OKWAVE’s “Thanks Economy” to use Kindness as new currency

Would you choose to live in a society where money is valued or in one where kindness is valued?

The world is experiencing an increase in social inequality with globalization and the advancement of technology. In fact, 1% of the world’s population owns 82% of the world’s resources . As citizens of a world dominated by capitalism, the latter sounds like the better option.

But there is a silver lining

If technology has the ability to exacerbate social inequality, it can also compensate the gap. Consider artificial intelligence (AI). We could popularizing the idea of a universal basic income supported by the replacement of human resources with artificial intelligence. Subsequently, people are freed from long hours of work, hence granting them time and freedom to pursue their passion.

Furthermore, individuals are able to easily transfer value from one party to another over the Internet now thanks to the development of blockchain technology.

The Trust Economy

So how could a person’s value be measured? Maybe a person’s value can be measured from an index based on the evaluation of others. This new economy, also known as “Trust Economy”, is inspired by the concept of the sharing economy.

Take, for example, Airbnb. Airbnb is an online hospitality service for users to rent out their properties. It is a platform that relies heavily on the evaluation given by other users. Hosts with exceptional hospitality skills receive excellent ratings and reviews. This is favorable as it increases their opportunities to receive more bookings from guests.

Similar to the sharing economy, a “Trust Economy” is one where trust triumphs money. Instead of using the value of money, Trust becomes the new currency and index.

So, how plausible is using gratitude as a currency? In response to that, Japan introduces a new economic system, the “Thanks Economy” platform, where gratitude is valued. This grand project is managed by OKWAVE Inc, the parent company of OKWAVE, one of the biggest Q&A social communities in Japan.

“Thanks Economy” goes beyond “Trust Economy”

OKWAVE Inc aims to exceed in the prevalence of “Trust Economy” through the development of a new economic system, the “Thanks Economy” platform.

The “Thanks Economy” is one where the phrase “Thank You” is regarded as a form of value that can be used interchangeably. For the past 19 years, OKWAVE has accumulated over 36 million Q&As and 47 million worth of big data related to the words “Thank You”. Using these figures as a foundation, OKWAVE plans to issue “OK tip”, an original token that quantifies the value of gratitude.

OKWAVE users are able to gift tokens to other users. Such receivers could include those who have resolved others’ worries and troubles, or those who have provided resonate answers gifters resonated with. This system scores each user by their reliability and the appreciate they receive from other users. These scores are then made available to external companies and high scorers will be given benefits to use inside the “Thanks Economy”.

It is assumed that the scores are shared among various platforms. These include sharing economy platforms, crowd-sourcing platforms, and human resource and real estate businesses managed by external partner companies. For example for crowd-sourcing, those with a higher score will be assigned with greater priorities.

AI creates “Thanks Index” to visualize people’s kindness

In this economic system, users obtain scores based on a “Thanks Index” which visualizes kindness. OKWAVE’s very own artificial intelligence, KONAN, generates this Index. 8 different categories (C8) determines user scores: Communication, Credibility, Contribution, Comprehension, Courtesy, Commonsense, Conception and Collaboration.

KONAN has special traits such as conversational skills and responsiveness. Not only does it possess problem-solving skills and knowledge, it can also identify user empathy. For example, during an exchange of conversation over Q&A, when a user is troubled, rather than responding with the right answer, it includes a touch of empathy by responding with phrases such as: “You must have had a tough time!” KONAN is also able to tabulate data of a highly appreciated user by multiplying the quality of data and past content in chronological order.

“OK tip”, the token based on “Proof of Kindness”

The “Thanks Economy” is operated using blockchain technology. OKWAVE’s original token “OK tip” is distributed to users according to the “Thanks Index”. Cryptocurrency Bitcoin requires Proof of Work (PoW), a consensus algorithm used for Bitcoin mining. Similarly in the “Thanks Economy”, the “OK tip” acts as a Proof of Kindness. The greater number of “Thank You” a user receives through acts of kindness, the wealthier a user becomes in.

Blockchain should have the ability to forget

OKWAVE Inc wants to build an idealistic society that rewards kindness. Unfortunately, such a reality has shortfalls too.

Blockchain technology’s ability to record past history also means that every mistake, failure or broken promise are recorded. This might affect individuals later in life. It makes it difficult for individuals to make amendments or start over This could ultimately result in a narrow-minded society.

Mr Kanemoto thinks that “a blockchain technology that forgets” can be a feasible solution to that problem. “While the Internet is a global brain, the brain’s primary function is also to forget. There are discussions about the possibility of filtering data for management through blockchain technology,” he shared.

Collaboration among companies for scaling “Thanks Economy”

OKWAVE Inc is already in the process of providing building solutions of Q&A websites for businesses and enterprises. They are expanding the “Thanks Economy” economic bloc by setting up partnerships with companies. According to the score data calculated by OKWAVE Inc, companies are expected to begin using the platform by mid-July this year.

There are many uses for “OK tip”. For example, while it is simple to evaluate individuals working for departments such as sales and marketing where the outcomes are quantifiable, it is challenging to evaluate individuals such as customer support staff that operate in the back-end. The introduction of “OK-tip” provides a system that visualizes gratitude into data to reward those that have brought value to the company.

AI should know which is important, richness or kindness

OKWAVE Inc’s vision to visualize the intangible value of gratitude into a practical form of currency for a happier society is one that resonates in many.

In the near future, AI will replace human’s jobs. It is therefore necessary to create a society for humans and AI to coexist. It then becomes important to accurately convey the standards for what should and should not be valued.

Should wealth or kindness determines a person’s value? The future supported by artificial intelligence relies on our priorities and choices.

“Thanks Economy” is built on OKWAVE Inc’s 47 million “Thank You” data accumulated and processed through the KONAN AI. Eventually, the future of “Thanks Economy” depends on its users.

This article was originally published on IDEAS FOR GOOD
Translated by Amanda Wee