BitFury White Paper: Digital Assets on Public Blockchains

The powerful Bitcoin mining company BitFury has also started discussing how popular blockchain is. Yesterday, BitFury released a white paper titled "Digital Assets on Public Blockchains" (see the full white paper) that explores in detail the potential of blockchain technology in protecting and managing digital assets, and believes that this will become a norm in the near future.

BitFury said in the foreword of the white paper:

“Digital asset management is one of the promising applications of blockchain technology. Blockchain can provide disintermediation between digital asset issuers, application developers, and consumers, decoupling tasks related to asset management, such as issuance, transaction processing, ensuring user funds security, and establishing user identity. This paper outlines the basic components of a blockchain-based asset ledger, as well as application cases of blockchain in financial services and emerging IoT and consumer-to-consumer markets. It also describes existing and potential asset ledger deployment models, including multi-asset blockchains, colored coin protocols, and metacoin protocols. This white paper focuses on Bitcoin-based services, while briefly discussing public blockchains.”

The white paper defines digital assets as "liquid claims of certain goods or services managed by computers". Bitcoin's protocol was developed using the SHA-256 encryption algorithm, so it can serve as a secure platform for storing and transferring digital asset ownership due to the inherent anti-counterfeiting nature of the blockchain. In addition, other properties of the blockchain such as immutability, disintermediation, and ease of transfer, coupled with audit transparency and ease of use, make it more valuable.

There are two types of blockchains: public blockchains and private blockchains. Public blockchains are open to everyone and new transactions can be created on the blockchain, while private blockchains are closed systems that can only be accessed by those who have permission.

Therefore, in comparison between the two, BitFury believes that public blockchain is superior in digital asset storage. With the help of public blockchain, users can do anything with their digital assets according to their wishes without having to rely on third parties. In addition, public blockchain provides a unified platform where anyone can store digital assets.

Original article: http://www.newsbtc.com/2016/03/16/bitfury-whitepaper-on-digital-assets/
Author: Gautham
Compiled by: printemps
Source (translation): Babbitt Information (http://www.8btc.com/bitfury-blockchain)