Consensus protocols are designed to make the blockchain resistant to tampering. Instead, blockchains maintain agreement between all participants using a “consensus protocol”-a set of rules that allow nodes to determine when to add new information to the blockchain. Whereas in the past users needed a trusted intermediary, such as a bank or government agency, to ensure the integrity of these types of records, blockchains eliminate the need for a centralized authority. The nodes form a distributed peer-to-peer network, where updates are shared and synchronized between all nodes. Each computer in the network, referred to as a node, can store a copy of the blockchain.
These blocks record information such as financial transactions, agreements between parties, and ownership records. Blockchains consist of a series of digital “blocks” that are securely linked together using cryptography. Overview of the Technologyīlockchains are digital ledgers that record information that is distributed among a network of computers. But there is more they can do, including passing legislation to clarify regulatory responsibilities, strengthening enforcement capabilities across federal agencies, simplifying tax compliance, and creating an online hub for policies about NFTs and other digital assets. While policymakers in the United States have struggled to keep pace with the rapid evolution of the technology, they have already taken many steps to address some of these issues. NFTs raise many different policy issues, including those related to financial regulation, intellectual property (IP) rights, consumer protection, energy consumption, privacy, and content moderation. As the technology has matured, different sectors have experimented with new use cases for it, including in gaming, entertainment, and fashion, and the technology is poised to be a key component of the metaverse-a shared, immersive virtual space where people can interact online.
Initially used for digital collectibles, including digital art and virtual pets, they have become more mainstream in the past couple years, in part due to widespread speculation in the market driven by volatile prices and significant earnings by early adopters. Non-fungible tokens, or NFTs, are an increasingly popular technology that acts as a digital certificate of ownership. Pass Legislation Clarifying Regulatory Responsibilities 17Ĭreate an Online Hub for Digital Asset Policies 18Īppendix: Example NFT Metadata for BAYC #599.
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