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The era of digital economy

The era of digital economy

In the era of digital economy, the Internet of Everything (IoE) will be a part of daily life while data flows will increase significantly. Citing the research report “Digital Economy: New Engines in the Inclusion 2.0 Era” published by AliResearch, a digital black hole rooted in cloud computing, big data, Internet of Things (IoT), artificial intelligence, the next-generation mobile communication network has been formed initially. The digital economy is entering a new stage of development. Emerging technologies and models including digitization, big data, and block chain are impacting mankind’s production, living and ecology in an all-round and profound manner.

The digital economy can basically be understood as a networked world and a networked society, forming a networked digital economy in the broad sense. A new economy founded and developed from digital assets, the digital economy is characterised by three activities:

  1. production of digital goods for self-consumption;
  2. exchanges of digital goods for digital assets;
  3. exchanges of digital commodities for legal currency issued by the state. All three activities have economic value.

According to a report by the European Central Bank (ECB), it was estimated that from 2008 to 2010, the public would spend about US$200 million to US$10 billion to purchase digital assets relating to games and social media, and by 2012, transactions in the digital commodity market would amount to about US$15 billion.

Digital currency ≠ digital assets

In today’s economy and society, legal tender (currency issued by the state) is used as a medium of exchange. The status of legal tender as a valid and legal means of payment is granted by government and law. People are willing to use legal tender for meeting financial obligations between them because of its legal status. Legal tender has two drawbacks:

  1. The acceptance of legal tender is derived from the legitimacy of the respective government and law. It is valueless paper on its own.
  2. The face value of legal tender varies with legal systems. Complicated procedures are involved in currency exchanges. Exchange rate movements led to considerable economic losses. Despite the problems with legal tender, a global currency accepted throughout the world is yet to appear in this global Internet era. Nevertheless, digital currency is offering a new hope for a world currency. Digital currencies can completely avoid the shortcomings of banknotes in a sense.

The face value of legal tender varies with legal systems. Complicated procedures are involved in currency exchanges. Exchange rate movements led to considerable economic losses. Despite the problems with legal tender, a global currency accepted throughout the world is yet to appear in this global Internet era. Nevertheless, digital currency is offering a new hope for a world currency. Digital currencies can completely avoid the shortcomings of banknotes in a sense.

 

Disclaimer: This website is for information purposes only and does not constitute a solicitation for investment in the company described herein.This brief document cannot disclose all the risks and other factors necessary for evaluation of any potential investment. Any decision to invest should take into account the entirety of this document, additional documentation to be supplied to potential investors by RINO and the individual’s financial goals and risk tolerance. An investment in these timepieces offered by RINO should be viewed as a medium to long-term investment.

 

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