Our economy and the medium of exchange we use for trade, has been co-evolving ever since humans first started trading with each other.
As we move towards a more fluid system of payments here are a few key trends that will further shape the evolution of money.
As we move towards a more fluid system of payments here are a few key trends that will further shape the evolution of money.
Digitalization:
The world is becoming increasingly digital every day, as businesses continue to improve their processes by digitizing them and consumers continue to increase their demand for digital services.
The world is becoming increasingly digital every day, as businesses continue to improve their processes by digitizing them and consumers continue to increase their demand for digital services.
Native Digital Money:
As we digitize our business processes it is imperative to have programmable money.
Bitcoin is the clear leader but I want to make note of the wild west & purely digital incentive structure built around DeFi that is creating new forms of cooperation.
As we digitize our business processes it is imperative to have programmable money.
Bitcoin is the clear leader but I want to make note of the wild west & purely digital incentive structure built around DeFi that is creating new forms of cooperation.
Internet of Smart Things:
The rapid growth of the IoT paired with the developments we are witnessing within AI will require a new type of payment infrastructure. Billions of autonomously operating smart machines will need to transact with each other.
The rapid growth of the IoT paired with the developments we are witnessing within AI will require a new type of payment infrastructure. Billions of autonomously operating smart machines will need to transact with each other.
Micropayments & Beyond:
What if a machine wanted to send another machine $ .00001? This transaction would be difficult to if not impossible with our current systems, but the Lightning Network makes it possible
A real-world example is @joostjgr's WHATSAT
What if a machine wanted to send another machine $ .00001? This transaction would be difficult to if not impossible with our current systems, but the Lightning Network makes it possible
A real-world example is @joostjgr's WHATSAT
Settlement:
The settlement process we currently use in many of our existing payment networks is not optimal.
If we wanted payment and settlement to be nearly instantaneous and work 24 hours a day, 7 days a week, we need to explore options like digital assets.
The settlement process we currently use in many of our existing payment networks is not optimal.
If we wanted payment and settlement to be nearly instantaneous and work 24 hours a day, 7 days a week, we need to explore options like digital assets.
As the history of money clearly shows, money is not static but constantly evolving into something better and more suited to our changing economic needs.
