A guide to Web3 architecture

A guide to Web3 architecture – there is an increasing consensus that blockchains should be built modularly. A core blockchain needs to be safe, decentralised enough, and have good throughput. Through second-layer protocols, side chains and other modules, it should be able to handle large volumes of data. Single parts should be maintained and updated without taking the whole blockchain down. Through advanced composability, private blockchains can fit specific needs much better. The rise of the inflation-resistant new model asset-based economy: central bank digital assets vs central bank digital currencies – have you ever considered inflation-resistant money? In an age of bank runs, are you nervous of your government plans for central bank digital currencies (CBDC) and the risk of expiring money? Or even how your social credit score might restrict your access to your own savings? This article highlights the real risks of CBDCs in the context of our times and economic history, exploring the alternative of a commercial-off-the-shelf offering of CBDAs (central bank digital assets) to all central banks, global financial institutions and ‘anyone with a mobile phone’ who has a desire to escape inflation and an economic cycle of bank runs. Treasury consultation underlines UK ambition to onshore crypto industry – the UK Treasury’s proposals are making a concerted effort to bring crypto asset activities onshore, at least to the extent that firms wish to market directly to UK customers. The UK also remains committed to driving the international regulatory agenda by shaping a baseline of global regulatory standards to mitigate regulatory arbitrage opportunities and ensure that customers are not driven to unregulated platforms. Whether the UK will establish itself as a global crypto hub will ultimately depend on the details of the crypto legislation, but keeping a strong international dimension will help.

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