The mission of Distributed Lab: Set up a financial web

Distributed LabBlogThe mission of Distributed Lab: Set up a financial web

It’s no mystery that people today don’t make a good use of their assets. In fact, quite a few people have an actual clew of what their assets are really worth. Not to speak of the post-Soviet world where some don’t even have a clear idea of what the word “asset” actually means. If you think about the efficiency of the Internet which already today allows to transfer a tremendous amount of information instantly, you’ll actually get how disastrously sloppy the world of payments is. There are thousands of payment systems, each has their own database that, on top of that, finds it exceptionally hard to communicate with all the others. While the transactions involving securities leave the average guy bamboozled and out of pocket. And if the discussion moves on to the real estate, the whole thing becomes a maze of red tape.

Today, the blockchain is seen by many as a ‘disruptive technology’ that could really upset the applecart. It is believed that very soon the process of sending money will not only become cheaper and simpler but also as straightforward as sending an email. For this reason, we at Distributed Lab began our mission to set up a financial web. It’s tricky to forecast the entire thing in detail, but we can with full confidence set out its main principles—what it has to do, and what it shouldn’t attempt to do.

  1. Any two or more parties should have the opportunity to transact privately and securely. Each of them should have a guaranteed proof of completion of the transaction.
  2. At any moment at the request of the parties, the access to external auditors may be granted, who will be able to guaranteedly receive all the necessary information.
  3. In order to complete their transactions, the parties are NOT obliged to join or take part in any kind of system or await for confirmation from any other third parties (blockchain validators) or purchase any kind of third asset (such as, for example, any kind of digital coin).
  4. The number of participatory parties is unregulated and depends entirely on the mutual agreement.
  5. No transaction of any kind may be altered without the agreement of all parties involved.
  6. Users must have the right to manage their assets individually (using a key), or jointly, according to the pre-decided rules.
  7. The rules for carrying out transactions must be apparent to all parties since before the opening of collaboration;

Please note that these principles are not always identical to what is perceived in the phrase “everything’s handled on the blockchain”.

We’re looking for people who are inspired by the chance to change the world. We’d like to see them joining our ranks here at Distributed Lab — no matter what kind of work they do.

Illustration by Katerina Krashtapuk

Pavel Kravchenko
About the author

Founder & cryptographer