Metaverse to have Public Blockchains as the new National Economies

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The “fiscal” and “monetary” policy tools of smart contract blockchain platforms may work even better than the economic policy tools of governments.

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The trustless and programmable nature of public blockchains have made it possible to implement new “fiscal” and “monetary” policy tools in the blockchain economies

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Public blockchains allow anyone to deploy decentralised applications on top, which users can interact with.

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Currently, decentralised finance and NFTs are the two main economic activities on layer 1 blockchains and associated layer 2 chain.

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Both activities have grown tremendously in the past couple of years

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Unlike the first-generation blockchains such as Bitcoin that use proof of work (PoW) to protect network security, most newer layer 1 chains are proof-of-stake (PoS) systems.

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Almost every activity on a layer 1 chain needs to pay transaction fees to the platform in the chain’s native token

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When the native token price goes up, it attracts more monetary liquidity into the nation, which funds more applications built in its territory.

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No economy goes up in a straight line forever. Levels of activities always flow and ebb—economies going through booms and busts.

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Blockchain nations also have fiscal policy and monetary policy tools. And in many cases they may work better than the economic policy tools of governments.

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How to avoid cryptocurrency scams? Swipe up to view steps

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