On-chain and off-chain economies
In this piece, I want to present some of my visualizations of how web 3.0 and global economies could interact in the future.
First, let’s understand how a typical (off-chain) economy works in simple language.
Goods and services are produced using labor and capital. Value is exchanged via a currency ( USD, EUR), and the country’s central bank attempts to manage that value so that economic activity runs…