- Satoshi Nakamoto published the White Paper on Bitcoin in 2008, and it provided an opportunity to create open decentralized global networks.
- Open networks are continuously growing and meeting the demands of the market along with bringing innovative ideas.
- This is only the beginning of the sustainable and civilized development of this industry and related technologies.
Satoshi Nakamoto published the White Paper on Bitcoin in 2008, and it provided an opportunity to create open decentralized global networks.
Now, after 11 years, a new industry comprising of virtual asset markets from all over the world has been established.
For the first time, we are moving towards building an Internet of Value based on the principles that are
- Exclusively digital form
- Single global market
- Decentralization of processes
- Technological and human consensus
- Use of cryptography
- Open source protocol and open network access
- Privacy and freedom of movement of assets
Now with the help of these principles, open networks are continuously growing and meeting the demands of the market along with bringing innovative ideas. In essence, the users get secured against unauthorized changes to the database, control over their own data (values), transparency and predictability of processes, democratic governance.
However, this is only the beginning of the sustainable and civilized development of this industry and related technologies.
On looking at the participation of the users in the transparency of the development of the virtual assets market and guided by the goals and objectives assigned to the Ministry of Finance, in the first place:
- Formation and implementation of state policy in the field of digitization, digital economy, digital innovation, e-governance and e-democracy, development of information society;
- Participation in the development of virtual assets, blockchain, and tokenization, artificial intelligence.
They claim to contribute to the development and market introduction of technologies based on open, decentralized global networks.
Mining does not require regulatory activity from governmental oversight bodies or other third-party regulations, and this activity is regulated by the protocol itself and network members.
They support any innovation that is using this technology, and it doesn’t matter if they are partially unregulated and/or not defined by national law. A sandbox has been proposed to help with their evaluation and implementation, and market needs testing and risk management.