The term "cryptoeconomy" could be explained as: "the use of incentives and cryptographic elements to design economic mechanisms". Cryptoeconomics therefore deals with a new way of thinking and developing economic mechanisms, applying cryptographic techniques and technological tools to make these developments possible. In this sense, it is not a branch of the economy, but a sub-area of applied cryptography that combines economic theory and game theory, and that can be seen in blockchain technologies such as Bitcoin, Ethereum, Zcash, Monero between others
The cryptoeconomy makes the blockchain technology so interesting and innovative, since by combining several aspects of cryptography, network theory, computer science and economic theory we can create new technological tools that are changing the world.
What started with Bitcoin as a virtual currency, has given rise to a multitude of applications and business ideas based on blockchain technology, which is really where the value lies. All this determines a truly great and significant change: "a new economy based on this crypto-technology and capable of providing new opportunities for the generation of value".
Despite the current predominance of applications for financial transactions and the accumulation of capital in cryptocurrencies, we will see a generation of wealth based on the development of new products and services; In this sense, ¿what does value represent in the virtual economy?:
"... Money is a form of value, but not everything valuable is reduced to money. In fact, we can agree that the value is something greater than money. In the digital world, cryptocurrencies are the expression of virtual money. The block chain, which is based on the most extensive interconnected network in the world, is the perfect platform for these cryptocurrencies, allowing a fast, efficient and cheap exchange, but it is not free."
The cost associated with the development of this cryptoeconomy lies in the equipment, services and man hours that are invested to sustain the network, even if it is oriented to a community with altruistic purposes. The purpose of money is: "to pay for something that is considered valuable, usually, for the right to own or use it"; this is the reason why in the transactions supported by blockchain technology such as Bitcoin or its Altcoin, the use of commission charges is applied. The cryptocurrencies, when accompanied by the possibility of being programmed, incorporate additional information that opens many other capacities, this is considered "added value". For example, when using them, the transaction itself may incorporate additional rights related to the property, such as information, custody, access or the possibility of voting.
In this way the blockchain allows a new form of transaction in which: "the value consists of that which occurs at the end of the transaction and not only the monetary value that is deposited in a certain account". In contrast to the financial markets, this is an unregulated market, for now since there are initiatives that are working on the subject, in which an unlimited number of valuable items are exchanged, it is not only money. In addition, transactions are more distributed, decentralized and capable of generating other actions in the real world.
¿How will these new forms of value be created? As often happens with the incorporation of new technologies:
"... It starts by replicating the same processes of use case, now more quickly, transparently and efficiently. After studying the results, it is innovated through new proposals, doing things in a different way and applying new ideas that have not been tested before, and thus progress is made in the required changes."
Thus the cryptoeconomy goes beyond the known cryptocurrencies and its development potential is hardly being made known; In this is a world increasingly globalized by the use of information technology, it will be every day more common, the adoption and implementation of the benefits offered by the blockchain.
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