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Web3 Foundation: The DOT digital currency is part of a program, not a security token

Web3 Foundation: The DOT digital currency is part of a program, not a security token

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Answer Web3 Foundation: The DOT digital currency is part of a program, not a security token

The Web3 Foundation, a non-governmental organization based in Zug, Switzerland, has released an announcement that they have come to the realization that the original Polkadot Project (DOT) token is just software and not security because it has been transformed.

Their opinion agrees with that of the US Securities and Exchange Commission (SEC).

In a recent press release from Web3 Chief Legal Officer Daniel Schoenberger, the staff of the US Strategic Center for Innovation and Financial Technology (FinHub) released an investment contract framework for digital asset analysis.

The framework suggested that nearly all digital assets sold for the purpose of raising funds were initially intended to be a security in the hands of the original buyer.

Read:The “Netvrk” project announces a strategic partnership with “Exnetwork Capital”…Details here

The framework also suggested that there are factors that can lead to complaints, for example, a complaint that exists when an initial digital asset initially offered as collateral is sold and revalued at a later time.

So this security no longer exists under US federal security laws because it has been transformed.

Daniel also highlighted that it has been three years since Web3 interacted with the SEC.

He emphasized that their discussions were positive and led to a deeper understanding of the issues raised by the SEC as they sought solutions to address their concerns.

The Web3 Foundation has also developed a viable theory of how digital token conversion can be embraced by decentralized projects like Polkadot and other digital assets because apart from being offered for fundraising purposes, it lacks security-like properties.

polka dots:

Polkadot was developed in 2016.

Polkadot is a representation of Web3 Foundation founder Dr. Gavin Wood’s vision to develop the decentralized Internet known as Web 3.0.

Polkadot is a partitioned blockchain, which means that it connects several networks into a single network, allowing them to process and exchange data in parallel while maintaining strong security guarantees between networks. By paralleling the workload, Polkadot addresses key issues that were previously mitigated with decentralized application development.

Read:The data shows a significant decline in the profits of Bitcoin miners…details here

In an effort to delve deeper into the digital education sector, Polkadot recently partnered with edX to promote educational courses.

The course outline covers the basics of blockchain and Polkadot technology, as well as the Substrate blockchain framework and the Rust programming language.

Users are allowed to try the courses for free without prior knowledge or experience.

In the context of educational courses, we offer in Arab Bitcoin a free educational course about blockchain technology and how it works and complete information about digital currencies and wallets.

To access the course, this can be done through Link.

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