ICOs are banned. Where can we go from here?
Did anyone else see this ? There is an interesting statement.
“…and those doing ICOs can all look forward to arrest.”
Here is an interesting splash page on SEC.gov: https://www.sec.gov/ICO
How come none of this happened until 2018? Bitcoin was released in 2009. Well in the early days of cryptocurrencies, every coin was mined using Proof of Work. This meant that the coins were distributed using pure mathematics and there were no human monarchs at the top of each project distributing tokens in a centralized offchain manner.
Sometime in 2016, the crypto community lost their way. They started calling non-mined assets, created from nothing, ‘cryptocurrencies’ and treating them in a similar way. They are not. Assets which are not mined are not cryptocurrencies. They might be ‘tokens’ or ‘securities’ but they are not cryptocurrencies. Cryptocurrency is mined.
Fortunately there is a way to build real cryptocurrencies on Ethereum! In March 2018 a standard was pulled into the official Ethereum EIPs, EIP918.
This token mining protocol has standard mining software, standard pool software, and standard dashboards. There are already more than 20 EIP918 cryptocurrencies for Ethereum and more are being launched every week! These tokens are all distributed using pure math and so they are 100% trustless, with no ICO and no Airdrop. The tokens are tied to energy and so they are truly scarce digital money. This is unequivocally better than other tokens which assign 100% of their supply to their deployers upon deployment (Hint: 99% of all ERC20s.)
Here are some more resources:
Token Mining Software: https://bitbucket.org/LieutenantTofu/cosmic-v3/src/master/
Token Mining Pool Repo: https://github.com/0xbitcoin/tokenpool
Join us at http://reddit.com/r/tokenmining
