. Some like lambo as it gives status, some women like the Beetle, or Volvo for safety, so each car represents a certain niche and is a brand extension of that person. So Earth Dollar will be used by people who like nature and is socially conscious for example.
Brand perspective is required.
8. What are your views about the current STO market? Is Earth dollar also a Security token?
The Earth Dollar is not a security token. It is a community currency of Indigenous nations and the Earth Dollar Association. It’s basically their national currency.
The security token will grow but it’s not a new concept. We already have equity performing the same role. Shares on the stock market is a security token. One is programmable and the other isn’t but there is not that much of difference.
9. What are your views on the bubble theory surrounding Crypto market prices?
With only 30 million users out of 7 billion people using it, it’s hard to say there’s a bubble. It’s more manipulated. There are people benefiting from the pump and dump.
But, all markets have cycles. However bitcoin is unlikely to go down to $5000 because the cost of mining is around $5000 to $6000. Miners control the market. We are at the bottom.
10. Any last motivational words?
Never give up on fulfilling your dreams and visions. If you know your final destination, and focus on getting there, eventually you will get there.
I am presently writing a book – The End of Poverty.