According to Balaji Srinivasan, former director of Crypto Exchange Coinbase and the author of “The Network Platforme, the traditional economy is withdrawn in advanced countries that go to the Internet economy dominated by the technology industry and digital platforms, according to Balaji Srinivasan, former director in Crypto Exchange and author” The Network State. ”

“The hereditary economy is the sunset in favor of the online economy,” said Srinivasan WX post on Saturday.

He shared a chart showing the discrepancy of prices between “magnificent seven” technological actions that enjoy a meteoric increase, and the rest of the companies in the S&P 500 index, which have remained quite flat since 2005.

S&P 500, the basic economic reference point, is a weighted stock index of the 500 largest companies according to market capitalization mentioned on the US stock market. Srinivasan said:

“Since the financial crisis in 2008, every transaction and every communication has moved online. But we are still at the foot of the mountain. The next step is online economies, communities, cities and presidencies. The world becomes on the Internet.”

The magnificent seven includes the Giants of Apple and Microsoft consumer technology, the online Marketplace Amazon, the home company, Google Platforms, Social Media and Augmented Reality, a high -performance manufacturer of NVIDIA computer systems and a manufacturer of Tesla electric cars.

Srinivasan popularized the concept of network states, widespread internet communities, which, he said, one day will replace traditional national states.

These network states will require money from the Internet in the form of cryptocurrencies and are a key change in human history, as well as the transition from agricultural economy to production economies during the industrial revolution.

Related: Crypto is not Web 3.0, it’s Capitalism 2.0 – Crypto Exec

With the old and the center with the new, blockchain and artificial intelligence disturb the older system

The hereditary financial system and state governments usually slowly accept new technologies and often suppress technological innovations.

However, regulatory bodies and legislators in the United States are currently insisting on research, development and integration of artificial intelligence and blockchain technology to modernize the financial system.

The American Commission of Securities and Stock Exchange (SEC) and Tower Commission Trading statement In September, he irritates to switch to capital markets 24/7 to speed up the Legacy Financial System from Crypto, which trades around the clock.

The United States government also used the Oracle Pyth and chain suppliers network to publish government economic data for additional budget transparency and society’s responsibility.

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