JCF Sept. 2023 Update — 常仁基金 2023–09 更新

How do you create a million social impact funds? 如何創造 1 百萬個社會影響基金？

credits: Infinitus Tech (The Merits of Decentralization)

[中文請往下捲]

Current JCF Status
Net Asset Valçue (NAV):
US$ 60.78

Assets Under Management (AUM):
US$ 46,794.93

Monthly Active Users (MAU): 89
Dividend Pool: US$ 622.38
Donation Dividend: US$7,630.68

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JCF is a social impact fund that invests in crypto assets to make basic universal to 1B+ people by 2040.

JCF originated in Taiwan, which recently required all companies handling crypto assets to be regulated. This is a welcome change to weed out the fraud, but it could also mean a higher barrier to scale globally, as countries around the world tighten up regulations.

Our vision has been to provide basic income to over 1B+ people by 2040, and a previous estimate has been a total fund size of at least $17T for 1B+ people to receive $850 / year.

Given the same math and inflation over 20 years, as an updated estimate, if we want to provide $500 / month ($6,000/Y) for 1B+ people, the assets under management (AUM) would be $17T x 7 ~ $120T in total!

In 2022 the US government has spent $6.3T with a total asset size of about $5T. So $120T is a definitely a huge UN-level responsibility for any organizations to handle, not just governments, let alone companies!

On the upside though, the world has accumulated $431T of wealth by 2021, so the wealth for global basic income is definitely there and “supportable” if humanity is behind it!

If we look from this future perspective, how would it actually happen, if we are serious about making basic income truly universal to 1B+ people?

We believe the answer lies in “decentralization”, which is also one of the core design/principles of crypto assets/blockchain technologies.

The idea simply means to avoid any single entity to have the power / responsibility for everything, avoid the so-called “single point of failure” that improves robustness, or anti-fragility.

The internet was designed as a decentralized network of routers, the World Wide Web (WWW) is a decentralized network of servers providing information, and Bitcoin relies on a decentralized network of miners to maintain its decentralized ledgers of transaction records.

If we can facilitate the creation of 1+ million funds averaging about $100M in size, that would give us $100T in total assets.

How do you actually facilitate so many funds be created & managed effectively? We believe that the low cost of tokenization assets via blockchain, and an “open source” approach would probably help.

Here’s our current thinking with regard to JCF, on how we might make the core JCF principles more decentralized, so that we might aid to make this revolution to happen/scale faster:

1) Safety

• asset (custody)
  The basic view on keeping your own crypto assets safe is to store crypto assets in a “cold wallet”. However, as securing the secret key by one’s self can still be risky (key-man risk), storing at multiple wallets or entrusting 3rd party custodians is another common solution.
  We don’t necessarily want to dictate which asset storage a given fund manager might want to use, which could include anything from a cold wallet, an exchange, to a paid custodian. But the principle is: we don’t touch assets ownership/custodian, so the risk and responsibility to assets rest on individual fund managers/organizations.
• Return on Investment (RoI / strategy)
  Ensuring assets safety is only the first step, how to grow asset value over time is a more relevant question for investors and impacters alike.
  Our view is to stick with time-tested investment strategies such as “index investment” and “dollar-cost average (DCA)”. Liquidity Pool (LP)s are also a passive income vehicle that fundamentally provides a lender / liquidity service. It can thus also be considered as a “safe” vehicle if chosen well with the right smart contract.
  JCF can offer certain “pre-designed” investment strategies for the asset owners to choose from, allowing asset owners to retain control of their own assets, while creating return on investment (RoI) utilizing specific investment/trading strategies.
• system (smart contract)
  Besides relying on expert developers and security experts, the best way to ensure system safety is through proper architecting. For example, separating different key components and data storage, such that even if the information system part might fail or be hacked, the assets are still safe, and the transaction records can be restored from the blockchain
  “Open source” systems is another approach to ensure the system is transparent and safe under the scrutiny of many. As the saying goes: “with enough eyeballs, all bugs are shallow!”

2) Accessibility

• mobile-friendly
  Stats show that in 2022 60% of the global Internet population uses mobile to go online. So to gain the widest access and reach, applications should make mobile a “first-class citizen” experience.
• instant messenger-ready
  Likewise, given that both the Apple/Android eco-systems have strong followers, to make something accessible to a wide population, various UI/UX design issues likely would pop up given the habits and preferences of people in various geogrpahies.
  However, given that 80–90% of the interactions regarding simple passive income instruments or crypto investments is text/info-based, a simple Instant Messenger (IM) interface would not only have the widest reach but also the most adoptable flexibility. As only text+menu based interactions are required.
  AI bots + human chats likely can also make the user experience easy, understandable, even translatable. Key interactions such as Know Your Customer (KYC) checks, can also be executed by the text+image interactions offered by IM interfaces.
• fiat-exchangeable
  One important hurdle for crypto adoption has been that most people are used to government-issued (fiat) currencies, that are well understood and used. Yet to use cryptos there are various new elements that have to be learnt and mastered, such as wallets/KYC process/private keys.
  If sending fiat money to certain account in exchange for crypto can be done easily (such as that offered by Cybrid), that would also ease the adoption and accessibility of crypto vehicles.

3) Impact

• extensive
  One of the social goals for JCF is to facilitate the regular donation and support from the fund profit for various social causes, particularly basic income. The GivingBlock has been one of the main services that facilitate crypto donations to various organizations.
  Working with organizations such as The GivingBlock will allow JCF participants to give/donate crypto profits to support causes they care about, in an easy and accessible way. As such we look forward to work with The GivingBlock on donation integration.
• transparent
  Part of traditional finance is the lack of transparency to various transactions and trades, allowing markets and prices be manipulated. With public tradable cryptos all transactions are under the sun.
  Regarding where the financial resources are used, such transparency will also create better accountability for fund managers and donation recipients alike.
• automatic
  Part of the beauty of digitalization is the ease for automation. When assets all become digitalized / tokenized in the forms of crypto assets, regular saving or investment strategies can be automated without human intervention.
  For good saving/investment habits (such as dollar cost average), this lends the management and growth of wealth to also become simple and effortless.

Many experts from books such as “The Psychology of Money” (Morgan Housel) or “MONEY Master the Game” (Tony Robbins) have all recommended periodic saving to passive vehicles such as index funds, as the highest performance-to-cost 80/20 investment strategy.

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While the above only captures our current thinking and thought process, there’s no doubt decentralization in systems and asset ownership is the way forward if we are serious about scaling JCF to the next levels.

We hope this has been helpful and please do share and discuss with others about JCF at https://jcf.world. Thanks again for your continued interest and support for JCF! and we look forward to serving more of you, while making basic income truly universal by growing wealth for all!

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常仁基金現況:
單位淨值（NAV）：
$60.78美元

資產管理規模（AUM）：
$46,794.93美元

月活躍用戶數（MAU）：89
配息池：$622.38美元
捐贈池：$7,630.68美元

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JCF 是一家社會影響基金，通過投資加密資產，計劃在2040年前使基本收入普及到10億以上人口。

JCF 起源於台灣，要求政府要求所有加密資產的公司受監管。這是一個正向改變，以清除欺詐行為，但也意味著全球擴張的門檻更高，因世界各國都開始加強監管。

我們的願景一直是在2040年前為10億以上人提供基本收入，之前的估算是至少需要17兆美元的基金規模，以使10億以上人口每年收到850美元。

按照相同的數學和通脹率，如果我們想要為10億以上人提供每月500美元（每年6,000美元），則管理的資產總額將達到17兆美元 x 7 ≈ 120兆美元！

2022年，美國政府花費了6.3兆美元，總資產規模約為5兆美元。因此，120兆美元絕對是一個聯合國級責任，不僅對政府，對公司來說更是如此！

但從正面來看，截至2021年，全球積累了43.1兆美元的財富，因此全球基本收入的財富絕對存在並且“可支持”，如果人們支持它！

從未來來看，如果我們真的想讓基本收入真正普及到10億以上人口，那麼實際上該怎麼發生呢？

我們認為答案在於“去中心化”，這也是加密資產/區塊鏈技術的核心設計/原則之一。

這個想法簡單地意味著避免任何單一實體擁有一切的權力/責任，避免所謂的“單一故障點”，從而提高了韌性或反脆弱性。

互聯網被設計為一個路由器的分散網絡，World Wide Web（WWW）是一個提供信息的分散式伺服器網絡，而比特幣賴於維護其分散式交易記錄的礦工節點。

如果我們可創建約100萬個平均資金規模約1億美元的基金，那麼總資產將達到1億美元 x 100萬 ≈ 100兆美元。

如何實際促使這麼多基金有效地創建和管理？我們認為，通過區塊鏈實現資產代幣化的低成本和“開源”方法可能有所幫助。

以下是我們關於JCF的當前思考，關於如何使JCF的核心原則更加去中心化，以便更快地實現這一革命：

1) 安全性

• 資產（保管）
  保持自己的加密資產安全的基本觀點是將加密資產存儲在“冷錢包”中。然而，由於自行保護秘密金鑰仍有風險（關鍵人風險），將其存儲在多個錢包或委託給第三方保管人是另一種常見的解決方案。我們不一定要規範特定基金經理可能想用的資產存儲方式，可能包括冷錢包、交易所或付費保管人等。但原則是：我們不觸碰資產的所有權/保管權，因此風險和資產責任都落在個別基金經理/組織身上。
• 投資回報率（策略）
  確保資產安全性只是第一步，如何隨著時間增長資產價值對投資者來說是一個更重要的問題。我們的觀點是堅持使用經時間驗證的投資策略，如“指數投資”和“定期定額投資（DCA）”。流動池（LP）也是一種基本提供借款/流動性服務的被動收入工具。因此，如果選擇得當並具有正確的智能合約，它也可以被認為是一種“安全”的工具。JCF可以為資產所有者提供某些“預設的”投資策略，讓資產所有者保留自己對資產的控制，同時利用特定的投資/交易策略創建投資回報率（ROI）。
• 系統（智能合約）
  除了依賴專家開發人員和安全專家之外，確保系統安全的最佳方法是通過適當的架構。例如，分離不同的關鍵組件和數據存儲，以便即使信息系統部分可能出現故障或被黑客攻擊，資產仍然安全，並且可以從區塊鏈恢復交易記錄。“開源”系統是確保系統在許多人的監督下是透明和安全的另一種方法。正如俗語所說：“有足夠多的眼睛，所有的蟲都是淺的！”

2) 普及性

• 行動友善
  統計數據顯示，截至2022年，全球互聯網人口中有60％使用手機上網。因此，為了獲得最廣泛的訪問和觸及，應用程序應該使手機成為“一級公民”的體驗。
• 即時通相容
  考慮到蘋果/安卓生態系統都有強大的追隨者，為了讓內容普及，可能有各種UI/UX設計問題，因人們在不同地區的習慣和偏好不同。然而，鑑於80–90％的財務或投資工具的互動是文本/信息的，簡單的即時通訊（IM）界面不僅具有最廣的觸及面，還最能適應各種應用需求，因為只要文本+菜單即可互動。AI機器人 + 人類對話也可使用戶體驗變得簡單，易解，甚至可翻譯。關鍵互動，如實名認證（KYC）檢查，也可以通過IM界面提供的文本+圖像來執行。
• 法幣交換性
  加密貨幣的一個重要障礙是大多數人習慣使用政府發行的（法定）貨幣，這些貨幣被充分理解並使用。然而，要使用加密貨幣，必須學習和掌握各種新元素，例如錢包/KYC過程/私鑰等。如果可以輕鬆將法幣匯入以換取加密貨幣（例如由Cybrid提供的方式），這將有助於加密幣的普及。

3) 影響力

• 廣泛對象
  JCF的社會目標之一是促進基金利潤的定期捐贈以支持各種社會事業，特別是基本收入。The GivingBlock 一直以促進各組織接受加密幣捐贈為使命。與The GivingBlock等組織合作將允許JCF參與者輕鬆的將加密利潤捐贈給他們關心的事業。因此，我們期待與The GivingBlock進行捐贈整合。
• 透明
  傳統金融的一部分問題是各種交易缺乏透明度，從而讓市場和價格被操縱。公開可交易的加密貨幣，所有交易都是公開的。
  關於財務資源的使用，這種透明性還將為基金經理和受贈人創建更好的當責。
• 自動化
  數字化的一個美妙之處在於易於實現自動化。當資產都變成以加密貨幣形式數字化/代幣化時，定期儲蓄或投資策略可以在無需人為干預的情況下自動執行。

對於良好的儲蓄/投資習慣（例如定期定額投資），使財富的管理和增長也變得簡單而輕鬆。許多專家，如《金錢心理學》（Morgan Housel）或《MONEY Master the Game》（Tony Robbins）中的書籍，都建議定期將儲蓄投入到基金等被動工具，作為最高性價比的80/20投資策略。

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儘管以上僅捕捉到我們當前的思考和思維過程，但毫無疑問，如果我們真的希望將JCF擴展到下個水平，系統和資產所有權的去中心化是未來的發展方向。

希望這對您有所幫助，請分享並與其他人討論JCF：https://jcf.world。

再次感謝您對 JCF 持續的興趣和支持! 我們期待服務更多會員, 透過協助所有人增長財富，讓基本收入真正普及!