As blockchain technology moves beyond simple peer to peer currency transfer, to full on decentralized autonomous organizations, the Providence project has emerged as one of the most promising initiatives within the digital property landscape. Genomicist, coder, eccentric, tycoon; Jared Mimms, the founder of Providence was inspired by his exceptional understanding of genome theory to start coding smart contracts.
Goals of the Providence Project
Using Digital Currency to Avoid Violating the Law, and Offer a Real Stock Exchange
As Mimms expanded the scope of the project, his goals expanded from smart contracts, like those being developed by Counterparty and Ethereum, to an entire ecosystem. One of the goals is to empower individuals to be able to start businesses, then find capital without violating laws due to ignorance and inability to afford legal counsel. In addition to this, another goal is to provide intrinsic value to the market by having affiliations with small stock exchanges, allowing exchange of cryptocurrency for stocks in real companies.
Providence Will Integrate a Digital Currency and Fiat Currency Exchange
Another part of the project is to develop a currency exchange to add the element of multiple-denomination fiat and digital reserves to bolster the eco-system. Mimms wanted to make sure that the the larger vision could be realized, and this meant making sure that Bitcoin, other digital currencies, and stocks can be transitioned into multiple fiat currencies. Some digital currency purists avoid incorporating fiat into their processes, but Providence plans to have global reach and wants to avoid shutting out markets.
The Providence Project’s Decentralized Credit, and Insurance, System
Within this all comes a complex reputation system to provide decentralized and objective credit ratings. This sets the stage for a direct loan system, and additionally the possibility for peer to peer insurance coverage. Using the credit and insurance systems to bolster start-ups and empower individuals alike, Mimms hopes the Providence eco-system can provide a decentralized solution to making access to capital fair for everyone.
To get a better understanding of the project, I was able to talk directly to Mimms about his plans for Providence.
Jared Mimms Speaks About Providence
Tell us about yourself and your educational/work background:
Mimms: I began coding young. Knowing the discipline would increase in ease, I didn’t get too deep. I received extensive exposure to P2P technologies in extracurricular computing courses. Later, I sought mentorship. Mentored by traders in La Jolla, California, I started trading forex and options in high school as my senior project. I also did basic bioinformatics.
I went to liberal arts school at Davidson College & swapped over to University of California, San Diego and took my technical stack with ease, inventing genomic-interpretation script approval guidelines and submission protocol for regulatory bodies. I am here to ensure decentralized genomic interpretation. I’m also here to make sure anyone can economically enterprise.
What tools will Providence give users:
Mimms: Providence will allow people to create their own self sustaining enterprises limited by their own creativity and salesmanship. We have already built an alpha version of our technologies in a test suite called Peercover. Providence is a pathway from alternative exchange, to globalized small securities market, to reputation engine, to P2P insurance, to contract credit, to gestalten contract client.
LeadDynamo is an internalized sales tool on my other thread Omega Genomics. It allows me to email blast every published M.D., Ph.D., and researcher simultaneously about a new product launch. Omega Genomics shares the Providence strategy in the buildout of tools prior to a gestalten result.
Quite a mouthful I know but we have done this once already and have the chops to shoot straight through. Everything leading up the contract client (Paladin, Pecunia, Pilgrim, Peercover, Pier, LeadDynamo) we consider tools. The end result, the Providence platform, visually and technically portrays entire user controlled enterprises.
Although we launched many of these concepts first in our trials, first doesn’t mean best. We use a series of concepts including entropic causation and entropic resolution as well as advanced political defensive realism to make competition work in our favor.
How will these tools help users take control of their finances:
Mimms: Users, or partners as we like to say, control all their funds, client side, across platforms, have access to a publicly auditable and cryptographically verifiable API, and have access to both physical and virtual assets. We call users partners because we are enabling “partners in life.” Partners in life is a new paradigm meaning anything you do, any value you create in our economy will produce continuous equity you can later sell or reap dividends on. We have cut time of direct public offering dramatically. We are publicly launching clients over the course of a year on an open decentralized API.
This means anyone can raise funds, anyone can invest capital, and the system enables regulatory streamlined open investment. Raising capital and investment is only one small part of the story. I don’t want to spoil it for everyone but I will say Providence places enterprising contracts in line with life and produces equity in life for everyone using the platform.
You can read More directly from the Providence initiative Business Plan