Self-Regulatory Blockchain Alliance Officially Established in China at Finwise Global Blockchain Summit
(July 30 2017) This week, thousands of blockchain enthusiasts from all of the world gathered at the Finwise Global Blockchain Summit in Shanghai to talk about the future of applications on the blockchain, and regulatory practices surrounding ICOs.
The most notable result of the Summit was the establishment of the Self-Regulatory Alliance, named the Sandbox. The Sandbox Self-Regulatory Alliance, which is made up of seven influential blockchain-based organizations and led by the Metaverse Foundation, aims to promote best-use cases for blockchain technology, raise awareness of the regulations pertaining to the blockchain-related industries, and better serve the public through legitimate, practical applications and standards.
Eric Gu, the founder of Metaverse Foundation, indicated how ICO projects are facing regulatory dilemmas for both entrepreneurs and investors, stating, “This is an emerging financial model, and the Chinese government holds a relatively open attitude, for now. I am very proud that our industry, leaders, and companies are taking the lead in compliance and self-regulation.”
The Metaverse Foundation, which owns the public blockchain platform in China, was the organizer of the Finwise Global Blockchain Summit and presented more than 20 ICO projects presented at the Summit, showcasing the diversity of ICO initiatives that are mainly established in China.
One of the ICOs present at the Summit, ZenDao, has issued its’ token on the Metaverse and OpenLedger exchanges, and has created a solution for the community of fine art collectors by encouraging the sale and trade of art using tokens and smart contracts. Metaverse allows assets to be issued and recorded on its decentralized platform, including their own token, Entropy (ETP). Unlike Ethereum, which allows programmers to write code on top of the platform itself, Metaverse preserves the underlying platform, enhancing security.
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