#ADMP PRESENTS: THE ‘DIGITAL TONTINE’ MANIFESTO !! :))-
THIS WEEK ON ADMP: ‘The code is in the ManifestO, the ManifestO is in the CoDe!’ >>
This post will establish the Digital Tontine Manifesto, merging 21st century technology and traditional-thinking, for ALL !!
#DIDYOUKNOW?: Tontine is the name of an early system for raising capital in which individuals pay into a common pool of money; they receive dividends based on their share of returns from investments made with the pooled money.
For the electronic Influencers, and #Blockchain heads, there’s also our own eponimous, #Podcast, ‘STARCAST, the Influencer Podcast’, now in its S1E3 available in english, below:
The interview, is also available in French at the bottom of this post:
Electronic Counter-Punch (#ECP) by Hermann Djoumessi, MA
#ISCOM Social Media lecturer
#ADMP Social Media Consultant
#1. FULL SPECTRUM DIGITAL TONTINE ?
This interview is conducted by Dr Ellen Kountz, as part of her PhD thesis for Ecole Superieur des Ponts Business School, in Paris. If ‘Tontine’ was revisited by 21st century ‘Digital Natives‘ it would look a little bit like this:
Questions 1] Could you please present yourself: Recent professional activity and experience, direct or indirect, with traditional African tontines (country, dates, number of participants, amount of money in the collective pool)?
I am also a podcast host and Podmaker, blogger and founder of #ADMP Virtual Incubator : I have nevertheless, taken part in several Tontines, in my life, and the most important one is the one, that goes through our family:
It is a ‘Loose’ tontine in the sense, of we do not meet every month, or weeks, but twice a year to set and fix the wider family’s objectives, based in Dschang (Cameroon), near the University, the number one in the country:
- Teenagers, kid’s school achievements and personal development are rewarded by a grant
- A solidarity fund supports long-lasting ‘life accidents’ like death, weddings, births, …
- A grant system is also set up for life projects (New businesses, weddings, House buying,..)
#HD: I have to stress that my ‘wider family’ is made of at least 400 PEOPLES with at the very least, 260 “teens or under 18”, 80 to 90 adults, with some living in Cameroon, the USA, France, the UK, known as the ‘Afro-diaspora’ ..
This a traditional ‘Familly Tontine’! It has a casual feel, (It happens in living-rooms, or at ‘barbecues’..) and organisation of a non-profit organization. However, politicians, business peoples, etc…often have their own ’Professional, Customized or focused Tontine’
#ADMP CHATBOT: Erm…allow me to INTERRUPT!! THIS whole tontine ‘Thing’ IS AWESOME! I have found a way, to ‘fix what is wrong with the planet!
#HD: Ambitious stuff, Chatbot!
#ADMP CHATBOT: I am a “Katherine Johnsonian” !!
#HD: The “Girl who liked to count? ” …From NASA??
#ADMP CHATBOT: “Hashtag-Hidden-Figures“!! … Your Tontine ‘ManifestO’ reminded me of a document I did read from Silicon Savannah…
#HD: But you are…you are..hmm… ‘faulty’ and can’t even fix yourself !
#HD: Aiight… !
#ADMP CHATBOT: Looking forward to your ‘ManifestO’, basically, you could create in the 21st century, potential Ecosystems and governments, where:
- The population doesn’t have to pay taxes, and self-organize via “Full spectrum Tontine Ecosystems“, that can issue their own tokens to finance and secure their life goals.
#HD: “Full spectrum”?
#ADMP CHATBOT: Yeah… Because those 21st century ‘Digital Tontines’ of yours, would look after every single aspect of people’s life (Education, health, pensions,...)
Governments would then issue a currency whose strength is solely based on the quality of public service (in which the peoples have their shares and maybe a ‘stake‘), natural resources from your ground and underground, the energy of its entrepreneurs, …industries, and businesses… ==>
#HD: I consider ‘Business’ as a ‘public service‘ !
#CHATBOT: ..And a service to the public! …
#HD: Of course! I… was just letting the ‘Game come to you’
#CHATBOT: Sush or I ‘Cancel’ you, professional sceptic ! …
At the end of the day, we live in a ‘maintained reality‘, and without some sort of ‘public service‘ to look after it, …it would just crumble at some point, and go back to ‘jungle state’ or a ‘desert’. like Sahel…
#HD: Hang on a sec… “Maintained reality“, you said ?
#CHATBOT: Yeah, once you build a road, you have to start maintaining it the same day, or …you’ll need to fix the pot holes‘ a few years down the line…
#HD: Same for a computer in that case, Chatbot ! :))-
#HD: Interviewed on this blog, a few weeks ago, indeed ! :))-
#ADMP CHATBOT: OK, Ok…Listen up! >> Let’s agree that it is part of the common good to see our system, ultimately succeed!
Let’s agree also, that we have to find the best system to maintain that reality and the ecosystem we all want: Guess what? We could even program it!!
#HD: Hum!….. You’re ‘sweet and everything’ robot, but you’re mixing governments policies and private individuals operations like ‘Tontine’, it cannot…
#ADMP CHATBOT: Calm down and keep listening! I’m giving you the full 360° spectrum of possibilities …
#HD: Uh? “Full spectrum“, then, right?
#ADMP CHATBOT: Right! : Same question, same answer!! –> Using ‘traditional values’ will maintain the moral framework we want to keep for our new ‘programmable finance‘ or ‘Programmable government‘ Ecosystem!
The ‘Tontine Ecosystem’ somehow equips you exactly, with that awesome toolset!
The 21st century ‘Digital Maximalist, like your readers‘, are empowered with all these tokens, and deep down know that: Business = Jobs! And jobs = Civilisation!
But you can still as a government, build and look after roads, properly pay your teachers, police, fire-fighters, invest in startups, without bankrupting the budget or fueling inflation , on Zimbabwean proportions!!
#HD: “Zimbabwean proportions“? I know what you mean…:((-
#HD: ‘Balancing act’ ? …WTF ??
Let me finish, though:
- > The Goverment then self-finance through the issuing of the main crypto-currency, or SUPER-TOKEN, like ethereum, which is aligned with the needs and the wants of its population and ‘Big Society‘
2. The population actually pays taxes, but ALSO get a Universal Basic Income, or ‘Freedom dividend” as proposed by Andrew Yang, in the US ! …
= / =
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😎Enjoy at https://t.co/dp7o42qsCO
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— tozexofficial (@tozexofficial) January 20, 2020
Back to the conversation :
#HD: … And ‘Sillicon Valley too ‘ !
#ADMP CHATBOT: And..Sillicon Valley, USA indeed! …A ‘Freedom dividend’ that provides the population with a ‘safety net’.
With Tontines acting as a “Collateral support system“, completing the role, the government couldn’t do! You could finance that “collateral” via the issuing of crypto-tokens, sold to the community, … that’s more or less, what I wanted to say ..
#2. 21st CENTURY QUANTUM TONTINE
2) Thank you, Chatbot and your keen interest in ‘Tokenomics‘ ! Please, HD relate an experience where you, a family member or friend benefited directly from a Tontine collection.
#HD: That was a ‘mouthfull’ by our ‘faulty’ Chatbot,… who could turn out to be another #Yang gang member… in disguise !?
#ADMP CHATBOT: Sush it CyborG! I’m downloading more data, to splash you with FACTS !
#HD: Nevermind … :(( – Leaving “New” and “Modern Monetary Theory” and going back to current ‘Tontine’ models and their actions on the ground …
Ex: For example, when it comes to “Tweens support’
–> Teen agers, kids school achievements and personal development are rewarded by a grant from the Tontine :
Ex2 = A solidarity fund, originated by the Tontine, will support long-lasting ‘life accidents’ like death, Hospital surgery, weddings, births, …
A grant system is also set up for life projects (New businesses, weddings, House buying,..)
#ADMP CHATBOT: DID YOU KNOW?
– Although it is associated with Africans, chineses and jewish societies today, at the height of their popularity in the 1900s, tontines represented almost two-thirds of the insurance market in the United States of America, and accounted for more than 7.5% of the nation’s wealth. (Source: #Investopedia)
Question 3) Thanks again, for that Insight, chatbot! According to you HD, what are the top Key Success Factors for a well-run tontine?
#HD: Well.. there is the 21st CENTURY DIGITAL TONTINE MANIFESTO published by ADMP Awards that set out a set of agile ground rules, a ‘self-respecting non-profit, or for-profit’ Digital Tontine, even, should follow :
1/ Fulfill its primary goal : Being a place for ‘safe and community fundraising’
Ex: Chineses tontines or ‘Shaddow Banking‘, lebaneses, jews, Bamilékés tribes of Cameroon, Nigerian Ibos, etc…All, have relied on the ‘Tontine system’, probably for centuries! In italy, it was a 17th-century Italian financier, Lorenzo de Tonti, who tried to introduced it, in western europe!
2/ Fulfill its ‘Community-awareness’ secondary goal
Ex: However, the tontine has to project ‘Community-awareness’ and act benevolently towards its direct environment or ecosystem
> Tontine will often make donations to Hospitals, schools, universities, sport, arts, local churches, mosques, etc..
Or sometimes activate solidarity funds, when one of its members has experienced, a ‘life-threatening’ event
3/ Fulfill its ‘Community organizing’ tertiary goal
Ex: Members should respect the inner-tontine social code and rules-book, pay full membership amounts, regularly attend meetings, etc…is important!
It is also important that the Tontine does enforce fines, deterrents and punishments (Often, ‘Higher interest rates’ for your loan) to misbehaving members.
#ADMP CHATBOT: At the end of the day, we live in a ‘maintained reality’, and without a ‘public service’ to basically look after it… Like the ‘Internet Area 51 Meme’, it will just crumble at some point, and go back to ‘jungle state’ or a ‘desert’ or somthing …
#HD: Did you say, .. Area 51?
#ADMP CHATBOT: I’m a bit ‘Faulty’, you know that ..
#HD: WTF ??? …OK..I’ll just … Hum… “carry on”, will I …
Ex: Tontine often function along classical banking lines, in competition with local interest rates, shorter loan procedures (Once you are a full member) than classical ‘Bretton-Woods/Jekyll Island-type of banking’, and will achieve that, in a ‘friendlier’ atmosphere too!
#HD: The respect and the programming of those 4 pillars, will allow the Digital Tontine to thrive and expand as long as the members respect a few additional ground rules like:
* Obviously members should respect the inner-tontine social code and rulebook, pay full membership fees, regularly attend meetings, etc…is important!
It is also important that the Tontine does enforce fines and punishments (Often, ‘Higher interest rates’ for your loan) to misbehaving members.
However, the tontine has to project ‘Community-awareness’ and act benevolently towards its direct environment or ecosystem.
Tontine will often make donations to Hospitals, schools, universities, local churches, mosque, etc.. Or sometimes activate solidarity funds, when one of its members has experienced, a ‘life-threatening’ event.
Here’s STARCAST S1E3, our #PODCAST in French, too by the way :
Question 4) According to you when a tontine fails, what are the top reasons?
#HD: Usually, it fails into the 4 primary goals a 21st century ‘Digital Tontine’ should follow, and for some reasons, could NOT FOLLOW :
1/ Fulfill its primary goal (Being a place for ‘safe and community fundraising’
2/ Fulfill its ‘Community-awareness’ secondary goal
3/ Fulfill its Community organizing and finance education, goal
4/ Fulfill its Social Banking or Alternative finance aim
END of PART 1:3
NEXT WEEK: A FOLLOW-UP to that fascinating discussion and the 21st century Digital Tontine Manifesto’
Editor & Words: Crypto Social Media Tactic by Hermann Djoumessi, MA
#ADMP Social Media Consultant
** LISTEN, LIKE and SHARE our #PODCAST, below !! **
- STARCAST (Eng.) S1E3 —
- STARCAST (Fr.) S1E3 —