Tierion to seek $25m in Ethereum token sale

Blockchain startup Tierion launches ICO with a target of $ 25 million
10 July 2017   813
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Tierion, a blockchain startup specializing in digital data verification solutions, has announced the creation of Tierion Network Token (TNT), a publicly traded digital asset based on Ethereum blockchain.

Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

According to the whitepaper of the project, the Tierion token will be designed to expand and strengthen the network effect that supports the Chainpoint protocol, that enables users to create time-stamped proofs using public blockchains.

Current Tierion vs New Tierion Network Current Tierion vs New Tierion Network

Wayne Vaughan, the founder and CEO of Tierion, believes that the forthcoming sale of tokens will help the startup to bring its product to a new level:

The reality is that startups are all always locked in an arms race for talent and capital, and there's a lot of people who are walking out the door, hanging out a white paper and no product and they're raising $15m to $20m. We're a company that's been around for 18 months and we have enterprise partnerships.
 

Wayne Vaughan
The founder and CEO of Tierion

He is also convinced that creating a distributed blockchain network will help Tierion's data verification services become more reliable and secure as well as it will expand the client base.

As part of the architecture design, Tierion, together with its core partners, will be responsible for running the full stack of services for Chainpoint, maintaining a new blockchain called a "calendar" to be mutually managed as a means of reducing the network's reliance on confirmations on the public ethereum and bitcoin blockchains for data accuracy.

The end users don't have to use the application. People will be able to run a Chainpoint node, and they will be able to offer a copy of all the services you currently get through Chainpoint.
 

Wayne Vaughan
The founder and CEO of Tierion

Under the design, Tierion together with its partners would host its own version of this service stack as a way to verify proofs and build its own applications, while a distributed network of nodes help scale and audit the network.

According to representatives of Tierion, Microsoft will be the first organization to join Chainpoint Core and manage a service cluster.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   36

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.