An ideal solution to the challenges in the process of trade and transfer, blockchain allows for fast, easy, and safe delivery of value on the internet at lower cost, just like we share information today.
Values and challenges: the double-edged sword of internet
On the one hand, we enjoy the great convenience realized by the massive commercial system based on internet. We communicate with others, pay bills and send business information over facilities of giant centralized companies, applauding “the internet really changes our lives”. On the other hand, we have to swallow some bitter fruits, such as invasion of privacy, digital assets ownership, and monopoly.
Blockchain: the driving engine of a new epoch
The blockchain technology stepped into the arena at the right moment to help solve these problems. It drives the world through the era of Internet of Information all the way to the age of Internet of Value 3.0.
Internet of Value is a more advanced concept over a well-developed Internet of Information. It is made possible particularly on the basis of a booming mobile internet market. Rather than a terminator, the new concept plays a cooperation role to deal with problems in scenarios where the older system could not give its full play. Having one dimension (i.e. value) more than the Internet of Information, the core feature of the Internet of Value is the interconnection of funds, contracts, and digital assets with equivalent value.
Although transfer of funds and digital assets has been realized with Internet technologies today, it could not be done without centralized organizations. The problems, at least for some of transactions, include high transaction cost, asymmetric information, passive reception, privacy exposure, as well as safety of assets.
The very reason why blockchain technology can take the lead in the age of Internet of Value is that blockchain addresses challenges in the process of trade and transfer, allowing for fast, easy, and safe delivery of value on the internet at lower cost, just like we share information today.
Core value of blockchain: overwhelming transformation of business modes
Together with smart contracts, the distributed network structure of blockchain can be a powerful remedy to cure many pain points of the information network today. Besides, the technology also has nourished tremendous economic potential. From certain point of view, it is the market that has stimulated the germination of blockchain at the right time. For example.
In a given market, when there are enough number of buyers and sellers (certainly not any platform), and the consumer and supplier are equally empowered to influence the price, thereby encouraging free competition in the market, it is possible to overcome information asymmetry, keep high operation efficiency of micro economy, improve resource allocation rate and maximize consumer demands (in some industries and with finite scale).
On some level, the above theory agrees with the Free-market Economic Model suggested by economists Adam Smith and Friedrich Hayek: in a market economy, spontaneous transactions between individuals will create efficient resource allocation modes, which in turn push the economy forward and generate higher income.
Furthermore, as the blockchain changes the market structure and the relationship among players, it definitely can renovate current business models and encourage commercial innovations. Examples include.
Sharing economy – As a disintermediated economic model, the true value of the sharing economy will only be leveraged on a disintermediated platform.
Cross-border economy – On public chains like GaiaWorld, which support cross-chain transaction, it is quite easy for economies to collaborate in a more transparent environment. Perhaps, “Blockchain +” would take the place of “Internet +” and become the next mind-blowing term that sweeps the world in the days to come.
In fact, we can envisage a world where the blockchain technology brings Internet of Value into reality and creates numerous business opportunities, driving a reshuffle of players in orthodox economic models towards the establishment of a decentralized ecosystem. By then, blockchain’s tremendous potential based on community, cross-border interaction and resource aggregation would surely produce immeasurable economic momentum.
The rise of blockchain has opened the door of opportunity in technical, economic, and social sectors for companies and individuals, either inside or outside the blockchain industry. GaiaWorld, a team to build the first public gaming blockchain, is resolved to bring about a revolution in the game industry by offering innovative underlying technology, redefine relationships between games, industry peers and gamers, and finally deliver wonderful games that refresh gamers' experience and perception.