Philip Rosedale of High Fidelity discusses the benefits of experimentation and exploration in the metaverse for improving governance and communal living.This episode is sponsored by Consensus 2024 Now Available for pre-order | Michael Casey’s New Book with Frank H. McCourt, their forthcoming book:  Our Biggest Fight: Reclaiming Liberty, Humanity, and Dignity in the Digital AgeIn this episode of  "Money Reimagined," hosts  Michael Casey and  Sheila Warren are joined by Philip Rosedale, co-founder and advisor of High Fidelity, to discuss the history of virtual currencies and the open web. They dive into Second Life's origins and the Linden Dollar, its virtual currency. Also, breaking down decentralization's importance in web architecture, advocating for individual control over data. Rosedale emphasizes trust in human relationships over technology, proposing a "web of trust" for information flow and the potential impacts of the ever-evolving metaverse.Chapters | 00:00 Introduction and Background of Philip Rosedale02:59 The Origin Story of Second Life and the Linden Dollar05:13 The Role of the Linden Dollar in Enabling Exchange08:56 The Challenges of Designing the Linden Dollar11:20 The Importance of Money in Trading with Strangers13:16 The Concept of Mutual Credit and Scaling Trust16:30 The Early Trades and Stability of the Linden Dollar21:36 The Challenges of Aggregators and Individual Control22:44 Decentralization in Web 3.0 and the Role of Aggregators23:23 The Importance of Trust in the Digital World28:42 Building a Web of Trust33:02 The Potential of the Metaverse40:08 Exploring New Ways of Governance in the MetaverseLinks | High Fidelity Crypto Council for Innovation CoinDesk.com-Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences.  Take 15% off registration with the code MRP15. Register now at consensus.coindesk.com-Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “The News Tonight ” by Shimmer. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.