Blockchain Papers

Petimat Gekhaeva, Elimhazhi Bolotkhanov, S Ismoilova

In recent years, the financial sector has been a leader in digital transformation. An additional driver of its accelerated digitalization was the COVID-19 pandemic, which contributed to the active spread of mobile banking, contactless payments, digital services for managing investment portfolios, etc. The largest banks and insurance companies play a leading role in the digitalization of financial services. New fintech companies have emerged both within large banking ecosystems and as stand-alone start-ups providing financial services on their own. The digital transformation of the financial sector is based on the integration of distributed ledger systems, cloud technologies, big data analysis and AI. As a result of the use of digital technologies, new business models are being built. For example, the Open Banking system, which is based on API (Application Programming Interface) technologies and is designed to exchange information necessary for the development of financial products and services, has become widespread. Such a system allows non-financial organizations to offer financial products and services personalized to the needs of a particular client.

Aleksandr Kud

The paper is dedicated to the discussion of the author’s attempt to explain a trend in the future market infrastructure development through the use of tokenized assets. The paper successively solves eight working tasks: a) clarify standard functions of the market infrastructure and roles of a market intermediary; b) outline the logic for developing a virtual market and place of a legal deal; c) clarify four mandatory components of a standard deal; d) distinguish the concept of “tokenized document” as a modern type of legally valid contract; e) distinguish entities and objects involved in a deal and essential conditions of a legally valid deal; f) subjectively assess the potential impact of tokenized assets on the renewal and development of the market infrastructure; g) outline new opportunities for regulating market relations using tokenized assets, which are consequences of their properties and parameters of tokenized assets; h) summarize levels of formation of a new economic potential of tokenized assets for the market infrastructure development. The author concludes that distributed ledger tools and especially the most promising type of distributed ledger virtual asset, such as a tokenized asset, can drive the market infrastructure modernization. It will be a new and additional means for addressing global wealth inequality using tokenized assets. Its “key” is to create new professional jobs in the ecosystems of decentralized information platforms. The most expected promising areas, especially widespread digital commerce, management of objects of intellectual property rights, agricultural sector at the level of micro and small farms, pave the way for significant, almost radical transformations in the composition, structure and number of participants in the market infrastructure and economic relations on the markets. The main and fundamental technical means for this new market infrastructure organization are backed distributed ledger tokens or tokenized assets, namely tokenized contracts, tokenized resources and tokenized deals. Based on the information and applied nature of tokenized assets and four standard components of a deal (contract, entities and objects involved as well as essential conditions of the contract), the author proposed three types of tokenized assets based on the feature “original asset underlying the tokenized asset”, namely: (a) tokenized document, (b) tokenized resource and (c) tokenized deal. Together they universally cover all types of original (underlying) assets in legal civil and economic circulation in almost any country in the world. Having different functional purposes, these three types of tokenized assets along with a digital ecosystem of services potentially fulfill many functions of market intermediaries in the modern market infrastructure.

Oksana Yuryeva, Natalya Kovaleva, Olga Shukhova

The scientific article is devoted to the study of domestic and foreign experience in financing the digitalization of agribusiness. The purpose of the scientific research is a critical review and analysis of the best domestic and foreign practices for financing the digital reform of the agro-industrial complex and related problems and possible solutions. When preparing a scientific publication, general scientific methods (observation, comparison, measurement, analysis and synthesis, the method of logical reasoning) and specific scientific methods (static analysis, peer review, graphical method) were used. Results: a critical review of domestic and foreign practice showed a significant role of private and corporate investors in the face of venture funds, endowment funds of specialized universities and active processes of intercompany cooperation between agribusinesses and IT companies. In the Russian Federation, the practice of financing the digitalization of the agro-industrial complex, on the contrary, is built on the high centralization of financial resources represented by the state regulator - the Ministry of Agriculture and its subordinate funds. This leads to the conclusion about the need for a deep revision of the mechanism for providing financing in favor of decentralizing tools and popularizing the work of private and corporate funds for financing agrotech, as well as developing the practice of online application through the developing virtual banking service for financing the APK "Smart- Contract".

G. Semeko

In the context of the rapid growth of international cash flows under the influence of globalization and digitalization of the world economy, the disadvantages of the correspondent banking network for crossborder money transfers are becoming increasingly obvious. Cross-border payments continue to be largely based on the old correspondent banking model, which has not quite benefited from the flow of innovations. New technologies have the potential to facilitate fast, low-cost, transparent and scalable payments. There is a need to modernize international payment systems and to develop alternative payment instruments based on new financial technologies. Central banks and the payments industry are considering ways to improve cross-border systems. One of the most relevant and widely discussed new payment instruments is the central bank digital currency (CBDC). А consensus has been reached in the global community on the expediency and profitability of introducing this new form of fiat money into retail payments, and a large number of countries are implementing relevant projects. In contrast, the promotion of the CBDC in the field of wholesale payments is lagging behind. However, studies confirm viability of using the CBDC in wholesale cross-border payments. A number of central banks are working on wholesale cross-border payment models, and international cooperation among central banks on wholesale CBDC, including for cross-border payments, is intensifying. The article discusses how cross-border wholesale CBDC can address challenges of the existing correspondent banking arrangement. The main purpose is to analyze the results of the most advanced international projects aimed at creating cross-border payment systems based on CBDC and distributed ledger technology. The design features of the proposed payment models, their effectiveness and potential risks are considered.

Hassan Abd El Kareem Gomaa

Smart agriculture projects have become increasingly prominent in recent years, harnessing cutting-edge technologies to revolutionize the agricultural sector. This abstract provides an overview of the modern trends in the development of smart agriculture projects. The advent of Internet of Things (IoT) and sensor technology has played a pivotal role in smart agriculture. Sensors deployed in agricultural settings collect real-time data on parameters like temperature, humidity, and soil moisture. This data is transmitted through IoT networks, enabling remote monitoring and management of farming operations, leading to improved decision-making and resource optimization. Precision agriculture is another significant trend, utilizing technologies such as GPS, drones, and remote sensing. These tools help farmers analyze field variability and deliver inputs precisely, leading to increased efficiency, reduced resource wastage, and enhanced crop yields. Data analytics and artificial intelligence (AI) have emerged as essential components of smart agriculture. Advanced algorithms and AI models process large datasets to derive valuable insights. Predictive analytics and decision support systems assist in weather forecasting, disease detection, and yield estimation, empowering farmers with data-driven recommendations. Robotics and automation technologies are transforming agriculture by automating tasks like planting, harvesting, and monitoring. Robots equipped with computer vision and AI capabilities perform intricate tasks, while automated systems for irrigation and livestock management streamline operations, reducing labor requirements. Block chain technology is being employed to enhance transparency and traceability in the agricultural supply chain. Block chain’s decentralized ledger and smart contracts enable secure record-keeping and verification, improving food safety and consumer trust. Vertical farming and controlled environment agriculture (CEA) have gained traction, especially in urban areas with limited land. These methods involve growing crops in vertically stacked systems, utilizing artificial lighting, hydroponics, and precise environmental control. Vertical farming maximizes space utilization, enables year-round production, and conserves water. Farm management software and mobile applications provide farmers with tools to streamline operations, track inputs, monitor crop growth, and access crucial agricultural information. These platforms facilitate data organization, decision-making, and collaboration among stakeholders. Overall, these modern trends in smart agriculture projects leverage technology to empower farmers with real-time information, automation, and data-driven insights. By adopting smart agriculture solutions, farmers can optimize resource utilization, improve productivity, and contribute to sustainable and resilient agricultural practices.

Т.А. Мирошниченко, С.В. Подгорская

Существующие социально-экономические проблемы села обусловливают необходимость изменения государственных программ сельского развития и корректировки концептуальной модели финансово-экономического обеспечения устойчивого развития сельских территорий на принципах инклюзивного роста. В ходе исследования было установлено, что существующая модель финансово-экономического обеспечения сельского развития имеет целый ряд недостатков, обусловленных недостаточностью бюджетного финансирования, слабой диверсификацией сельской экономики и ограниченностью доступа сельского населения и малого бизнеса к финансовым ресурсам, что препятствует выполнению своих функций органами местного самоуправления и подрывает основу финансовой самообеспеченности села. Предлагаемая концептуальная модель финансово-экономического обеспечения устойчивого инклюзивного развития сельских территорий построена на принципах бюджетной децентрализации, финансовой самостоятельности местного самоуправления, обеспечения финансовой инклюзии и гражданского участия в управлении финансовыми ресурсами. Разработанные меры финансово-экономического обеспечения сельского развития направлены на интегрированное решение комплексных проблем, повышение значения местного самоуправления и роли гражданского участия в управлении финансовыми ресурсами бюджетов сельских поселений, а также на развитие сельской экономики. The existing socio-economic problems of the village determine the necessity to change the state programs of rural development and adjust the conceptual model of financial and economic support of sustainable development of rural areas on the principles of inclusive growth. The study found that the existing model of financial and economic support of rural development has a number of drawbacks due to insufficient budget financing, poor diversification of the rural economy and limited access of the rural population and small businesses to financial resources, which prevents local governments from fulfilling their functions and undermines the basis of financial self-sufficiency of the village. The proposed conceptual model of financial and economic provision of sustainable inclusive development of rural areas is based on the principles of budgetary decentralization, financial autonomy of local government, ensuring financial inclusion and civil participation in the management of financial resources. The developed measures of financial and economic provision of rural development are aimed at the integrated solution of complex problems, increasing the importance of local selfgovernment and the role of civil participation in the management of financial resources of budgets of rural settlements, as well as contributing to the development of rural economy.

Anna Khvorostyanaya, I. V. Rozhdestvensky, A. V. Филимонов

Abstract. One of the strategic priorities for the development of large companies is the growth of innovation, as they provide companies with long-term competitive advantages. Working with third-party developers allows corporations to get the development they need at a relatively mature stage, when the main technical risks have already been removed. At the same time, corporations are not ready to finance early-stage developments, while venture investors in Russia mainly finance projects already at the revenue stage. In this regard, the main purpose of this article is to consider a possible mechanism for solving this problem using digital platforms based on distributed ledger technology in the part that relates to smart contracts, as well as a platform for semi-automatic examination of projects using the technology readiness assessment methodology. The creation of digital platforms is due not only to the growth of corporate interests, but also to the increased development of the global and regional trend — digitalization. The article presents and summarizes various digital platforms that can be used by companies to develop a funnel of innovative proposals, that is, industrial acceleration. For this purpose, the methods of analysis and synthesis, deduction and induction are used in the article. The key result of this article is the identified tools of digital platforms, which can reduce the systemic and non-systemic risks of strategic investment. The platform for accelerating projects based on distributed ledger technology makes it possible to achieve transparency of transactional operations by fixing the client path, and the platform for assessing the level of readiness and auditing projects based on the methodology for assessing technological readiness solves the problem of balancing the interests of different market actors and optimizes the process of building tactical tasks. These models of digital platforms can be practically implemented in the activities of various market actors and make it easier for them to determine strategic goals and select quantitative and qualitative tasks for their implementation. Further research may be devoted to the analysis of the best practices for the creation and development of such digital platforms, strategic typology, and the study of industry effects of the use of digital platforms.

Tamila S. Tasueva, Vera V. Borisova

The issues of sustainable development of territories are increasingly coming into the field of vision of scientists and practitioners. The institutional framework of the region's infrastructure implements the principles of sustainability and adaptability. The use of smart contracts can facilitate strengthening of the communication stability between subsystems and elements of the region's economy. The practice of using smart contracts in various spheres of activity (banking sector, insurance, transportation, delivery of goods, government services, etc.) demonstrates their ability to maintain the intended development trajectory, despite the influence of external factors. The possibilities of using smart contracts in the regional economy include holding a vote of citizens on a particular vital issue; organization of cadastral registers and standard electronic documents. Also they include carrying out initiatives to register companies and support small and medium-sized businesses; introduction of a mechanism for tracking shares and their financial support; management of communication between business entities and individuals in terms of compliance with environmental standards, including the provision of regulatory and reference documentation. We are not talking about the formalization of the entire economic system with smart contracts and the creation of a "digital region". The formulation of the research problem is associated with the use of smart contracts as a connecting link in the institutional framework of the regional economy, contributing to overcoming the state of instability of infrastructure in the digital economy. In recent years, support for the sustainable development of the territory has become an urgent agenda for the development of many institutions. The principles of sustainable development, or ESG -Environmental, Social, Governance, are formulated, implying a responsible approach to environmental issues, social and corporate cooperation. Obviously, in order to work according to ESG principles, Russian regions need institutional transformation. Digital tools (smart contracts, block chain, cloud technologies and artificial intelligence) create additional opportunities for the implementation of the ESG agenda. The sequence of actions is the following: analysis of the goals achieved in this direction on the basis of digital technology tools; development of a regional ESG policy (a concept for the development of a territory based on ESG principles) and informing the public (publication of the concept in the public domain) about the directions and priorities of its implementation. Then it is as follows creation of an institutional basis for the implementation of regional ESG-policy; defining the objectives of institutional support; formation of measures for the implementation of regional ESG-policy, including time limits and responsibility for their implementation.

NAREK KARAPETYAN

No abstract is available for this record.

М.Р. Хаджиев, Л. С.-Э. Батукаева, Х. Б. Межиева

На сегодняшний день создание и обращение негосударственных денежных знаков строго регламентируется на законодательном уровне в большинстве стран, и купить товар официально на данные средства достаточно проблематично. Одним из способов является возможность заказать товар через неофициальные каналы поставок. Появление подобных частных валют имеет свою историю. Появление Интернета неразрывно связано с возможностью беспрепятственного обращения материальных ценностей и реализации идей между людьми и различными субъектами. Этому способствовало появление криптовалют как виртуальных денежных единиц. Криптовалюта является финансовой негосударственной банкнотой, используемой в обращении индивидуальными субъектами. Смыслом существования таких денежных единиц является обеспечение преимущества перед государственной валютой. На всем протяжении существования нашей цивилизации имело место возникновение иных денежных форм. В середине 19 века в США и других развитых капиталистических странах появлялись массы денежных знаков, отличных от официальных государственных денег. Их выпускали не только крупные компании вроде банков, муниципалитетов и магазинов, но и частные лица. Ценность современных активов определяется их рыночной стоимостью, регулируемой продавцом и покупателем. Во многих странах криптовалюта сегодня является цифровым товаром. Однако важным вопросом на этапе создания криптовалюты является ее базовая стоимость. Для продуктивного использования криптовалют создаются блокчейн-технологии для их интеграции в проекты, решающие проблемы современного общества - это важный фактор успешного развития криптоэкономики. Nowadays the creation and circulation of non-state banknotes is strictly regulated at the legislative level in most countries and it is quite problematic to buy goods officially with these funds, one of the ways is to order goods through unofficial supply channels. The emergence of such private currencies has a history. The emergence of the Internet is inextricably linked with the possibility of the unhindered circulation of material assets and the implementation of ideas between people and various subjects. This was facilitated by the emergence of cryptocurrencies as virtual monetary units. Cryptocurrency is a financial non-government banknote used in circulation by individual entities. The raison d’être of such monetary units is to provide an advantage over the state currency. Throughout the existence of our civilization, other forms of money have emerged. In the middle of the 19th century, masses of banknotes, different from official state money, appeared in the United States and other developed capitalist countries. They were produced not only by large companies like banks, municipalities and shops, but also by individuals. The value of modern assets is determined by their market value, regulated by the seller and the buyer. In many countries, cryptocurrency is a digital commodity today. However, an important issue at the stage of cryptocurrency creation is its base value. For the productive use of cryptocurrencies, blockchain technologies are being created for their integration into projects that solve the problems of modern society - this is an important factor in the successful development of cryptoeconomics.

U. M. Kaplanov

In this article, the author considers the role of distributed registries in improving the modern payment system. The essence of the distributed ledger mechanism is analyzed. The advantages and disadvantages of using distributed registries in the development and implementation of payment systems are identified.

S. E. Demidova

The article is devoted to the consideration of the features of the financial system development in the conditions of technological change, total digitalization of economic activity and social relations. The study presents current Russian and foreign practices and trends in the development of digital technologies in the financial system. The author critically examines the formation of institutions, the use of new tools and mechanisms in the decentralized sphere and the sphere of public Finance. The risks of digitalization that pose threats to certain elements of the financial system are identified. There is no conflict of interests.

A. V. Reshetniak, В. И. Дравица

The article covers the possibilities of comprehensive use of identification technologies and Distributed Ledger Technology (DLT) for increasing the efficiency of electronic services provided through multi-purpose student cards. The main advantages and disadvantages of the existing intellectual document emission systems in the Belarusian education system are assessed, including: centralized (the “Student Card” project) and decentralized (the electronic student card) ones. The proposal to use the DLT-model for issuing multi-purpose electronic student cards combined with bank payment cards has been grounded. Such model makes it possible to implement new functional capabilities when providing electronic services and has a number of advantages over the existing systems of electronic student documents issuance. The article describes how Public Blockchain and Private Blockchain can be used to issue and control intellectual documents, to accelerate the development of the electronic services provided through Smart Contract, and how the Smart Contract technology can be used to promote fair competition among electronic services providers. The methodology of evaluating the electronic services provider rating basing on the weighting factor of “usefulness” or “being in demand” is proposed. The article provides information on the expected effects of the proposed DLT-model implementation, obtained through the comprehensive use of identification technologies and distributed ledger technology.

Marina Afanasievna Lapina, Ekaterina Alexandrovna Pogrebinskaya, В. Н. Назаров, Petr Katys

The article is devoted to studying the current state of legal regulation of cryptocurrency circulation. Cryptocurrency has appeared relatively recently and immediately gained popularity among a certain part of users of modern financial services, as well as a misunderstanding or even complete rejection by others. In different states, the attitude to cryptocurrency also varies. Some countries, while allowing for the circulation of cryptocurrency, are developing its legal regulation, others have failed to find a better solution than to impose restrictions or even a complete ban.

Dmitrii Gubanov, Матвей Оборин

The digitization of economic activity creates new opportunities for increasing the goods production level in conditions of severe resources limitation. Significant optimization can be achieved due to, firstly, reduction the costs of transactions, and, secondly, engagement in the economic turnover of poorly low nondistributable assets (for example, real estate). The paper studies the problems regarding applicability of smart contract in economic activities at the regional and federal levels. An attempt is being made to form a decentralized system of smart contracts. Based on the component-based analysis, the key trends of this system effect on the gross output at the federal and regional levels are determined. The authors propose a quantitative assessment of the impact of each of these factors. The macroeconomic model IS-LM is used, which takes into account the impact of digitalization processes in terms of implementing the smart contracts system, on the aggregated output indicators of the economic system.

Dmitriy Nazarov, Антон Назаров, Elena Kulikova

No abstract is available for this record.

M. R. Pinskaya, K. N. Tsagan-Mandzhieva

The subject of the research is the tax burden of organizations engaged in new types of activities using digital information and communication technologies. The purpose of the research was to determine the specific features of the crypto economy to be taken into account in the development of measures for the tax regulation of organizations in the digital economy. It was established that the transformation of approaches to information exchange allowing economic agents to make transactions on the basis of digital platforms not linked to the geographical borders of states makes legal entities and individuals more reluctant to delegate some of the powers to the state as an institution of power. The paper classifies foreign practices of direct taxation of incomes from purchase and sale of crypto-currency, which made it possible to identify prospects for the development of tax regulation in Russia. The conceptual scenarios of taxation of cryptoproducts are analyzed and it is concluded that in creating a cryptocurrency the deferred recognition of the object of taxation is advisable in order to reduce the tax risks of users.

A. V. Varnavskiy, A. O. Buryakova

The concept of “digitalization” came into use relatively recently, but in many respects the further development of the Russian economy will depend on it. Design of conceptual approaches and practical algorithm for adaptation of new technologies to the functioning peculiarities of the financial system is of great importance for ensuring competitive advantages of Russia, including those at the international level. The article presents the prospects for applying modern technologies in the activities of state audit institutions, which are designed to ensure financial stability and contribute to the formation of a solid foundation for the economic growth of the country. The purpose of the research is to identify the prospects for automation of control procedures, taking into account the level of development of modern technologies to prevent violations in the financial sector. In the process of research, general scientific empirical methods were used: observation, comparison, collection and study of data; analysis and synthesis, a method of scientific abstraction. The chosen approach allowed to ensure the reliability and validity of the conclusions drawn. According to the results of the research the prospects for using the national accounting digital unit in the purpose of the control are outlined; the technological possibilities and legal restrictions of creation of the state distributed ledger technology are revealed; the system for assessing risky transactions that could lead to financial violations is proposed; key characteristics of the system of conducting decentralized accounting are formulated; the expected result of the implementation of the proposed models of automation of control procedures in the Russian practice is assessed. The authors have proved the expediency of creating a state distributed ledger technology for financial control purposes. The expected result of the implementation of these proposals is estimated as more than 50% of the annual violations identified by the state audit institutions.

Mukhadin Eskindarov, М. А. Абрамова, В. В. Масленников, Nataliya A. Amosova · 14 authors

The active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunities — from the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment industry, which has become one of the main consumers of the latest financial technologies and provides a wide range of opportunities for FinTech companies to develop. An important element of FinTech is RegTech (Regulatory Technology), which allows companies to bypass trade barriers and helps build a constructive dialogue with regulators. In turn, SupTech (Supervision Technology) is used for analysis and forecasting purposes. At the end of the article, based on the analysis of foreign experience, we formulated the main approaches, the implementation of which allows states to stimulate the introduction and development of new financial technologies, as well as we analysed the experience of interstate coordination of cooperation in the field of financial technologies in the EU and the EAEU countries.

Alexey Finogeev, Leyla Gamidullaeva, Sergey Vasin, Антон Финогеев · 6 authors

No abstract is available for this record.

Authors unavailable

The article discusses issues related to the use of cryptocurrency in the world and in Russia. In particular, the author conducted a statistical study of the market volume, basic trends in the use of cryptocurrencies. Examines the main approaches to attract citizens to use crypto currencies for payment services, and also analyzes the problems faced by Russian business in this area.

Yu‐Pin Lin, Joy R. Petway, Johnathen Anthony, Hussnain Mukhtar · 7 authors

Blockchain technology, while still challenged with key limitations, is a transformative Information and Communications Technology (ICT) that has changed our notion of trust. Improved efficiencies for agricultural sustainable development has been demonstrated when ICT-enabled farms have access to knowledge banks and other digital resources. UN FAO-recommended ICT e-agricultural infrastructure components are a confluence of ICT and blockchain technology requirements. When ICT e-agricultural systems with blockchain infrastructure are immutable and distributed ledger systems for record management, baseline agricultural environmental data integrity is safeguarded for those who participate in transparent data management. This paper reviewed blockchain-based concepts associated with ICT-based technology. Moreover, a model ICT e-agriculture system with a blockchain infrastructure is proposed for use at the local and regional scale. To determine context specific technical and social requirements of blockchain technology for ICT e-agriculture systems, an evaluation tool is presented. The proposed system and tool can be evaluated and applied to further developments of e-agriculture systems.

M.M. Pryanikov, A. V. Chugunov

This article presents a distributed ledger technology (blockchain) development analysis in throughout different socioeconomic spheres of the society. The highlight is the generalization and systematization of already known data, the main stages of blockchain technology development are classified, the blockchain technology implementation projections are presented in terms of new so-called «Digital economy» markets development. The paper describes a controversial situation when the blockchain is started to be used by banks to increase their efficiency and thereby indirectly contribute to the growth of popularity of crypto-currencies, which, in turn, creates an alternative to the existing financial infrastructure.

Mateusz Wiatr

This article is about one type of cryptocurrencybitcoin.The main topic of this work is a level of risk connected with cryptocurrency market.The work consists of theory, a definition of cryptocurrency and bitcoins, an analysis of risk level in this kind of investments on cryptocurrency market and a bibliography. A definition of cryptocurrency and bitcoinsA Cryptocurrency is a modern digital medium of exchange.It is a new decentralized, limited and peer-to-peer payment system.Most cryptocurrencies are created to introduce new units of currency, whose total amount is limited.All cryptocurrencies use cryptography to control the creation and transfer of money.The first cryptocurrency was Bitcoin, created in 2008 and introduced in 2009.Nowadays it is the most popular cryptocurrency which is used as an open source software.The creator of Bitcoin was Satoshi Nakamoto, a person or a group of people.Nakamoto published a work on The Cryptography Mailing list in which he described the Bitcoin currency.Next year, the first Bitcoin software was launched on the network, which started Bitcoin's flow.Bitcoins are introduced to the market by a process called mining.In this process engage computer network participantsusers who provide their computing power, next verify and record payments into a network in exchange for minted bitcoins and transaction fees.Bitcoins are transferred by wallet software