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Korean Government to declare its stance on ICO in November.

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The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official.

The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official. The choice will pursue the result of the survey which the nation’s Financial Supervisory Service as of late conveyed to domestic blockchain companies.

 

ICO Stance Announcement Expected in November

Korean Government Anticipated that would Declare ICO Position in November, Official Says Hong Nam-ki, Chief of the Office for Government Policy Coordination, passed on amid a parliamentary review on Thursday that “The Korean government is probably going to report its position on the much-debated status of initial coin offerings [ICOs] in November,” the Investor detailed.

He clarified that a survey on ICOs has been sent to neighborhood blockchain companies by the nation’s Financial Supervisory Service (FSS). The FSS is in charge of setting a few arrangements on digital currencies including anti-money laundering measures. The point of the survey is “to assemble their [survey recipients] sees on the current legal framework” for ICOs, the distribution included. “We did the survey as a few companies are leading or getting ready for ICOs regardless of the ban here,” Hong cleared up and was additionally cited saying:

We have had a few discussions (on ICOs)… Once the survey results are in by end-October, we intend to finish the government’s position.

 

Money Today additionally cited him reaffirming, “I expect to shape a government position on ICOs one month from now.”

The South Korean government banned all types of ICOs in September a year ago however presently can’t seem to present any law overseeing them. This has caused various Korean blockchain companies to dispatch their tokens abroad, giving the chance to domestic investors to keep on investing in ICOs.

 

The ICO Survey by South Korea

Korean Government Anticipated that would Report ICO Position in November, Official SaysThe ICO survey sent by the FSS has vexed businesses that got it, as indicated by neighborhood media. Inquiries in the survey concern any ICO ventures companies might be included with or are intending to take part in, including motivations to issue tokens and their techniques for dissemination, the Korea Economic Daily announced.

While the FSS says that the survey isn’t obligatory and that it just looks for “to comprehend the correct circumstance of the industry, not for assents,” companies are hesitant to unveil certain data since ICOs are at present banned in the nation, the distribution noted.

 

FSC’s Present Position on ICO

In the mean time, the Financial Services Commission (FSC), South Korea’s best financial regulator, has reaffirmed its position on ICOs for the present.

“The government does not preclude the promise from securing the blockchain industry,” FSC Chairman Choi Jong-ku was cited by Yonhap saying on Thursday. Nonetheless, “I don’t think it is important to compare the virtual currency business with the blockchain industry,” he stated, explaining:

Numerous individuals say ICOs ought to be permitted, however ICOs’ vulnerability remains, and harm is excessively genuine and self-evident.

Choi likewise underscored the requirement for more crypto exchanges to utilize the genuine name framework that the government actualized in January. The regulator means to convert all crypto exchanging accounts to genuine name ones. Be that as it may, banks have just been giving the genuine name transformation service to the nation’s four best crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. Every single other trade keep on utilizing their corporate accounts which the regulator says are prone to money laundering.

“We need to persuade the banks,” Choi declared, perceiving that as of now “commercial banks don’t give genuine name accounts to some virtual currency exchanges.”

ICO

Failed Initial Coin Offering: Sponsy being sold on eBay

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Sponsy, an initial coin offering project that was planning to raise millions is reportedly being sold on eBay, the multinational ecommerce giant.

Sponsy, an initial coin offering project that was planning to raise millions is reportedly being sold on eBay, the multinational ecommerce giant. The blockchain project which was developed by Sponsy is now placed on auctions with a starting bid of $60,000.

The project team had a plan for raising millions of dollars through an initial coin offering even though the product still did not have a clear definition or roadmap.

 

Sponsy Quits:

ZeroHedge reported that the founders of the product seem to have planned to quit and this is the reason why they have now listed their product on eBay. The company had earlier planned an ICO back in 2017.

 

Ivan Komar, one of the founders of the project explained to the Financial Times that back in 2017, it was quite usual for a product based on blockchain technology to raise millions of dollars due to the ICO hype that was created at that time. However, the team’s law firm gave a suggestion to the team to not seek investment through an initial coin offering until the team was finished developing the product.

 

Komar also mentioned that hiring the law firm was a mistake for them as the lawyer suggested them not to hold an Initial coin Offering until the product was built and had users. He said that blockchain companies back then were able to raise millions of dollars even though they were not ready with an idea or a product.

 

Komar also admitted that they should have done an ICO first rather than going for the lawyer’s words. He added that they should have raised as much investment as possible back then and after that started to build a product like most companies back then did. Sponsy waited until the mid of 2018 when they had finished building the product, however, till then the interest of the investors was no longer in the cryptocurrency space.

 

Sponsy did not need Blockchain:

The founder also admitted that the product did not actually need a blockchain to run. He said that the main business of the project would run in the usual manner without any cryptocurrency or blockchain being implemented into it. The project just needs a centralized server to run and not any blockchain or crypto component.

 

Komar also mentioned that the amount of $60,000 was quite genuine for their product as according to him, it is at least worth $200,000. The bidding is still live on eBay with three days remaining on the countdown. However, currently, there is not even a single bid on the project until now.

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#Ethereum

Which Ethereum Testnet To Use?

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An Ethereum testnet is used by developers to test and run their dApps or contracts on the Ethereum network, before making them live.

An Ethereum testnet is used by developers to test and run their dApps or contracts on the Ethereum network, before making them live on the original Ethereum chain. We will explore different testnets available on Ethereum.

Be careful when connecting to a testnet, as any address or token working on Ethereum will also work on the testnet.
If you don’t pay attention, you can accidentally send tokens or real Ethereum to a testnet.

Ganache & Infura

Ganache is your personal Ethereum blockchain, which is useful for testing and interaction with your contracts during development.
Infura by ConsenSys is an infrastructure that provides access to several Ethereum networks and IPFS.
Infura can be used to distribute smart contracts to the mainnet, as well as Ropsten, Rinkeby, and Kovan.

Ropsten supports both Geth and Parity, two types of Ethereum node software implementation, allowing developers to create two different angles of the project they are testing.

Infura allows you to send signed Ethereum transactions over the Internet to the Rinkeby testnet, and the implementation of contracts is just another type of Ethereum transaction.
You can also use your Ethereum address to get a list of all the transactions you have sent.
Ethereum’s addresses can contain very, very large amounts of money and their private keys must be kept in place.

Geth is a CLI ( CLI ) command line interface that communicates with the Ethereum and acts as a connection between your computer, hardware, and other Ethereum or networked computers.
Mining in the real or Main Ethereum blockchain is quite difficult and requires specialized equipment such as special GPUs.

In principle, many languages can be compiled up to the byte code used by the Ethereum VM, but in practice, almost all intelligent contracts are written in the “Ethereum – indigenous” language called Solidity.
Reminder: “the web frame called a Node” and “an ethereal Node” are two completely different uses of the same word.

If you want additional security by running two different implementations in parallel or if you are serious about extracting the GPU, then the C ++ “ETH” client is for you.

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#Explained

ICO vs STO, Are Security Token Offerings Different?

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STOs are becoming more and more convincing for investors and companies to raise capital.  Securities can offer many financial rights to investors.

The initial coin offering ( ICO ) is the first, most frequently used and fastest way to finance a blockchain project without intermediary, at least in 2017 – 2018.
The STO can be compared to the IPO, where the tokens are treated as real securities.
With the increasing number of fraudsters in the ICO universe, as well as the strong desire of governments to control Israel’s deregulated crowdfunding campaigns, regulators such as Securities and Exchange Committee ( SEC ) were unhappy, and they could not leave aside.

Such smart contracts also allow for the production of nonfungible tokens ( such as ICO tokens ) or non – fungible tokens ( such as cryptocurrencies ) on the durable, battle-tested blockchain of Ethereum.
In contrast to ICOs, STO tokens are usually supported by a known element, such as assets, shares, income or profits.
In addition to the high initial legal and compliance costs, the other major drawback of STO tokens is that large cryptocurrency exchanges such as Binance do not yet support them.

 

STOs are more transparent than ICOs

One result of the need for change is the increase in sales of collateral tokens ( STOs ), a more transparent investment vehicle.
Primarily, a security sign represents an electronically packaged interest or a share in a private interest or company – and can be extended to assets such as real estate, trusts, LLC, fine arts, etc.
Often, securities are given the right to a form of equity or ownership of a particular asset, whether fractional or whole and to expect profits through income, dividends or favorable price movements.
Companies can offer digital security tokens for a variety of assets that are otherwise illiquid, while investors can buy lower – risk securities in their preferred investments.

 

Utility Tokens and Security Tokens

In contrast to Utility tokens, Security tokens can be backed by corporate assets such as shares, voting rights or other rights to a real asset.
For example, if company X, which turns out to be a very successful mutual fund, moves 5 million dollars into a free chain STO, the resulting hype about buying and investing would be unprecedented.
Not only is it illegal to manipulate the market, but it also discourages institutional investors, such as Company X, from investing in such projects, because their total investment will be readily visible to the public.

Companies that register an STO will have to submit documents that are publicly available through the SEC EDGAR database.
Sto’s security tokens are based on Alternative Trading Systems ( ATS ) with intermediaries registered with the SEC and monitored by the FINRA.
More and more people will understand what the stock of the blockchain is, and security tokens will become an integral part of the global financial system.

Elsewhere in Europe, the financial industry, traditionally focused on fiat, is beginning to support cryptocurrencies as securities.
Regulators, the financial industry and many cryptocurrencies are slowly developing a common understanding of what blockchain security should look like.

 

STOs are more secure for Investors

STO has achieved this level of security, which IPO has, as well as the relative simplicity and accessibility that is inherent to ICO.
To have a convenient opportunity to view the list of all current ICOs in one place, particular aggregator sites have been created, called ICO trackers.
The following data is analyzed to create an estimate of this parameter: advertising of the development team, White Paper, the availability of a work test product, the reputation of consultants and partners, etc.
Detailed information on ICO projects can be found on larger sites, and some services can easily publish WP by linking to the official project source.
There are a lot of fraudsters on the ICO market, which you can find on specialized services – ICO trackers.
In short, and simply put, the definition of a hard fork is a significant upgrade of an existing cryptocurrency in which a new currency is created.

 

STOs offer more rights to the Investors

In theory, the symbolic economy can improve network effects by rewarding user involvement and even better governance by giving the most active users a more significant influence on future protocol decisions.
Some traders earn their living by doing so with the public market share, and the behavior of investing is one of the driving forces behind the current cryptocurrency market.
Stos are usually granted an exemption called D 506 ( c ), which is a public offering of securities to accredited investors ( each person with net worth 1 million dollars plus or annual income of 200, 000 or more dollars over the last two years – 300, 00.

STOs are becoming more and more convincing for investors and companies to raise capital.
Securities can offer many financial rights to investors, including shares, dividends, income shares, profit shares, voting rights, and other financial instruments.

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