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And yes, if we wanted, we could do it on a blockchain. If a real dollar were issued on a real, public blockchain like Ethereum (not a “permissioned chain” that only a few parties can access or administer), the financial infrastructure we could build and automate on top of that would be incredibly efficient and effective. If you don’t know what a smart contract is and have not yet played around with decentralized finance (DeFi), this will sound crazy to you. If you have, you’ll be nodding along. Before too long the majority of the population will start to see these implications.

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