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The article is penned by Dane Keller Rutledge.
October 24, 2018- A comprehensive digital assets ecosystem (DAE) can be created by combining a decentralized digital assets exchange with a secure multi-currency cross-blockchain peer-to-peer wallet, a user-friendly market-ratings analytical interface, and an incentive-based recruitment program.
Entering the second decade since the emergence of Bitcoin, digital assets have become defined by the dizzying highs and lows of thousands of cryptocurrencies — many of which turned out to be scams — traded by only a tiny percentage of the total human population. By no means ignoring those problems, there is nevertheless the question: by what strategies might the provocative forward-looking technologies emerging during the past ten years continue to progress and proliferate, eventually to penetrate the mainstream?
The primary focus of digital assets technology must be to simplify and enrich user experience. The choices of which existing technologies to employ and which unavailable technologies to develop must be driven by comfort, certainty, and security of user transactions and related experiences.
To address the prevailing market mandate, a comprehensive digital assets ecosystem (DAE) can be created by developing and combining the following applications:
A dynamic community platform that recruits and aligns members of the community to support the distribution of a native digital asset, and to promote awareness of and participation in community initiatives.
A multi-currency wallet to facilitate personal custody and local management of private and public keys for use in peer-to-peer transactions, with the goal of eliminating risks of devastating losses of stake associated with traumatic failures of central operators.
An analytics engine accessible via a user-friendly interface with real-time and historical market data, including digital assets ratings and sentiment analyses.
A distributed, decentralized digital assets exchange with emphasis on user experience, security, speed, authentication, ease of use, scalability, multi-asset support, and community development and governance implemented by a decentralized autonomous organization (DAO) constructed on a coherent collection of applications managed by the community according to a constitutional code of conduct.
A native digital unit of value and exchange issued to facilitate access to and use of the DAE. The initial distribution of the native digital asset would naturally be by private pre-sales or a public sale, depending on financing needs and regulatory considerations.
In designing and engineering the interrelated components of the DAE, the architects can benefit from the existing (and emerging) technologies resulting from the massive influx of monies into the digital assets space over the past ten years. The notable benefit of the open-source code philosophy is that in effect there are huge public libraries as well as daily announcements of software developments impacting on use of digital assets. And, of course, if substantial financial resources are directly available to the DAE, then the architects will have the resources to develop innovative native technology.
Obviously, eventual mainstream adoption is paramount. A comprehensive digital assets ecosystem must, above all, be conveniently accessible to and easily usable by all those who wish to join the DAE community and participate in its interactions.
Therefore, in a comprehensive DAE, a decentralized exchange connects with a personal wallet, an analytics engine, and a recruitment platform all integrated in one secure easy-to-navigate user interface, to allow the individual to efficiently and intelligently manage all transactions involving the vast array of digital assets and blockchains extant from time to time throughout the world, including the native digital asset issued in the DAE.
The guiding philosophy of the DAE is decentralization paired with transparency, and the corresponding commitment must be to promulgating open-source code with full functionality for making proposals within a robust community governance structure preparing for artificial intelligence operability within the evolving Internet of Things. Efforts must be dedicated to developing a digital assets ecosystem premised on empowerment and independence while nonetheless respecting legal compliance.
REGULATION AND COMPLIANCE
Though some digital assets enthusiasts may hope their technological initiatives will be imminently productive of enhanced anonymity, privacy, and fungibility, that ambition faces serious challenges.
Any current confusion in the regulatory environment should in no way be confused with ineffective scrutiny and enforcement. Sovereign countries take KYC/AML predicates seriously and have a demonstrated interest in preventing abuses they may perceive against their nationals (and their currencies). A prudent and intelligent digital assets ecosystem will do well not to shortcut, much less to ignore, proper legal compliance. Indeed, in view of the many different regulatory approaches existing throughout the world, prudence demands a digital assets ecosystem compose and implement sound policies and best practices by which it shall operate.
CAUTION/DISCLAIMER: Please do not take any of what is written in this editorial as legal advice (or, for that matter, as an advice of any kind). One should always seek the advice of one’s own legal counsel and/or other relevant professionals.
Dane Keller Rutledge
All rights reserved
(Originally published on Medium on October 24, 2018. Republished with permission of the author. Republication sponsored by Volentix.io.)