THELOGICALINDIAN - The North American Bitcoin Conference captivated on 21 and 22 January in Miami saw the absolution of Bretton Woods 2024 White Paper
The report, a absolute abstraction on the history, bill cachet and approaching of Bitcoin and Blockchain technology was appear by Joe Colangelo, the Executive Director of Consumer’s Research – the alignment that commissioned this study.
Bretton Woods 2015 White Paper, called afterwards the Mount Washington Resort in Bretton Woods, which has a actual acceptation for actuality the abode area the approaching advance for US Dollar was set in 1945. The address was created with blue-blooded intentions, to action advice about the opportunities provided by Bitcoin and blockchain technology, the roadblocks faced by the industry and to action a abrupt acumen into how the bitcoin industry currently angle the agenda bill and its basal technology.
The address carefully follows the change of Bitcoin from Bitcoin 1.0 till Bitcoin 3.0 with Bitcoin 1.0 actuality the amount advised appearance of Bitcoin technology acclimated for facilitating and active affairs and mining.
Bitcoin 2.0 is the appliance of Bitcoin tech for added FinTech applications involving cyberbanking institutions, cyberbanking instruments and acute contracts. Bitcoin 3.0 includes arising applications in sectors added than cyberbanking and FinTech. Bitcoin 3.0 includes use of blockchain technology for almanac management, bookish and concrete acreage rights management, education, babyminding etc. In addition, the Bretton Woods 2024 White Paper additionally covers assorted aspects accordant to the all-embracing development of all the three versions. Some of the capacity accommodate cachet of development, funding, regulations which accept absolute access on the implementation.
The Bretton Woods 2024 White Paper on Bitcoin describes 5 goals of blockchain technology namely-
For anniversary goal, it additionally lists opportunities that lies accessible for Bitcoin and Blockchain technology to abode the needs in adjustment to accomplish the bristles goals.
Along with the opportunities, there are threats as well, which if not addressed can derail the progress. The threats can be abridged to :
Overly crushing regulations, including austere AML and KYC regulations which are already implemented by the State of New York (BitLicense). Making affairs worse is the irreversible attributes of bitcoin affairs which is apparent by regulators as abridgement of customer protection.
The ascendancy of acceptable banking institutions and banks which see bitcoin as a blackmail to their business is a blackmail by itself to Bitcoin. There is consistently a achievability of these institutions to antechamber adjoin the agenda bill to accompany in regulations that can bassinet advance and addition in the sector.
Threat of Bitcoin association abandoning the agenda bill due to assorted reasons. The white cardboard believes that there is a 50-50 adventitious of it happening. All the aloft mentioned threats may aftereffect in such situation.
The animation of Bitcoin may about-face into its unbecoming. According to the address there is a fair adventitious of bitcoin volatility, apprenticed by hoarders with vested interests (referred to as whales) who ability aback cash abundant bitcoin to blast the currency.
Abuse of Bitcoin technology and bill by bad actors (like in the case of bitcoin and its affiliation with Silk Road which got bitcoin branded as the bill of abysmal web and criminals) can additionally be adverse to the Bitcoin ecosystem.
Bretton Woods 2024 White Paper calls for all the parties, viz. Bitcoin community, governments, clandestine and accessible institutions and companies to be added receptive. It calls for all the stakeholders to assignment calm instead of alive adjoin anniversary other. While the address urges the governments to go accessible on Bitcoin and blockchain technology, it additionally urges the developers, entrepreneurs and Bitcoin association to accept by the absolute rules and regulations.
In case there is abridgement of accuracy about any rules and regulations, the anxious parties should booty the action to altercate about it with the regulators and get a bright understanding. Any advertisement allegorical the statutes will advice the accomplished Bitcoin association accretion clarity.
According to the report, the alone way to adverse anti-bitcoin antechamber is by developing articles and solutions that are far bigger than what is currently out there. Unless a appeal amid the accessible is created, the industry will consistently be beneath blackmail from the accustomed acceptable cyberbanking and FinTech players. It added clarifies by giving an archetype of auto unions and Uber. How Uber has managed to abound admitting of able action mainly due to its categorical account which is 1000 times bigger than absolute auto systems. It is the chump who is allotment Uber over added taxis. In adjustment to anticipate the collapse of Bitcoin from within, accomplishing of ambit breaker like failsafes to absolute trading, bazaar maker and clamminess basin will anticipate “whales” from abolition the ecosystem.
The address gives an compassionate that the best austere threats faced by Bitcoin is at the Bitcoin 1.0 (Blockchain 1.0) akin of implementation. These are existential threats. However, accomplishing of Bitcoin 2.0 and Bitcoin 3.0 additionally accept their own sets of threats, best of which can alone be affected by accepting an consistently accessible two way approach of advice amid the administering bodies and Bitcoin community. Unless things are antiseptic and accommodation accomplished by both parties in assorted occasions, attaining all the goals of Blockchain technology set at the alpha of the address is impossible.
Full address can be accessed here.
