We are currently in the era of the digital economy, an era driven by data, intelligence, and innovation, shaped by both AI and Web3 technology. In this era, we can use digital technology to produce, exchange, and consume various types of information and resources, creating many new types of assets that not only have value but also meaning.

During the recently concluded 9th Global Blockchain Summit, Ming Zeng, former Chief Strategy Officer of Alibaba, stated that the core value of Web3 is to establish a decentralized network for efficient asset rights and transactions. This network enables massive collaboration between people and machines, as well as machines and machines. However, before value distribution, there must be value creation, creating a new economy for creators with participation and creation privileges, which is the real opportunity for the future with significant economic and social significance. Therefore, AI, AGI, and cryptocurrencies make this future of the digital economy possible.

First, we need to understand what a digital economy is. The digital economy refers to the economic form that uses digital technology to produce, exchange, and consume various information and resources. The digital economy has five characteristics:

Digitization: This means transforming everything into digital form, such as text, images, audio, video, etc. This makes it easier to store, transmit, and process information, as well as to access, share, and utilize information.

Networking: This means connecting all people and things to form an open, interconnected, and collaborative network system. This makes it easier for people and things to interact, collaborate, exchange, and allocate value.

Intelligence: This means applying advanced technologies such as artificial intelligence to various scenarios and fields, such as education, healthcare, entertainment, etc. This makes it easier to analyze, decide, and execute information, as well as to perceive, understand, and control information.

Innovation: This means continuously exploring, experimenting, failing, and learning to discover and create new demands, solutions, models, and opportunities. This makes information more easily changeable, scalable, and sustainable, as well as diverse and updated.

Datafication: Datafication refers to treating data as the core element of the digital economy, achieving comprehensive management of data collection, integration, analysis, and application. Datafication can enhance various aspects such as the quality, security, and value of data, fostering the excavation and utilization of data’s value.

What new assets will the digital economy generate, and how can we discover value and realize new value propositions?

To Caesar what is Caesar’s, and to God what is God’s

Friedrich Hayek is a renowned liberal economist who published a book in 1976 titled “Denationalisation of Money: The Argument Refined“ which presented a challenge and alternative to the traditional monetary system. Hayek argued that the purpose of money should return to individual freedom itself. The freedom to choose currency and credit is not only a concrete guarantee of individual economic freedom, but also the only way to prevent inflation and sustain economic growth. Hayek advocated for the return of the mission of money to individual freedom itself: only when the power to mint coins is truly in the hands of private institutions can individual freedom be maximally protected. Hayek believed that the monopoly and control of money by the state are the root causes of economic crises and social unrest. He suggested abolishing the legal tender status of the state’s currency, allowing private institutions to freely issue and compete with various currencies, and allowing the market and consumers to freely choose and use suitable currencies. Hayek believed that this can achieve the denationalization of money, which means depoliticizing, decentralizing, and eliminating monopolies in the realm of money.

Hayek’s view on the denationalization of currency is feasible to a certain extent, but it also presents some challenges and risks. For example:

• Denationalization of currency may lead to currency competition and confusion, affecting the stability and credibility of the currency. If every private institution can issue its own currency, how do users choose and use the appropriate currency? How do different currencies exchange and settle with each other? Without a unified standard and regulation, there may be issues such as vicious competition, malicious manipulation, fraud, etc., which would harm the interests and rights of users.
• Denationalization of currency may weaken the effectiveness of a country’s fiscal and financial policies, affecting its economic management and social welfare. If a country loses the right to mint coins and monetary sovereignty, how can it regulate economic cycles, control inflation, maintain employment, and ensure social security? Without effective macroeconomic regulation and micro-level supervision, there may be economic crises, financial instability, social inequality, etc., undermining the stability and development of the country.
• Denationalization of currency may trigger international conflicts and geopolitical games, affecting international order and world peace. If every organization has its own currency, how do they engage in trade and investment? How are exchange rates and payment methods determined between different currencies? Without a fair international mechanism and rules, there may be trade wars, currency wars, sanction battles, etc., exacerbating chaos, conflicts, and contradictions.

Although Hayek’s views have historical limitations and he could not foresee the emergence and development of the digital economy, he advocated for the freedom to create value, which guided the pioneers of cypherpunks. In the digital economy, the combination of AI technology and Web3 technology has generated new types of assets and new ways of representing value, namely digital currencies (TOKENs). Digital currency is a permissionless digital token based on blockchain technology, which enables the discovery and representation of value. Digital currency comes in various types and forms, such as Central Bank Digital Currency (CBDC), Commercial Bank Digital Currency (BDBC), Stablecoins, Cryptoassets, etc. Digital currency does not conflict with central bank currency, but rather complements it. The monopoly of currency minting by the state is an undeniable reality that is based on the national will. However, in the development stage of the digital economy, we should encourage all innovations, including the discovery of value and new ways of representing value. The minting process of this digital currency (TOKEN) is actually a process of discovering and representing value in the digital economy, which does not directly conflict with central bank currency and should be actively integrated into the transmission of value within the central bank currency system.

Hayek’s ideas have profound implications for our digital economy. They remind us to be wary of excessive expansion and abuse of state power, especially in the face of global crises and challenges such as the COVID-19 pandemic, climate change, and terrorism. States should avoid excessive intervention and control of the market and society, instead protecting individual and corporate freedoms and rights, promoting diversity and competition, and fostering social progress and prosperity. Hayek’s ideas also provide a vision and exploration of future monetary systems.

With the development of the digital economy, artificial intelligence (AI) as a new form of productivity is generating new assets such as data, algorithms, models, and content. These assets require a new way of representing value for exchange and circulation. Digital currency (TOKEN) is a possible solution, as it is a permissionless digital token based on blockchain technology that enables the discovery and representation of value. AI creates new assets, and the digital economy needs new ways of representing value.

In summary, the authority to mint currency should reside with state institutions, while the value proposition of the digital economy should enable the creation and circulation of new assets. As the famous saying in the Bible goes, “Render unto Caesar what is Caesar’s, and unto God what is God’s.”

Value Discovery and Proposition in the Digital Economy

In the digital economy, AI and Web3 technologies are two important driving forces that can be combined to create numerous new types of assets.

AI technology refers to the science of simulating human intelligence using computer systems. It includes various subfields such as machine learning, deep learning, natural language processing, computer vision, and speech recognition. AI technology can help solve complex problems, improve productivity, enhance creativity, and improve quality of life.

Web3 technology refers to a new Internet architecture based on technologies such as blockchain, cryptography, and smart contracts. It allows users to have their own digital identity, data, and assets, rather than relying on centralized platforms or institutions. Web3 technology also enables users to participate in various innovations and value creation processes through open, transparent, and verifiable protocols, such as the metaverse, DAOs, NFTs, and blockchain games.

Combining AI technology with Web3 technology can achieve value discovery and value proposition in the following aspects:

Integration of Personal Value and Public Value: AI technology can help users manage and enhance their emotional value, spatial value, visual value, auditory value, tactile value, and gustatory value, allowing users to become producers and beneficiaries of value. Web3 technology allows users to convert their value into digital assets and trade and circulate them through decentralized networks, making users owners and sharers of value. In this way, personal value and public value can be unified.

Decentralization and Collaboration: AI technology can help users break through traditional centralized authority and rules, enabling autonomous decision-making and action, making users innovators and leaders of value. Web3 technology can help users establish collaborative relationships based on consensus and trust, involving multiple parties in participation and contribution, making users collaborators and promoters of value. In this way, decentralization and collaboration can be realized.

Innovation and Diverse Presentation: AI technology can help users discover and create new needs, solutions, patterns, and opportunities, making users explorers and discoverers of value. Web3 technology can help users express and showcase their value through different forms and mediums, such as metaverse, DAO, NFT, blockchain games, etc., making users expressers and exhibitors of value. In this way, innovation and diversity can be demonstrated.

Following is our attempt to list some new values composed of personal value and public value under the support of AI technology:

• Emotional Value: AI technology can assist people in managing and enhancing their emotional value, such as through intelligent psychological counseling, emotion recognition, emotion regulation, and other methods. However, we also believe that emotional value is not only personal but also social. AI technology can also promote emotional communication and empathy between individuals, such as through social media, virtual reality, speech synthesis, and other methods. In this way, humans can better understand and respect different cultures and values, thereby creating more social value.
• Visual Value: AI technology can not only assist humans in producing more aesthetic visual value but also expand the visual range and capabilities of humans. For example, through image recognition, image enhancement, image generation, and other methods, AI technology can enable humans to see things they usually cannot see, such as the micro world, cosmic space, historical scenes, etc. In this way, humans can better explore and understand this diverse world, thereby creating more knowledge value.
• Auditory Value: AI technology can generate new value through music composition and other auditory mediums, but these values are not only auditory but also intellectual. For example, through speech recognition, speech synthesis, speech translation, and other methods, AI technology can allow humans to hear things they usually cannot hear, such as different languages, dialects, accents, etc. In this way, humans can better communicate and exchange, thereby creating more cultural value.
• Tactile Value: AI technology can generate new value through material innovation, but these values are not only tactile but also functional. For example, through the Internet of Things, wearable devices, smart homes, and other methods, AI technology can enable humans to perceive things they usually cannot feel, such as temperature, humidity, pressure, etc. In this way, humans can better adapt to and improve their living environment, thereby creating more value in life.
• Gustatory Value: AI technology can create more new food that satisfies gustatory needs, but these foods are not only about taste but also nutrition. For example, through food recognition, food recommendation, food customization, and other methods, AI technology can allow humans to eat things they usually cannot eat, such as exotic flavors, special ingredients, personalized menus, etc. In this way, humans can better maintain and improve their health levels, thereby creating more health value.

The emotional value, spatial value, visual value, auditory value, tactile value, and gustatory value generated by AI technology from users can be combined with Web3 to become new assets. AI technology will unleash limitless new value in the digital economy system, and these values will mutually influence and transform each other.

Discovering and Exploring New AI+Web3 Assets

The combination of AI and Web3 is a significant driving force behind the digital economy, as it can create various new assets, such as:

Data Assets: Data serves as the foundation and core of the digital economy, reflecting human behavior, preferences, and needs. AI technology helps us collect, process, analyze, and utilize data to enhance its value. Meanwhile, Web3 technology aids in protecting, managing, trading, and sharing data, thereby establishing data ownership and revenue rights. For instance, AI technology enables the generation of personalized data products like recommendation systems, search engines, and advertising systems. Web3 technology facilitates the creation of data marketplaces such as Ocean Protocol, Streamr, and Datum.

Algorithm Assets: Algorithms are tools and methods of the digital economy, enabling human intelligence and innovation. AI technology assists in designing, optimizing, learning, and applying algorithms to enhance their efficiency and effectiveness. Web3 technology aids in verifying, evaluating, trading, and sharing algorithms, establishing their credibility and value. For example, AI technology enables the development of high-performance algorithmic models like deep learning, reinforcement learning, and generative adversarial networks. Web3 technology enables the construction of algorithmic marketplaces such as OpenAI, SingularityNET, and Hivemind.

Model Assets: Models are the carriers and expressions of the digital economy, presenting human knowledge and wisdom. AI technology helps train, test, deploy, and update models to improve their accuracy and adaptability. Web3 technology assists in storing, verifying, trading, and sharing models, ensuring their security and traceability. For example, AI technology enables the construction of powerful model frameworks like TensorFlow, PyTorch, and Keras. Web3 technology allows the establishment of personalized model platforms such as ModelHub, Hugging Face, and OpenMined.

Content Assets: Content embodies the essence and meaning of the digital economy, conveying human emotions and values. AI technology aids in generating, editing, optimizing, and recommending content to enhance its quality and influence. Web3 technology facilitates the authentication, copyright protection, trading, and sharing of content, preserving its originality and value. For example, AI technology enables the creation of various types of content, including text, images, audio, and video. Web3 technology allows individuals to publish their own content works on platforms like Steemit and Audius.

Art Assets: Art represents the soul and aesthetics of the digital economy, showcasing human creativity and aesthetic perspectives. AI technology helps imitate, transform, combine, and innovate in the field of art, enhancing its diversity and novelty. Web3 technology aids in identifying, collecting, trading, and appreciating art, establishing its uniqueness and value. For instance, AI technology enables the generation of artistic works in various styles such as painting, sculpture, music, and poetry. Web3 technology allows individuals to issue their own digital artworks on platforms like CryptoKitties, CryptoPunks, and SuperRare.

These are just a few examples of the value produced by AI technology and the integration with Web3, and there are many more new assets waiting to be discovered and explored. So, how can we discover and explore these new assets? We believe there are several methods:

1. Stay updated on the latest technological developments and trends, understanding the direction and application scenarios of AI and Web3 technologies. This can be achieved by reading professional media and magazines such as MIT Technology Review, WIRED, Coindesk, or by participating in relevant conferences and events like NeurIPS, ICML, Devcon.
2. Explore the most creative and promising projects and platforms to experience the innovation and value of AI and Web3 technologies. This can be done by using open-source tools and frameworks such as OpenAI GPT-4, Google Colab, Ethereum Remix, or by joining interesting communities and organizations like Reddit, Discord, Metagame.
3. Practice in the field and direction that suits you best to create new AI and Web3 assets. This can be achieved by learning fundamental knowledge and skills such as Python, Solidity, Truffle, or by participating in meaningful projects and activities like Kaggle, Gitcoin, Hackathon.

Conclusion

Finally, we summarize this article with the concept of a new form of productivity, new production relations, and new value networks. New productivity refers to advanced technologies represented by AI, which can improve the production efficiency and quality in the digital economy, creating more new products and services. New production relations refer to new Internet architectures represented by Web3, which can change the production organization and distribution methods in the digital economy, forming more new patterns and mechanisms. New value networks refer to new value carriers and circulation methods represented by digital finance, which can realize value transfer and balance in the digital economy, forming more new assets and markets.

The digital economy is the combination of AI and Web3 technology, which can create infinite new value, and these values will influence and transform each other. We should actively discover and seek new assets of AI+Web3 and make good use of their advantages and potentials to contribute to the development and innovation of the digital economy.

This article analyzes the issues of value discovery and representation in the digital economy, and points out that the combination of AI and Web3 technology can create many new types of assets, such as data assets, algorithm assets, model assets, content assets, and art assets. These new assets not only have value but also have significance. They can achieve the unity of personal value and public value, as well as decentralization and collaboration. This article also explores methods for discovering and seeking these new assets, suggesting to pay attention to the latest technology trends and trends, explore the most creative and potential projects and platforms, and practice in the most suitable fields and directions. This article aims to inspire and provide reference for the development and innovation of the digital economy.

Disclaimer：

1. This article is reprinted from [FlerkenS]. All copyrights belong to the original author [大噬元兽]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.