This summer, Toda.Network’s CEO Toufi Saliba was interviewed at the AI For Good Summit at ITU headquarters in Geneva, Switzerland.
The interview was produced by ITU, which is a specialized agency of the United Nations that is responsible for issues concerning information and communication technologies. AI for Good is the leading UN platform for dialogue on AI.
The interviewer kicked things off by inviting Toufi to explain Toda.Network. Toufi went on to explain both Toda.Network and the TODA Protocol and how the technology can support the goals of ITU and the AI For Good’s mission to support the sustainable development goals.
A major theme of the conference was “trust,” and Toufi then outlines how blockchain can bring trust to P2P value transfer because autonomous decentralized governance makes it possible to avoid reliance on a centralized entity. He follows this by explaining this approach also improves efficiency by removing the friction of a centralized entity.
The conversation then moves toward the issues of efficiency and scalability of a network such as Bitcoin. Bitcoin was exploited over 5 years ago when a part of the machine started evolving to burn much larger amounts of energy - making miners rich but without increasing transaction throughput.
Toufi argues that for that amount of energy, there should be millions more transactions taking place so that this technology can benefit humanity - rather than make miners rich.
Further, in connection with the sustainable development goals, Toufi goes on to explain that so often for developing countries such as Madagascar - electronic money systems that are introduced to these nations are in fact extracting wealth from those nations, simply because of the way that the technology is built.
The alternative is total decentralized governance using distributed computing that runs using the resources that these people already have: people, network and smartphones - and this is what TODA runs on. This technology can enable these nations to sustain themselves and their own electronic money systems, without the wealth extraction that would place using traditional systems.