Chinese Public Now Has a Way to Report Illegal ICO

The China National Internet Finance Association has added a "token sales" category to its platform that allows the public to report on illegal financial activities
28 August 2018   1215

The Chinese self-regulatory organization intends to support the state in combating illegal campaigns for the ICOs. This is reported by CoinDesk.

The Chinese National Internet Finance Association (NIFA), a self-regulatory organization founded by the People's Bank of China (PBoC), added the category of "token sales" to its platform designed to convey reports of possible episodes of illegal financial activity.

NIFA is the portal operator, through which citizens can file complaints about suspicious financial activity. Previously, most of the complaints sent through this portal were related to lending between individuals, insurance on the Internet, equity financing and online payments.

Now the association has added the option of sending messages about "sales of tokens", through which residents of China will be able to report on activities related to cryptocurrencies, recognized illegal under the last year's order of PBoC.

The activities that is offered to be informed by portal users includes the functioning of crypto exchanges, direct and indirect provision of registration, trading, clearing and settlement services during the ICO, as well as business insurance in the field of cryptocurrencies.

Last week, China's leading financial regulators issued a warning about new forms of attracting financing using cryptotokens such as "initial exchange offerings" and "initial fork offerings" despite the country's bans.

In addition, the Chinese corporations Baidu, Alibaba and Tencent expressed their readiness to cooperate with the government and promised to prevent any attempts to carry out OTC transactions with cryptocurrencies in their own services.

Algorand to Raise $60M in 4 Hour Tokensale

The project was founded by a MIT professor and a Turing Award winner Silvio Micali and is designed to solve the problems of scalability and consensus in the DLT
20 June 2019   77

The blockchain-project Algorand, aimed at creating an “borderless economy ”, announced the successful completion of the  ALGO tokensale, during which it raised over $ 60 million, CoinDesk reports.

The campaign was held on the CoinList platform and was conducted in the format of the so-called “Dutch auction”, in which the highest price is first announced, after which it gradually decreases.

Simultaneously with the completion of the tokensale, it was announced the launch of the main network of the Algorand. The platform processes 1000 transactions per second with a delay time of less than 5 seconds, which, as noted, puts it on par with such major payment networks as Visa and Mastercard.

In his work entitled The Monetary Experiment: Algorand A Thesis For Algo Currency Markets, the head of Arrington XRP Capital, Michael Arrington writes that Algorand is a project where macroeconomics meets cryptocurrencies. He also notes that Algorand, as a blockchain-resistant Proc-of-Stake algorithm, is distinguished by a combination of advanced cryptography and a smart economic model.

The Algorand project was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. The main task of Algorand is to solve the problems of scalability and consensus in the blockchain.

As noted, the exact number of buyers who participated in the auction remains unknown, but because of high demand, the campaign lasted less than four hours. In total, 25 million ALGO tokens were distributed with a starting price of $ 10 and a closing price of $ 2.40.

Representatives of the project also stated that since tokens are distributed to customers' wallets and are not available on stock exchanges, there is no need to talk about any value of Algorand market capitalization.

Algos are being dispersed to wallet right now (for successful bids).  Therefore – there are non on exchanges. [Therefore, no market capitalization is available for Algorand, though some have speculated it sits around $6 billion.] Which is still a top 10.

Algorand Team

Earlier, the project announced plans to auction 600 million ALGO tokens per year, and in the first five years it is planned to release 10 billion tokens.

Also note that over the last year, Algorand raised $ 66 million in venture capital from investors such as Union Square Ventures and Pillar Venture Capital.