Budbo Token Pre-Sale Quickly Sells Out

Crowdsale now under way to catapult cannabis industry via blockchain
24 January 2018   1353

Budbo, Inc., an enterprise suite of products focused on data analytics in the cannabis sector, has officially sold out its token pre-sale 10 days before its scheduled end date. Tier one of the token crowd sale is now underway, as contributors continue to support Budbo's mission of transforming the cannabis industry via blockchain technology. 20 million tokens were sold during the pre-sale. A total of 150 million tokens have been issued for the crowd sale.

"Selling out our token pre-sale is exciting, but not surprising. It's inspiring to see the cannabis network support our vision of driving the industry forward via a global blockchain solution that is distributed and stores data in immutable ledgers. This is game-changing.
 

Rick Burnett

CEO, Budbo

Budbo will be the first-of-its-kind, fully integrated blockchain-based solution for standardized and regulated interaction between cannabis users, dispensaries and couriers. Government regulators will have a transparent view of transactions and product integrity, potentially speeding up national legalization of cannabis. GPS technology will track all cannabis movements from seed-to-sale. The Budbo Tokens (BUBO tokens) will grant third parties complete access via API to Budbo's immutable ledger on the blockchain - allowing for a single point, data-driven cannabis environment to quickly flourish.

Budbo
Budbo

The Budbo Tokens (BUBO tokens) will grant third parties complete access via API to Budbo’s immutable ledger on the blockchain - allowing for a single point, data-driven cannabis environment to quickly flourish.

We continue to be amazed by the support and contributions coming from the cannabis and crypto communities. The speed at which the presale tokens sold out has allowed us to begin furthering our blockchain development.  Having just successfully ported and tested our first shipment based entirely on blockchain technology, we really can’t thank our contributors enough. 
 

Luke Patterson

President of Budbo, Inc.

According to research, most blockchain projects fail. But why? According to Blockgeeks.com, the reason most ICOs fail is that the majority of developers/entrepreneurs do not pay any attention to the three pillars that make up a successful ICO:

  • Cryptoeconomics
  • Utility
  • Security

Why Budbo?
Why Budbo? 

Budbo approaches all three criteria seriously:

Budbo’s Cryptoeconomics: According to Blockgeeks.com, “it is very rare to find a token whose economic skeleton has been properly and thoroughly mapped out.”
Budbo has thought this through and designed its token properties and functions accordingly. The Budbo Token (BUBO) crowdsale will fund our efforts in a strategic effort to remain as decentralized from traditional forms as possible. Our goal is to be the first cannabis focused platform that meets the needs of users, suppliers (dispensaries) and couriers built on the blockchain crypto-technology. The Budbo token is not, and should not, be considered a security as defined by the SEC. It is a transaction tool within the Budbo ecosystem.

Budbo Utility: The combination of decentralized encryption, anonymity, immutability, and scalability transforms Budbo into the ultimate online ecosystem for the facilitation of interactions between users, dispensaries, growers and couriers within the cannabis sector. Utilizing the Budbo Token as the API key for data exchange will increase its utilitarian value. It achieves this by building on the strength of a well-established system to offer applications, create a new cryptocurrency, and display valuable analytics. This allows it to run its functions exactly as programmed without any chance of fraud, censorship or third-party interference. As such, Budbo provides not only a groundbreaking blockchain token-based ecosystem but also a powerful, modular toolset to build interactions between all channels in the cannabis sector.

Budbo Security: All Budbo blockchain transactions will be secured with state-of- the-art cryptography, and blockchain integrity will be protected by CPU efficient ASIC resistant proof of work. This unique model allows us to fill numerous operational and process gaps for cannabis businesses. Blockchain technology offers a way to streamline all cannabis pursuits simultaneously and 100% accurately.

Momentum tends to build for projects that manage to raise substantial funds early on as this shows investors that there is interest in the project, which could also mean that its digital token will perform well once the token sale is completed. 
 

Blockgeeks.com

The Budbo blockchain holds an immutable ledger that leverages crypto-tokens built on smart contracts. These benefits include:

  • Recording and Storing Product Life Cycle Events
  • Verifying Patient Identity
  • Transaction Assurance
  • Equipment Ordering
  • Inventory Management
  • Seed to Sale Tracking
  • Client Management
  • Delivery Tracking and Verification
  • Platform Analytics

Budbo’s fast-selling pre-sale portends a broad belief that our solution is the real-thing, and smart people recognize it. 

About Budbo

Budbo was founded in November of 2016 to provide the highest quality medicine to cannabis patients by chasing the technological horizon. Every decision we've made has been guided by this ethos; from launching a consumer facing mobile application, to providing logistics and tracking to growers, and now the industry-wide blockchain solution. We are grateful to be able to continue to chase the technological horizon on behalf of the cannabis community.

Learn more and stay tuned!

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Singapore's Watchdog to Warn Crypto Exchanges and ICOs

MAS says it has cautioned the exchanges to seek authorization if trading digital tokens that are regulated under the Securities and Futures Act 
24 May 2018   43

The Monetary Authority of Singapore (MAS), which performs functions of country's central bank, warned eight local crypto exchanges about the inadmissibility of futures contracts trading and digital tokens with the properties of securities without proper authorization from the regulator. This is reported on the Coindesk.

MAS representatives note that if the tokens traded on Singapore exchanges have properties that allow them to be classified as assets subject to the Securities and Futures Act (SFA), the trade in such coins must be immediately terminated before the regulator is given permission to operate as a authorized financial market operator.

If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS.
 

Monetary Authority of Singapore

In addition, local organizers of initial coin offerings (ICO) have also been warned about the inadmissibility of raising funds in Singapore. According to the regulator, ICO-tokens are equity instruments in the assets of companies, and therefore fall within the scope of SFA.

If any digital token exchange, issuer or intermediary  breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS' rules.
 

Lee Boon Ngiap

Assistant managing director, MAS

According to representatives of MAS, not only issuers of ICO-tokens, but also other platforms that are intermediaries in the exchange of such assets and contribute to their dissemination, can bear responsibility.