- Crypto / Web3
Increase the Economic Growth with Econ-cadope
Official Website: https://econ-cadope.framer.website/
Project.init() = Problems we solve
For the present times, how to smoothly live through the current world economic recession is one of the major issues for countries across the world concerns. Secondly, real GDP is a major indicator of “is the economy doing well” or the healthiness of the economy. Therefore, our mission is now to keep the real GDP growth during a technical economic recession, as the economic recession is inevitable from a classical economic perspective.
To establish a solution, consider the fact that, household consumptions have been one of the greatest contributors to domestic economic growth. For example in China, 65.4% of Gross Domestic Product (GDP) is contributed through household consumptions. “a great proportion of GDP consists of households consumptions” does not only hold true in China, also across almost all the countries on the Earth. Therefore, devising a method to boost consumption can be extraordinarily attractive for a country to smoothly cross an economic recession.
Here, we propose a method combining traditional-real-economy’s retail products with Web3 ideas, named Econ Cadope, to boost economic growth by encouraging household consumptions.
An NFT is associated with every retail product sold. Non-Fungible Tokens (NFTs) are generated according to a probability distribution, consisting of two variables: the frequency of buying the same type of good and the price of the good.
An identification code will be implanted on the good, associated with the good.
Suppose there is a hypothetical ‘powerful’ government, that is able to and willing to legislate an act to enforce the implantation of the code onto every retail product. The people will be willing to purchase more goods than they originally need to collect the scarce NFTs. As a result, the household consumption proportion in the GDP increases and hence the overall national income. The country will probably be able to boost consumption in the short term and live through the economic recession.
We are university students who are interested in Web3 but vary in age and majors.
We are gathered by the common interest in Web3. We are new to Web3 but eager to learn more. We try to take part in this next grand banquet. We believe in the future of Web3.
🧑🏻💻 Qiyue Wu, team's technical support staff, keen to explore the wireless possibilities of blockchain technology. 💡 Xiaoyi Sun, a student at Imperial College London, studying Physics BSc. Interested in Web3 applications and believe in the future of Web3. 💡 Xuheng Zhao, a physics undergraduate but interested in any frontier technologies such as Web3.