Nov 17, 2020
Three prospects of NGK token application scenarios
The success of NGK since its launch is inseparable from the global attention of token. The project team has been committed to integrate the finance and entities and promote the development of the digital economy. Therefore, the NGK project team has made three major prospects for the application scenarios of NGK token.
Scenario 1: NGK token promotes the development of digital trade
Data commodities have some special attributes compared with the ordinary commodities. However, we often face some practical problems when developing digital trade with data as the trading object.
First, the cost of copying data commodities is low, and the definition of ownership is relatively complicated, which is prone to problems such as data theft and disputes of property rights. These issues are not conducive to the production and circulation of data commodities. Secondly, the data commodities, as a type of virtual goods, often face the prominent information asymmetry problems during its production and transaction process, such as data fraud, mismatch of supply and demand, etc. In addition, it is difficult to standardize the quality of data. The pricing and trading are also parts of its challenges.
It is necessary to ensure that data resources can be effectively transformed into data commodities in order to develop the digital trade. This requires the help from supporting measures. NGK writes smart contracts into the blockchain in a digital form, and ensures the process of storage, reading, and execution is transparent, traceable and immutable. We can clarify and strengthen the protection of data property rights, and screen whether each digital transaction is true by applying NGK to the digital trade.
Thus, the integration of NGK token with the production, circulation, pricing, transaction and other links of data commodity can greatly promote the conversion of data resources to data commodities, as well as the development of digital trade.
Scenario 2: NGK token promotes consumption growth
There is a key difference between NGK token and the existing electronic payment tools, that is, the degree of dependency on bank accounts for value transfer is different. NGK is decentralized and does not require any third-party. The funds can be transferred easily without linking to a bank account as long as there is a digital wallet on the mobile phone. This is like using banknotes to buy goods and passing the banknotes directly to another person without going through the bank. As a result, NGK can achieve effective coverage for some scenarios where the existing electronic payment tools have some limitations.
Scenario 3: NGK empowers the high-quality development of the industrial Internet
Currently, the Internet is changing from being dominated by the consumers to be dominated by Industrial Internet. Due to various human factors, the Industrial Internet still has many security issues such as network delays or vulnerability to hacker attacks. The decentralization of NGK greatly reduces the possibility of hacker attacks. It can empower and create a high-quality development of the Industrial Internet. While the Industrial Internet as a key support to the transformation and upgrading of the industrial economy, it can provide a new fulcrum for stimulating the vitality of the digital economy and promoting the sustained economic growth. This will also expand the market demand of NGK, so that NGK can build an effective closed loop with the Industrial Internet industry, and complement each other in creating a win-win situation.
