Abstract

A cryptocurrency is a digital asset designed as an alternative medium-of-exchange and store-of-value that uses cryptography to secure transactions, to control the creation of additional units, and to verify the transfer of assets and value.

Cryptocurrencies are predominantly decentralized in nature. Transactions are validated by network nodes and recorded in a public data structure in the form of a distributed ledger commonly known as a Blockchain.

The first and most common cryptocurrency created was Bitcoin. Bitcoin was created in 2008 in the aftermath of the global subprime financial crisis of 2007 [1], by an anonymous person (or group) called Satoshi Nakamoto. The inevitable failure of subprime lending

markets caused the cataclysmic failure of global financial systems. This catalyst created the perfect storm where digital assets would thrive.

The core purpose behind the technology was to create a censorship-resistant, decentralized process of transferring value which is recorded on an immutable, distributed ledger to take back custody of one’s finances, removing the reliance on intermediaries such as depository and central banks (the same institutions that were ultimately responsible for the collapse of the global financial system, whose effects are still felt around the world today).

Over the last 13 years, the Cryptoverse has grown exponentially. Mass adoption of Blockchain technology seems continually more inevitable with the aggressive pace of innovation, mammoth increase in real-world application, increased accessibility, and over a decade of battle-testing.

Smart contracts reinvented what we perceived to be the theoretical limit of cryptography, subsequently revolutionizing Blockchain technology.

PassiveSphere seeks to further improve smart-contract functionality and be part of the evolution, driven by its core principles such as solving the real-world issue of accessibility to illiquid markets for individuals and businesses from any walk of life.

PassiveSphere’s vision is twofold. Firstly, PassiveSphere wants to create a decentralized management system that allows companies to self-sustain, self-governed, and self-fund themselves via Security Token Offerings (STOs). Second, PassiveSphere aims to provide Decentralized Autonomous Organizations (DAOs) with the infrastructure necessary to operate. The goal is for any business to be able to tokenize its assets and run in a native Web3 environment. PassiveSphere will be providing the infrastructure to allow new economic dynamics to exist: Business to DAO (B2D), DAO to Business (D2B), and DAO to DAO (D2D).

PassiveSphere’s decentralized application (dApp), will be the first of its kind, as the aim is to standardize the process by which asset tokenization and tokenization services across the globe are executed.