Cryptocurrency and art are both digital versions of the original object and are both in existence as objects on the internet. Botto.com has a unique cryptocurrency- BOTTO which can be used to make your vote count in its art selection process.
What is cryptocurrency?
Cryptocurrency is a type of digital currency, that is issued and usually controlled by its developers and creators.
Cryptocurrency relies on cryptography to secure and verify the transactions, it controls the creation of new units, and helps to verifyand transfer of assets.
The cryptocurrency make use of decentralized control as opposed to central control, such as that of a bank. Decentralized control means that there is no single entity or person in control of the currency.
Instead, cryptocurrency is controlled by a peer-to-peer network. This network is made up of every user that holds some crypto assets. The users of the network run the software and communicate with each other to agree on the creation and transfer of new units of the currency.
This process is collectively referred to as mining. Mining involves solving a computational problem and adding a new block of transaction information to a Blockchain.
The Blockchain acts as a public ledger that records all transactions on the network in chronological order, creating and verifying the transfer of new units of currency. This ledger is maintained by a network of volunteer computers, called miners, which are rewarded for their efforts by being paid in new units of currency in return for processing transactions and keeping the Blockchain secure.
Governance of Cryptocurrency
The governance of cryptocurrency is important because the value of a currency is determined by the confidence of the users. It is very important to have a system that is transparent and has no manipulation. This makes the currency to be regulated and governable by the government, it also makes the currency to be more transparent and trustable to people.
The Governance in Botto.com currently exists in three forms.
- Governance of the Algorithm
- Governance of the Artist
- Governance of the Auction
Investing in Art through Cryptocurrency via Botto.com
Investing in art through cryptocurrency is extremely exciting and interesting because crypto-currencies are decentralizing art, and have the potential to create a platform for a new type of economy where art can be funded as well as bought and sold. This is an exciting beginning of a new era where art can be created with very little to no restrictions. Art will no longer be limited to the wealthy because you can fund it yourself through cryptocurrency.
The art will be made by everyone and there will be no middlemen in the art industry. The art will be free and all of the profits will be distributed to the artists through cryptocurrency.
As the world of art and technology continues to merge, we believe that the art industry will become more effective and efficient, and that art will no longer be a commodity. Art will be so much more than purchasing pieces of paper and a canvas. Art will be interactive, intuitive, and part of our daily lives.