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Interview: NewsBTC With Petr Belousov, CEO of Confideal

31.10.2017 BitNewz.net 0

Most of the applications of the Blockchain technology is driven by the smart contracts, which have the capability of automating decision making and execution in most of the settings. As most of the big names across industries pour money into creating and implementing these smart contracts into their organization’s operations and workflow, smaller players with … Continue reading Interview: NewsBTC With Petr Belousov, CEO of Confideal

The post Interview: NewsBTC With Petr Belousov, CEO of Confideal appeared first on NEWSBTC.

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Interview: NewsBTC With Petr Belousov, CEO of Confideal

31.10.2017 Gautham 0

Most of the applications of the Blockchain technology is driven by the smart contracts, which have the capability of automating decision making and execution in most of the settings. As most of the big names across industries pour money into creating and implementing these smart contracts into their organization’s operations and workflow, smaller players with … Continue reading Interview: NewsBTC With Petr Belousov, CEO of Confideal

The post Interview: NewsBTC With Petr Belousov, CEO of Confideal appeared first on NEWSBTC.

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Launching a Cryptocurrency “Token Generation Event” (aka an ICO)

31.10.2017 BitNewz.net 0

Ethereal ICO panel

On October 27, 2017, disruptors in the cryptocurrency field gathered at the San Francisco Ethereal SummitSponsored by ConsenSys, the summit provided a diverse mix of panels and workshops that demystified the “initial coin offering” (ICO) or “token generation event.”


Side note: Vernacular is key. Referring to a token launch as an ICO is so “September.” The process is now referred to as a “token generation event.”


At the “How to Launch a Token” panel, token generation event veterans Galia Benartzi (co-founder of Bancor Protocol), Matt Liston (CSO at Gnosis) and Piotr Janiuk (co-founder and CTO of the Golem Project) guided Ethereal participants through a hypothetical: founding a hat company and funding the development through a token. Here are some of the key points that they discussed.

Step 1: Determine if the token model fits for the new company

Imagine the whole process backward: What layer does the company involve – application, platform or protocol? Design the decentralized concept first and then discern if a token is necessary.

Criteria:

  • Is the project based on a decentralized model? If not, equity funding is a viable option — no need for a token.

  • What is the token’s utility within the network? How are customers involved in the network? For example, is the token facilitating and incentivizing collaboration between the community in the network? If so, tokens (similar to shares and equity in a normal company) are a great way to distribute participation among stakeholders.

Tokens work best when fueling network effects around ideas — when there are benefits to being an early adapter/stakeholder.

Step 2: Find a strong legal team and a favorable regulatory environment

Regulation in the cryptocurrency space is in its infancy and varies greatly around the world.

Criteria:

  • Find a competent lawyer with an understanding of the space that can give risk parameters. It is important to minimize risk for the project.

  • Select a government that defines clear boundaries and has a forward-thinking mentality.

Although blockchains and cryptocurrency promise decentralized disruption to all industries, anarchy would be unfavorable to all. All companies must comply with the law.

Step 3:  Work on the prototype phase

Establish a white paper, set up the concept on the testnet and prove the concept.

Criteria:

  • White paper: describe your network, protocol and model. White papers should strike the proper balance between being math-heavy and marketing-heavy. The goal is for users and stakeholders to understand exactly what the network is doing.

  • Prove that your concept works and expose its source code. Everything should be 100 percent transparent to the public.

  • Trustless (trust forced through code) and transparent networks are critical to long-term success. Secure and validate data by rewarding “oracles,” people who provide trustworthy answers and validate that events did in fact occur. On the flip side, penalize those who lie to the network.

Trust and transparency are paramount for any company that is considering funding its development with a token.

Step 4: Connect with the community

Generating interest for the token and setting the foundation for strong community support before finally launching a token generation event to the public is crucial.

Criteria:

  • Develop a public-relation strategy. Share as much as possible. Post videos, host AMAs, etc. This process can be grueling, but it is necessary to establish a global presence and field questions.

  • Prepare for a fast-paced environment. Communication builds authenticity and credibility with supporters around the world.

  • Listen to outside perspectives and criticisms.

Because token generation events allow for decentralized methods of funding, the company’s diligence process should be decentralized to match.

Tokens generation events are complicated and don’t work for every business type. However, they unlock a new economic driver: permissionless venture capital.

The post Launching a Cryptocurrency “Token Generation Event” (aka an ICO) appeared first on Bitcoin Magazine.

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Launching a Cryptocurrency “Token Generation Event” (aka an ICO)

31.10.2017 Erik Kuebler 0

Ethereal ICO panel

On October 27, 2017, disruptors in the cryptocurrency field gathered at the San Francisco Ethereal SummitSponsored by ConsenSys, the summit provided a diverse mix of panels and workshops that demystified the “initial coin offering” (ICO) or “token generation event.”


Side note: Vernacular is key. Referring to a token launch as an ICO is so “September.” The process is now referred to as a “token generation event.”


At the “How to Launch a Token” panel, token generation event veterans Galia Benartzi (co-founder of Bancor Protocol), Matt Liston (CSO at Gnosis) and Piotr Janiuk (co-founder and CTO of the Golem Project) guided Ethereal participants through a hypothetical: founding a hat company and funding the development through a token. Here are some of the key points that they discussed.

Step 1: Determine if the token model fits for the new company

Imagine the whole process backward: What layer does the company involve — application, platform or protocol? Design the decentralized concept first and then discern if a token is necessary.

Criteria:

  • Is the project based on a decentralized model? If not, equity funding is a viable option –– no need for a token.

  • What is the token’s utility within the network? How are customers involved in the network? For example, is the token facilitating and incentivizing collaboration between the community in the network? If so, tokens (similar to shares and equity in a normal company) are a great way to distribute participation among stakeholders.

Tokens work best when fueling network effects around ideas –– when there are benefits to being an early adapter/stakeholder.

Step 2: Find a strong legal team and a favorable regulatory environment

Regulation in the cryptocurrency space is in its infancy and varies greatly around the world.

Criteria:

  • Find a competent lawyer with an understanding of the space that can give risk parameters. It is important to minimize risk for the project.

  • Select a government that defines clear boundaries and has a forward-thinking mentality.

Although blockchains and cryptocurrency promise decentralized disruption to all industries, anarchy would be unfavorable to all. All companies must comply with the law.

Step 3:  Work on the prototype phase

Establish a white paper, set up the concept on the testnet and prove the concept.

Criteria:

  • White paper: describe your network, protocol and model. White papers should strike the proper balance between being math-heavy and marketing-heavy. The goal is for users and stakeholders to understand exactly what the network is doing.

  • Prove that your concept works and expose its source code. Everything should be 100 percent transparent to the public.

  • Trustless (trust forced through code) and transparent networks are critical to long-term success. Secure and validate data by rewarding “oracles,” people who provide trustworthy answers and validate that events did in fact occur. On the flip side, penalize those who lie to the network.

Trust and transparency are paramount for any company that is considering funding its development with a token.

Step 4: Connect with the community

Generating interest for the token and setting the foundation for strong community support before finally launching a token generation event to the public is crucial.

Criteria:

  • Develop a public-relation strategy. Share as much as possible. Post videos, host AMAs, etc. This process can be grueling, but it is necessary to establish a global presence and field questions.

  • Prepare for a fast-paced environment. Communication builds authenticity and credibility with supporters around the world.

  • Listen to outside perspectives and criticisms.

Because token generation events allow for decentralized methods of funding, the company’s diligence process should be decentralized to match.

Tokens generation events are complicated and don’t work for every business type. However, they unlock a new economic driver: permissionless venture capital.

The post Launching a Cryptocurrency “Token Generation Event” (aka an ICO) appeared first on Bitcoin Magazine.

No Picture

Launching a Cryptocurrency “Token Generation Event” (aka an ICO)

31.10.2017 Erik Kuebler 0

Ethereal ICO panel

On October 27, 2017, disruptors in the cryptocurrency field gathered at the San Francisco Ethereal SummitSponsored by ConsenSys, the summit provided a diverse mix of panels and workshops that demystified the “initial coin offering” (ICO) or “token generation event.”


Side note: Vernacular is key. Referring to a token launch as an ICO is so “September.” The process is now referred to as a “token generation event.”


At the “How to Launch a Token” panel, token generation event veterans Galia Benartzi (co-founder of Bancor Protocol), Matt Liston (CSO at Gnosis) and Piotr Janiuk (co-founder and CTO of the Golem Project) guided Ethereal participants through a hypothetical: founding a hat company and funding the development through a token. Here are some of the key points that they discussed.

Step 1: Determine if the token model fits for the new company

Imagine the whole process backward: What layer does the company involve — application, platform or protocol? Design the decentralized concept first and then discern if a token is necessary.

Criteria:

  • Is the project based on a decentralized model? If not, equity funding is a viable option –– no need for a token.

  • What is the token’s utility within the network? How are customers involved in the network? For example, is the token facilitating and incentivizing collaboration between the community in the network? If so, tokens (similar to shares and equity in a normal company) are a great way to distribute participation among stakeholders.

Tokens work best when fueling network effects around ideas –– when there are benefits to being an early adapter/stakeholder.

Step 2: Find a strong legal team and a favorable regulatory environment

Regulation in the cryptocurrency space is in its infancy and varies greatly around the world.

Criteria:

  • Find a competent lawyer with an understanding of the space that can give risk parameters. It is important to minimize risk for the project.

  • Select a government that defines clear boundaries and has a forward-thinking mentality.

Although blockchains and cryptocurrency promise decentralized disruption to all industries, anarchy would be unfavorable to all. All companies must comply with the law.

Step 3:  Work on the prototype phase

Establish a white paper, set up the concept on the testnet and prove the concept.

Criteria:

  • White paper: describe your network, protocol and model. White papers should strike the proper balance between being math-heavy and marketing-heavy. The goal is for users and stakeholders to understand exactly what the network is doing.

  • Prove that your concept works and expose its source code. Everything should be 100 percent transparent to the public.

  • Trustless (trust forced through code) and transparent networks are critical to long-term success. Secure and validate data by rewarding “oracles,” people who provide trustworthy answers and validate that events did in fact occur. On the flip side, penalize those who lie to the network.

Trust and transparency are paramount for any company that is considering funding its development with a token.

Step 4: Connect with the community

Generating interest for the token and setting the foundation for strong community support before finally launching a token generation event to the public is crucial.

Criteria:

  • Develop a public-relation strategy. Share as much as possible. Post videos, host AMAs, etc. This process can be grueling, but it is necessary to establish a global presence and field questions.

  • Prepare for a fast-paced environment. Communication builds authenticity and credibility with supporters around the world.

  • Listen to outside perspectives and criticisms.

Because token generation events allow for decentralized methods of funding, the company’s diligence process should be decentralized to match.

Tokens generation events are complicated and don’t work for every business type. However, they unlock a new economic driver: permissionless venture capital.

The post Launching a Cryptocurrency “Token Generation Event” (aka an ICO) appeared first on Bitcoin Magazine.

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Op Ed: Slovenia Primed to Become a Blockchain Haven

31.10.2017 jody 0

The prime minister of Slovenia’s speech in support of blockchain technology this week has solidified the country’s position as the leading blockchain destination in the European Union and a key player in the regulatory field.“After the difficult ordeal of the economic crisis … we are coming back to life, we are growing again, and we are finding that we are creating numerous success stories, which inspire us but also obligate us,” said Prime Minister Miro Cerar. “We have emerged from the crisis stronger. I believe that using blockchain technology, you too will contribute to the writing of a new Slovenian success story.”The first clear signal that the government was prepared to make some serious moves was during July’s Blockchain Meetup Slovenia 2017, which hosted more than 300 blockchain enthusiasts. Since then, Slovenia has made significant strides in its efforts to become the EU’s key blockchain-friendly destination. Prime Minister Miro Cerar’s recognition of Slovenia’s blockchain community as involving some of the globally leading developers and entrepreneurs shows the willingness of politicians and regulators at the highest level to understand these opportunities and act quickly. Indeed, five months mean little in the typical context of government and regulation. Step by step, the distributed economy is becoming a true alternative to centralized systems. The new and ever-arising services are boundless, and go far beyond Bitcoin and into the fields of banking, insurance, new models of creating and sharing content, and more. This globally connected ecosystem already has a market valuation in excess of €140 billion ($163 billion USD). At the core of a decentralized future is the persistent issue of blockchain regulation. Historically, the law has struggled to keep up with revolutionary technology. As Slovenia’s president, Borut Pahor, also emphasized this week, the age-old question for regulators remains: How can we protect citizens without stifling technological innovation? This is a particularly important question for the country from which the most significant EU blockchain companies originate, including ICONOMI, Cofound.it and Bitstamp, and the country with the highest market capitalization per capita of blockchain projects. We believe that self-regulation, education and raising awareness are important steps toward a safe and innovative business environment. To address regulatory challenges, Cofound.it, together with blockchain legal specialist Nejc Novak, founder of law firm Novak Rutar, has spent the past five months working intensively with a diverse range of stakeholders, including the Cabinet of the Prime Minister, the Securities Agency, the Financial Administration, the Office for Money Laundering Prevention, the Central Bank, the Ministry of Public Administration and the Ministry of Finance, to clarify a number of key legal uncertainties. As a result, Cofound.it, in partnership with Rutar, is now able to provide robust legal advice to blockchain projects so that entrepreneurs can focus on their products and their user communities, rather than on accounting, compliance and other operational issues. Slovenian entrepreneurs were early movers in the blockchain industry, and Slovenian blockchain specialists are well-placed to facilitate a workable legal framework for national, European and even global blockchain regulation. Today, Ljubljana is a vibrant market of developers, advisers, investors and savvy businesspeople with some of the most in-depth knowledge and understanding of blockchain technology in the world. The Slovenian blockchain community is already making leaps and bounds toward a regulatory framework. DataFund, a personal data management solution, will launch later this year in partnership with Cofound.it. This local project is a first example of blockchain utilization and in compliance with the EU General Data Protection Regulation. The prime minister’s acknowledgment of Slovenia’s advancements in blockchain technology is a welcome move toward wider policy discussions within a rapidly expanding industry. By making some wise and future-focused strategic decisions, Slovenia is already well on its way to becoming one of the most desirable destinations for global blockchain startups.This is a guest post by Zenel Batagelj, Co-Founder and Head of Team Strategy at Cofound.it. The views expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.The post Op Ed: Slovenia Primed to Become a Blockchain Haven appeared first on Bitcoin Magazine.

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Confideal – More Than Just the Sum of Its Parts

31.10.2017 jack 0

Confideal boasts a vibrant ecosystem where the core features of the integrated platform, such as smart contracts and arbitration, unite to form an application that is far more than just the sum of its parts. [Note: This is a sponsored article.] Intern…

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Resolving Contract Disputes on a Decentralized Network

31.10.2017 BitNewz.net 0

As per data from Finra.org, a total of 2,286 arbitration cases were filed in August 2017, with 1,511 (66%) being filed by customers and 775 (34%) being intra-industry cases. The average settlement time (in months) for these disputes was 14.6 with 17.1 months taken to totally address complex issues and 6.7 months for simple ones. … Continue reading Resolving Contract Disputes on a Decentralized Network

The post Resolving Contract Disputes on a Decentralized Network appeared first on NEWSBTC.

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Resolving Contract Disputes on a Decentralized Network

31.10.2017 BitNewz.net 0

As per data from Finra.org, a total of 2,286 arbitration cases were filed in August 2017, with 1,511 (66%) being filed by customers and 775 (34%) being intra-industry cases. The average settlement time (in months) for these disputes was 14.6 with 17.1 months taken to totally address complex issues and 6.7 months for simple ones. … Continue reading Resolving Contract Disputes on a Decentralized Network

The post Resolving Contract Disputes on a Decentralized Network appeared first on NEWSBTC.