“Financial Times”: ICO was stopped block chain to develop the industry that regulatory intervention is conducive to the steady development of the chain chain industry


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nThe ICO in the chain of chains is like a glass of beer full of bubbles. After the bubble is punctured by the regulatory policy, the main body under the bubble – the chain chain technology and the promotion is the object that we should really care about.n
nICO is different from Bitcoinn
n”The rapid development of the ICO is of great concern to the regulators.” From the traditional legal point of view, ICO has the suspicions of raising funds and raising capital, “said Sheng Songcheng, executive vice president of the China People’s Bank of China and executive vice president of the Lujiazui International Finance Research Institute in Central Europe. Its development, no supervision is a great risk. A lot of no future, and even itself is a hoax of the project, not only to investors take great risks, but also to the real block chain entrepreneurial team a lot of complaints, in fact, A lot of retail and even the ‘Aunt’ admission is a vane – ICO to the need for regulatory intervention time .This time the reorganization is mainly for the risk of warning and protection of the interests of investors.n
nIn the custody of the interruption of ICO, the community for the follow-up development of Bitco currency trading platform is also very concerned about. Industry experts said that in the domestic ICO financing was closed at the same time, the global virtual currency market size is still huge, still need to establish the relevant regulatory mechanism.n
nInternet financial research expert Deng Jianpeng told reporters:n
nn”ICO issue and the special currency issue is essentially different.ICO issued a strong center of the property, the size of fund-raising depends entirely on the launch platform, and bit currency issue is an important attribute to the center of the ICO project can not fly, It is concluded that the coin and the block chain technology do not fly in. In fact, the encryption token and the technology itself are neutral.n
nnAccording to the reporter to understand, ICO distribution process is to investors in the hands of Bitcoin, Taitong coin into the project, to obtain the new project equivalent “tokens”, investors will have a certain percentage of the right to use the project. The more the company’s application is recognized, the more the demand for token will be. And the strong demand for tokens will push up the price of the token, and its holders will gain the price rise. Finally, the participants in the hands of the project tokens generally through the digital currency exchange for the exit.n
nUnlike the ICO issue, Bitcoin does not rely on a particular currency institution to use a distributed database of many nodes in the entire P2P network to identify and document all transactions based on a particular algorithm and use cryptographic design To ensure the safety of all aspects of currency circulation.n
nIn addition, unlike ICO, Bitcoin has been under regulatory guidance. In 2013, the People’s Bank of China and other five ministries have issued a notice that a clear bit currency is a specific virtual goods, do not have the same legal status with the currency, can not and should not be used as a currency in the market circulation. However, Bitcoin trading as a kind of Internet commodity trading behavior, the general public at their own risk under the premise of participation in the freedom. Article 127 of the General Principles of the Civil Law of the People’s Republic of China, adopted by the Fifth Session of the 12th National People’s Congress, stipulates that “the law provides for the protection of data and network virtual property in accordance with its provisions.” Since then, Of the network of virtual property as a civil rights, was written into the basic law of our country.n
nSheng Songcheng said:n
nn”As the most important and most famous block-chain technology carrier and application, Bitcoin is a global block-chain asset that can be traded abroad or underground, so it is difficult to completely ban, but it should indeed further regulate the virtual currency trading. “n
nSupervision involved in the development of escort zone chainn
nThe industry believes that the September 4 issue of more than 1,000 words of regulatory notice, once did not mention the block chain, which behind, but also represents the relevant departments for the block chain attitude. For the huge technological innovation of the block chain, we should abandon the ICO, which is simply under the guise of the block chain, and see the true value and meaning of the block chain.n
nBlock chain technology is to use block-chain data structure to verify and store data, the use of distributed node consensus algorithm to generate and update data, the use of cryptography to ensure data transmission and access to the security, the use of automated script code composed of intelligent contracts To design and operate a new distributed infrastructure and design paradigm. Block chain has a centralization, not tampering, the only trusted, anonymous features, in the financial, anti-counterfeiting, copyright protection, and so has many applications. The block chain technology applied in the appropriate field, in order to play out the value.n
nAccording to the World Economic Forum, by 2027, the block chain will contribute about 10% of global GDP. Sheng Songcheng also issued a document said:n
nn”China should still encourage block chain technology, which has been widely recognized by the world agencies, governments, businesses, experts and practitioners as a very important and innovative technology.”n
nnSheng Songcheng that the application of the scene is the rapid development of block chain technology, the rapid development of the biggest driving force, strong market demand and technical barriers between the contradictions, prompting many technology companies to speed up research. A new generation of block chain system is encryption technology, high-frequency transactions, energy consumption and other aspects of continuous improvement. Block chain in China, the rapid development of the emergence of cohabitation in the inevitable, timely intervention in the block chain industry is the care of the chain chain industry can make more stable development.n

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