How do professionals from a financial sector that is centuries-old see the current state of the Blockchain economy?
As worrisome, that’s how. Not only is the lack of consistent legislation a risk for investors, but many cryptocurrencies seem to have not built in provisions for some of the most basic financial transactions. All cryptocurrencies ignore, for example, one of the oldest ways of making a fortune: inheritance.
Furthermore, financial advisors have long recognized that clients’ value does not only reside in their monetary assets, but also in their other worldly assets. Real estate, business ownership, inventory, art, precious stones and metals, intellectual property, labor time and much more must all be taken into account. This is finance 101 outside the cryptocurrency world, but again, there is still no good Blockchain tool for providing a way of generating digital worth from illiquid analogue assets.
How is NotaryTRADE involved?
NotaryTrade.IO is the brainchild of the Notary&Client consortium, an association of international notaries and lawyers. It is an exchange jointly owned by members of the association and their clients. Attorneys can protect digital assets and, among other things, transmit online fortunes to heirs. NotaryTRADE also extends services to include the safeguarding of digital documents, as well as their controlled distribution or release. In other words, NotaryTRADE allows legal professionals to offer many of the services already available for analogue assets but applied to digital ones.
NotaryTRADE supports transactions with many cryptocurrencies, as well as conversions between cryptocurrencies and to and from fiat currencies; but it also implements its own cryptocurrency: the NotaryTRADE Coin (NTC). NTC is backed with the capacity of the network in the form of high-end IBM Power8 machines. These machines are in diversified, public ownership by clients, notaries, lawyers and investors, in such a way as not to allow one single party to gain a controlling share.
Providing machines to the network is how coins are issued through a loyalty coin offering which is similar to an ICO but exempt from securities laws. This allows NotaryTRADE to define a trusted platform and also avoid what the creators perceive as wasteful Proof of Work through mining. The network is intended to scale capacity with demand, thus avoiding the flash crashes that have plagued other cryptocurrencies in the past.
Is it a very specialized ICO? Will it be of any use for ordinary people? It’s up to you to decide.