Polkadot network officially launched

Polkadot development team announces the official launch of the network and the simultaneous launch of a campaign to sell the project's tokens
15 October 2017   962

Polkadot protocol is designed to improve the compatibility of various blockchains, such as Bitcoin and Ethereum ones. The protocol is developed by the Parity Technologies team, headed by Gavin Wood, the former Ethereum technical director.

polkadot.network
polkadot.network

Thus, Polkadot is a protocol that allows independent blockchains to exchange information. Polkadot is an inter-chain blockchain protocol which unlike internet messaging protocols (e.g. TCP/IP) also enforces the order and the validitiy of the messages between the chains. This interoperability also allows the additional benefit of scalability by creating a general environment for multiple state machines.

Now, the development team announces the official launch of the network and the simultaneous launch of a campaign to sell the project's tokens. On top of that, the team also warns about the appearance of a fake site, the creators of which obviously set a goal to steal user funds.

In total, 5 million DOT tokens are offered for Polkadot network's token sale.

Сould you please attach your email address for us to send you the most interesting ICO's rating and reviews. No spam.

Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   156

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.

Mark Branson

FINMA CEO