Token economy means studying the production, distribution and consumption of goods and services that have been tokenized. Web3 enables tokenized economic interactions without intermediaries.
It provides a unique set of data, a universal state layer, also referred to as the ledger, which is collectively managed by a network of untrusted computers. This unique state layer allows us to send digital values in the form of tokens entirely peer to peer, circumventing the double-spending problem(Double-spending is a potential flaw in a digital cash scheme in which the same single digital token can be spent more than once). Sending digital values over the web has therefore become as cheap and easy as sending an email.
Tokens can be as revolutionary as World wide web.
“Cryptographic asset” would be a more generic term that we could use for certain types of tokens instead of cryptocurrency. The term “token” however, is even more generic and encompasses all tokens, not just asset tokens.
You will get to read more about tokens and lets make it a series where we will dive deep in tokens and token economy.
I am keeping this blog short and ending it here.
Hope readers will love it, and thank you so much for reading...
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