What is EMIT?
I. Essentially, the meaning of EMIT can be explained from three levels:
- A complete decentralized(crypto) world (EMIT Decentralized World)
- The technology underlying the construction of these projects (EMIT)
- A collection of projects that propel the birth and development of this decentralized(crypto) world (the three EMIT systems)
II. EMIT Decentralized(crypto) World
As a complete decentralized(crypto) world, the material base of EMIT is a contiouously developing information system on three different levels constructed by “Electronical Material Information Technology”. In the EMIT’s decentralized(crypto) world, the economic structure and cycle transcend those in the real world.
III. Electronical Material Information Technology
EMIT is an acronym for Electronical-Matter-Information-Technology, a new technical protocol and reference implementatio for the construction of the decentralized world based on electronic information technology. EMIT depends on two basic conditions: technical conditions and social conditions.
1. Technological Conditions
Technologically, EMIT is a new emerged concept, but it contains some key technologies from the web2.0 era until now, as well as innovations and converges on these technologies, including some key technological innovations in centralized information technology and decentralized information technology.
Those in decentralized information technology include but are not limited to: consensus algorithms with high TPS and scalability, smart contracts supporting high complexity requirements, cross-chain technology, complex virtual asset protocols, P2P communication and privacy algorithms.
Those in centralized information technology include what people commonly see: cloud computing, cloud storage, artificial intelligence, Web2.0, 5G and Internet of Things, etc.
2. Social Conditions
With the blockchain industry development in the past over ten years since the birth of Bitcoin (BTC) in 2009, thousands of virtual assets recognized by the community have been created. And a large amount of social capital has been invested into the prototype of the decentralized world where these assets are in.
Based on these technologies and diversified blockchain encrypted assets, a decentralized world can be constructed, which includes virtual things and operation rules. Some of them may have some extent reflect things and relationships in the real world.
However, unlike the popular cyberspace, it has similar properties to the real world, including objective existence, irrevocability, endogenous cycles, infinite evolvability and self-organization, high complexity, consensus decision-making and parallel operation.
People in reality can engage in such an infinite and vibrant decentralized world by operating on the interfaces of electronic devices, and then conduct creation, production, exchange and interaction. The decentralized world, by relying on the indirect economic connections with the real world and its self-generated economic cycle, can evolve on its own and form self-consistent and complicated economies and ecologies.
Eventually, the decentralized world will intersect with the real world at several points, serving as an outgrowth of the real world’s economic cycle and helping to increase the world’s total wealth.
IV. EMIT’s Three Major Systems
There are three major systems in the architecture of EMIT, namely, “EMIT Protocol Network”, “EPOCH Ecosystem” and “GDP financial market”, one of which is the basis for the other.
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