I still see people in the mindset of competition. It is natural but that is a scarcity mindset.
People are often wondering which blockchain will win. How will anyone compete with EOS, the everything killer? Which will end up being the "internet money"?
In my estimation, this is the wrong line of questioning.
Here are the better questions:
How many transactions per day do MasterCard, Visa, AMEX, and Discover process?
How many checks are written out each day?
How many upvotes are given on YouTube, Facebook, Reddit, and other social media sites? How many comments are left?
How many use some type of workout/activity counter?
How many web searches are done each day?
How many upvotes for products are done on Amazon and Netflix for videos? How many comments are left on Amazon?
In poorer nations, how many cash transactions are there?
How many official documents are recorded and posted somewhere on a daily basis?
How many advertisements are viewed each day?
How many emails are sent each day?
The answer to all this is there are trillions of transactions done each day. This is how big the world of crypto-economics will become.
Also, keep in mind that someone is making money on all these transactions. All of them have value either in direct payment or via control of the ecosystem.
So what is crypto-economics?
In simplest form, it is an open, decentralized peer-to-peer network that is secured via cryptography. Of course, this sounds a lot like blockchain. The other aspect to this is that it is monetized through the use of cryptocurrency. Hence, STEEM is a crypto-economic system.
Put them all together, and you have a crypto-economy.
The big part in all this is how incentives are distributed. With crypto-economics, anything can be incentivized at the individual level. That is why I listed some of the daily transactions that take place. At the present moment, only a few profit from all that activity.
That is going to change.
Under the new economic system, we will see all of humanity (once everyone is online) able to benefit from those transactions. Instead of the few getting paid, the 7+ billion people will be compensated for what is taking place.
As for which blockchain, with so much activity, it is going to take a lot to handle all of that. We are talking most of the global economy shifting to the new paradigm. The establishment does not like this fact but there is little they can, ultimately, do to stop it. This is Web 3.0 that we are creating.
We are already getting close to the implementation of interoperability and multi-chain applications. There are a number of projects that discussed this in just the last week. This will only serve to benefit everyone and make the entire industry more valuable.
The fact peer-to-peer systems are now monetized means that those conducting transactions in that manner can profit. In other words, this applies to the individuals as opposed to elaborate, expensive, and exclusive systems that do not include most of us.
Crypto-economics is one of the steps that is going to issue in the Age of Abundance. Once the masses get an idea of what it is like to be compensated for things they are doing anyway but someone else is profiting from, we will see massive explosion. This could take a while to fully evolve but it will happen.
Many of us already are starting to see the possibilities with just the few applications that are here on STEEM. Now take that idea and expand it million-fold. That is what the world is looking at. We are going to see applications that offer incentive for every activity we can think of. And all those transactions that take place will not be going into the hands of the elite, but all of humanity.
The Age of Abundance is about thinking collectively instead of individually while providing incentive individually as opposed to collectively.
A stark difference from our present system.
If you found this article informative, please give it an upvote and resteem.
Electric currency is the future so i know crypto cant die anytime soon
That’s the elevator pitch, right there.
Another great article from my favourite Steemian, @taskmaster4450. Just resteemed this!
I was driving with my wife on the weekend, and I brought up my car in conversation. I said this car will probably last another 7-8 years. Then I stated where technology might be at that time. I wonder if cars will be self driving. If not, cars will be far cheaper to buy.
or inflation will keep the price of cars at where its at, of course that is if fiat/ government money still exist
We will see where it goes!
Agreed!! Maybe the dealers will start accepting crypto
I’ll be shocked if I’m 7-8 years they won’t be accepting crypto!
agreed! but you never know
Once again you have given me a whole new perspective and I get really excited to be a part of this new Web 3. - I'm motivated to keep learning and keep sharing my knowledge, passing it on here at Steemit! Thanks for the motivation!
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Wow, long article :) I joy it while read, thanks!
I understand, all this crypto stuff its a little foggy for the average men, so need long explains, like this.
But sometimes a few sentence is enough.
Crypto can give the financial control (at least the bigger part of that) back to you, and the distribution of assets back to the community. You have more power over your money, and more influence over your work/creation/activity.
This is the "value-offer" of the crypto (and the reason of all official fud).
Last 10 year was just a "sample", few flash about the use cases.
Now coming the recognizing.
Thank you for sharing your thoughts with others. Good luck to you and Love.
Thanks!! Here is some good info for beginners: