CHINESE REGULATOR WARNS AGAINST “MYTHOLOGIZING” BLOCKCHAIN
The head of the international department of the China Banking and Insurance Regulatory Commission has warned against “mythologizing” blockchain technology, news outlet South China Morning Post reported July 9. Speaking at the 5th Fintech Bund Summit in Shanghai on July 8, Fan Wenzhong argued that although blockchain is “an innovation with significant meaning,” it is a disservice to “mythologize” the technology. Fan reportedly said that it is difficult to admit blockchain as a “revolution,” because the idea of multi-entry bookkeeping has been circulating for hundreds of years. Fan stated that “decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities.” Fan reiterated the government position on cryptocurrencies. Reed more on the website – Cointelegraph.
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The Crowdsale Network platform is based on the goal of supporting and implementing socially important projects to improve the quality of life of every person. With the advent of blockchain and crypto-currency technologies, it became much easier to attract investments into a start-up with the help of ICO than through venture funds. We are constantly looking for viable projects and are ready to invest all the necessary resources for their implementation. We have developed a unique algorithm for selecting start-ups and a phased financing mechanism that will avoid project scams and protect investors’ funds and our reputation.
The ICO means the release of tokens, and the crowdfunding is the target fundraising for the project, where the startupper does not offer investors tokens in exchange for money but something else. For example, he offers the product itself at a low price or a constant discount on all types of services of the creating business.