Visions of Blockchain Magazine Visions of Blockchain Pillar Unepisode | Page 69

mainly in cryptocurrencies and anywhere you
raised money with an ICO then, shortly after- need a lot of trust.
wards, they put up a website and, on the website, For example, notary. I think that governments
put the word ‚penis’. Just a blank site, with could use Blockchain to potentially replace
‚penis’. notaries, and to have registries of properties
The vast majority of ICO projects are just do- on the Blockchain.
ing what I call a subtle scan. There’s a big I think that’s possible but, I still think that the
continuum. There’s what you could call as biggest application would be crypto curren-
close to an outright scam, to something which cies, and within crypto currencies there are
is just a little bit of a scam. What I mean by a ICOs.
little bit is, if they’re doing a startup and they So the question is, will ICOs continue, or will
had equity investors, they might be earning a they not continue?
salary of €2,000, and now they’re earning a My vision is yes, they will continue, there will be
salary of maybe €5,000 or €10,000 because,
they are determining their own salary.
There are no limitations on salaries. They can
sell the company at any time they want
to, collect all the money, and give nothing
to the investors.
Basically, there’s no obligation for them,
whatsoever.
So, for those reasons, even though they’re
maybe not outright scammers since they only
have a moral obligation, of course there is a
little bit of scamming always going on, in every
single ICO. So what do I say to them?
more self-regulation, ICOs will more likely come
from utility ICOs to equity ICOs meaning, all
are clearly defined utilities so that the ICO fo-
under’s actually define exactly what the foun-
der’s getting for the tokens that they’re buying.
There would be more regulation in terms of
having an obligation, when they do the ICO,
to not scam, to not take the money for them-
selves but, limitations on the salary they’re
getting, having liquidation preferences for the
investors, and so on.
So, the ICO standards will be raised, and there
will be a convergence of traditional crowdfun-
Well, as I said, it’s not nice but, it’s inevitable, ding with CEOs and, at the same time for larger
as long as there is no regulation and as long companies, there will also be a convergence
as the investors that are investing the money between IPOs and ICOs.
are not really aware of the situation. ICOs will be much more regulated because,
The vision of Blockchain for the future... When these regulated securities could, depending
you say vision of Blockchain for the future, on the country, have a similar but lower bur-
you’re talking about Blockchain globally. den than IPO in terms of the cost of doing it
I would like to focus more on the vision for, and, an ICO could be used as a kind of mini
specifically the area that I’m mostly focused IPO. So, in terms of the investment, I see that
on which is, cryptocurrency. potential for Blockchain within cryptocurrency
As I said, Blockchain for me, has applications
and ICO.
VoB: Thank you so much.
For example, a company from here in Lithuania,