Introduction

What was the problem?

The history of money dates back to the early periods of human agriculture. In ancient times, it had a significantly different usage and form from its contemporary counterpart. Initially, in many regions worldwide, farmers utilized money for the purpose of exchanging their products. However, challenges in establishing a fair barter system led to difficulties in this process, prompting various evolutions in the concept of money. Throughout this evolutionary process, various substances, such as salt, seashells, and large stones, were employed as asset classes. Nevertheless, emerging issues over time encouraged the development of alternative solutions. For instance, during the Babylonian Civilization, payments were made to laborers in the form of beer, bread, and other nourishment products, considering the working hours and productivity of slaves.

A new era began with the use of precious metals such as bronze, silver, and gold as asset classes. These precious metals were adopted globally by many empires and states at the center of trading cultures for an extended period. The Lydians were the first civilization to mint coins with portraits of the king using gold and silver alloys. In subsequent periods, the ratios of gold and silver alloys were altered, and the values of assets were determined by inscribing figures onto precious metals. This practice played a significant role in the birth of the fiat currency we use today.

Coins minted with these precious metals were secured by kingdoms. However, during those times, the minting process proceeded without proper oversight, creating an environment where kings wielded unquestionable authority in this process. The proliferation of minted coins led to an increase in the money supply, preventing individuals from purchasing goods at their true value and prompting a search for alternative means.

After Bitcoin released

The Bitcoin network was launched on January 3, 2009. With the base goal of enabling users to contribute to the functioning of the network through the utilization of the data processing power of their computers without dependence on any central authority.

Simultaneously, it aimed to democratize the process by allowing users to earn BTC in each block and execute transfers without intermediaries. Bitcoin was introduced to the public as a reliable, transparent, and predictable structure. Consequently, it became widely accepted globally, being recognized as a harbin- ger of a new monetary revolution.

The introduction of Ethereum brought the possibility of creating decentralized and secure smart contracts. Additionally, the concept of "DAO" (Decentralized Autonomous Organizations) facilitated the execution of decentralized autonomous operations. While facing initial challenges in its early years, this model was strengthened over time through developments.

DAO Mechanism with Vestra

Cryptocurrencies and Blockchain technology have yet to be regulated by governments. This circumstance places the feasibility of implementing decisions made through DAO voting entirely at the discretion of the project team. It is anticipated that such challenges will be overcome over time. Effective and robust DAO formations are expected to emerge, with many major companies likely adopting the DAO model and transitioning to this framework.

Organizations that embraced technology early on have often achieved significant success. This awareness allowed us, as of 2020, to lay the foundations for a project and platform where blockchain technology integrates with business functions spanning from the past to the present. Throughout the process, we conducted a detailed feasibility study, considering all positive and negative scenarios.

By 2023, draft outlines for our projects were defined, and a roadmap was prepared. Subsequently, a team was formed for our project, and work commenced. Our ScoialFi platform, embracing DAO governance, transparently presents in this white paper the details about our products, token economic structure, roadmap and specifics of projects that will be integrated into the ecosystem in the future.

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