What Bitcoin started is metamorphosing into something bigger: a “crypto-tech” driven economy with its own value creation, not unlike the Web’s own economy. Welcome to the cryptoconomy.
Contrary to what appears today, this cryptoconomy will not be born by attempting to take over the current financial services system, nor by waiting for consumers to transfer fiat money into cryptocurrency wallets; rather it will emerge by creating its own wealth, via new types of services and businesses that extend beyond money transactions.
The cryptoconomy is a serious event. It is the next phase of the Internet’s evolution – the decentralization era. Its genesis is Bitcoin’s backbone technology: the “blockchain”, a new term with applicability outside of just Bitcoin. The blockchain is like a new type of database ledger whose data is stored via a cryptographically secured, semi-public, semi-private way. That kind of openness ushers a path for point-to-point value exchanges, without trusted intermediaries or central parties.
