ico和区块链的区别,区块链ico是什么意思

⑴ What are the differences between Bitcoin, blockchain and ICO

Bitcoin is a virtual digital currency proposed by Satoshi Nakamoto in 2009. Its characteristics are: There is no centralized issuing organization, the total amount is fixed at 21 million, and it is not a one-time issuance and needs to be mined by miners. Since it is a decentralized structure, trust needs to rely on cryptography and consensus mechanism technology to achieve it.
Blockchain is a general technology derived from Bitcoin. It implements a decentralized database model. Bitcoin can be classified as blockchain 1.0 because it does not have the concept of smart contracts. The key technologies of blockchain include cryptography encryption and decryption and consensus mechanism. Blockchain is generally used to combine with specific business logic, which requires reliance on smart contracts. Smart contracts provide an execution mode that is free from human interference.
ICO initial coin offering, derived from the concept of initial public offering (IPO) in the stock market, is the first act of a blockchain project to issue tokens, raise Bitcoin, and solve general digital currencies such as Ethereum.

⑵ What impact will the US Securities Regulatory Commission bring ICO into supervision?

In the past six months, ICO has been in full swing, and its financing speed has even surpassed IPO. On July 25, the U.S. Securities and Exchange Commission (SEC) announced that some ICO projects would be included in the regulatory system. What impact will this have on ICO projects and even the blockchain industry?

ICO (Initialcoinoffering) is the act of crowdfunding through the issuance of cryptographic tokens. It is a financing method in which blockchain companies or autonomous organizations issue initial encryption tokens and sell them to qualified participants to indirectly obtain funds for project development.

SEC’s confirmation of its regulatory authority over ICOs stems from the investor announcement on ICO risk education and its investigation into TheDAO, an ICO project that collapsed due to hacker attacks due to code vulnerabilities. Report.

The report claims that the SEC launched an investigation into TheDAO, one of the ICO projects, in accordance with Section 21(a) of the Securities Exchange Act of 1934, and now defines TheDAO tokens as securities, and emphasizes that it is based on facts Virtual currencies or tokens defined as securities will be included in the regulatory system of the Securities Regulatory Commission and subject to federal securities laws, regardless of whether distributed ledger technology is used for issuance and sales.

The financial research institution AutonomousNext recently released an ICO report showing that the ICO financing model has achieved billions of dollars in cumulative financing. Tezos, TheDAO, Bancor and other projects have achieved US$232 million and 152.3 million through ICO. Huge financing of US$152 million. In the first half of 2017, ICO financing of up to 2.6 billion yuan occurred in China.

SEC brings TheDAO tokens into regulatory scope.What does it mean? What impact will it have on investors? What changes will happen to the entire ICO industry chain? In this regard, Tencent Technology conducted an exclusive interview with Mr. Tim Byun, Chief Compliance Officer of OKEX, the world's leading digital asset service provider.

Mr. Tim said that the SEC report first clarified that DAO tokens are a security asset. The SEC did not indicate that all tokens are securities, but many tokens can be classified as securities according to the SEC report. Pages 11 to 15 Four criteria for a security to be defined as a security. It is said in the B.3 guidelines: Investors who purchase DAO tokens invest in a general enterprise and hope to obtain reasonable returns from the enterprise. Some non-security tokens may not meet this standard. For example, token buyers may expect to receive the right to use an application rather than benefits.

Mr. Tim pointed out that the SEC’s move will have four impacts:

Impact 1: Non-qualified investors in the United States may no longer be able to invest in ICO projects.

For security tokens, ICO issuers that offer and sell securities in the United States must register with the U.S. Securities and Exchange Commission or obtain an exemption. This also means that according to SEC regulatory requirements, ICO projects will likely only be issued to qualified investors or very wealthy people.

Impact 2: ICO issuers may move out of the United States.

If the token is a security, ICO issuers that offer and sell securities in the United States must register with the SEC or qualify for an exemption from registration. For security tokens, if the ICO issuer does not want to comply with the regulatory requirements of the SEC, it can transfer the issuance activities outside the United States and not accept the participation of American investors.

Impact 3: The time and cost of issuing ICO tokens will increase significantly.

For security tokens, the time and cost of ICO token issuance will increase significantly. ICO platform service providers (such as underwriters) can provide services to ensure that ICO activities comply with SEC regulatory requirements, but the cost will increase a lot and the financing amount will be much lower.

Impact 4: ICO token trading platforms will be forced to move out of the United States.

For security tokens, the trading platform must be registered in the United States and become a national securities trading platform, or obtain an exemption. In the short term, U.S. token trading platforms must remove security tokens. In the long term, U.S. token trading platforms can move out of the United States and no longer serve U.S. customers.

“After the storm, calm will return.” Mr. Tim said that although many industry participants and observers may disagree with the SEC’s report, the U.S. Securities and Exchange Law cannot be violated; he hopes that the U.S. Securities and Exchange Commission will continue to Publishing a report on non-security tokens will give the industry more clarity on how to develop. ”

OKEX is committed to becoming an infrastructure provider for global digital assets. It mainly provides transactions, OTC, wallets, and insurance between digital assets for global users.Safe deposit box, block tracking and other services.

⑶ What kind of financing method is ICO? Why is it called the blockchain industry?

ICO is a financing method characterized by the issuance of cryptocurrency
China Yao Qian, director of the Digital Currency Research Institute of the People's Bank of China, believes in his book "Research on Digital Cryptocurrency ICOs and Their Supervision" that ICOs raise funds through the issuance of cryptographic tokens. Early ICOs were interpreted as Initial Coin Offerings, and it is more accurate to interpret ICOs as Initial Crypto-Token Offerings. The so-called "token", in reality, usually refers to some kind of certificate that is used as an alternative currency within a certain range. At the same time, Yao Qian believes that this kind of token can also be regarded as a kind of crypto-equity issued and circulated on the blockchain.
According to "The Origin and Development of ICO from Digital Currency and Blockchain" released by Dianliang Research Institute, ICO (Initial Cryto-token Offering) refers to "ICO project parties raising funds by issuing encrypted digital currencies, and the funds are used It is used to start funds for the project side or to transform the project from free concept to reality."
Some other experts and scholars have also defined ICO, but they are basically the same. In a nutshell, ICO is a method of financing, but it does not issue stocks, bonds or other securities in the traditional sense, but cryptocurrency.
ICO (abbreviation of Initial Coin Offering), initial coin offering, originates from the concept of initial public offering (IPO) in the stock market. It is the first time a blockchain project issues tokens to raise general digital currencies such as Bitcoin and Ethereum. the behavior of. To put it bluntly, ICO is a crowdfunding project.

⑷ Which is more worth investing in, STO or ICO in the blockchain market?

STO (Security Token Offeri‌‌ng), translated as "Security Token Offering" ". Judging from the name, it is similar in concept to ICO and IFO, and is a way of issuing tokens. The most significant feature of STO is that the tokens issued have securities properties and are regulated by securities agencies (such as the U.S. SEC) and relevant securities laws and regulations.

ICO (abbreviation of Initial Coin Offering), initial coin offering, originated from the concept of initial public offering (IPO) in the stock market. It is the first issuance of tokens by blockchain projects, raising Bitcoin, Ethereum, etc. Behavior of universal digital currencies.

Both ICO and STO are products of digital capital. In the era of blockchain, it is not black and white, and eggs should not be put in the same basket. So how to invest? It depends on whether you want to be an "egg" person or an "egg" person.

If you are an ordinary investor, you can register a digital wallet and buy and sell independently on major trading platforms such as Currency/Binance; and for project investors, you can issue your own coins to achieve more financing The goal. To issue currency, you first need to have a main company. Now the domestic market does not allow it, so they have moved overseas. Currently, Singapore is the mecca for Asian blockchains, mainly because the policies and atmosphere there are very relaxed, and the public is registered in Singapore. Non-profit foundations do not need to pay taxes on overseas projects, and the Singapore Inland Revenue Authority will not tax local capital injections and investments.

The process of registering a Singapore foundation: the ID cards of 2 registered directors and the company name are required for verification. Registration can be carried out after verification. The total time required is 10-25 working days.

Due to the particularity of Singapore’s economic environment, in the later stages of the foundation, it is legal to carry out actions such as ICO and other currency transactions. Friends who are in the blockchain industry know what to do. All ICO blockchains are registered in Singapore. For more compliant operations in the future, it is recommended that investors register as early as possible with a Singapore foundation for financing.

⑸ What will happen when ICO will be included in the supervision?

On August 28, a China Securities Regulatory Commission insider confirmed to reporters that the recent hot ICO has attracted the attention of regulators. At present, Preparing various materials. "Currently, ICOs are very risky. In the long run, they will definitely be included in supervision."

4 Questions about ICOs

1. Should ICOs be included? Supervision?

Tang Ling, CEO of Zhigui Technology and general sponsor of Molian, told reporters that ICO should be included in supervision. Under the demonstration of wealth effect, there are currently too many "MLM coins" and "air coins". Many projects can be financed before they are confirmed. Investors are crazy about speculating in coins and the risks are high.

Xiao Sa, director of the China Science and Technology Finance Law Research Association, believes that the National Financial Work Conference emphasized the need to strengthen the "professionalism, uniformity, and penetration" of financial supervision, and all financial businesses must be included in supervision. ICOs should also be included in regulations. Financial innovation can only be viable if it complies with laws and regulations. Any violation and abuse will be counterproductive.

Li Lin said that since there is currently no supervision on the use of funds after ICO financing, the whereabouts of the funds after financing is a mystery. He suggested that supervision should pay attention to investor suitability.

2. How should ICO be regulated?

Tian Ying, vice president of OKCoin, believes that the supervision of ICO must first clarify the legal basis. Conduct registration management of ICO companies and open and transparent custody management of tokens raised by ICO. Project sponsors, token circulation platforms, and third-party publicity agencies need to strengthen inspections of project authenticity and increase investor risk education. Effectively control risks. These regulatory measures can be implemented after characterization. Many legal experts also suggest referring to the financial technology sandbox regulatory system implemented in the United Kingdom and Singapore to combine innovation and risk.Conflicts between risks are minimized.

As for how to supervise, Tang Ling suggested setting up project review and due diligence. At present, ICO projects are "self-examination and self-examination". Although the agent investment platform will also review, there is no filing. At the same time, fund custody should be established. In the early days, some media revealed that some platforms used precipitated funds to purchase financial products. This was caused by the lack of fund custody, and it was easy for the platform to run away with the money. In addition, standardize management and do not allocate funds all at once. Many entrepreneurs have never seen so much money and don’t know how to spend it, which can lead to problems.

Xiao Sa believes that the specific regulatory focus is: product registration, information disclosure, asset custody, project authenticity, and qualified investment.

“Product filing and registration is an effective method for regulatory agencies to understand and monitor high-risk financial businesses; information disclosure is a regular solution, which can make projects more transparent; asset custody prevents cases involving stakeholders; the authenticity of the project is Minimum requirements for ICO issuers; qualified investment, matching risks and investors at different levels, and restricting speculative funds." Xiao Sa said.

3. What are the difficulties in ICO supervision?

Tang Ling said that the difficulty in supervision is that many platforms can now conduct ICO through smart contracts, especially through Ethereum projects. They can raise money by themselves without going through the platform. There are many private placements and high risks. .

Tian Ying believes that determining the nature of ICO is a difficulty in promoting supervision. ICO is somewhat similar to crowdfunding, but it is not exactly the same. The U.S. SEC recently announced the results of its investigation into THE DAO token, believing that the token falls into the category of securities and falls under the supervision of securities regulatory laws. This determination is also the result of US regulators spending a lot of time on research and analysis. Some non-security tokens may be expected to obtain the right to use certain products, which do not fall into the category of securities.

She believes that ICO is a product of the Internet, and some ICO projects are operated globally. In the management process, international coordination needs to be strengthened. There is also the question of how strong the supervision should be.

Xiao Sa said that there are differences in the industry regarding the nature of ICO. If the essence of ICO is characterized as "barter for goods", exchanging one special virtual currency for another special virtual currency, it can still be explained.

If an ICO project directly raises "legal currency", including RMB, US dollars, euros, etc., it can be understood as a "deposit" that illegally absorbs public deposits. Once it meets the requirements for the crime of illegally absorbing public deposits under Article 176 of the Criminal Law , it may constitute a crime.

Xiao Sa believes that if an ICO project has a dividend clause, it will have an equity mark. If the project has a buyback clause, it is suspected of "guaranteing principal and interest", which is similar to financial products. Financial products are issued without a license. This is actually an illegal business operation. In judicial practice, if illegal operations are difficult to define, then the above-mentioned behaviors are likely to be classified as pyramid schemes. During the promotion process of many ICO projects, there are promotion reward behaviors, such as "getting an investor to return tokens".

4. What is the impact of regulation on ICO?

Weiyou Yuanjie CEO Chu Xia Hu told the Beijing News reporter that regulators should regulate the development of ICOs, especially the establishment of a "qualified investor system" because many ordinary investors do not have the ability to bear high risks. , should not participate in such a high-risk project. If there is no qualified investor system, it will easily cause social problems.

As for the impact of supervision, Tian Ying said that in the short term, it will have an impact on the current market, but in the long term, it will be beneficial to the sustained and healthy development of the entire digital asset industry, truly making the market healthy first and then efficient. On the other hand, supervision will also enable high-quality projects to demonstrate their value.

A research report from Huachuang Securities believes that the innovation trend of ICO deserves attention. In the long run, as its influence grows, only by accepting supervision can the healthy and orderly development of the industry be promoted. ICO platforms or projects with strong capabilities are expected to take the lead in embracing supervision, balancing innovative attributes and potential risks, and becoming beneficiaries of the future development of ICOs.

⑹ What is ICO and why should the country ban it?

Question 1: ICO is a blockchain industry term and a way to raise funds for encrypted digital currency/blockchain projects. A common way for early participants to receive initially generated cryptocurrency in return.

Question 2: Because ICO is an illegal public financing without approval, it is banned by the country.

Banning ICOs according to the announcement: At 3 pm on September 4, 2017, the People's Bank of China, led by the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, issued the "On Preventing Agents Announcement on Financing Risks of Coin Issuance”.

The "Announcement" points out that token issuance financing is essentially an illegal public financing without approval. It requires that all types of token issuance and financing activities should be stopped immediately from the date of the announcement. At the same time, it has Organizations and individuals that have completed token issuance financing will make arrangements for liquidation and other arrangements.

(6) ICO supervision and blockchain extended reading:

At 3 pm on September 4, 2017, "About Preventing Token Issuance Financing Risk Announcement" The relevant matters are announced as follows:

1. Accurately understand the essential attributes of token issuance and financing activities

Token issuance financing refers to the illegal sale of tokens by financing entities, Circulation, raising so-called "virtual currencies" such as Bitcoin and Ethereum from investors, is essentially an act of illegal public financing without approval, and is suspected of illegal sales of tokens, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities.

Relevant departments will closely monitor relevant developments, strengthen work coordination with judicial departments and local governments, strictly enforce the law in accordance with the current working mechanism, and resolutely control market chaos. If suspected criminal issues are discovered, they will be transferred to judicial authorities.

Tokens or "virtual currencies" used in token issuance financing are not issued by monetary authorities and are not legally compensable or mandatory.It does not have the same legal status as currency and cannot and should not be used as currency in the market.

2. No organization or individual may illegally engage in token issuance and financing activities

From the date of this announcement, all types of token issuance and financing activities shall be stopped immediately. Organizations and individuals that have completed token issuance and financing should make arrangements such as liquidation and withdrawal, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with illegal activities that refuse to stop token issuance and financing activities and completed token issuance and financing projects in accordance with the law.