1. What are digital assets?
   1. Digital assets are any items of value that exist in a digital format. They can represent ownership or a claim to an underlying asset and are typically stored and transferred electronically. Examples include digital files, digital currencies, non-fungible tokens (NFTs), and more. While all cryptocurrencies are digital assets, not all digital assets are cryptocurrencies.
2. What is a cryptocurrency?
   1. A cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a blockchain. Cryptocurrencies are typically decentralized and therefore not controlled by any government or financial institution.
3. What is a blockchain?
   1. A blockchain is a decentralized digital ledger that records transactions across multiple nodes (like computers) on a network in a manner that ensures the security, transparency, and immutability of the data. Each block in the chain contains a list of transactions, a timestamp, and a cryptographic hash of the previous block, linking them together.
4. How does blockchain technology work?
   1. Blockchain technology works by creating a distributed network of nodes (like computers) that validate and record transactions. When a transaction is initiated, it is broadcast to the network, where nodes verify it using consensus mechanisms (like “proof-of-work” or “proof-of-stake”). Once verified, the transaction is added to a block, which is then appended to the existing chain of blocks.
5. What’s the point of blockchain?
   1. To provide a secure, transparent, and more efficient way to record and transfer data, allowing individuals and businesses to transact quicker. Which has far-reaching implications across various industries beyond just finance.
6. What are the use cases for blockchain beyond cryptocurrencies?
   1. Blockchain has numerous applications beyond cryptocurrencies, including:
      1. Supply chain management
      2. Identity verification
      3. Voting systems
      4. Healthcare records management
      5. Intellectual property protection
      6. Decentralized finance (DeFi)
      7. Real estate transactions
7. What are the differences between public, private, and consortium blockchains?
   1. Public Blockchain: Open to anyone, allowing any user to participate. All transactions are visible to the public.
   2. Private Blockchain: Restricted access, where only authorized participants can join and validate transactions.
   3. Consortium Blockchain: A hybrid model where multiple organizations govern the network. Access is limited to a group of known participants.
8. What are smart contracts?
   1. Smart contracts are self-executing computer code. They run on the blockchain and automatically execute and enforce their functions when predefined conditions are met, reducing the need for intermediaries.
9. What is the role of miners in a blockchain network?
   1. “Miners” validate and confirm transactions by solving complex mathematical problems. In proof-of-work blockchains, the miners compete to solve this problem. The miner that reaches the correct conclusion first gains the ability to “mine” the next block and append new transactions to the chain. In return for this work, miners are rewarded with cryptocurrency, which incentivizes the maintenance of the network.
10. How is data secured on a blockchain?
    1. Data on a blockchain is secured through cryptographic hashing, which transforms transaction information into a fixed-size string of characters. Each block contains the hash of the previous block, creating a chain that is resistant to tampering. Additionally, the decentralized nature of blockchain means that altering any single block would require consensus from the majority of the network.
11. What is a blockchain wallet or digital wallet, and how does it work?
    1. A blockchain wallet is a digital tool that allows users to store, send, and receive cryptocurrencies. Wallets can be software-based (online or mobile) or hardware-based (physical devices). They generate and store cryptographic keys (public and private) that enable users to access their blockchain addresses and manage their assets securely.
12. What are stable tokens?
    1. Stable tokens, or stablecoins, are virtual currencies designed to maintain a stable value relative to a fiat currency or a commodity, like gold.
13. How do stable tokens compare to other cryptocurrencies?
    1. Unlike volatile cryptocurrencies like Bitcoin, stable tokens are designed to avoid large price fluctuations by representing their underlying asset (like dollars or gold), making them more suitable for transactions.
14. How do stable tokens maintain their value?
    1. Stable tokens typically use mechanisms such as collateralization (backed by assets) or algorithmic controls (supply adjustment based on demand) to maintain their peg.
15. Why would I use a stable token over a dollar?
    1. Faster Transactions: Stable tokens can settle transactions much faster than traditional banking methods, typically in less than one minute. Compare this to traditional banks – especially for international transactions – which can take days.
    2. Lower Fees: Transacting with stable tokens typically incurs lower fees than bank transfers, credit card transactions, or foreign exchange fees. On a scalable blockchain, transaction fees may be less than one cent.
    3. Access to Blockchain Benefits: Using stable tokens allows you to leverage the benefits of blockchain technology, such as transparency, security, and immutability, in financial transactions. Many stable tokens are built on smart contract platforms, enabling programmable financial products and automated transactions that traditional dollars do not offer.
    4. Global Accessibility: Stable tokens can be accessed and used by anyone with an internet connection, providing financial services to those without traditional banking access.
16. How does the state of Wyoming define digital assets?
    1. W.S. 34-29-101 defines digital assets, digital consumer assets, digital securities, and virtual currency. You can review that statute here: https://www.wyoleg.gov/Legislation/2019/SF0125.
17. What is the Wyoming Stable Token Commission?
    1. An agency formed in the state of Wyoming that aims to create the first fiat-backed, fully-reserved stabled token issued by a public entity in the United States.
18. When was the Commission established?
    1. The commission was established in March 2023 with the passage of Senate Enrolled Act 85: Wyoming Stable Token Act, which authorizes the Commission to issue Wyoming Stable Tokens (”WYST”).
19. What is WYST?
    1. WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.