In the past economic form, the boundaries between consumers and investors were clear. But when the transaction speed can catch up with or even exceed the production speed, the transaction that exceeds the production speed can easily become an investment behavior. For example, buying a car is a pure consumption behavior, even if it is sold after only one month, it will greatly depreciate: pure consumption behavior cannot create wealth. However, the emergence of the Internet has brought about changes. If the car is idle for most of the time, consumers can instantly turn it into an investment behavior. For example, through Uber, the car has become a profitable investment. Because the Internet makes transactions extremely easy, consumption and investment can be converted at any time, and "* * * enjoys the economy" also benefits from this. This means that it is very likely that the original simple consumption behavior will make consumers' future investment income exceed their purchase expenses because of the intervention of the Internet. Take the integral as an example. If the integral can be widely circulated in the blockchain, it is likely to evolve into an investment behavior similar to stocks.

So, the boundary between consumers and investors began to disappear. Zhou Ziheng's definition: the old economy is enterprise-centered, which is the logic of mass production; The new economy is centered on individuals and is the logic of big transactions. In the past, big banks basically served enterprises and production, but in the era of Internet finance, microfinance began to serve individuals, and economic resources began to gather to individuals on a large scale, especially in the blockchain era. This trend will be more obvious.

a major feature of the internet is that transaction completion and transaction completion can be separated. What is the difference between achievement and completion? Zhou Ziheng explained that in the traditional "over-the-counter economy", the conclusion and completion of a transaction happen at the same time, and it must be paid in one hand and delivered in the other. In the internet economy, the transaction is achieved by consumers placing orders online. Although the goods cannot be received immediately, consumers are not worried, because the transaction is not for individuals, but for platforms. This enables consumers to effectively exercise their rights, and the platform ensures the realization of reasonable rights.

in the internet age, it actually takes a long chain to reach completion. Goods may be far away, even not owned by online merchants. Through logistics, consumers will finally receive the goods after a period of time. In a word, there is a gap between ordering and arrival. This has a special significance. When placing an order online, the transaction behavior can be completely described by data. The quality and quantity of products can be described by data. In this way, a trading behavior can exist in an all-digital environment, the economy will be fully automated, and the friction coefficient will be greatly reduced. This is the first significance of the emergence of the new Internet economy.

In the all-digital environment, artificial intelligence is the biggest protagonist. In the future, a large number of transactions will not be completed by people, so the Internet of Things will rise in the next step. In the Internet of Things era, most transactions are done by machines, based on mathematical logic, without any additional conditions, which is completely different from the counter economy. The economy will be automated, and the coefficient of trade friction will be greatly reduced. If artificial intelligence is involved, the speed of future transactions based on the Internet of Things is even more unimaginable.