mollyfamwatVisions of tomorrow by 2036 fuel an aggressive strategy, “cat tokens” will be circulating throughout society where cash is on the verge of extinction with the commonality of utility tokens and coins used for all sorts of transactions.
The centralized method of currency will not impact the economy as much. Wages and savings are no longer kept in banks but are “staked” in pools, farms, and utility tokens that generate unbelievable interest and 20 times more yield every year.
From manufacturing to logistic transportation, healthcare, and real estate, every sector and industry is set to undergo a radical shift in the next few years, potentially because of Blockchain.
Life in the near future will be something we have never dreamed of. Most innovative and forward-thinking countries are shifting toward Blockchain-based economies. The third generation of the internet is paired with decentralized applications and financial solutions to provide a truly fascinating smart city experience.
Dubai, El Salvador, and the Philippines seem to be already taking advantage of this new reality by implementing Blockchain-based innovative economies which support tokenization as part of their country’s infrastructure.
Recent development in the Blockchain-based economy
For anyone wondering how Blockchain technology has so many different applications? How will it be used in almost every industry?
The answer is similar to something we experienced 30 years ago with the introduction of the personal computer, which changed pretty much everything as time proved the value of computing technology beyond anything we could have imagined.
Blockchain technology has come a long way with the latest development in immersive computing, which has massive potential to create an impact. Numerous applications and upcoming projects are happening in the domain of a Blockchain-based economy.
Web 3.0
Web 2.0 benefits more than 3 billion people worldwide to pave the way for development through sharing knowledge. The internet revolution is stepping into the third generation web 3.0 powered by cutting-edge Blockchain technology, Machine learning, and Artificial intelligence. The entire new core concept will integrate encryption and distributed computing so that it can interact directly with data and value users without depending on third parties
- AI-driven services
- Decentralized data Architecture
- Edge computing infrastructure
Metaverse
Welcome to the most futuristic concept of the Blockchain-based 3d universe named Metaverse, an online virtual world in which real-world Geo-Locations correlate to user-generated digital virtual environments. These environments can be custom-built, purchased, sold, and owned straightaway with cryptocurrencies.
Big tech giants are stepping into the Metaverse, believing it is the future of the Internet. Mark Zuckerberg announced the rebranding of Facebook, named Meta. The vision of Meta is to build the Metaverse, a virtual world where people can connect and play in 3D. Furthermore, Microsoft unveiled its plan to enter the Metaverse, choosing its name as Microsoft Mesh.
Decentralized Finance
DeFi applications and protocols are finding new ways to give the benefits of traditional banking systems to everyone, from small businesses to underbanked communities. DeFi provides users full custody of their assets within the crypto sphere without using government-owned banks.
Lenders and borrowers are increasingly embracing DeFi Lending protocols. There is a notable advantage to Decentralized finance that anyone can lend and earn significant interest rates on digital coins. The loan is insured by smart contracts eliminating frauds, commissions, and mediators.
What’s the catch
- Fast and efficient process
- Permissionless
- Highly programable smart contracts
- Full control over assets
- Time-saving
- Less documentation
The pros of future smart crypto cities
Innovation zones: The cryptocurrency world is expanding faster than ever before. An ecosystem of crypto cities is also known as innovation zones that allow anyone from the private sector to invest in Bitcoin, emerging currencies, and projects to develop a mix-use community that will provide control over protocols, utilities, and all kinds of public services.
Emerging projects: Numerous industries are stepping into the Blockchain industry to set up impressive projects, including identity systems, reputation systems, governance tools, and accounting systems to provide the ease of accessing digital services and to power a brilliant smart city.
Urban management: Blockchain isn’t just a payment solution but a complete ecosystem to improve the quality of Finance, Education, and transportation. Numerous cities around the world are launching Blockchain initiatives to shape the urban future. The primary objectives of crypto powered smart city are to remove market inefficiencies, help grow the economy, and solve various societal issues, such as the administration of efficient urban management and the ability for network participants to exchange data at high levels of reliability and transparency without the need for centralized administration to oversee highly convenient urban services.
Conclusion
The Blockchain-based economy model has the potential to transform pretty much everything in the years to come. Whether it be the way we manage finances, the video games we play, or the Internet we interact with. Beyond this, the technology even has the power to transform the cities we live in to create a futuristic Metropolis and a sustainable and advanced urban management model.
The hype surrounding cryptocurrencies such as Bitcoins, Ethereum, and Dogecoin tends to increase with widespread adoption worldwide.
there are several benefits, including
- Low transaction fees.
- A secure and anonymous nature.
- The ability to connect with people around the world.
As more and more people begin to understand their potential, It’s only a matter of time before cryptocurrencies take over as the mainstream payment method. That proves Cryptocurrencies are here to stay!
mollyfamwat
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