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Operation Business & Blockchain Consulting by Coindar & Colibri Group
Check out the world's first comprehensive consulting agency with the largest range of services provided in the Blockchain and FinTech sectors. colibri-group.org | coindar.org We’d like to announce to merge Coindar with the renowned global consulting agency Colibri Group and offer you the services of our joint venture. We have collected the most relevant industry issues and provided comprehensive professional solutions in one place. Our clients are Waltonchain, ARPA Chain, Filenet, RockX, Republic and many others, including dozens of Russian technology companies from the Forbes list. https://preview.redd.it/lw6o8go0hmt41.png?width=898&format=png&auto=webp&s=a0a3bc26e222b54b65a7db3aee43c1ac7cfe49b2 More than 3 years’ experience in crypto market, an organized approach, resource availability and developed connections, we can provide prices below the prevailing market price (according to the world market and based on the research conducted by LinkedIn). 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Our services are aimed at developing and expanding the ecosystem of your crypto project: • Integrated community management• A broad base of blockchain and FinTech consultants• Development analytical systems and tools for the community and traders• 3rd party software development to the ecosystem of your cryptocurrency (wallets, messengers, apps, etc.)• Bot development• Staff of designers and content creators• Press release distribution (at below-market prices)• Organizing forums, meetups and participation in conferences (offline and online)• The exchange listing agents services and market makers• Representatives around the world (Europe, Asia, America, Africa)• Extended partnership networks (technology and media partners)• Attracting financing and M&As strategy We can provide each of the services listed above separately, but for the convenience of understanding prices, we have identified 3 options for integrated business services. https://preview.redd.it/qbrxlkh4hmt41.png?width=1000&format=png&auto=webp&s=aae6040e355d262eff1e6d0c34edb36c19e0b02d By choosing any of the cooperation options, you'll receive a free package services: • Professional multilingual website with the latest community widgets• Personal Representative at Coindar.org tracking events of your cryptocurrency. Coindar.org API uses more than 100 crypto projects and more than 70 telegram channels• Free Press Releases at Coindar.org• Integration with current partners, such as Blockchain Life and Global Investors Online Summit 2020 (new partners appear weekly) https://preview.redd.it/pg180xp6hmt41.png?width=1000&format=png&auto=webp&s=1d79115cb4fc9b6dabe8e8491a0f9e7bcd428e67 Package #1(Telegram) • The creation of the internal infrastructure of the community• Creating a content base and quality work on building a community• Adapting content to the interests of the community• Translate content into more than 50 languages• Multilingual support• Regular team work with the community• Professional work with clients and investors Telegram Automation: • Creating and configuring current main console commands• The official a bunch of “Chat Telegram + Telegram Channel”• Creating and configuring telegram bots• Automating streaming content in Telegram• Configuring Telegram with external sources• Creating up-to-date high-quality stickers and GIF videos• Ensuring uninterrupted operation 24/7• Using professional up-to-date widgets• The provision of additional resources Price:$599 / month https://preview.redd.it/g9r2z3l9hmt41.png?width=1000&format=png&auto=webp&s=54bd14ef0634e8df3aedb8fa2e33d9c5c49aac04 Package #2(5 social networks to choose from) Social Networks (SMM) • Managing corporate social networks(Twitter, Medium, Facebook business page, Reddit, Golos.io, VK and other popular social networks)• Creating and maintaining multilingual social network profiles in the desired countries / regions• Automation of social networks• Publish news in your official media and allow our tools to broadcast this news automatically in all desired social networks around the world• Using your own developed resources for effective promotion• Teamwork with a high-quality audience• Organization of original content and professional translations of official news• Attracting partners for global effective promotion Price:$599 / month https://preview.redd.it/o0rfz2ddhmt41.png?width=1000&format=png&auto=webp&s=2d71608e4c6296af3b36a172a7a5fda673eefbe8 Package #3(Priority project status and in-depth work) • Regular participation in blockchain conferences around the world• Extensive connections in Commerce, the state sector, and the blockchain environment• Presenting your project at conferences, forums, and other public events• Our advisors advise many projects in the sectors FinTech, DeFi,IoT, Blockchain, BigData Machine Learning Telecom & 5G• Use the best offers from our partner conference organizers• Organization of individual business tours and meetings with top managers of leading technology companies• Using our main operating business in Moscow (3 offices in Moscow and about 30 representative offices) to reach an audience of businessmen and merchants.• A wide audience throughout Russia and the world (mainly government and commercial structures, the B2B sector). For the main operating business, we are consultants to the Federal Tax Service of the Russian Federation on commercial equipment. We often hold events for taxpayers (businessmen) in tax inspections and other state institutions. Associated Activities: • Engaging our existing partners, media partners, and professional members of the crypto community• Attracting our existing partners from the main operating business to work on your project• Regular work to attract potential partners, media partners, customers, investors and network users• In-depth work with the team of your project and priority response in relation to the solution of tasks• Development, creation and support of professional Network ecosystems• Using a wide range of available tools to improve efficiency• Monitoring, analyzing, and working with data Price:Upon request We have always thought about the convenience of each user Coindar.org and Colibri Group. This has contributed to our development and expansion in almost all areas of the economy to provide you with maximum resources in one place, from all formats of online activities and community management, representation of your project by our consultant anywhere in the world, participation in R&d development, assistance in conducting operational business in Russia, relations with the Public and B2B sectors. We wold be glad to cooperate with you and help in finding new clients, partners and investors. Make the right choice and contact us to start cooperation. Below you will find basic information about our projects and why you can trust us: Coindar Coindar was created in 2017 and is the most important fundamental analysis tool for many traders and investors. Leading industry media such as TheNextWeb, Bitcoin.com, CryptoPolitan, CoinDesk, Investing.com, ForkLog wrote or referenced the project. https://preview.redd.it/5d5m0fl2imt41.png?width=900&format=png&auto=webp&s=6d6a0963ac609cd81b06f8a013c6f16d63965037 Our team always keeps abreast and collaborates with major global industry conferences: https://preview.redd.it/5rpqrspihmt41.png?width=900&format=png&auto=webp&s=6095af7b0bbb851567585a3f439fb39428f64e00 More than 100 cryptocurrencies have their representative in Coindar, among them IOST, LAToken, PIVX, DentaCoin, Waltonсhain, ARPA, Filenet and many others: https://preview.redd.it/5hec7931imt41.png?width=900&format=png&auto=webp&s=a0a5cb1600ee42f326587c00d01ef139a86023ef Colibri Group Colibri Group has a large operational business in Russia with 3 offices, more than 30 representative offices and is part of the federal center for digital entrepreneurship support in Russia. All top managers of Colibri Group are well-known persons in the world of Economics, science and FinTech, both in Russia and abroad. They have the status of speakers and consultants of the Federal Tax Service of the Russian Federation for the operation of commercial equipment, licenses of the Federal Security Service for cryptographic activities. Coindar.org www.colibri-group.org
Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article. Cryptocurrency Regulations across Major Countries Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble. This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry. Canada Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA) There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test). The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well. If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies. China The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading. China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework. “ “The United Kingdom & European Union Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders. The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money. This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies: -Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore. Countries with the most stringent and negative cryptocurrency regulation: -Venezuela. -South Korea. -India. -Russia. Did you know? It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan. Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement. The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law. On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain. Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways: -Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved. -Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state. This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws. The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””. The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2 Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association. The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home. Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets. There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain. Country-by-Country Cryptocurrency Adoption Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption Estonia Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”. As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange. This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world. Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment. This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption The United States of America The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs. Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape. Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology. For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption Denmark When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies. Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark. With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption Sweden Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time. Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations. Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption The Netherlands The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City. There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands). The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay. The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption Finland Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin? Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy. Canada Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”. Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences. There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption United Kingdom The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment. It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US. In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption Australia The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts. The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”. The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return. Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations. Belarus Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley. The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry. “ “Taxation and Cryptocurrency Portugal Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains. The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation. From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal. China China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment. But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency Netherlands Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime. Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective. Germany Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too. Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product. Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed. Estonia This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem. The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO Singapore Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO. The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system. Where to Base Your ICO Slovenia Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business. Switzerland Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general. Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
Hello! My name is Alexey Adylshin, I am backend developer at Platinum, the largest listing service provider for the STO and ICO projects. We know how to start ICO/STO campaign in 2019 and make it successful! Already planning your own campaign? It’s a great reason to visit our site: Platinum.fund We not only make cool promotions, but also develop fundamental courses for those who are willing to know all about crypto-economics. That’s why we created the UBAI, where you can learn how to do STO/ICO and become real professional! Today I want to tell you about popular ICO business modules and blockchain use cases. Trust & Reputation in the Blockchain Industry Personal trust matters a lot in the Blockchain Industry. The investors, team members, advisors or exchange staff may know each other from working together on other projects. It is important you conduct yourself in a professional manner and treat people the way you want to be treated. Maybe we can say the crypto world was first populated by computer geeks and cypherpunks in hoodies. And that is perfectly okay; but it surely has evolved since then. The culture is more complex today. Serious money is involved. Sophisticated investors and money managers command large pools of capital. Everyone has expectations of an appropriate degree of professionalism. Your reputation, behavior, and character are important. You clearly want to distinguish yourself from any of the scammers and frauds in the Blockchain industry. Major Roles in the Blockchain Industry There are many specific job titles in the industry. We will focus on the major ones. But you will most likely wear a few different hats anyway. Just like in the real world, you will have to do different jobs at different times. Broadly speaking, there are seven major roles in the Blockchain Industry relating to ICOs: -Legal. -Marketing/PR. -Accounting. -Financial. -Business Development. -Advisors. -Technical Experts. There are of course many other roles covering every imaginable area, just as in the traditional world. But it is most important to focus on roles as they relate to ICOs. Legal In the blockchain industry, it is the responsibility of legal to ensure compliance with all contractual and statutory requirements in each jurisdiction. Even though it can be said that crypto and blockchain are still unregulated in some cases, and inappropriately/ineffectively regulated by traditional banking or securities laws in other cases, there are significant and unavoidable legal implications of using blockchain technology. Consider the digital enabled signature legislation. This enables digital signatures to be recognized internationally, thereby validating and authenticating transactions. Nevertheless, some transactions are still accompanied by other legal documents as well. Someone must be responsible for any such legal functions. And someone must also perform as an advocate and representative for the project. The legal advisor will typically come from a background of legal practice in his or her own jurisdiction. They can often provide a bridge to the traditional business world. Lawyers are generally paid just as well in Blockchain as they are in traditional business, though they probably have greater freedom and flexibility in here in crypto. Marketing/PR The role of Marketers and PR professionals closely mirror that of real world marketers and PR pros. Their primary role is to increase public awareness about the ICO project, and shape the narrative of the company. Primarily they will highlight the key benefits of the company solution and ensure this information is presented to the most important people. Marketing/PR in the crypto world is almost entirely digital. Social Media, Telegram Channels, Medium Blog Posts, Email Marketing, etc. are all the main forums and means of professional communication in crypto. Marketing/PR individuals are typically compensated based on their experience and contribution to the company. A marketer who is able to demonstrate significant upticks in engagement, investor interest, etc. will of course be paid well. Marketers who command a valuable audience will demand a greater fee. This role is one of the most sought-after and well-paid, due to the great amount of “noise” considered appropriate in the cryptocurrency industry. Accounting Accounting roles are responsible for managing company finances, just like in traditional business. They do all bookkeeping work involving cryptocurrency transactions, as well as basic fiat currency transactions, and any exchange interactions and other transactions. Projects utilize major accounting software like QuickBooks, software which allows for computerized accounting, and payroll professionals, to perform regular tasks involving invoices, sales, purchasing records, and balance sheet reporting. Just like in a traditional organization, the accounting team monitors and maintains records of all financial transactions and investments. They ensure that specified budgets are followed and expenses are not surpassed. In so doing, they keep project expenses in-line with company objectives. They also might identify or evaluate business opportunities, and advise the project team about such investment ideas. They will often be compensated based upon experience and the significance of their particular contribution to the project. Financial A financial role in an ICO company can be one of the most engaging, but can come with great responsibility. Your role will focus predominantly on the management of company finances. That is a purposely general description because it is a position that covers a broad range of responsibilities. One day you might be coordinating with the founders and the business development advisors about the business model and the direction of the project. The next day you may be helping the founders explain to seed investors why you need capital to remain solvent. Then you may be tasked with investing the funds raised from the ICO into other cryptocurrencies to diversify the risk profile of the company finances. In the traditional market, finance jobs are very well remunerated. In the cryptocurrency space, you are of course rewarded based on your experience and contribution. However, the amount of responsibility you take, and your ability to be flexible and quick on your feet, can often command premium compensation. Business Development Blockchain business development professionals perform a variety of roles, typically structured around strategy and business ideas. Business development individuals will usually collaborate with every member of the team. Their contribution is not strictly defined by any kind of tangible work, such as writing code or producing graphic design, but rather by the idea of creating a general direction and manner in which the business can achieve its vision. They are responsible for structuring the company’s model, its roll-out plans and key objectives along the timeline. Often the founders of the company will be the ones to focus on Business Development because they have the strongest grasp of the magnitude and nuances of the project and its product. Business Development professionals also are often remunerated based on relevant experience, and their contribution to the project. Advisors Businesses that intend to launch new blockchain projects frequently seek guidance from more experienced advisors. These are people who can offer first-hand information, direction and contact with relevant parties. This kind of advice and ability to give you introductions can be crucial to the success of your project. The role of advisors cannot be easily overstated. The title may sound vague and ambiguous, because it is. But it is a role that covers a lot of very important areas. An ICO might have great financial wizards on its team. They might be incredibly talented at creating their unique product, ecosystem and solution. They have their Blockchain technical expert who can replicate and create the system on the Blockchain to anchor their project. But without effective marketing, without connections to investors, traditional companies, and governments, the whole project is dead in the water. Advisors play a crucial role. It is a role that should be appreciated, and used for all it is worth. In the Blockchain industry, we broadly define and divide advisors into two major categories, Portfolio Advisors and Domain Experts. Major Roles in the Blockchain Industry Portfolio Advisors : Would not contribute strategy or give serious feedback as much as help facilitate good personal interaction with the press and other key partners. A Portfolio Advisor can also be an invaluable conduit to explain things to investors or the press. The Advisor is a good person to explain team decisions in the event of both good and bad news. Crypto and Blockchain projects use advisors to improve their business reputation and industry image, and to make their ICO company appear more serious and professional than it would otherwise appear. As mentioned, the advisor does not necessarily do any actual work such as coding. The Portfolio Advisor is more of a figurehead and professional conduit for the ICO, with a wide range of advisory functions and roles. Compensation for the Portfolio Advisor is often directly proportional to the specific utility to the company or the size of the role. An advisor who brings in half of your ICO funding in pre-sale will of course demand a much larger fee than someone who simply connects you with a few partners who might possibly be useful sometime in the future. A good advisor can earn up to tens of thousands of dollar, or even more. On the other hand, Domain Experts provide the kind of input you would expect. They give practical and strategic direction to help the business be more successful and achieve its objectives in a timely fashion. These advisors can be expert in Cryptocurrency or expert in another related specialty. Typically, Domain Experts will already have significant exposure to the cryptocurrency industry, and a valuable understanding of how things operate. Although, due to the rapid growth in the industry, there are many new advisors and experts specifically brought in for a particular reason, so it may in fact be their first interaction with a Blockchain company. Domain Experts could have experience as diverse as healthcare, finance or gaming. Generally speaking, their contribution to the team will be focused solely within their area of expertise. As with Portfolio Advisors, Domain experts are compensated based on their experience and specific contribution to the project. But many ICOs will try to bring the two roles together. They will ask a well-known, highly-regarded Domain Expert to also appear on the website and help build the overall professionalism and reputation for their project, just like the Portfolio Advisor would do, as well as contribute their Domain Expert knowledge to the project. Technical Experts Did you know that there are certified blockchain experts (CBE)? The Blockchain Council is a certifying body that helps businesses, developers, and all interested individuals to become educated about the Blockchain industry. Technical Experts are specialists with in-depth knowledge and understanding of what the Blockchain is and how it can be utilized by businesses to maximize their potential. They are often the individuals who design the framework of the Blockchain solution, write the associated code, and debug as necessary. These experts are also able to certify other individuals in the Blockchain discipline of Distributed Ledger Technology from a vendor-neutral perspective. One of the most notable technical experts in the Blockchain network, is the well-known creator of Ethereum, Vitalik Buterin. Vitalik Buterin created Ethereum, and ETH, the world’s second most valuable, massively traded cryptocurrency. In 2011, the team founded the Bitcoin magazine which publishes information about the Blockchain technology. Exchanges While not a part of our original list of positions and functions, Exchanges perform a central role with every ICO and Blockchain solution. If you are an ICO company and want to facilitate a market for your token (you always do, your investors will demand it) then you need the exchanges to provide this service. Exchanges, as we have discussed before, provide the market, the liquidity and the compliance with the necessary regulation/KYC requirements. After the ICO fundraising has been completed, the company’s token/coin begins trading on an exchange. Working on an exchange is another important career option in crypto that should not be overlooked. Exchange professionals may not earn as much as some of the other positions, (unless they also own an equity stake in the exchange), but they are still well-compensated for their technical knowledge and the sensitive nature of their job. The Interaction of the Roles People in all of the positions and roles we are talking about will need to work together and communicate with each other at various times. To start and grow a company from an idea or vision, to a tangible thing, is quite a tricky feat. Sometimes the technical experts will need to sit down and explain something to the business developers. The marketers might need clarification how the underlying technology works. Similar to real-world business, something many of us already know from experience, the management structure of a company plays a large role in how people in different positions interact while performing their jobs. If the company is particularly hierarchical, management might insist on going through specific touchpoints when sharing information, thereby allowing management to add their own input. Other companies will be comfortable with marketers and technical developers just speaking amongst themselves to achieve the agreed upon end goals of the business. Cryptocurrency projects often tend to become a special collection of especially talented people from all over the world. Management takes on a somewhat different role in the cryptocurrency space. It is important when you start on a project to be clear about how you should communicate with other team members, the channels of communication and the expected manner of interaction too. Some teams prefer to keep things quite informal, sharing gifs and memes to each other, while others prefer conversation on company channels and a strictly professional style. Pre, During & Post ICO Business Roles Pre-ICO Launch This period is the same for all new companies. This is when the foundation of the business is formed. The idea is validated. Initial development begins, and the team is assembled to start building the company. For an ICO destined company, this period includes where the idea is placed upon the Blockchain, and the use case created. Ideally, the idea should require the Blockchain to function, or at the very least, require Blockchain technology as the most suitable option. One of the first things an investor should do when they look at your project, is evaluate the need for a Blockchain solution. That is exactly what you should do first too. Your team should thoroughly inspect all possible technology options to equip your business with the best framework or “backbone”. You should look to justify the positives and negatives of each framework before landing on the most suitable solution. For an ICO, this needs to be a Blockchain based solution. Pre-ICO Launch The next step is of course researching the competition. With so many ICOs recently it is important to consider who else is active in this space. Who has had or done the same idea before? How is your company different? Why should someone invest money in your company, in your idea, as opposed to the other available options? You should then identify the major challenges your business is going to face. The application of Blockchain technology is so wide and organic to a lot of industries, it’s important to fully analyze and develop your idea for the real world. Do not just assume the Blockchain is going to do anything you want and solve every problem for you. After identifying your needs and challenges, the next step is to look for information about Blockchain technology that does solve your specific problem. This is often a combination of a few different roles working together. Your business development, technical specialist, and marketer as well as perhaps your financial people should all be involved. All positions can and should conduct research, envision areas of opportunity, and predict associated challenges to be met. After doing their research, your team should be able to make an intelligent decision on the path to take. You should have a good sense of where that leaves you, from a business development standpoint, a technical standpoint, and a fund-raising standpoint as well. At this point, you will need to organize and arrange all of your business roles and services to suit the company’s direction from now on. You are also likely to need to bring new people onboard to continue to grow and progress down your chosen path. During the pre-ICO launch, a timeframe is set with company goals. One of the components of a pre-ICO launch is to design and launch your website, which serves as the point where investors go to obtain information about the project. Basically, the website will provide a link to the whitepaper, it will show the members of the team, and it will show the timeline of the project. The success of any pre-ICO launch depends on how well the project is able to pitch to investors about the necessity of the product and the use case of the Blockchain. All of this information is normally available on the project website, and it serves a dual purpose, the latter being a Marketing strategy. The website provides an extremely useful central point of focus for everyone. Your marketers can use the website to refer investors or potential team members. Your company can use your website in meetings with partners, advisors and regulators to demonstrate authenticity and professionalism. You have formed your team and your idea. You have made an operational website and a full series of marketing materials. You are ready to present your idea to the world. In the cryptocurrency world, this involves placing ICO announcements on websites specifically targeted toward cryptocurrency investors and professionals. Utilizing social media like LinkedIn and Medium will enable you to reach out to more people and increase participation and hype surrounding your pre-ICO launch. During the ICO, your project would have generated tokens which will be used in exchange for Bitcoins, etc. Creating a token virtually means producing an asset that your business needs to survive, an asset with which it can conduct transactions. Tokens can represent digital coins, loyalty points, gold certificates, IOU’s, in-game items. The majority of tokens should perhaps not be thought of as shares in a company, as in a traditional IPO, but rather as utility tokens with a value dependent upon and derived from the token’s utilization in the company solution. Some projects will begin to sell these tokens (usually a specified amount) during the pre-ICO period, typically in what is called a “pre-sale”. Pre-sale tokens are usually offered to team members, advisors, large investors, key partners, etc. as a way to both invest in the future of the company, and to reward the people involved. The pre-sale tokens are almost always offered at a discount, and come with a vesting schedule. A projects’ next step will then be contacting and building relationships with exchanges. As previously discussed, the cryptocurrency exchange provides the means through which people are able to buy and sell the project tokens on the open market. Recognition and acceptance by the largest and most reputable exchanges matters a lot. Being listed is an efficient way to raise funds, attract new investors, and incentivize your current investors. Many investors will require you to detail your plans for getting listed on an exchange before they even invest in the pre-sale. Investors will not see any value if there is no listing, no exchange, and therefore no liquidity for that token. During an ICO A comprehensive list of exchanges can be found on Best Bitcoin Exchange. Most tokens will also be listed on CoinMarketCap, which is essentially a stock ticker of token sales. Tokens are listed and ranked according to the success of their ICO project. When an ICO project begins to fail, or fall below target, its ranking on the list decreases and ends up at the bottom, or the token becomes delisted entirely. The actual process of listing a coin on an exchange varies significantly by the site. Most exchanges like Bittrex and Poloniex strictly forbid tokens that could be considered a security. Building hype during an ICO project is all about gaining popularity. With the large number of ICO projects coming up every day, you need an effective strategy to help your ICO project stand out. A strong Marketing & PR team should be focused on the main avenues of communication. Identifying avenues of Communication The first step is to identify the best social media channels to reach out to a large number of relevant audiences. Twitter and Facebook are most often used to advertise projects. Facebook offers various opportunities you would not want to neglect. Browse through different Facebook communities, as well as web resources like helpareporter.com, those frequented by experts, journalists, etc. in order to understand the message content they like to see and the information they think is important. Being in Touch with the Audience After you have identified your audience, maintain contact with them before the ICO, and throughout the entire process. Slack and Telegram are two extremely common ways to stay in touch with your investors and the community at large. You may also use forums like Bitcointalk and Reddit. It could be very wise to hire a specialist to engage in discussions about your project at this point. A forum debate is valuable interaction with the audience allowing you to get feedback from investors in the ICO and future users of your product. Create a Bounty Program A Bounty program is a strong and powerful means to build hype for the ICO project. It is an effective way to attract the attention of investors to your ICO; and a good rewards program to incentivize freelancers to promote your project out into their network. Rewarding users for signature campaigns on bitcointalk, email subscriptions or blog posts may be some of the best ways to broaden your investor audience. Investor Roadshows During this period of building hype for your ICO, you can identify and meet with potential investors in your project. This is a crucial step for your ICO and is incredibly important. This should in fact become top-priority for all of your team members. Investors will want to talk with every member of the team and ask very specific questions relevant to their domain of knowledge. The investors are thinking about their return. It is important to develop a profession level presentation. Clearly define expectations for the project. Illustrate your projections with good charts and visual aids supported by relevant independent analysis as much as possible. Be prepared. This information should be available to you at any time. You should always be ready to deliver a sophisticated presentation to potential investors. It is also smart to talk about other ways an investor will benefit from your project, other than the financial gains. You can think about it, and research for good ideas. At this stage, it is also important you already know what the hardcap of your coin will be, as well as its circulation. This amount should be fixed and specified before you launch your ICO. The coin distribution can never exceed this specified amount. There are three key attributes which investors assess before investing in an ICO. Circulating Supply This is the number of coins that have been freely floated and are available in the market. In some instances, projects could have all their tokens pre-mined, and released all at once through the ICO. The circulating supply will, therefore, be the same as the maximum supply. Other times, tokens have to be mined over time, or coins are released on a specified schedule. As discussed earlier, this strategy can help maintain the value of the coin. Total Supply This is the number of coins that actually exist, including the ones that are not in circulation. Why would coins exist but not be in circulation? It could be for a number of reasons. A team might have mined coins but held them back without putting them on the market. Team members, advisors and pre-sale investors are required to hold their portion of the ICO for a specified number of months to prevent coins being dumped at listing. The coins, therefore, exist, but are not yet in circulation. Maximum Supply This is also known as the hardcap. This number is of paramount importance because this is the maximum number of coins that will ever be created (Bitcoin’s hardcap is 21,000,000 tokens.). Not all cryptocurrencies have a hard cap. Ethereum, for example, has no maximum supply limit of Ether. Why is the hardcap important? There are two fundamental reasons to support an established hardcap. The first has to do with scarcity. Just like diamonds. They are not only valuable for their beauty and strength. They are also valuable precisely because they are scarce. The scarcer they are, the more valuable they become. It’s the same with cryptocurrencies, simple supply and demand. If there is a finite supply of a particular token, the value of the coin is likely to increase over time. This will in turn ensure the integrity and value of the underlying network. When the hardcap is extremely low, you won’t be able to obtain enough funds to develop and grow the network. On the other hand, if the network is flooded with tokens that don’t have a purpose because the hardcap is excessively high, the value of the coin will become diluted, causing a drop in the integrity and value of the network. The second reason the hardcap is important is closely connected to the project roadmap. For every amount raised, the startup should make sure there is an explicit and concise purpose for those funds. Basically, “if we raise so much, then this is the plan. If we raise more, than this is this plan, and this is how we will use the funds raised.” However, we’ve seen projects raising hundreds of millions of dollars with no set objective of what to do with all that money. There have been instances of startups setting a funding target of $20 million, but then they go on to raise over $200 million because they didn’t set a hardcap. That means there is no predetermined plan for the excess $180 million. Post ICO After the successful completion an ICO, it is time to kick-start the project. Immediately execute plans from the white paper and purchase lists. Move as quickly as possible to bring your company to life. Let’s take another look at an example of a successful ICO we have discussed before. Tezos The project was able to generate a total of $232million within three months of the ICO launch. The token created for the project was called ‘XTZ’ and the value for one XTZ was evaluated at: ICO Token Price: 1 XTZ = $0.47 XTZ token price max = $11.21 XTZ token price min = $1.76 XTZ token price to 07/01/2018 = $5.82 Returns since ICO (USD): +1,138% Tezos After the successful completion of the ICO launch, Tezos quickly activated their technology which is intended to compete with Ethereum, and simplify launches for new projects. Nevertheless, the project encountered a major setback. Two lawsuits were filed against Tezos claiming they violated both US Federal and State law. The Tezos tokens were qualified as securities. Therefore, by not registering them as securities, the company violated the securities laws. The project was also accused of fraud based on the premise that the tokens had been distributed under the pretense of being charitable contributions. Bancor The Bancor ICO project was aimed at introducing a convenient way to issue smart-tokens and convert them without a counterparty. After the ICO, the project made some good progress, launching its app in beta mode. Presently, the app has been fully developed such that it is able to convert 14 cryptocurrencies including ETH and BTN tokens. The ICO raised $153million from the sale of their tokens. The breakdown of the value of the token during ICO and after is shown below: ICO Token Price: 1 BNT = $3.92 • BNT token price max = $8.17 • BNT token price min = $1.52 • BNT token price 07/01/2018 = $8.17 Some projects, like Bancor, remain successful after their ICO; while some, like Tezos, fail. It is not enough to plan for an ICO project simply by investing in publicity and token sales. The team must continually try to keep up with and surpass the competition, and give more value to the investors. A basic way to add value is to increase the exchange rate or price of the token. Investors and team members earn greater returns, and the project always stays above breakeven. For a project token to increase in value, there has to be more demand for it in a free market, relative to a given supply. It is important to have a clear understanding of how your token will likely be received, traded and supported throughout each stage of the ICO process. In the Post-ICO stage, the financers and founders of the company will usually begin to manage and assess how best to support the token price. Here are some common strategies and ideas: Token Cap: The easiest way to support the token price is to reduce the number of tokens in circulation. Putting a cap on a token means placing a limit on the number of tokens that are available. As the supply of tokens is reduced, the demand for the token increases and the value of the token goes up. Token Buy Back: just as the name signifies, the team members can unanimously agree to buy up all or most of the company tokens that are still in circulation. When they have done that, they can either burn or destroy the tokens. The of course reduces the number of tokens in circulation and subsequently increases the value of the floating tokens. This kind of buy back can be taken as a continuous course of action, or be used as a one-time way to boost the token value. Token creation by Third Parties: Team members can also brainstorm for other ways to increase or restrict the supply of more tokens to the market. One way tokens are created is via mining. When a project makes mining the main way to increase the supply of tokens for their project, that is perceived as more difficult and restrictive, limiting the rate of increase in supply on the open market, therefore increasing the demand for that token. Token creation by the Project: A project can simply choose to create more tokens when necessary. For example, when the token value has become so high that the users do not use it anymore for the services offered. This action is not generally recommended. It not only burns earlier investors by diluting the value of their current holdings, but also bodes poorly for the future (you might just keep minting new coins). Generally, to increase the demand for a token, the services offered by the project can be made more valuable to the users. That will generate higher demand. The more investors make use of the services and pay with the project tokens, the higher the token value will be. Involvement in the Blockchain Industry After you have some ideas which role or position might be best for you, you can start to network and search for opportunities in the crypto ecosystem. It is not enough to be an accountant, an economist or a business development professional in the traditional world. You need to know about the Blockchain industry as well. Remember, in the Blockchain industry, your reputation is everything. You want a strong social media presence. A professional profile on LinkedIn. Published articles if you have them. When you start talking to projects, you want to have a solid understanding of who you are and what you can do in crypto and Blockchain. The best way to get experience and become a part of your first ICO project is either: Volunteering: gets you into the industry. At first, you might want to care less about what is in it for you, and just get your foot in the door. If possible, you can volunteer for a role in an ICO project you really want to work at. Direct Networking: is a loose term that simply means you contact projects and ask about what is going on. Many projects are run by very digitally savvy individuals. Just asking for a job opportunity is likely to leave you disappointed (unless they happen to actually be in need of your exact talents at that time! In which case asking for work is the smarted thing you could ever do). Try to be useful, become friends, or associates. Help a team member anyway you can and see if an opportunity arises from that. That’s not all! You can get better understanding of major roles in the blockchain Industry from ICO teams through to solidity developers. Follow the link to read our lesson on the topic: UBAI.co Contact me via Facebook to know more about Platinum services and the UBAI courses: Facebook
14 Things We Learned Creating a Million Dollar Hyperdeflationary Currency (DRAFT)
Four months ago we made a reddit post announcing a social experiment to create a “self-destructing currency” called BOMB. The reactions were polarizing, to say the least: Some comments were positive
A currency that no one wants to spend but everyone wants to have would result in an ever growing value. However, it might only be on paper because no one wants to spend it. I wonder what will happen. I really hope this gains popularity, very interesting.
The reaction of the events over the next months took us down a winding road of adventure and a fair share of heart attacks. One day we would get an endorphin rush after the co-creator of the #OccupyWallStreet movement wrote an article; the next day we would find a major vulnerability in the code that would literally cause us to re-issue tokens. Through it all, the journey has been a rewarding one, and we learned a lot along the way. Here are the top 14 things we learned while creating a million dollar hyper deflationary currency.
1) A Deflationary Asset Can Survive... So Far At Least.
One of the biggest things we wanted to learn when starting the social experiment was to ask:
The blockchain industry consists of some of the most talented technical and visionary minds in the world. However, despite this, most average consumers haven’t experienced a blockchain application or used the currencies built on top of it. While there is still plenty of time for true mass adoption to occur, it has become clear that the amount of technical value being developed is not equating to the amount of activity or users. We believe this is not for lack of building, but for lack of storytelling and communication. Average consumers don’t resonate with technological features, they resonate with the stories and the advantages within a solution. Bitcoin, the most successful cryptocurrency to date, has one of the best stories behind it. An anonymous and mystical figure behind the name of Satoshi Nakamoto took his passion and pain from the financial crisis of 2008 to create a better solution. The building behind BOMB wasn’t intensive or complex at all, just a few dozen lines of code in solidity. But that wasn’t our story. Our story was our journey and social experimentation of a deflationary currency. That is why people joined, and this is what keeps people intrigued still to this day.
3) Hodling is Still Alive & Kicking
Despite the average airdrop value sitting over $200 per participant, 84.5% of people have not touched or moved their BOMB. Out of 3073 current addresses, 2604 people would rather hold than sell their BOMB.
4) The Cryptocurrency Industry is Skeptical by Default
Despite giving away all our tokens for free and answering questions as transparently as possible, the default response was skepticism; and rightfully so. Despite over $13,000,000,000 in public capital allocated to the decentralized world in the first half of 2018 alone, over 1000 projects are now dead. Many of the people who joined the industry joined during this time and still feel the resentment to this day. While it will probably take many years to overcome this skepticism, and may never go away, we learned it is important to take every comment and negative remark in stride. Some are valid concerns, but a majority aren’t actually mad or disgruntled with you, but at the industry as a whole.
5) Going from 0 to 1 is 10x harder than 1 to 10
Like most projects, when we started, our followers and community count started at zero. During the first few weeks of sharing the story of BOMB with a few friends, the growth was extremely slow (relative to what it is today) at maybe 1–5 people per day. Nobody wants to be the first to the party. When you’re walking down the street, everyone assumes the crowded bar is better than the empty bar. The one thing you can do to overcome this early stage is making your early adopters feel like absolute VIPs. More than the early adopters getting more free tokens than everyone else, myself and the co-creators spent endless hours on telegram talking with each and every single person who joined. There was not a lost soul who wandered into our group that didn’t get an overly ambitious introduction. This is the core and foundation that will set everything in motion. While I no longer introduce myself to every new person to the group, our community does, and its an amazing feeling.
6) Clear & Concise Communication is Everything
When I first started telling my friends about BOMB, the natural response was “What else does it do?” We as humans have a natural instinct to think more is better. Many founders start with a very clear mission to create something like a comfortable chair but they end up explaining their product as an “Anti-Gravitational Sitting Apparatus to Disrupt the Entire Furniture Industry with Built-in LED Lights and Omni-Rocking Functionality” The problem is when we try to communicate this vision to the world, our vision becomes convoluted and messy. The most successful projects to date consist of the ones doing one thing better than anyone else. When people explain what BOMB is, they explain it very clearly and concisely: A deflationary currency. When people explain how BOMB works, they easily recall and reference the three rules of the currency as stated above.
7) Transparently Bad News is Better than No News
The biggest “OH SNAP” moment for BOMB occurred in February, just a few weeks after airdropping our creation to the world. A community member following the project found an error on the code that could open up the currency to exploitation in the future. Rather than attempting to hide the situation, we made a medium post to explain the situation and news to the community. Just a few weeks ago, many of our community members began to get anxious about a potential exchange listing that was taking longer than expected. While frustrating to take criticism for items we couldn’t control, we wrote a 19 thread tweet storm titled “Transparency Update”. Despite the negative news, the community loved it and felt closer to the project than ever. People many times don’t mind what happened, as long as they understand why you did it, and the reasoning behind it. Yes, there will always be that 10% that won’t accept your answer. But the people who truly care about your vision and value will stick with you. Those are the people who matter.
8) You Don’t Need to Spend $25,000 on an Exchange
Getting on an exchange after raising zero capital was definitely hard. We made a commitment early on that we would never ask our community for money, so everything we did had to be extremely scrappy and resourceful. To help get us off the ground, a few of our early members kept talking about a community/technology called ParJar. In short, this was a telegram bot we could implement that allowed our community to openly trade BOMB instantly and feeless whenever they wanted. There are a lot of items that helped us build our community, but we believe ParJar gave us more native engagement than any other campaign we have done. This organic incentivization ecosystem for individuals to exchange assets was and continues to be the backbone and foundation for our growth.
9) Not All Exchanges Are Created Equal
Even at the peak of the bear market, exchanges attempted to charge anywhere between $20,000 and $250,000; and those were the low-level ones. We definitely couldn’t afford this. After doing more research, we narrowed down our goals with exchanges and what we were trying to accomplish. While many projects immediately want to get on the “bigger volume” markets, research showed there were only a handful of exchanges that had real volume. The rest were doing a lot of wash trading. Instead of going after the top level exchanges, we focused on connecting with other respected and up-and-coming exchanges that would be willing to work with us on integration. The deflationary features inside our contract make us incompatible with many exchanges. This was a full-time job in itself. After many months of searching, we were able to really connect with the team at DDEX (an exchange that is venture backed by reddit’s co-founder) that saw the potential in BOMB and took a chance on us.
10) Liquidity Premium is a Real Thing
While I have heard the term ‘Liquidity Premium’ before, I didn’t quite know how this would impact a deflationary currency. In short, a liquidity premium occurs when something costs more/less because it has high/low liquidity. The best way for me to think of this is a house. Although houses are valuable, they many times take months to be sold or liquidated for cash. Because of this, prices can be up to 20–30% lower than it would be if it were liquid. In relation to BOMB, our goal from the beginning was to decrease token velocity as much as possible. The side effect of this was low liquidity. As soon as we reached Mercatox (a centralized exchange that didn’t burn the tokens) BOMB value increased by nearly 25–50% overnight. Of course, we can probably attribute some of this to new eyeballs and demand, but it has been interesting to watch the arbitrage between a DEX (burns BOMB) and a CEX (doesn’t burn BOMB). Price After Mercatox Listing
11) The Market Decides Value, Not the Founders
One of the biggest questions we got in the early days was:
How much are BOMB worth?
When we explained that the tokens were being given away for free, many equated this to no value. In traditional coins or tokens, the value is determined (or at least decided) by the founders at the price they are willing to sell them at. If XYZ project decides to launch an ICO and sell them at $1, that is the given “value” of the token. The problem with this premise is that this initial value is completely arbitrary and theoretical until it can be actively traded. I can attempt to sell my car for $250,000, but if the market will only pay me $250, that’s what its worth. If we learned one thing from the 2018 bear market, its that the founder’s of projects are very bad at knowing the intrinsic value of their own tokens; many times 90–99% off. Rather than giving our token an arbitrary number, we gave every single token away for free and let the world decide its value.
12) Capital is a Luxury, Not a Necessity
In the startup world, people many times reference the Lean Startup approach. The premise is pretty simple, get your idea into the world for as little amount of money as possible, and see if the world is willing to give it value. In the cryptocurrency world, everything seems to be backward. Cryptocurrencies spend months planning an ICO, then another few years developing a project, only to find out if their idea is worth building. Millions of dollars are spent on the building before confirming the demand. IF you truly believe you have an idea that people want or need, and IF you are willing/able to build an MVP first, and IF you want to build a community fueled project; give a portion away for free and let the market decide your fate. Then, if the market gives it a thumbs up, you have some liquid capital to build your grand vision; all while raising zero capital.
13) Code is Replicable, Community is Not
One mission of BOMB from the beginning was to hopefully provide a financial case study for other people to learn from and implement into their own tokenomic structure. We anticipated and expected others to do this. But, what we did not expect is the number of exact copy cats that would arise of the first weeks. At this time on Etherscan, there are more than five other replicas of BOMB that people created. While we were originally discouraged at others attempting to directly imitate our project, we quickly learned that what made BOMB special was no the code, but the community of people around what we were creating. You can copy code, but you can’t copy a community.
14) People Who Truly Believe in Something Will Go Above and Beyond
To this day, we haven’t paid anything beyond a few #BombUp rewards to our community. And yet, they do some of the most creative, amazing, and impressive creations we could have ever asked for. Report: An in-depth financial and data-driven report on BOMB explosions, price, and analytics trends. Art: Everything from designs to stickers for the community to use and play with. Bomb Up: A community member-run group that gives away BOMB every day for playing telegram games. Articles: Some of the most passionate people writing in-depth articles about the project. Languages: Alternative languages that wanted to discuss BOMB in Russian and German.
There is no doubt that to some, BOMB will be nothing more than a meme coin, and we are okay with that. One of the most fascinating parts of this experiment has been watching our original meaning, goal, and vision of BOMB change and evolve for other people over time. Instead of attempting to control the dialogue, we let the community interpret the project in whatever way they want. This individual empowerment has truly given the currency a life of its own and the amount of fun, insight, and overall awesome people we have been able to connect within our short lifespan has been nothing short of amazing. At the current rate of deflation, if the current pace stays constant the last BOMB is expected o be destroyed by 2031. BombLytics Bot _______________________________________________ If you would prefer reading or sharing this story through a medium format,here is the link.
He collapsed into his cushioned sofa chair; the frame was wood, so there was an impact. Grunting instinctively, he opened up his laptop, like he did everyday, and resumed watching the world. It was an interesting time to be alive. He had studied some computer engineering in university, never finishing his degree. He had worked at two Internet Service Providers (ISPs), in the city he grew up in. He was particularly interested in energy, economics, and politics. He immediately saw the truth. The corruption that penetrated the system the whole way through. He had gotten sickly, from trying to watch the world, while working, so at the moment he was trying to make an income off of watching. He had an undeniable talent for recognizing the truth. He understood what was happening. He was pretty sure he knew who did it and why. His premises were that human beings are organic pattern recognition systems and that every so often evolution takes a leap. He knew there was something different, not anything particularly special, just stange, about the way he thought. But, he had also researched highly intelligent quotient individuals in history. And, he learned to recognize different types of intelligence. The crypto-currency boom was in full swing around him. It entertained the fuck out of him. The masses were clueless as to what was going on. They had no inclination to educate themselves on what was happening and defaulted to experts. He considered himself an expert on the space (Dunning-Kruger?). People were going to lose a ton of money. Almost all wealth was going to be affected in some way.
The creator of Bitcoin stepped away from the project some years ago. People assume he's dead. He's not. He had intended on creating a peer-to-peer currency that would supplant all other currencies. It was a protocol for electronic cash, that was designed to be pseudononynous, yet transparent, if identified, and uncontrollable (de-centralized), as well as open source.
He had watched The Internet form in much the same way. Regulators had moved much more quickly into cryptocurrency, a space, that again, they did not comprehend, and still do not. The elites and governments realized the only way to stop a transition would be to filter the internet. The news was filled with net neutrality changes: it had been repealed. The elites and banks hatched a plan to defame it, seizing control of the development group, and turning Bitcoin from a currency into a 'store of value'. They refused to change parameters to scale it and instead allowed it to continue with fees that were pricing out the lower 1/2 of the world economy. The bankers, unable to comprehend certain mathematical truths, and unable to use a currency that required their own personal responibility for security/privacy, and instead marketed the store of value Bitcoin then profited immensely by manipulating the markets that had been created. He had watched, as the imposter who had claimed to have invented Bitcoin and a group of misfits saved the currency with an emergency fork: Bitcoin Cash. Value created out of nothing? Sounded like money to him! Heck, even to the sheep. This is what fiat had become. He slouched in his chair. He felt rejected by society to the point he was misanthropic. He just wanted someone to share his deluded fantasies with, but he refused to talk to sheep. Dec 20, 2017, 5:10PM MST - EDIT: Seems no one cares - no views. Edited content slightly (added a bit of info) and tried to fix my /commafail!
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If we divided up Monero / cryptocurrency into seven levels of understanding, what would each include?
I'm considering creating a roadmap of resources and study material both for myself and others, but a large amount of the information available online is either redundant or above my current knowledge level. Ultimately, the world will need things like degree plans for Cryptographic Finance degrees, and businesses will need training and certification courses for those who will handle digital money, but let's start more informally. Let's say there are seven levels which range from a general understanding that Monero is "private, digital money" all the way to being able to contribute as a core developer. I'm looking for any and all suggestions for those interested in improving their knowledge, even if some of those suggestions are non-Monero links and/or very time consuming. (i.e. certain levels will necessarily have prerequisites... you're not going to be able to help code if you've never programmed before). So, I ask that you help me define seven different levels of exponential difficulty regarding understanding Monero, and what each of those would entail. I will suggest a few things I am imagining for each level and you can feel free to correct me, add, or delete as you see fit. I will leave the descriptions broad in some cases so as not to constrict anyone's imagination. Any additions or suggestions are welcome.
Is not aware of Monero or digital money.
At this level, a person is aware of the decentralized nature of digital currency, and is able to describe the major key differences between Monero and a public blockchain like Bitcoin. If a GUI exists, they are able to use it to perform simple tasks like sending and receiving money. (Prerequisites: Rudimentary mathematical and computer skills.)
At this level a user better understands how a blockchain operates and is able to describe the processes and math involved. Additionally, the user is able to describe specific differences between similar cryptocurrencies and make use of advanced features with Monero. They are able to make full use of cold wallets, view-keys, and should correspond to the ideal of basic "power user". (Prerequisites: Some basic cryptography knowledge, moderate computer skills, rudimentary math skills)
At this level, a user is considered an advanced user and understands all the operating characteristics of Monero on a system. Their expertise falls just short of examining the code, but they have advanced computer skills and understand all cryptographic principals used in Monero. This is the level you would want all official beta-testers of a new client to be. (Prerequisites: ???)
This level corresponds to a significantly increased understanding of cryptography and the mathematics behind a cryptocurrency. Users at this level should be familiar with most aspects of elliptic curve cryptology and be able to understand and describe the characteristics of various curves. Additionally, they have programming experience and are able to analyze Monero code (even if they don't understand it in its entirety). (Prerequisites: Likely a college-equivalent education or better focusing on computer science and mathematics)
At this level users are able to identify and document most/all aspects of the Monero code. In some cases they are able to contribute. They are also intimately familiar with cryptography. (Prerequisites: I am imagining that one would need years of experience with programming and cryptography to be at this level)
At this level a user is an expert in both computer science, programming, cryptography, and likely finance. They are able to contribute meaningfully and often to core development and represent the normal peak of most people's ability to understand/work with Monero and cryptocurrencies. (Prerequisites: This level would correspond to a career spent in related fields, and being able to bring that knowledge to bear on the current problem)
This would correspond to an applied genius-level talent fundamentally improving the entire field. This is the equivalent of the bleeding edge of development using the culmination of mathematics and programming to create novel and ground breaking solutions into the world of crypto-finance. This would correspond to the level of the original creators of protocols like blockchains and cryptonote. (Prerequisites: Rolling a natural 18 on the dice, and then consistent hard work afterwards for decades) So these are my suggestions and they are very sparsely populated. You also are free to disagree or modify them. But what I am most interested in are resources for each level to advance their understanding so they can move to the next level (if they desire). Thanks for any contributions.
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