Transformation is a critical evolutionary journey that is borne of change, reflecting a strong need to be better and to improve the modus operandi of simple, complex, standardized and dynamic processes. This need to improve the modus operandi first carefully evaluates the possibility of achieving desired outcomes and results faster, cheaper, and in more resource-efficient ways that characterize lean enterprises and systems. It is because time and resources are scarce but valuable assets that optimizing these assets makes for a strong business case, which creates foundations for sustainability in businesses and organizations.

It is therefore business model innovation that unlocks this key to transformation. For instance, the world’s first taxi company was started in 1897 by an Entrepreneur from Stuttgart, Friedrich Greiner.  But a lot had happened before this: Karl Benz created the world’s first gasoline engine car in 1879, and Gottlieb Daimler created the world’s first taxi in 1897. Clearly, the need to serve individuals who couldn’t afford cars created an entrepreneurial drive to start the first Taxi Company. This process of running Taxi companies evolved in 2009 when Garrett Kamp and Travis Kalanick founded Uber. Uber had, thus, redefined the taxi business through business model innovation that focused on lean resources and efficiently managing digital networks driven by peer-to-peer connectivity, information exchange and analytics. Like conventional taxi companies, they didn’t have to own the taxis, but they achieved the aim of serving individuals without cars by managing the digital platform on which drivers connect with passengers.

This is the foundation of a digital economy, a term coined by Don Tapscott in 1995. World economies are undergoing a rapid digital transformation. The “digital age” is an era that introduces business model innovation which transforms resource-based economies into knowledge-based economies with technology resources like big data and the Internet of Things, and this transformation is what brings about digital economies. The focused and streamlined interactions of unique digital business and economic models make for a digital economy.

What Is A Digital Economy?

A digital economy is an economic output that is achieved from the numerous transactions, services, business relationships, rapid data exchanges, and process evolution through online mediums. This economic output which would have otherwise been achieved through physical interactions and transactions is a product of hyper-connectivity through online platforms, which completely eradicates the need for physical meetings and locations. This saves time, reallocates precious resources to other productive and innovative areas, and drastically reduces the cost of operations.

The important distinguishing factor of the digital economy is that it changes the way consumer utility is created through novel delivery channels of goods and services by creating dynamic and rapid supply and value chains. It also changes the outlook of interconnectedness by leveraging on digital computing technologies to drive macroeconomic influences that affect conventional economic systems and models. In other words, the digital economy can, depending on the effectiveness of the technology employed, achieve economic output in seconds which would have been achieved in minutes or hours in conventional economic systems. This entire process is a transformation from conventional economic systems to digital economic systems and models, and it represents the effectiveness of business model innovation in creating lean businesses, processes, and systems.

Pros and Cons of The Digital Economy

The digital economy embeds technologies like the Internet of Things, mobile technologies, big data analytics, e-business, and e-commerce to facilitate new products and services, generate new processes, and create new channels of distribution. However, there are possible pros and cons that might arise from the Digital Economy.

Pros

• Growth of digital platforms: Digital platforms make for an increasingly interconnected world. Social Media platforms(Facebook, Twitter, YouTube), e-business platforms(Uber, Netflix, AirBnB), e-payment platforms(Flutterwave, Paystack) and e-commerce platforms(Alibaba, Amazon) ensure rapid generation of e-transactions owing to expansive interconnectivity on platforms.
• Transparency: The digital economy ensures transparency in a way that transactions are seamless and clear for the consumer to follow. Banking transactions are a strong example, as well as payments on e-finance platforms. This has also been aided by the reality that national governments push for demonetization (use of online applications for payments).
• Digitized Goods and Services: The digitization of goods and services makes it easier to simplify transactions. Digitized music, for instance, makes it easier to checkmate piracy than it would be with CDs and DVDs. Online Banking Services makes it easier to monitor transactions compared to manual ledger entries; they are also faster than transactions on the counter. Cryptocurrencies are digitized forms of paper currencies that run on blockchains and enable decentralised peer-to-peer transactions.

Cons

• Shortage of digital experts: Because a digital economy requires complex technologies to run, it a steady stream of skilled and technical experts to maintain. This is especially true for most Less Developed Countries which require skills in this area. TheWorld Bank reports that Nigeria, despite being the biggest economy in Africa, needs to close the gap in five identified pillars of the Digital Economy for Africa Initiative: Digital skills, digital platforms, digital financial services, digital infrastructure and digital entrepreneurship.
• Requires heavy infrastructure: The digital economy needs strong broadband internet services to run. This already puts regions in remote areas with no access to Internet at a disadvantage.
• Potential loss of employment: There is the chance that resorting to digital technologies create a few redundancies in conventional economies. However, industry 5.0 looks at the possibility of fostering interactions with human and digital/smart technologies.

Markaccy’s Digital Economy Solution

Whilst centralised digital networks focus on convenience of transactions and generation of new forms of utilities for the consumer, decentralised networks ensure that the same outcome is achieved through transparent, trust-basedand peer-to-peer platforms. This is where blockchain technology becomes useful in driving the model Digital Economy, a unique business model innovation that disrupts The digital economy run by centralised networks and platforms.

Markaccy is a blockchain technology company created off the Ethereum blochchain. It is a decentralised finance project that offers speedy peer-to-peer transactions and services on its platform. Markaccy’s long term project is the creation of a digital economy that runs on its blockchain, achieving decentralised interconnectedness with its Digital Health Systems, Digital/Decentralised Finance, Digital Music, Digital Energy and Smart Consulting platforms. As per Markaccy’s Ferris Wheel Project, the aim is to run the digital components independently before interconnecting these digital components in a unified interface on the blockchain. The addition of more than a targeted 30 million users from Africa, South-East Asia and Central America will enforce the digital economy as a functional transparent system where trust, elimination of centralised authorities, unified currency for medium of exchange(Markaccy digital tokens) and eradication of language barriers are achieved.

Markaccy’s Digital Economy Operating Framework

Markaccy’s Digital Economy Framework above shows how the Digital Economy will function. Smart contracts link the digital components together by creating verifiable transactions, services and relationships on all fronts, and Internet of Things(IoT) ensure interconnectivity with all digital components on the interface, both linking back to the MarkaccyMainnet. Data Privacy remains the key and crucial element in Markaccy’s Digital Economy, which is what promotes trust in the economic model, and feedback is constantly looped back to the Mainnet for improvements, which Markaccy’s developers utilise. Stakeholders will also contribute to driving economic activity and championing regulation where appropriate, and more importantly, the Digital Economy will drive relationships between smart technologies and human workforces which will help prevent redundancies in an expansive digital model.

This has a strong appeal compared to the digital economy run by centralised authorities. Placing transactional power in the hands of end-users, as well as strengthening data privacy, are concepts that are strong amongst Markaccy’s operating philosophies which promotes a digital economy of trust.

Markaccy will optimise strengths of the digital economy in the following ways:

• Strengthening Consumer Experience: By utilising the speed and hyper-connectivity that blockchain brings, Markaccy can revolutionise consumer experience by promoting digital communities where transactions are interactive, feedback-driven and friendly to exchange of ideas and data. This will promote healthy competition and ensure quality and more accountability with service providers on the blockchain.
• Creating New Work Environments: Decentralised Enterprise Systems will ensure that relevant stakeholders are part of organisations on the Markaccy blockchain, which will improve accountability and performance standards. Moreover, the blockchain network will be organised in such a way that digital organisations will evolve, eliminating the need for physical offices and locations and creating lean enterprises.
• Enhancing Value Chain: Markaccy’s decentralised Digital Economy will be programmed to help organisations flag non-value adding activities, therefore creating a transparent and efficient value chain and boosting effectiveness and output.
• Incorporation of Internet of Things: This is will be the underlying technology of Markaccy’s Digital Economy. It will ensure the linkage of essential technologies that will keep the digital economy afloat: Smart Contracts, Data Privacy, and Digital Business Enterprise Platforms. Internet of Things will connect platforms, people, language translations thus eradicating language barriers and even resources.

While the Digital Economy requires complex technologies to pull off, Markaccy is aware of the potential of the business model innovation to transform the digital economy. This transformational process will be for the end-users, for Markaccy, for partners and for stakeholders, which is what makes it a crucial long-term project. Through the invention of the digital economy, Markaccy can solve complex problems in simple ways, and it can also address problem gaps of target operating areas of Africa, South-East Asia, and Central America.

MARKACCY OFFICIAL SOCIAL MEDIA HANDLES

Facebook – https://www.facebook.com/Markaccy

Twitter – https://www.twitter.com/Markaccy

Instagram – https://www.instagram.com/markaccyofficial

Official Telegram – Markaccy (MKCY) official

Philippines – t.me/Markaccy_philippines

Bangladesh – t.me/Markaccybd

Vietnam – t.me/MarkaccyVietnam

Indonesia – t.me/MarkacCy_INA

Bounty telegram channel – t.me/Markaccybounty

KNOW MORE ABOUT MARKACCY

Click on any of these links to give you in-depth details about Markaccy.

WEBSITE: https://www.markaccy.io

WHITEPAPER: https://markaccy.io/whitepaper.pdf _whitepaper

SMART CONTRACT: https://etherscan.io/address/0xF3281c539716a08c754EC4C8F2B4cEe0faB64BB9

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Two Bulgarian nationals have been accused of the robbery of about $1.5M in power used to illicitly work crypto mining ranches.

Bulgarian specialists have captured two men for wrongfully redirecting more than $1.5 million in power to work two crypto mining ranches.

As indicated by an Aug. 14 report from Bulgaria Today, two men have been kept regarding the robbery of $1.5 million in power utilized for mining Bitcoin (BTC) in the humble community of Kyustendil.

Delegates from the Oblast Directorate of the Ministry of Interior Affairs (ODMVR) and CEZ Electro Bulgaria talked at a news meeting, expressing that the two Bulgarian nationals from Sofia, matured 31 and 38, were found channeling capacity to their two illicit crypto digging ranches for 3-6 months. Nonetheless, proof proposes that the mining hardware had been there for over a year.

CEZ Deputy Director Philip Yordanov said this was “the biggest robbery” of power the utilities firm had ever found. The sum taken was sufficient to control the neighboring municipality for about a month.

The two men were confined by police for 24 hours before being delivered to anticipate preliminary.

Not remarkable to Europe

Deceitful crypto excavators in numerous nations have endeavored to siphon power off the system as more become mindful of the gainfulness of tokens.

Perhaps the biggest burglary happened in China in July 2019, when 22 suspects were captured after supposedly being engaged with an unlawful crypto mining ranch utilizing $3 million in taken power. Police appropriated 4,000 mining rigs at nine unique manufacturing plants.

Russian specialists have likewise endeavored to take action against Bitcoin diggers taking force. In June, police captured a 30-year-old excavator blamed for taking about $500,000 in power from the state power arrange. Another suspect and his nine affirmed accessories were captured in March in a comparative episode including the robbery of $200,000 in power each month to mine crypto.

INTRODUCTION

Cryptocurrency is a recently used electronic money that has gained rapid popularity in the digital world. This digital asset is traded by many countries to secure and safeguard its financial standings. The creation of cryptocurrency is due to various reasons; it has been created to control the establishment of extra units, digital asset verification, and secure financial position in the market. A cryptocurrency is established for exchange, and many countries have made it official to use cryptocurrency as a medium of buying and selling. This step makes it more than a virtual exchange element.

A crucial cryptocurrencies feature is that they are usually not distributed by any dominant authority, interpreting them hypothetically resistant to administration intrusion or handling. Encryption techniques were used to frame the cryptocurrency, which was incorporated to strengthen the trading network. There are various reasons due to which cryptocurrency is subjected to criticism, and these factors include a weak underlying infrastructure that backs the concept of cryptocurrency, the rate of exchange volatility, and unauthorized activities. Although, the idea of cryptocurrency also got appreciated for its transportability, divisibility, price increases confrontation, and transparency.

BACKGROUND OF CRYPTOCURRENCY

Cryptocurrencies may be taken as virtual token money, which enables the buyer to trade the virtual money safely with better returns, cryptocurrency trading is indicated by the entries done in the electronic ledger externally.

The word “crypto” means a different type of encryption algorithm, and to secure the gates of cryptocurrency cryptography is used, the entry technique can also be called elliptical curve encryption, hashing operations, and private-public vital pairs. Cryptocurrency creators shape these procedures on progressive mathematics and principles of computer-based engineering that reduce them almost intolerable to breakdown virtually, and therefore to replace or forged the secured currencies.

DISPERSED CONTROL

The best cryptocurrency exchange is also manifest by sparse control. Cryptocurrencies’ supply, stock, and worth are manifested by the activities the users of cryptocurrency perform an incredibly multifaceted protocol constructed within their leading codes; this is not the conscious choice of regulatory authorities of government itself.

LIMITED SUPPLY CHAIN

The limited supply chain categorizes various cryptocurrencies which do not include all the variants of cryptocurrencies. Cryptocurrencies source codes cover all the commands demarcating the exact number of units that may or definitely will exist. With time, for a miner, it becomes harder to establish the groups of cryptocurrency till the time the higher limit is touched and the new currency finish to be imprinted altogether.

Cryptocurrencies’ limited supply makes it integrally deflationary additionally similar to gold and various other metals that are considered precious of which limited quantities are present than authorized currencies, the currencies that can be generated by the central bank in unlimited amount.

TYPES OF CRYPTOCURRENCY

Various kinds of currencies exist in the trading market today, some of them are Ethereum, Litecoin, ripple, colony, and bitcoin, etc. These are the cryptocurrencies that have generated its popularity in the trading market for various reasons. In the present time, different types of cryptocurrencies have taken over the market, and each has a diverse value than the proceeding.

Bitcoin remains to be the most valued and popular in terms of its value in the market. Most of the cryptocurrencies available in the market today are considered to be the clones of bitcoins, and some of them are framed from scratch that is not much popular than bitcoin. The cryptography, which is incorporated in the cryptocurrency, currently was initially established due to the military application. The government initially wanted to put limitations on the trade of cryptocurrency, but due to private rights, it was not executed.

HOW IS IT TRADED

The people in the entire world buy and sell cryptocurrency through forex; through this platform the fiat currencies are traded all around the globe the trading continues 24 hours a day. This allows users to have the best cryptocurrency trading experience if they use their intellectual abilities wisely. If you secure enough funds, you can bCryptocurrency Typesuy cryptocurrency on the trading platforms.it is highly essential for users to visit providers that are reputable to have guaranteed trading experience.  The DEX (Decentralized exchange) vanishes the broker, which means you can exchange person to person; this allows you to generate more returns.

CONCLUSION

Cryptocurrency trading is still subjected to a lot of criticism, and different users have diverse views upon the matter in question. Ideally, all the interested users should do extensive research on the cryptocurrency they are interested in buying so that they do not have to bear any severe loss. A reliable exchange platform is a key and prime step in making efficient returns, the buyers should invest their time in researching about the platforms that can benefit them to the maximum.

The birth of bitcoin in 2009 opened doors to investment opportunities in a whole new kind of asset class – cryptocurrency. Many entered space early.

Intrigued by the immense potential of these nascent but promising assets, they bought cryptos at a low price. Therefore, the bull run of 2017 saw them become millionaires/billionaires. Even those who didn’t bet much reaped decent profits.

Three years later, cryptocurrencies are still profitable and the market is here to stay. You may be an investor/trader right now, or you may want to take a picture of it. In any case, it makes sense to be aware of the benefits of investing in cryptocurrencies.

Cryptocurrency Has a Bright Future

Credit and debit cards will become obsolete, according to an Imagine 2030 report released by Deutsche Bank. They will be replaced by smartphones and other electronic devices.

Cryptocurrency is no longer seen as an oversight but as an alternative to existing monetary systems. Their advantages such as security, speed, minimum transaction cost, ease of storage, and communication in the digital age are recognized.

Concrete regulatory guidelines encrypt and accept cryptocurrencies. The report predicts that by 2030 there will be 200 million users of cryptocurrency wallets and by 2035 around 350 million.

Increased Profit Potential

Diversifying is a basic rule when investing. Especially at a time when most assets suffered heavy losses due to economic problems caused by the COVID-19 epidemic.

While Bitcoin investment returned 26 percent from last year, gold returned 16 percent. Many other cryptocurrencies have seen a three-digit ROI. The stock market, as we all know, has had an unpleasant performance. Crude oil prices fell sharply below zero in April.

The inclusion of Bitcoin or any other encryption in your wallet protects the value of your fund in these uncertain global market conditions. This fact was also influenced by Paul Tudor Jones, director of the Billionaire Investment Fund when he announced his intention to invest in Bitcoin a month ago.

No Paperwork or Formality Required

You can invest in Bitcoin or any other cryptocurrency without unnecessary terms and conditions.

Unlike conventional investment options, where a large amount of documentation is required to prove that one is a “credible investor”, crypto investing is free for everyone. In fact, that was the goal of cryptocurrencies. Democratize money/finance.

Sole Ownership in Investment

When you buy bitcoin or any other cryptocurrency, you become the sole owner of that particular digital asset. The transaction happens in a peer-to-peer arrangement.

Unlike bonds, mutual funds, stockbrokers, no third party ‘manages your investment’ for you. You call the buying and selling shots, whenever you want to.

User autonomy is the biggest benefit of cryptocurrency systems that provides incredible opportunities to invest and build a corpus on your principal capital ‘independently’.

These were some of the benefits of investing in cryptocurrencies. We hope you find them useful and convincing enough to kickstart your crypto investment journey.

Read all about what is cryptocurrency.