world economy in web 3.0

At the moment, the entire crypto community is busy forming web 3.0. Our future depends on the development of machine learning, AI and peer-to-peer networks. Cryptocurrencies, as a means of investing and storing money, have proven their reliability and necessity over the 20 years of their existence.

The economic component is one of the most important engines of human development. Tokenization of all business areas will enable the development and security of its conduct.

Many people used to believe that all new and successful blockchain projects are primarily innovations in technology, but this is far from the case.

One of the most striking examples of innovation in the business sphere can be considered Defi Yearn. Finance. This project proved the possibility and necessity of reorganizing the business sphere and the social relationship of people. At the moment, there is a framework in the distributed registry technology that needs to be removed for further promotion of the technology, and the emergence of new business projects.

The new economic model I propose is aimed at the development of decentralized autonomous organizations and business in general.

Today, there are many blockchains. They differ in algorithm, speed, scalability, and purpose. But unfortunately, not one blockchain does not provide for the possibility of mining alternative tokens created on them (for example, ERC-20 Ethereum). The hindrance to the implementation of mining is the commission paid in the native tokens of the networks.

To implement mining, I propose to introduce a new standard of created tokens. The essence is to remove any commission when transferring tokens from the first (basic wallet). In this case, it becomes possible and economically recoupable to mine alternative network tokens, regardless of the rate of the native token.

Mining can be implemented using both smart contracts and sidechains. This will give an additional incentive to the development of decentralized technologies, their popularization and accelerate the process of mass implementation in all spheres of human life.

With the new features, the number of projects will increase, and with them the load on the network will increase. In order for miners and validators not to work in “idle” mode, it is necessary to think through an economic model for each blockchain project. I see several ways to solve this problem. First, it can be an increased fee for creating a token, second, it can be an increased commission for subsequent transfers, and third, it can be a free transfer from the basic wallet, without changing the gas fee, based on a further, standard network commission.

The latter option is designed to increase the number of projects created on the blockchain, and in this regard, increase the total reward for miners and validators when transferring new tokens. Essentially, this is an improvement on a simple alternative token (such as ERC-20). The choice of implementation of my proposal should be considered for each blockchain individually, depending on its scalability and network commission.

To sum up.

Most alternative tokens that are not native are used only as a speculative tool. They are designed to pump and quickly get easy profits at the time of listing on crypto exchanges. To overcome this threshold, it is necessary to introduce new opportunities for using the blockchain. In my opinion, the mining of alternative network tokens can become a breakthrough aspect in the development of the cryptocurrency industry.

Writter, Crypto activist