Touted as the “decentralized economic platform for the real world,” DECENOMY has released the first version of its whitepaper. The recently released document highlights the bottlenecks of existing economic models and DECENOMY’s approach toward building a future characterized by fairness, inclusivity, and interconnectedness.
Thank you for reading this post, don't forget to subscribe!“DECENOMY emerged from the imperative need to revolutionize economic systems.”
One of the main selling points of blockchain technology is its ability to disrupt existing traditional models. Bitcoin and several cryptocurrencies rode on this idea and possibility during the 2017 bull run. Although digital assets are far from mainstream adoption, there has been a major shift towards the tech in the last few years. Concepts like decentralization and decentralized finance are slowly gaining ground.
In addition to their centralized structures, traditional economic models generally suffer from a lack of transparency, which leaves room for abuse, inefficiencies, and an erosion of trust. DECENOMY is on a path to tackle this challenge by leveraging modern technologies like blockchain, smart contracts, artificial intelligence, and swarm intelligence. The key tenets and goals of the ecosystem include value creation, economic inclusion, sustainability, social responsibility, and of course decentralization.
One interesting aspect of DECENOMY is its use of industry-specific coins that provide targeted investment opportunities in various sectors. On one end, the approach enhances transparency and on the other addresses the inherent volatility prevalent in the cryptocurrency space. In total, the ecosystem features over 20 coins.
Speaking of multiple currencies, the DECENOMY Multinode Script allows masternode operators to manage their various coins and monitor masternode status with an explorer.
Another interesting concept introduced in the whitepaper is the idea of an Unconditional Basic Income (UBI). According to the whitepaper, every citizen, irrespective of age, gender, occupation, or social background, will receive a fixed financial amount at intervals. This grant will be provided without any conditions and does not need to be repaid. While this may come off as strange, there is a secondary layer where rewards are tied to real economic activities and genuine value creation.
In general, the transition from traditional economic models to DECENOMY has a lot of moving parts and intricate undertakings. To learn more about the DECENOMY ecosystem, check out our whitepaper.
