Over the past decade, we have witnessed the emergence of revolutionary innovation, of which the evolutionary significance is yet to be fully recognized. Of course, we’re referring to the blockchain, cryptocurrencies, and, more generally, the phenomenon that we describe as the Internet of Value. Blockchain and related technologies have the opportunity to transform the world of finance and other value systems, in exactly the manner by which the Internet has transformed the way we exchange information.
There have been some key milestones leading up to this point: the launch of Bitcoin in 2008; the emergence of altcoins from 2011 onwards; the launch of Ethereum in 2015. We call this Layer 1 — the foundational level — with the economic function of value creation and the technical one of ensuring the basic functionality of accounting and transfer of crypto assets. All of this is implemented on the basis of distributed registries and with the conditions of interaction strictly regulated at the code level.
