According to Balaji Srinivasan, a former framework for the technology industry and digital platforms, according to Balaji Srinivasan, former frame of Crypto Exchange Coinbase and the author of “The Network State”, former framework of the technological industry and digital platforms of Crypto Exchange Coinbase and the author of “The Network State”.
“The inherited economy is sleeping in favor of the Internet economy,” said Srinivasan in an X Post on Saturday.
He shared a graph showing the divergence of prices between the “magnificent seven” technological actions, which benefit from dazzling growth, and the rest of the companies in the S&P 500 index, which has remained quite stable since 2005.
The S&P 500, a basic economic reference, is a weighted stock market index of the 500 largest companies by market capitalization listed on the US stock market. Srinivasan said:
“Since the 2008 financial crisis, each transaction and each communication have evolved online. But, we are still at the foot of the mountain. The next step is internet savings, communities, cities and presidencies. The world first becomes on the internet. “
The Magnificent Seven include giants of consumer technology Apple and Microsoft, the Amazon online market, the mother company of Google, social media and augmented reality company Meta platforms, the manufacturer of high performance computer chips Nvidia and the Tesla electric car manufacturer.
Srinivasan has popularized the concept of network states, distributed online communities which, according to him, will one day supplant traditional states.
These network states will require native money on the Internet in the form of cryptocurrencies and will represent a central change in human history, much like the transition from the agrarian to manufacturing economies during the industrial revolution.
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With the old and with the new blockchain and the AI disturb the inherited system
The inherited financial system and the governments of states are generally slow to adopt new technologies and often suffocate technological innovation.
However, regulators and legislators in the United States are currently pressure for the research, development and integration of artificial intelligence and blockchain technology to modernize the financial system.
The American Securities and Exchange commission (SEC) and the Commodity Futures Trading Commission (CFTC) published a joint declaration in September which was line up to the 24/7 capital markets to put the financial system inherited with Crypto, which is negotiated at the level, which is negotiated 24 hours a day.
The US government has also operated the suppliers of Oracle Pyth Network and ChainLink to publish government economic data for budget transparency and the responsibility of the additional budget to the public.
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