Digital assets are characterized by features that facilitate the exchange of value at a peer-to- peer level without the need for an intermediary. While protocols and application development are still progressing to realize viable, scalable solutions, it has become clear that certain digital assets are categorically different than others. For example, Bitcoin has reached a sufficient level of global decentralization through mining activity and node accountability, which protect its defining characteristic of absolute scarcity. On the other hand, Ethereum does not offer the same scarcity model of Bitcoin, yet it offers computing and application development features that are different than Bitcoin.

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