Tuesday, February 20, 2018

Still fiddling with the ICO issue

The industry trying to  define the initial coin.  

What ownership does it confer.  By coin we traditionally means it is one half of the trade, the liquid part, the price numerator. But coin in the cryoto world, is really a right to execute future trades or protocols. (Note, a protocol is a sequencee of trades).

Make the ownership rights clear, and fix the semantics:

Make more complete contracts (protocols) is the answer I hear, and agree with. But, in addition, I always say, don't call them coin if they are not generally pricing stuff.  

The companies issuing them, in most cases, still do great work. So convert their coin into a share, make the contract valid and reasonably standard. Tell a contract lawyer,: "write me a share contract in ten steps or less."  Sandbox does the rest. And you always have notary bots specializing in contract law (protocol stability). Make sure your contract includes grabbing some dividend digits once a year, it keeps the staff on their toes.

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