ERC-20 Creator Wants to Let Investors Take Money Back

Vogelsteller felt responsible for the ICO boom and he intends to propose a better model
31 October 2018   991

Ethereum developer and creator of the ERC-20 standard Fabian Vogelsteller during a speech at the Devcon4 conference in Prague proposed the concept of a reversible ICO (RICO), during which a special smart contract will allow investors to return the invested funds at any stage of project development by returning tokens. This is reported by COindesk.

You are able to withdraw the funds you committed at any point of time and you do this by simply sending back your tokens. It brings the balance back between the community and the project and I think this is really important.

Fabian Vogelsteller

ERC-20, Creator

As soon as the Ethereum coins come back to the investor, other users will have the opportunity to purchase tokens. Vogelsteller stressed that all this can provoke a fluctuation of quotations, therefore, projects will need to attract basic funding from private investors outside the ICO.

He added that he felt responsible for the ICO boom, because he had created the standard, and he intends to propose a better model. In his opinion, RICO can significantly reduce the number of scams and encourage project creators to keep their promises.

Earlier, Vogelsteller proposed to use the ERC-725 rulebook for the standardization of digital identification technology.

Bitfinex's LEO Token Whitpaper to be Released

Public stage of tokensale may not be conducted if hardcap of $1B won't be reached during closed sale
08 May 2019   276

Bitfinex Cryptocurrency Exchange published the whitepaper LEO token, with which it intends to raise $ 1 billion during the initial exchange offering (IEO).

It is expected that this amount will allow to fill the previously formed deficit of $ 850 million - the site operator will redeem tokens monthly for an amount of 27% of the profits.

Private stage of tokensale ends on May 11. If the intended hardcap won't be reached by this time, Bitfinex may refuse the public part of the campaign.

If fewer than 1 billion USDt tokens are sold by private token sale, the Issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law. 

LEO Whitepaper

The issuer of the LEO token is Unus Sed Leo Limited, the newly registered IEO-iFinex platform.

The document also says that iFinex, which will be launched in June, will actively participate in the development of the second-tier Lightning Network.

iFinex has joined with a number of other companies and individuals to help develop and finalize the support for digital assets on Lightning Network. Ideally, digital assets developed and introduced by iFinex, including the LEO token, will be among the first digital assets launched on the Lighting Network.

LEO Whitepaper

In addition, Bitfinex plans to create a “a licensed and regulated security tokens exchange”, launch a derivative product with security at USDT and leverage up to 100x, as well as the Dazaar Big Data Marketplace and Betfinex exchange rates.

Another project will be the modular set of tools, libraries and protocols μFinex, based on the principles of open source. It will be used in both exchange and derivative products.

It worth reminding that in late April, the Attorney General’s Office of New York reported receiving a court order against Bitfinex in connection with the alleged loss of the last $ 850 million and the concealment of this fact from market participants.

Representatives of the trading platform said that we are not talking about permanent loss. These funds are frozen in bank accounts of Panamanian processing Crypto Capital Corp., located in four countries.

To ensure liquidity, Bitfinex was forced to use Tether Limited's funds for a loan and, according to the AG’s Office, has already received $ 750 million from the company's reserves. This was considered by the department as a crime.

On May 7, the New York State Supreme Court upheld the injunction against the Bitfinex Bitcoin Exchange, which does not allow Tether Limited to use its reserves for Exchange lending and other investment activities.