Virtual Economy

A Cashless Society
As predicted by F. Lee Bailey in a keynote speech in the early 1980's, the use of coins and paper money is rapidly becoming extinct. Wrapping our minds around the electronic cash transfer back in those days was a huge challenge, but we had no concept of the developing world of virtual assets.
A variety of innovative stores of value are replacing cash.

Virtual Assets
The evolution of the new economy is focused on Virtual Assets or a digital representation of virtual assets, not to be confused with an electronic record of real or physical assets.
The creation or origin of Virtual Assets cover a wide range of concepts or schemes to define Virtual Assets, some assets are very compatible as a better quality and others may be of poor quality with dubious integrity. The two main opportunities in the emerging area of virtual assets are in buying/selling or transferring ownership of the asset and the potential of generating income.

Certified Virtual Asset CVA
Registration into a formal Distributed Ledger system creates a new type of entity, a Certified Virtual Asset CVA. Registration of a virtual asset sets the defining parameters of the Virtual Asset using a certification process.
The theory of Decentralized finance (DeFi) would create software that lives in the cloud that administers the Distributed Ledger system which eliminates human intervention. The pure CVA concept would issue a CVA based on 100% of the asset, ownership of a CVA could be split any number of times including into micro portions of 1% since it is digital and always will balance to 100%

Non-Fungible Tokens (NFT)
NFT Non-Fungible Tokens (NFT) are a current effort to capture the potential of virtual assets. In exploring this concept, some limitations may be related to attempting to impose set numbers of Tokens or preset $ values. Any attempt to inject human intervention may open the system to manipulation and unreliability.

Distributed Ledger
Distributed Ledger technology may be used as a accurate and transparent method to record, track and establish the ownership of a Certified Virtual Asset (CVA) at any point in time. In a Decentralized finance (DeFi) system there is no central administrator and all functions are preformed by software that lives in the cloud. In a decentralized economy any number of emerging technology, such as blockchain, may be used. Ownership of a CVA is established by the holder of an encrypted key account. Individuals may be direct key holders or may use a custody service to hold and manage keys. Transfer of ownership is facilitated by the exchange of an existing keyholder's key and the issuance of a new key or keys to the new key holder or holders. The Distributed Ledger system maintains an absolute record that remains in balance at all times since exchange transactions are in real time and there is no clearinghouse settlement transaction time lag.

Revenue Distribution
1. The registration of a Certified Virtual Asset CVA into the distributed ledger system. As a part of the establishment of a CVA, a digital wallet is assigned to that entity. When economic activity occurs in the world, revenues are digitally deposited into the CVA's wallet.
2. Decentralized Finance (commonly referred to as DeFi)
When the CVA is established a predetermined schedule or intervals for Revenue Distribution are set. At the point of a distribution event a snapshot of the ownership is taken and distribution from the accumulated revenue pool in CVA's wallet is made into the wallets of the key holders. The distributions take place by the DeFi software with no human intervention.

Virtual Asset Exchange
Virtual Asset Exchange refers to the buying and selling of the encrypted keys that represent ownership of a certified virtual asset CVA
As easy as Online shopping is today, in the future a large percentage of the population may adopt the online trading or exchange of virtual assets.

Upcoming generations may never experience a job as we have traditionally understood employment. Beyond the "gig" or "contract" economy where an individual is a flex worker to provide services to facilitate the trade in physical goods, a growing percentage of the population may shift into the virtual asset sector where Individuals may earn an independent living by participating in a Decentralized (DeFi) economy. This would give individuals the freedom to earn independent income totally customized to their needs and desired life style.

As the backbone infrastructure of the Decentralized (DeFi) economy matures and becomes reliable, a trusted and frictionless adoption for the digital transfer of money between wallets can occur. At that point, true entrepreneurial innovation can take hold as individuals efforts are harnessed or focused into optimization and productivity instead of a large percentage of human resources and time consumed on clerical drudgery.