An identity blockchain announced without an ICO and having a token

The new infrastructure aims to clean up the mess in the area of digital identity
26 February 2018   151

Digital Bazaar today announced an identity blockchain project Veres One. What's special about it is that the company won't hold an ICO or release a dedicated token. Although nowadays ICOs are a usual way to raise funds, the drawback of such approach is that it puts the project developers in debt of the investors.

Especially when the purpose is to improve such critical area as digital identity, it needs to be as cost-effective as possible. Besides, now of digital identity is maintained by centralized service providers. And the events of the last several years has shown terrible vulnerabilities and proved to be prone to hacking, breaching and identity theft. On top of that, such initiatives as identity blockchain should be a global utility tool made available even for the most needy groups of society.

Regarding the architecture, Veres One is a public permissionless blockchain with a unique system of governance that include nodes, maintainers and a board of governors. Maintainers are going to further develop and improve the ledger while the board that consists of diverse (ethnically, geographically, culturally) individuals will establish the operational rules of the network. Such hierarchy will provide the necessary level of control and and balance.

Without a native internal currency, the blockchain will include fees set at $1 and promised to stay low. The project is at the testing phase. And if all goes well, then the launch is going to happen in the coming 2 to 4 months.

Fundamentally, what we're trying to do is build a fit for purpose ledger that is built for [the digital identity] use case and only for that use case - no token, no speculation. And we're inviting developers to bang on the network and break it.


Manu Sporny

Team Lead, Digital Bazaar

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.