A ConsenSys-built platform launching its first project Tuesday aims to support ethereum projects while discouraging speculative investing and trading in the projects' tokens.
Activate - a decentralized token network that actively polices speculative token making - announced it was going live with SKALE, an ethereum scaling project, as its first partner.
Its "Proof-of-use" protocol requires tokens to be usable at or immediately after selling tokens to participants and that tokens are used for their intended purpose.
SKALE CEO Jack O'Holleran said that after a Dutch auction his token will go live on the ethereum mainnet and tokens will not be able to be transferred for a 90-day proof-of-use period.
SKALE token holders must contribute to the security and scalability of SKALE's network by delegating to validators or serving as validators on network, who earn rewards in the form of SKALE tokens.
SKALE will keep using Activate after the token launch for managing validators.
Each team has to disclose critical information on a freely accessible website and the token must be offered and sold for the purpose of facilitating access to, participation on or development of the token network.
Pierce's proposal would impose a set of requirements for crypto projects to raise funds through a token sale, including requiring personal disclosures, code disclosures, public notices and a number of other factors.
A project's source code, transaction history, token economics, roadmap and history of past token sales would all be disclosed on a free and publicly accessible website.
While Activate's requirements for token projects and Pierce's proposal are similar, the startup's token restrictions came out of "The Brooklyn project," an initiative ConsenSys started in November 2017 in response to concerns regulators had already raised about token launches.
ConsenSys Project Launches 'Proof-of-Use' Network to Discourage Speculation
Udgivet den Feb 11, 2020
by Coindesk | Udgivet den Coinage
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